Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE GROUP AG |
Entity Central Index Key | 1159510 |
Trading Symbol | CS |
Document Type | 20-F |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,599,502,289 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Bank | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE AG |
Entity Central Index Key | 1053092 |
Document Type | 20-F |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 4,399,680,200 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Consolidated_statements_of_ope
Consolidated statements of operations (CHF) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and dividend income | 19,061 | 19,556 | 22,090 |
Interest expense | -10,027 | -11,441 | -14,947 |
Net interest income | 9,034 | 8,115 | 7,143 |
Commissions and fees | 13,051 | 13,226 | 12,724 |
Trading revenues | 2,026 | 2,739 | 1,196 |
Other revenues | 2,131 | 1,776 | 2,548 |
Net revenues | 26,242 | 25,856 | 23,611 |
Provision for credit losses | 186 | 167 | 170 |
Compensation and benefits | 11,334 | 11,256 | 12,303 |
General and administrative expenses | 9,534 | 8,599 | 7,246 |
Commission expenses | 1,561 | 1,738 | 1,702 |
Total other operating expenses | 11,095 | 10,337 | 8,948 |
Total operating expenses | 22,429 | 21,593 | 21,251 |
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 |
Income tax expense | 1,405 | 1,276 | 465 |
Income from continuing operations | 2,222 | 2,820 | 1,725 |
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 |
Net income | 2,324 | 2,965 | 1,685 |
Net income/(loss) attributable to noncontrolling interests | 449 | 639 | 336 |
Net income attributable to shareholders | 1,875 | 2,326 | 1,349 |
of which from continuing operations | 1,773 | 2,181 | 1,389 |
of which from discontinued operations | 102 | 145 | -40 |
Basic earnings per share (CHF) | |||
Basic earnings per share from continuing operations (in CHF per share) | 1.02 | 1.14 | 0.82 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | 0.06 | 0.08 | -0.03 |
Basic earnings per share (in CHF per share) | 1.08 | 1.22 | 0.79 |
Diluted earnings per share (CHF) | |||
Diluted earnings per share from continuing operations (in CHF per share) | 1.01 | 1.14 | 0.82 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | 0.06 | 0.08 | -0.03 |
Diluted earnings per share (in CHF per share) | 1.07 | 1.22 | 0.79 |
Bank | |||
Interest and dividend income | 18,585 | 19,017 | 21,539 |
Interest expense | -9,908 | -11,307 | -14,757 |
Net interest income | 8,677 | 7,710 | 6,782 |
Commissions and fees | 12,887 | 13,057 | 12,543 |
Trading revenues | 1,790 | 2,755 | 1,163 |
Other revenues | 2,235 | 1,792 | 2,488 |
Net revenues | 25,589 | 25,314 | 22,976 |
Provision for credit losses | 125 | 93 | 88 |
Compensation and benefits | 11,382 | 11,187 | 12,219 |
General and administrative expenses | 9,573 | 8,654 | 7,205 |
Commission expenses | 1,548 | 1,726 | 1,685 |
Total other operating expenses | 11,121 | 10,380 | 8,890 |
Total operating expenses | 22,503 | 21,567 | 21,109 |
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 |
Income tax expense | 1,299 | 1,170 | 365 |
Income from continuing operations | 1,662 | 2,484 | 1,414 |
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 |
Net income | 1,764 | 2,629 | 1,374 |
Net income/(loss) attributable to noncontrolling interests | 445 | 669 | 333 |
Net income attributable to shareholders | 1,319 | 1,960 | 1,041 |
of which from continuing operations | 1,217 | 1,815 | 1,081 |
of which from discontinued operations | 102 | 145 | -40 |
Consolidated_statements_of_com
Consolidated statements of comprehensive income (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive income (CHF million) | |||
Net income | 2,324 | 2,965 | 1,685 |
Gains/(losses) on cash flow hedges | -20 | 18 | 37 |
Foreign currency translation | 2,287 | -1,021 | -1,114 |
Unrealized gains/(losses) on securities | 12 | -32 | -15 |
Actuarial gains/(losses) | -1,253 | 1,044 | -50 |
Net prior service cost | -63 | -95 | 248 |
Other comprehensive income/(loss), net of tax | 963 | -86 | -894 |
Comprehensive income/(loss) | 3,287 | 2,879 | 791 |
Comprehensive income/(loss) attributable to noncontrolling interests | 540 | 525 | 211 |
Comprehensive income/(loss) attributable to shareholders | 2,747 | 2,354 | 580 |
Bank | |||
Comprehensive income (CHF million) | |||
Net income | 1,764 | 2,629 | 1,374 |
Gains/(losses) on cash flow hedges | -27 | 2 | 7 |
Foreign currency translation | 2,284 | -2,234 | -1,252 |
Unrealized gains/(losses) on securities | 21 | -18 | -43 |
Actuarial gains/(losses) | 58 | -43 | 59 |
Net prior service cost | 14 | 0 | -1 |
Other comprehensive income/(loss), net of tax | 2,350 | -2,293 | -1,230 |
Comprehensive income/(loss) | 4,114 | 336 | 144 |
Comprehensive income/(loss) attributable to noncontrolling interests | 614 | 634 | 95 |
Comprehensive income/(loss) attributable to shareholders | 3,500 | -298 | 49 |
Consolidated_balance_sheets
Consolidated balance sheets (CHF) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, except Share data, unless otherwise specified | ||||
Assets (CHF million) | ||||
Cash and due from banks | 79,349 | 68,692 | ||
of which reported at fair value | 304 | 527 | ||
Interest-bearing deposits with banks | 1,244 | 1,515 | ||
of which reported at fair value | 0 | 311 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,022 | ||
of which reported at fair value | 104,283 | 96,587 | ||
Securities received as collateral, at fair value | 26,854 | 22,800 | ||
of which encumbered | 25,220 | 17,964 | ||
Trading assets, at fair value | 241,131 | 229,413 | ||
of which encumbered | 77,583 | 72,976 | ||
Investment securities | 2,791 | 2,987 | ||
of which reported at fair value | 2,791 | 2,987 | ||
Other investments | 8,613 | 10,329 | ||
of which reported at fair value | 5,654 | 7,596 | ||
Net loans | 272,551 | 247,054 | ||
of which reported at fair value | 22,913 | 19,457 | ||
of which encumbered | 192 | 638 | ||
allowance for loan losses | -758 | -869 | ||
Premises and equipment | 4,641 | 5,091 | ||
Goodwill | 8,644 | 7,999 | ||
Other intangible assets | 249 | 210 | ||
of which reported at fair value | 70 | 42 | ||
Brokerage receivables | 41,629 | 52,045 | ||
Other assets | 70,558 | 63,065 | ||
of which reported at fair value | 32,320 | 31,518 | ||
of which encumbered | 250 | 722 | ||
Assets of discontinued operations held-for-sale | 0 | 1,584 | ||
Total assets | 921,462 | 872,806 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | 26,009 | 23,108 | ||
of which reported at fair value | 823 | 1,450 | ||
Customer deposits | 369,058 | 333,089 | ||
of which reported at fair value | 3,261 | 3,252 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 | ||
of which reported at fair value | 54,732 | 76,104 | ||
Obligation to return securities received as collateral, at fair value | 26,854 | 22,800 | ||
Trading liabilities, at fair value | 72,655 | 76,635 | ||
Short-term borrowings | 25,921 | 20,193 | ||
of which reported at fair value | 3,861 | 6,053 | ||
Long-term debt | 177,898 | 130,042 | ||
of which reported at fair value | 81,166 | 63,369 | ||
Brokerage payables | 56,977 | 73,154 | ||
Other liabilities | 50,970 | 51,447 | ||
of which reported at fair value | 16,938 | 21,973 | ||
Liabilities of discontinued operations held-for-sale | 0 | 1,140 | ||
Total liabilities | 876,461 | 825,640 | ||
Common shares | 64 | 64 | ||
Additional paid-in capital | 27,007 | 27,853 | ||
Retained earnings | 32,083 | 30,261 | ||
Treasury shares, at cost | -192 | -139 | ||
Accumulated other comprehensive income/(loss) | -15,003 | -15,875 | ||
Total shareholders' equity | 43,959 | 42,164 | ||
Noncontrolling interests | 1,042 | 5,002 | ||
Total equity | 45,001 | 47,166 | ||
Total liabilities and equity | 921,462 | 872,806 | ||
Additional share information | ||||
Par value (in CHF per share) | 0.04 | 0.04 | ||
Authorized shares (in shares) | 2,299,616,660 | [1] | 2,269,616,660 | [1] |
Issued shares (in shares) | 1,607,168,947 | 1,596,119,349 | ||
Treasury shares (in shares) | 7,666,658 | 5,183,154 | ||
Common shares outstanding (in shares) | 1,599,502,289 | [2] | 1,590,936,195 | [3] |
Consolidated VIEs | ||||
Assets (CHF million) | ||||
Cash and due from banks | 1,493 | 952 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 660 | 1,959 | ||
Trading assets, at fair value | 4,261 | 3,610 | ||
Investment securities | 0 | 100 | ||
Other investments | 2,105 | 1,983 | ||
Net loans | 245 | 4,207 | ||
Premises and equipment | 452 | 513 | ||
Other assets | 16,134 | 14,330 | ||
Liabilities and equity (CHF million) | ||||
Customer deposits | 3 | 265 | ||
Trading liabilities, at fair value | 35 | 93 | ||
Short-term borrowings | 9,384 | 4,286 | ||
Long-term debt | 13,452 | 12,992 | ||
Other liabilities | 1,728 | 710 | ||
Bank | ||||
Assets (CHF million) | ||||
Cash and due from banks | 78,000 | 68,081 | ||
of which reported at fair value | 304 | 527 | ||
Interest-bearing deposits with banks | 4,104 | 3,385 | ||
of which reported at fair value | 0 | 311 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,013 | ||
of which reported at fair value | 104,283 | 96,587 | ||
Securities received as collateral, at fair value | 26,854 | 22,800 | ||
of which encumbered | 25,220 | 17,964 | ||
Trading assets, at fair value | 241,313 | 229,738 | ||
of which encumbered | 77,583 | 72,976 | ||
Investment securities | 2,379 | 1,627 | ||
of which reported at fair value | 2,379 | 1,627 | ||
Other investments | 8,467 | 10,207 | ||
of which reported at fair value | 5,642 | 7,590 | ||
Net loans | 255,928 | 231,157 | ||
of which reported at fair value | 22,913 | 19,457 | ||
of which encumbered | 192 | 638 | ||
allowance for loan losses | -597 | -691 | ||
Premises and equipment | 4,441 | 4,895 | ||
Goodwill | 7,766 | 7,121 | ||
Other intangible assets | 249 | 210 | ||
of which reported at fair value | 70 | 42 | ||
Brokerage receivables | 41,629 | 52,044 | ||
Other assets | 70,511 | 61,567 | ||
of which reported at fair value | 32,321 | 31,518 | ||
of which encumbered | 250 | 722 | ||
Assets of discontinued operations held-for-sale | 0 | 1,584 | ||
Total assets | 904,849 | 854,429 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | 26,506 | 23,147 | ||
of which reported at fair value | 832 | 1,460 | ||
Customer deposits | 357,569 | 321,678 | ||
of which reported at fair value | 3,251 | 3,241 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 | ||
of which reported at fair value | 54,732 | 76,104 | ||
Obligation to return securities received as collateral, at fair value | 26,854 | 22,800 | ||
Trading liabilities, at fair value | 72,667 | 76,812 | ||
Short-term borrowings | 25,921 | 20,193 | ||
of which reported at fair value | 3,861 | 6,053 | ||
Long-term debt | 172,947 | 126,741 | ||
of which reported at fair value | 80,260 | 62,462 | ||
Brokerage payables | 56,977 | 73,154 | ||
Other liabilities | 50,648 | 51,100 | ||
of which reported at fair value | 16,933 | 21,971 | ||
Liabilities of discontinued operations held-for-sale | 0 | 1,140 | ||
Total liabilities | 860,208 | 810,797 | ||
Common shares | 4,400 | 4,400 | ||
Additional paid-in capital | 34,842 | 34,851 | ||
Retained earnings | 15,877 | 14,621 | ||
Accumulated other comprehensive income/(loss) | -12,224 | -14,405 | ||
Total shareholders' equity | 42,895 | 39,467 | ||
Noncontrolling interests | 1,746 | 4,165 | ||
Total equity | 44,641 | 43,632 | ||
Total liabilities and equity | 904,849 | 854,429 | ||
Additional share information | ||||
Par value (in CHF per share) | 1 | [4] | 1 | [4] |
Issued shares (in shares) | 4,399,680,200 | [4] | 4,399,665,200 | [4] |
Common shares outstanding (in shares) | 4,399,680,200 | [4] | 4,399,665,200 | [4] |
Bank | Consolidated VIEs | ||||
Assets (CHF million) | ||||
Cash and due from banks | 1,493 | 952 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 660 | 1,959 | ||
Trading assets, at fair value | 4,261 | 3,610 | ||
Investment securities | 0 | 100 | ||
Other investments | 2,105 | 1,983 | ||
Net loans | 245 | 4,207 | ||
Premises and equipment | 422 | 481 | ||
Other assets | 16,132 | 14,329 | ||
Liabilities and equity (CHF million) | ||||
Customer deposits | 3 | 265 | ||
Trading liabilities, at fair value | 35 | 93 | ||
Short-term borrowings | 9,384 | 4,286 | ||
Long-term debt | 13,452 | 12,992 | ||
Other liabilities | 1,727 | 710 | ||
[1] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | |||
[2] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | |||
[3] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | |||
[4] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2014. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Consolidated_statements_of_cha
Consolidated statements of changes in equity (CHF) | Total | Total shareholders' equity | Common shares | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | ||||
In Millions, unless otherwise specified | Total shareholders' equity | Common shares and participation certificates | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | |||||||||||||
Balance at Dec. 31, 2011 | 41,085 | 33,674 | 49 | 21,796 | 27,053 | -90 | -15,134 | 7,411 | 39,334 | 30,386 | 4,400 | 24,813 | 12,328 | 0 | -11,155 | 8,948 | ||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | 40 | 44 | 44 | -4 | 162 | 252 | 252 | -90 | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | -809 | -809 | -875 | -875 | ||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 116 | 116 | 240 | 240 | ||||||||||||||||
Net income/(loss) | 1,696 | 1,349 | 1,349 | 347 | 1,385 | 1,041 | 1,041 | 344 | ||||||||||||
Total other comprehensive income/(loss), net of tax | -894 | -769 | -769 | -125 | -1,230 | -992 | -992 | -238 | ||||||||||||
Issuance of common shares | 1,930 | 1,930 | 4 | 1,926 | ||||||||||||||||
Sale of treasury shares | 8,355 | 8,355 | -3 | 8,358 | ||||||||||||||||
Repurchase of treasury shares | -8,859 | -8,859 | -8,859 | |||||||||||||||||
Share-based compensation, net of tax | 1,064 | 1,064 | 932 | 132 | 889 | 889 | 889 | |||||||||||||
Financial instruments indexed to own shares | -9 | -9 | -9 | |||||||||||||||||
Dividends on share-based compensation, net of tax | -50 | -50 | -50 | |||||||||||||||||
Dividends paid | -1,296 | -1,242 | -231 | -321 | -267 | -267 | ||||||||||||||
Dividends paid out of reserves from capital contributions | -1,011 | |||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | -54 | -54 | ||||||||||||||||||
Changes in redeemable noncontrolling interests, decrease | -7 | -7 | -7 | -7 | -7 | -7 | ||||||||||||||
Change in scope of consolidation, net | -96 | -96 | -96 | -96 | ||||||||||||||||
Other | -32 | -32 | -32 | 3,452 | 3,452 | 3,468 | -16 | |||||||||||||
Balance at Dec. 31, 2012 | 42,284 | 35,498 | 53 | 23,636 | 28,171 | -459 | -15,903 | 6,786 | 42,883 | 34,704 | 4,400 | 29,365 | 13,086 | 0 | -12,147 | 8,179 | ||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | -22 | -22 | -22 | -22 | ||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | -2,251 | 216 | 216 | -2,467 | -5,060 | -5,060 | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 438 | 438 | 693 | 693 | ||||||||||||||||
Net income/(loss) | 2,977 | 2,326 | 2,326 | 651 | 2,642 | 1,960 | 1,960 | 682 | ||||||||||||
Total other comprehensive income/(loss), net of tax | -86 | 28 | 28 | -114 | -2,293 | -2,258 | -2,258 | -35 | ||||||||||||
Cancellation of repurchased shares | -445 | -445 | -445 | |||||||||||||||||
Issuance of common shares | 4,233 | 4,233 | 11 | 4,222 | ||||||||||||||||
Sale of treasury shares | 10,310 | 10,310 | -50 | 10,360 | ||||||||||||||||
Repurchase of treasury shares | -10,202 | -10,202 | -10,202 | |||||||||||||||||
Share-based compensation, net of tax | 375 | 375 | 213 | 162 | 196 | 196 | 196 | |||||||||||||
Financial instruments indexed to own shares | -93 | -93 | -93 | |||||||||||||||||
Dividends on share-based compensation, net of tax | -87 | -87 | -87 | |||||||||||||||||
Dividends paid | -564 | -505 | -236 | -483 | -424 | -424 | ||||||||||||||
Dividends paid out of reserves from capital contributions | -269 | |||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | -59 | -59 | ||||||||||||||||||
Changes in redeemable noncontrolling interests, decrease | -13 | -13 | -13 | -13 | -13 | -13 | ||||||||||||||
Change in scope of consolidation, net | -211 | -211 | -211 | -211 | ||||||||||||||||
Other | -9 | -9 | -9 | 5,832 | 5,834 | 5,835 | -1 | -2 | ||||||||||||
Balance at Dec. 31, 2013 | 47,166 | 42,164 | 64 | 27,853 | 30,261 | -139 | -15,875 | 5,002 | 43,632 | 39,467 | 4,400 | 34,851 | 14,621 | 0 | [1] | -14,405 | 4,165 | |||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | 26 | 26 | 26 | |||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [2],[3] | -1,905 | 238 | 238 | -2,143 | -578 | -578 | |||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [3] | 39 | 39 | 40 | 40 | |||||||||||||||
Net income/(loss) | 2,324 | 1,875 | 1,875 | 449 | 1,764 | 1,319 | 1,319 | 445 | ||||||||||||
Total other comprehensive income/(loss), net of tax | 963 | 872 | 872 | 91 | 2,350 | 2,181 | 2,181 | 169 | ||||||||||||
Issuance of common shares | 297 | 297 | 297 | |||||||||||||||||
Sale of treasury shares | 9,394 | 9,394 | -15 | 9,409 | ||||||||||||||||
Repurchase of treasury shares | -10,197 | -10,197 | -10,197 | |||||||||||||||||
Share-based compensation, net of tax | 630 | 630 | -105 | [4] | 735 | -61 | -61 | -61 | [5] | |||||||||||
Financial instruments indexed to own shares | [6] | -80 | -80 | -80 | ||||||||||||||||
Dividends on share-based compensation, net of tax | -44 | -44 | -44 | |||||||||||||||||
Dividends paid | -1,252 | -1,230 | -53 | -84 | -63 | -63 | ||||||||||||||
Dividends paid out of reserves from capital contributions | [7] | -1,177 | ||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | -22 | -21 | ||||||||||||||||||
Changes in redeemable noncontrolling interests, increase | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
Change in scope of consolidation, net | -2,378 | -2,378 | -2,477 | -2,477 | ||||||||||||||||
Other | -2 | -6 | -6 | 4 | 71 | 68 | 68 | 3 | ||||||||||||
Balance at Dec. 31, 2014 | 45,001 | 43,959 | 64 | 27,007 | 32,083 | -192 | -15,003 | 1,042 | 44,641 | 42,895 | 4,400 | 34,842 | 15,877 | 0 | [1] | -12,224 | 1,746 | |||
[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] | Includes a net tax charge of CHF (70) million from the excess recognized compensation expense over fair value of shares delivered. | |||||||||||||||||||
[5] | Includes a net tax charge of CHF (69) million from the excess recognized compensation expense over fair value of shares delivered. | |||||||||||||||||||
[6] | The Group had purchased certain call options on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured. | |||||||||||||||||||
[7] | Paid out of reserves from capital contributions. |
Consolidated_statements_of_cha1
Consolidated statements of changes in equity (Parenthetical) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax benefit (charge) from the excess fair value of compensation expense | -70 | -24 | 41 |
Bank | |||
Tax benefit (charge) from the excess fair value of compensation expense | -69 | -24 | 30 |
Consolidated_statements_of_cas
Consolidated statements of cash flows (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities of continuing operations (CHF million) | |||
Net income | 2,324 | 2,965 | 1,685 |
(Income)/loss from discontinued operations, net of tax | -102 | -145 | 40 |
Income from continuing operations | 2,222 | 2,820 | 1,725 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million) | |||
Impairment, depreciation and amortization | 1,285 | 1,345 | 1,294 |
Provision for credit losses | 186 | 167 | 170 |
Deferred tax provision/(benefit) | 684 | 695 | -255 |
Share of net income/(loss) from equity method investments | 134 | 34 | 80 |
Trading assets and liabilities, net | -5,513 | 13,961 | -14,348 |
(Increase)/decrease in other assets | 6,062 | -6,902 | -1,146 |
Increase/(decrease) in other liabilities | -23,876 | 9,992 | -4,772 |
Other, net | 1,196 | -38 | 4,584 |
Total adjustments | -19,842 | 19,254 | -14,393 |
Net cash provided by/(used in) operating activities of continuing operations | -17,620 | 22,074 | -12,668 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | 275 | 538 | 184 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 11,685 | 17,120 | 46,952 |
Purchase of investment securities | -1,060 | -677 | -480 |
Proceeds from sale of investment securities | 930 | 176 | 936 |
Maturities of investment securities | 340 | 832 | 1,626 |
Investments in subsidiaries and other investments | -1,264 | -1,792 | -2,039 |
Proceeds from sale of other investments | 1,553 | 3,737 | 3,104 |
(Increase)/decrease in loans | -23,604 | -9,126 | -11,022 |
Proceeds from sale of loans | 1,255 | 1,483 | 1,090 |
Capital expenditures for premises and equipment and other intangible assets | -1,056 | -903 | -1,242 |
Proceeds from sale of premises and equipment and other intangible assets | 1 | 9 | 26 |
Other, net | 606 | 122 | 3,683 |
Net cash provided by/(used in) investing activities of continuing operations | -10,339 | 11,519 | 42,818 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | 26,040 | 22,463 | -12,567 |
Increase/(decrease) in short-term borrowings | 3,509 | 6,002 | -7,840 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -31,001 | -36,347 | -39,958 |
Issuances of long-term debt | 74,159 | 39,090 | 38,405 |
Repayments of long-term debt | -36,471 | -55,135 | -55,936 |
Issuances of common shares | 297 | 976 | 1,930 |
Sale of treasury shares | 9,394 | 9,764 | 8,355 |
Repurchase of treasury shares | -10,197 | -10,202 | -8,859 |
Dividends paid/capital repayments | -1,252 | -564 | -1,296 |
Excess tax benefits related to share-based compensation | 0 | 0 | |
Other, net | -1,192 | -468 | 394 |
Net cash provided by/(used in) financing activities of continuing operations | 33,286 | -24,421 | -77,372 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 5,790 | -1,216 | -1,242 |
Net cash provided by/(used in) discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | -460 | -1,027 | -346 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | 10,657 | 6,929 | -48,810 |
Cash and due from banks at beginning of period | 68,692 | 61,763 | 110,573 |
Cash and due from banks at end of period | 79,349 | 68,692 | 61,763 |
Cash paid for income taxes and interest (CHF million) | |||
Cash paid for income taxes | 1,502 | 833 | 1,073 |
Cash paid for interest | 9,527 | 11,876 | 15,004 |
Assets and liabilities sold in business divestitures (CHF million) | |||
Assets sold | 687 | 374 | 0 |
Liabilities sold | 1,084 | 170 | 0 |
Assets acquired and liabilities assumed in business acquisitions (CHF million) | |||
Fair value of assets acquired | 143 | 4 | 2,418 |
Fair value of liabilities assumed | 29 | 0 | 2,418 |
Bank | |||
Operating activities of continuing operations (CHF million) | |||
Net income | 1,764 | 2,629 | 1,374 |
(Income)/loss from discontinued operations, net of tax | -102 | -145 | 40 |
Income from continuing operations | 1,662 | 2,484 | 1,414 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million) | |||
Impairment, depreciation and amortization | 1,276 | 1,337 | 1,264 |
Provision for credit losses | 125 | 93 | 88 |
Deferred tax provision/(benefit) | 619 | 658 | -301 |
Share of net income/(loss) from equity method investments | 147 | 48 | 24 |
Trading assets and liabilities, net | -5,096 | 10,427 | -14,175 |
(Increase)/decrease in other assets | 6,483 | -3,248 | -1,141 |
Increase/(decrease) in other liabilities | -24,146 | 10,134 | -4,218 |
Other, net | 730 | 84 | 4,828 |
Total adjustments | -19,862 | 19,533 | -13,631 |
Net cash provided by/(used in) operating activities of continuing operations | -18,200 | 22,017 | -12,217 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | -727 | 443 | 315 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 11,677 | 17,120 | 46,933 |
Purchase of investment securities | -1,060 | -676 | -276 |
Proceeds from sale of investment securities | 118 | 176 | 936 |
Maturities of investment securities | 187 | 673 | 1,442 |
Investments in subsidiaries and other investments | -1,228 | -1,338 | -1,916 |
Proceeds from sale of other investments | 1,519 | 3,165 | 2,918 |
(Increase)/decrease in loans | -23,690 | -8,577 | -9,570 |
Proceeds from sale of loans | 1,255 | 1,483 | 1,090 |
Capital expenditures for premises and equipment and other intangible assets | -1,043 | -895 | -1,227 |
Proceeds from sale of premises and equipment and other intangible assets | 1 | 9 | 26 |
Other, net | 601 | 115 | 3,676 |
Net cash provided by/(used in) investing activities of continuing operations | -12,390 | 11,698 | 44,347 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | 27,137 | 22,630 | -14,005 |
Increase/(decrease) in short-term borrowings | 3,509 | 6,002 | -11,643 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -31,001 | -36,347 | -39,958 |
Issuances of long-term debt | 74,150 | 37,914 | 37,235 |
Repayments of long-term debt | -37,871 | -55,216 | -55,401 |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | -84 | -483 | -321 |
Excess tax benefits related to share-based compensation | 0 | 0 | 42 |
Other, net | -488 | 736 | 3,603 |
Net cash provided by/(used in) financing activities of continuing operations | 35,352 | -24,764 | -80,448 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 5,617 | -1,219 | -1,184 |
Net cash provided by/(used in) discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | -460 | -1,027 | -346 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | 9,919 | 6,705 | -49,848 |
Cash and due from banks at beginning of period | 68,081 | 61,376 | 111,224 |
Cash and due from banks at end of period | 78,000 | 68,081 | 61,376 |
Cash paid for income taxes and interest (CHF million) | |||
Cash paid for income taxes | 1,455 | 769 | 1,010 |
Cash paid for interest | 9,419 | 11,686 | 14,920 |
Assets and liabilities sold in business divestitures (CHF million) | |||
Assets sold | 687 | 338 | 0 |
Liabilities sold | 1,084 | 162 | 0 |
Assets acquired and liabilities assumed in business acquisitions (CHF million) | |||
Fair value of assets acquired | 143 | 4 | 2,418 |
Fair value of liabilities assumed | 29 | 0 | 2,418 |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2014 | |
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, as well as various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. | |
Principles of consolidation | |
The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Group’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. The Group consolidates limited partnerships in cases where it is the general partner or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs where the Group is the primary beneficiary in accordance with Accounting Standards Codification (ASC) Topic 810 – Consolidation. The effects of material intercompany transactions and balances have been eliminated. | |
Where a Group subsidiary is a separate legal entity and determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Group subsidiary are not consolidated and are carried at fair value. | |
Group entities that qualify as broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers do not consolidate investments in voting interest entities that would otherwise qualify for consolidation when the investment is held on a temporary basis for trading purposes. In addition, subsidiaries that are strategic components of a broker-dealers’ operations are consolidated regardless of holding intent. | |
Foreign currency translation | |
Transactions denominated in currencies other than the functional currency of the related entity are recorded by remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. | |
For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than Swiss francs are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated using the weighted average foreign exchange rate for the year. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. | |
Fair value measurement and option | |
The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial acquisition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. | |
> Refer to “Fair value option” in Note 34 – Financial instruments for further information. | |
Cash and due from banks | |
Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. | |
Reverse repurchase and repurchase agreements | |
Purchases of securities under resale agreements (>>>reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (>>>repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. | |
Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on some of its agreements. | |
Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. | |
Securities lending and borrowing transactions | |
Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. | |
Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. In the case where the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. | |
Transfers of financial assets | |
The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. | |
> Refer to “Note 33 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. | |
Trading assets and liabilities | |
Trading assets and liabilities include debt and equity securities, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. | |
Derivatives | |
Freestanding >>>derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. | |
Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. | |
The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for >>>over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. | |
Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: | |
(i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); | |
(ii) the derivative expires or is sold, terminated or exercised; | |
(iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or | |
(iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. | |
For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. | |
When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. | |
For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. | |
When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. | |
For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. | |
Investment securities | |
Investment securities include debt securities classified as held-to-maturity and debt and marketable equity securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. | |
Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. | |
Debt and equity securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. | |
Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. | |
Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. | |
Recognition of an impairment on equity securities is recorded in the consolidated statements of operations if a decline in fair value below the cost basis of an investment is considered other-than-temporary. The Group generally considers unrealized losses on equity securities to be other-than-temporary if the fair value has been below cost for more than six months or by more than 20%. | |
Recognition of an impairment for debt or equity securities establishes a new cost basis, which is not adjusted for subsequent recoveries. | |
Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. | |
Other investments | |
Other investments include equity method investments and non-marketable equity securities such as private equity, hedge funds, and restricted stock investments, certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, and real estate held for investment. | |
Equity method investments are investments where the Group has the ability to significantly influence the operating and financial policies of an investee. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s share of the profit or loss, as well as any impairment on the investee, if applicable, are reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. | |
The Group’s other non-marketable equity securities are carried at cost less other-than-temporary impairment or at fair value if elected under the fair value option. Non-marketable equity securities held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. | |
Equity method investments and non-marketable equity securities held by broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. | |
Real estate held for investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. These assets are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. | |
In connection with the life finance business, the Group invests in single premium immediate annuities (SPIA), which are carried at fair value with the related fair value changes reported in trading revenues. The life finance business also invests in life settlement contracts. | |
Loans | |
Loans held-to-maturity | |
Loans, which the Group intends to hold until maturity, are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. | |
Loans are divided in two portfolio segments, “consumer” and “corporate & institutional”. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate & institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions and governments and public institutions. | |
Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. | |
In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. | |
> Refer to “Note 18 – Loans, allowance for loan losses and credit quality” for further information. | |
Allowance for loan losses on loans held-to-maturity | |
The allowance for loan losses is comprised of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). | |
The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. | |
The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For certain non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. | |
A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loans balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectibility and a provision is established as necessary. | |
A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectibility and additional provisions are established as required. | |
Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. | |
Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. | |
Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. | |
Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. | |
The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. | |
Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other amounts received. | |
> Refer to “Impaired loans” in Note 18 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. | |
Loans held-for-sale | |
Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Gains and losses on loans held-for-sale are recorded in other revenues. | |
Purchased impaired loans | |
Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. | |
Loans held at fair value under the fair value option | |
Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. | |
Premises and equipment | |
Premises are carried at cost less accumulated depreciation and are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. Alterations and improvements to rented premises are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which is not to exceed ten years. Other tangible fixed assets such as computers, machinery, furnishings, vehicles, other equipment and building improvements are depreciated using the straight-line method over their estimated useful lives, generally three to ten years. | |
The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliably measured. The Group depreciates capitalized software costs on a straight-line basis over the estimated useful life of the software, generally not exceeding three years, taking into consideration the effects of obsolescence, technology, competition and other economic factors. | |
The Group reflects finance leasing activities for which it is the lessee by recording an asset in premises and equipment and a corresponding liability in other liabilities at an amount equal to the smaller of the present value of the minimum lease payments or fair value, and the leased asset is depreciated over the shorter of the asset’s estimated useful life or the lease term. | |
Goodwill and other intangible assets | |
Goodwill 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 finite intangible assets | |
The Group evaluates premises and equipment and finite intangible assets for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the asset is considered not to be recoverable, an impairment is recorded in general and administrative expenses to the extent the fair value of the asset is less than its carrying amount. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. | |
Income taxes | |
Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities at the dates of the consolidated balance sheets and their respective tax bases. Deferred tax assets and liabilities are computed using currently enacted tax rates and are recorded in other assets and other liabilities, respectively. Income tax expense or benefit is recorded in income tax expense/(benefit), except to the extent the tax effect relates to transactions recorded directly in total shareholders’ equity. Deferred tax assets are reduced by a valuation allowance, if necessary, to the amount that management believes will more likely than not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates in the period in which changes are approved by the relevant authority. Deferred tax assets and liabilities are presented on a net basis for the same tax-paying component within the same tax jurisdiction. | |
The Group follows the guidance in ASC Topic 740 – Income Taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Group determines whether it is more likely than not that an income tax position will be sustained upon examination based on the technical merits of the position. Sustainable income tax positions are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each such sustainable income tax position is measured at the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. | |
Life settlement contracts | |
Life settlement contracts are initially recognized at the transaction price and subsequently carried at fair value unless the Group elects to apply the investment method. The contracts that are not accounted for under the investment method are carried at fair value and are recorded in trading assets. | |
Under the investment method, the contracts are initially recognized at the transaction price plus any directly related external costs and are recorded in other investments. Subsequently, all continuing premium payments made are capitalized unless the aggregated carrying value exceeds fair value, in which case an impairment allowance is established so that the carrying value does not exceed fair value. | |
Brokerage receivables and brokerage payables | |
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 | |
Derivative instruments used for hedging | |
Derivative instruments are carried at fair value. The fair values of derivative instruments held for hedging are included as other assets or other liabilities in the consolidated balance sheets. The accounting treatment used for changes in fair value of hedging derivatives depends on the designation of the derivative as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation. Changes in fair value representing hedge ineffectiveness are reported in trading revenues. | |
Long-term debt | |
Total long-term debt is comprised of debt issuances which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign currency denominated fixed and variable rate bonds. | |
The Group actively manages the interest rate risk on vanilla debt through the use of derivative contracts, primarily interest rate and currency swaps. In particular, fixed rate debt is hedged with receive-fixed, pay-floating interest rate swaps. The Group elected to fair value this fixed rate debt upon implementation of the fair value option on January 1, 2007, with changes in fair value recognized as a component of trading revenues. The Group did not elect to apply the fair value option to fixed-rate debt issued by the Group since January 1, 2008 and instead applies hedge accounting per the guidance of ASC Topic 815 – Derivatives and Hedging. | |
The Group’s long-term debt also includes various equity-linked and other indexed instruments with embedded derivative features, whose payments and redemption values are linked to commodities, stocks, indices, currencies or other assets. The Group elected to account for substantially all of these instruments at fair value. Changes in the fair value of these instruments are recognized as a component of trading revenues. | |
Other liabilities | |
Guarantees | |
In cases where the Group acts as a guarantor, the Group recognizes in other liabilities, at the inception of a guarantee, a liability for the fair value of the obligations undertaken in issuing such a guarantee, including its ongoing obligation to perform over the term of the guarantee in the event that certain events or conditions occur. | |
Pensions and other post-retirement benefits | |
The Group uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. | |
Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Group management. Among others, assumptions have to be made with regard to discount rates, expected return on plan assets and salary increases. | |
The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yields of high-quality corporate bonds currently available and are expected to be available during the period to maturity of the pension benefits. In countries where no deep market in high-quality corporate bonds exists, the estimate is based on governmental bonds adjusted to include a risk premium reflecting the additional risk for corporate bonds. | |
The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. | |
Health care cost trend rates are determined by reviewing external data and the Group’s own historical trends for health care costs. Salary increases are determined by reviewing external data and considering internal projections. | |
The funded status of the Group’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. | |
Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. | |
The Group records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. | |
Share-based compensation | |
For all share-based awards granted to employees and existing awards modified on or after January 1, 2005, compensation expense is measured at grant date or modification date based on the fair value of the number of awards for which the requisite service is expected to be rendered and is recognized in the consolidated statements of operations over the required service period on a straight-line basis. For all outstanding unvested share-based awards as of January 1, 2005, compensation expense is measured based on the original grant date fair value of the award and is recognized over the remaining requisite service period of each award on a straight-line basis. | |
The Group uses the tax law ordering approach to determine the portion of the total tax expense that relates to windfall tax benefits that are to be recorded in additional paid-in capital. In addition, it elected to use the practical transition option in determining the amount of windfall tax benefits recorded in additional paid-in capital arising on awards that were fully vested prior to January 1, 2005. | |
Compensation expense for share-based awards that vest in annual installments (graded vesting), which only contain a service condition that affects vesting, is recognized on a straight-line basis over the service period for the entire award. However, if such awards contain a performance condition, then each installment is expensed as if it were a separate award (“front-loaded” expense recognition). Furthermore, recognition of compensation expense is accelerated to the date an employee becomes eligible for retirement. For awards granted to employees eligible for retirement prior to January 1, 2005, the Group’s policy is to record compensation expense over the requisite service period. | |
Certain share-based awards also contain a performance condition, where the number of shares the employee is to receive is dependent on the performance (e.g., net income or return on equity (ROE)) of the Group or a division of the Group. If the employee is also required to provide the service stipulated in the award terms, the amount of compensation expense attributed to the incremental additional units expected to be received at vesting due to this performance condition is estimated on the grant date and subsequent changes in this estimate are recorded in the consolidated statements of operations over the remaining service period. | |
When awards contain market conditions, where the number of shares the employee receives varies based on changes in the Group share price, the incremental amount of extra shares the employee is expected to receive due to the market condition is estimated on the grant date and the total compensation expense is not adjusted thereafter for changes in the Group share price. | |
Certain employees own non-substantive equity interests in the form of carried interests in private equity funds managed by the Group. Expenses recognized under these ownership interests are reflected in the consolidated statements of operations in compensation and benefits. | |
The Group has certain option plans outstanding, primarily related to 1999 and prior years, which include a cash settlement feature. For those plans, liability award accounting is applied until settlement of the awards. | |
Own shares, own bonds and financial instruments on own shares | |
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 | |
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 | |
Fee revenue is recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, the price is fixed or determinable and collectibility is reasonably assured. Fee income can be divided into two broad categories: income earned from services that are provided over a certain period of time, for which customers are generally billed on an annual or semi-annual basis, and income earned from providing transaction-type services. Fees earned from services that are provided over a certain period of time are recognized ratably over the service period. Fees earned from providing transaction-type services are recognized when the service has been completed. Performance-linked fees or fee components are recognized at any contractual measurement date when the contractually agreed thresholds are met. | |
Revenues from underwriting and fees from mergers and acquisitions (M&A) and other corporate finance advisory services are recorded at the time the underlying transactions are substantially completed and there are no other contingencies associated with the fees. | |
Transaction-related expenses are deferred until the related revenue is recognized, assuming they are deemed direct and incremental; otherwise, they are expensed as incurred. Underwriting fees are reported net of related expenses. Expenses associated with financial advisory services are recorded in operating expenses unless reimbursed by the client. | |
In circumstances where the Group contracts to provide multiple products, services or rights to a counterparty, an evaluation is made as to whether separate revenue recognition events have occurred. This evaluation considers the stand-alone value of items already delivered and if there is a right of return or warranties on delivered items and services, and the probability of delivery of remaining undelivered items or services. This evaluation is made on a transaction-by-transaction basis. | |
If the criteria noted are met, then the transaction is considered a multiple-deliverable arrangement where revenue recognition is determined separately for each deliverable. The consideration received on the total arrangement is allocated to the multiple deliverables based on the selling price of each deliverable. The selling price used for each deliverable will be based on vendor-specific objective evidence if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific objective evidence or third-party evidence is available. | |
Taxes collected from customers and remitted to governmental authorities are accounted for on a net basis. | |
Bank | |
Summary of significant accounting policies | 1 Summary of significant accounting policies |
The accompanying consolidated financial statements of Credit Suisse AG (the Bank), a Swiss bank subsidiary of Credit Suisse Group AG (the Group), are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Bank ends on December 31. | |
In the fourth quarter of 2014, as part of an announced program to evolve the Bank’s legal entity structure to meet developing and future regulatory requirements and regulation of the US Federal Reserve on establishing Intermediate Holding Companies in the US for non-US banks, several existing legal entities were re-parented as subsidiaries of Credit Suisse (USA), Inc. In the consolidated financial statements of the Bank, prior periods have been restated to conform to the current presentation to reflect the impact of these transactions. | |
In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the >>>fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities, as well as various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. | |
> Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. | |
Pensions and other post-retirement benefits | |
Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. | |
For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. | |
For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. | |
Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Bank management. For example, assumptions have to be made with regard to discount rates, expected return on plan assets and salary increases. | |
The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yields of high-quality corporate bonds currently available and are expected to be available during the period to maturity of the pension benefits. In countries where no deep market in high-quality corporate bonds exists, the estimate is based on governmental bonds adjusted to include a risk premium reflecting the additional risk for corporate bonds. | |
The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. | |
Health care cost trend rates are determined by reviewing external data and the Bank’s own historical trends for health care costs. Salary increases are determined by reviewing external data and considering internal projections. | |
The funded status of the Bank’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. | |
Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. | |
The Bank records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. | |
Own shares, own bonds and financial instruments on Group shares | |
The Bank’s shares are wholly-owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares), own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Recently_issued_accounting_sta
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2014 | |
Recently issued accounting standards | 2 Recently issued accounting standards |
Recently adopted accounting standards | |
ASC Topic 830 – Foreign Currency Matters | |
In March 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (ASU 2013-05), an update to ASC Topic 830 – Foreign Currency Matters. The amendments in ASU 2013-05 provide guidance for the treatment of the cumulative translation adjustment when an entity ceases to hold a controlling financial interest in a subsidiary or group of assets within a foreign entity. The Group elected to early adopt ASU 2013-05 on January 1, 2013 which did not have a material impact on the Group’s financial position, results of operations or cash flows. | |
ASC Topic 946 – Financial Services – Investment Companies | |
In June 2013, the FASB issued ASU 2013-08, “Amendments to the Scope, Measurement, and Disclosure Requirements” (ASU 2013-08), an update to Topic 946 – Financial Services – Investment Companies. The amendments change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company and provide comprehensive guidance for assessing whether an entity is an investment company. The adoption of ASU 2013-08 on January 1, 2014 did not have a material impact on the Group’s financial position, results of operations or cash flows. | |
Standards to be adopted in future periods | |
ASC Topic 205 – Presentation of Financial Statements | |
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15), an update to ASC Topic 205 – Presentation of Financial Statements. The amendments in ASU 2014-15 provide guidance in US GAAP about management’s responsibility to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures in the notes to the financial statements. The amendments are expected to reduce diversity in the timing and content of such disclosures. ASU 2014-15 is effective for the annual reporting period ending after December 15, 2016, and for the interim and annual reporting periods thereafter. Early adoption is permitted. As these amendments relate only to disclosures, there will be no impact of the adoption of ASU 2014-15 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 205 – Presentation of Financial Statements | |
ASC Topic 360 – Property, Plant, and Equipment | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08), an update to ASC Topic 205 – Presentation of Financial Statements and ASC Topic 360 – Property, Plant, and Equipment. The amendments in ASU 2014-08 change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. ASU 2014-08 is effective for interim and annual reporting periods beginning after December 15, 2014 with early adoption permitted. The Group will evaluate the impact of the adoption of ASU 2014-08 on the Group’s financial position, results of operations and cash flows when any future discontinued operations or disposals are identified. | |
ASC Topic 225 – Income Statement | |
In January 2015, the FASB issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (ASU 2015-01), an update to ASC Topic 225 – Income Statement. The amendments eliminate from US GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement – Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. ASU 2015-01 is effective for annual periods beginning after December 15, 2015. An entity has the option to adopt the changes earlier provided that the guidance is applied from the beginning of the fiscal year of adoption. The Group is currently evaluating the impact of the adoption of ASU 2015-15 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 310 – Receivables | |
In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure” (ASU 2014-04), an update to ASC Topic 310 – Receivables. The amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The adoption of ASU 2014-04 on January 1, 2015 did not have a material impact on the Group’s financial position, results of operations and cash flows. | |
In August 2014, the FASB issued ASU 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure” (ASU 2014-14), an update to ASC Topic 310 – Receivables. ASU 2014-14 requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met and provides guidance for the measurement of the separate other receivable. The adoption of ASU 2014-14 on January 1, 2015 did not have a material impact on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 606 – Revenue from Contracts with Customers | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), an update to ASC Topic 606 – Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU outlines key steps that an entity should follow to achieve the core principle. ASU 2014-09 is effective for annual periods beginning after December 15, 2016. The Group is currently evaluating the impact of the adoption of ASU 2014-09 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 718 – Compensation – Stock Compensation | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (ASU 2014-12), an update to Topic 718 – Compensation – Stock Compensation. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted. The Group is currently evaluating the impact of the adoption of ASU 2014-12 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 810 – Consolidation | |
In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis” (ASU 2015-02), an update to ASC Topic 810 – Consolidation. The amendments in ASU 2015-02 rescind the indefinite deferral for certain investment funds, which is included in ASU 2010-10, Consolidation (ASC Topic 810), “Amendments for Certain Investment Funds”. The amendments in ASU 2015-02 also require a re-evaluation as to whether certain legal entities require consolidation under the revised consolidation model, specifically as it relates to whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, the elimination of the presumption that a general partner controls a partnership, and the consolidation analysis of VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015 with early adoption permitted. The Group is currently evaluating the impact of the adoption of ASU 2015-02 on the Group’s financial position, results of operations and cash flows. | |
In August 2014, the FASB issued ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (ASU 2014-13), an update to ASC Topic 810 – Consolidation. ASU 2014-13 applies to reporting entities that are required to consolidate a collateralized financing entity (CFE) under the variable interest entities guidance. These entities may elect to measure the financial assets and the financial liabilities of the CFE at fair value using either ASC Topic 820 – Fair Value Measurements or an alternative provided in ASU 2014-13. When using the measurement alternative provided in this update, the reporting entity should measure both the financial assets and the financial liabilities of the CFE, using the most observable of (i) the fair value of the financial assets and (ii) the fair value of the financial liabilities. ASU 2014-13 is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted as of the beginning of an annual period. The Group is currently evaluating the impact of the adoption of ASU 2014-13 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 815 – Derivatives and Hedging | |
In November 2014, the FASB issued ASU 2014-16, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity” (ASU 2014-16), an update to ASC Topic 815 – Derivatives and Hedging. The amendments in ASU 2014-16 clarify that for hybrid financial instruments issued in the form of a share, an entity (an issuer or an investor) should determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of relevant facts and circumstances. ASU 2014-16 is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted as of the beginning of an annual or interim period. The Group is currently evaluating the impact of the adoption of ASU 2014-16 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 860 – Transfers and Servicing | |
In June 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” (ASU 2014-11), an update to ASC Topic 860 – Transfers and Servicing. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase financing arrangements. As a result of these amendments, repurchase-to-maturity transactions will be reported as secured borrowings. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also specify new disclosures that entities must include. The adoption of ASU 2014-11 on January 1, 2015 did not have a material impact on the Group’s financial position, results of operations or cash flows. | |
Bank | |
Recently issued accounting standards | 2 Recently issued accounting standards |
> Refer to “Note 2 – Recently issued accounting standards” in V – Consolidated financial statements – Credit Suisse Group for recently adopted accounting standards and standards to be adopted in future periods. | |
The impact on the Bank’s and Group’s financial position, results of operations or cash flows was or is expected to be identical. |
Business_developments
Business developments | 12 Months Ended |
Dec. 31, 2014 | |
Business developments | 3 Business developments, significant shareholders and subsequent events |
The Group’s significant business developments for 2014 as well as the Group’s significant shareholders are discussed below. | |
Business developments | |
Divestitures | |
> Refer to “Note 4 – Discontinued operations” for information on business divestitures that are disclosed as discontinued operations. | |
In July 2014, the Group entered into an agreement to sell Private Banking & Wealth Management’s local affluent and upper affluent business in Italy to Banca Generali S.p.A. The transaction included approximately 50 agents of Credit Suisse (Italy) S.p.A., with over EUR 1.9 billion of assets under management. The transaction closed in the fourth quarter of 2014. | |
In July 2014, the Group announced that it had decided to exit its small commodities trading business with respect to the global macro products business. The Group plans to re-focus its foreign exchange business towards a combination of electronic trading and voice offering for larger and more complex trades and plans to simplify its rates product offering to focus primarily on satisfying client liquidity needs in cash products and derivatives. | |
In August 2014, the Group announced the sale of Prime Fund Services (PFS), including the existing PFS team, to BNP Paribas. The transaction is expected to close in 2015, subject to customary closing conditions, including antitrust and regulatory clearances. Revenues, expenses and the expected pre-tax gain on the disposal from this sale are immaterial. | |
Mergers and acquisitions | |
In the second quarter of 2014, the Group completed the acquisition of Morgan Stanley’s private wealth management businesses in the Europe, Middle East and Africa (EMEA) region, excluding Switzerland. The business is based in the UK, Italy and Dubai, serving predominantly international >>>ultra-high-net-worth individuals (UHNWI) and >>>high-net-worth individual (HNWI) clients across Europe. The transaction was structured as an asset deal with multiple closings, the first of which occurred in December 2013. | |
In April 2014, the Group entered into an agreement with the then head of Credit Suisse Hedging-Griffo Asset Management pursuant to which he became the controlling shareholder of a new firm, Verde Asset Management, and the Group became a minority shareholder. The transaction closed in the fourth quarter of 2014. | |
Significant shareholders | |
In a disclosure notification that the Group published on April 6, 2013, the Group was notified that as of February 25, 2013, The Olayan Group, through its registered entity Crescent Holding GmbH, held 88.5 million shares, or 6.7%, of the registered Group shares issued as of the date of the notified transaction. No further disclosure notification was received from The Olayan Group relating to holdings of registered Group shares in 2014. | |
In a disclosure notification that the Group published on October 31, 2013, the Group was notified that as of October 23, 2013, Qatar Investment Authority, through its registered entity Qatar Holding LLC, held 82.0 million shares, or 5.2%, of the registered Group shares issued as of the date of the notified transaction. No further disclosure notification was received from Qatar Investment Authority relating to holdings of registered Group shares in 2014. | |
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 5.2%, of the registered Group shares issued as of the date of the notified transaction. No further disclosure notification was received from Harris Associates L.P. relating to holdings of registered Group shares in 2014. | |
In a disclosure notification that the Group published on June 19, 2014, the Group was notified that as of June 16, 2014, Norges Bank held 80.0 million shares, or 5.0%, of the registered Group shares issued as of the date of the notified transaction. No further disclosure notification was received from Norges Bank relating to holdings of registered Group shares in 2014. | |
Subsequent events | |
On January 15, 2015, the Swiss National Bank (SNB) decided to discontinue the minimum exchange rate of CHF 1.20 per euro and to lower the interest rate by 50 basis points to (0.75)% on sight deposits that exceed a certain threshold. It also decreased the target range for the three-month Swiss franc LIBOR. These decisions led to a significant strengthening of the Swiss franc against all major currencies and a decrease in Swiss franc interest rates. | |
Bank | |
Business developments | 3 Business developments and subsequent events |
> Refer to “Note 3 – Business developments, significant shareholders and subsequent events” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Discontinued_operations
Discontinued operations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Discontinued operations | 4 Discontinued operations | |||||||
In January 2014, the Group completed the sale of its Customized Fund Investment Group (CFIG), its private equity fund of funds and co-investment business, to Grosvenor Capital Management and recognized a pre-tax gain on disposal of CHF 91 million in the first quarter 2014, net of allocated goodwill of CHF 23 million. As of December 31, 2013, CFIG had total assets of CHF 31 million that were held-for-sale. The Group continued to hold investments in, and have unfunded commitments to, investment funds managed by CFIG. Grosvenor Capital Management is a company unrelated to the Group. | ||||||||
In March 2014, the Group completed the spin-off of DLJ Merchant Banking Partners, the Group’s mid-market leveraged buyout business, for no consideration to aPriori Capital Partners L.P., an independent advisory firm established and controlled by members of the business’ management. The transaction was completed with no gain or loss from disposal and insignificant impact on net revenues, operating expenses and net income/(loss) from discontinued operations in 2014 and prior periods have not been restated. The Group retained certain carried interest rights. aPriori Capital Partners L.P. is a company unrelated to the Group. | ||||||||
In August 2014, the Group completed the sale of its domestic private banking business booked in Germany (German private banking business) to Bethmann Bank AG, a subsidiary of ABN AMRO, and recognized a pre-tax gain on disposal of CHF 109 million in the third quarter 2014. As of June 30, 2014, the German private banking business had total assets and total liabilities of CHF 979 million and CHF 742 million, respectively, that were held-for-sale. Bethmann Bank AG and ABN AMRO are companies unrelated to the Group. | ||||||||
Assets held-for-sale | ||||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Cash | 960 | |||||||
Loans | 575 | |||||||
Other assets | 18 | |||||||
Total assets held-for-sale | 1,553 | |||||||
CFIG (CHF million) | ||||||||
Fees receivable | 8 | |||||||
Goodwill | 23 | |||||||
Total assets held-for-sale | 31 | |||||||
Group (CHF million) | ||||||||
Total assets held-for-sale | 1,584 | |||||||
Liabilities held-for-sale | ||||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Deposits | 1,118 | |||||||
Other liabilities | 22 | |||||||
Total liabilities held-for-sale | 1,140 | |||||||
Group (CHF million) | ||||||||
Total liabilities held-for-sale | 1,140 | |||||||
For operations discontinued in 2014 and 2013, the revenues, expenses and gains from disposals were included in the results of the Private Banking & Wealth Management segment. The reclassification of these revenues and expenses from the segment results to discontinued operations for Group reporting was effected through the Corporate Center. | ||||||||
The results of operations of the businesses sold have been reflected in income/(loss) from discontinued operations in the consolidated statements of operations for the relevant periods presented. The assets and liabilities of discontinued operations for which the sale has not yet been completed are presented as assets of discontinued operations held-for-sale and liabilities of discontinued operations held-for-sale, respectively, and prior periods are not reclassified. | ||||||||
Income/(loss) from discontinued operations | ||||||||
in | 2014 | 2013 | 2012 | |||||
Operations-related (CHF million) | ||||||||
Net revenues | 31 | 233 | 288 | |||||
of which German private banking business | 27 | 52 | 54 | |||||
of which ETF business | – | 29 | 53 | |||||
of which Strategic Partners | – | 33 | 60 | |||||
of which CFIG | 0 | 114 | 116 | |||||
Operating expenses | 35 | 158 | 296 | |||||
of which German private banking business | 33 | 71 | 108 | |||||
of which ETF business | – | 23 | 49 | |||||
of which Strategic Partners | – | 8 | 38 | |||||
of which CFIG | 0 | 51 | 88 | |||||
Income tax expense/(benefit) | 1 | 38 | 32 | |||||
of which German private banking business | 0 | -6 | 2 | |||||
of which ETF business | – | 5 | 2 | |||||
of which Strategic Partners | – | 10 | 15 | |||||
of which CFIG | 0 | 29 | 16 | |||||
Income/(loss), net of tax | -5 | 37 | -40 | |||||
of which German private banking business | -6 | -13 | -56 | |||||
of which ETF business | – | 1 | 2 | |||||
of which Strategic Partners | – | 15 | 7 | |||||
of which CFIG | 0 | 34 | 12 | |||||
Transaction-related (CHF million) | ||||||||
Gain on disposal | 200 | 237 | – | |||||
of which German private banking business | 109 | – | – | |||||
of which ETF business | – | 146 | – | |||||
of which Strategic Partners | – | 91 | – | |||||
of which CFIG | 91 | – | – | |||||
Operating expenses | 54 | 93 | – | |||||
of which German private banking business | 48 | – | – | |||||
of which ETF business | – | 11 | – | |||||
of which Strategic Partners | – | 22 | – | |||||
of which CFIG | 0 | 56 | – | |||||
Income tax expense/(benefit) | 39 | 36 | – | |||||
of which ETF business | – | 21 | – | |||||
of which Strategic Partners | – | 40 | – | |||||
of which CFIG | 42 | -24 | – | |||||
Income/(loss), net of tax | 107 | 108 | – | |||||
of which German private banking business | 61 | – | – | |||||
of which ETF business | – | 114 | – | |||||
of which Strategic Partners | – | 29 | – | |||||
of which CFIG | 49 | -32 | – | |||||
Discontinued operations – total (CHF million) | ||||||||
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 | |||||
of which German private banking business | 55 | -13 | -56 | |||||
of which ETF business | – | 115 | 2 | |||||
of which Strategic Partners | – | 44 | 7 | |||||
of which CFIG | 49 | 2 | 12 | |||||
Bank | ||||||||
Discontinued operations | 4 Discontinued operations | |||||||
In January 2014, the Bank completed the sale of its Customized Fund Investment Group (CFIG), its private equity fund of funds and co-investment business, to Grosvenor Capital Management and recognized a pre-tax gain on disposal of CHF 91 million in the first quarter 2014, net of allocated goodwill of CHF 23 million. As of December 31, 2013, CFIG had total assets of CHF 31 million that were held-for-sale. The Bank continued to hold investments in, and have unfunded commitments to, investment funds managed by CFIG. Grosvenor Capital Management is a company unrelated to the Bank. | ||||||||
In March 2014, the Bank completed the spin-off of DLJ Merchant Banking Partners, the Group’s mid-market leveraged buyout business, for no consideration to aPriori Capital Partners L.P., an independent advisory firm established and controlled by members of the business’ management. The transaction was completed with no gain or loss from disposal and insignificant impact on net revenues, operating expenses and net income/(loss) from discontinued operations in 2014 and prior periods have not been restated. The Bank retained certain carried interest rights. aPriori Capital Partners L.P. is a company unrelated to the Bank. | ||||||||
In August 2014, the Bank completed the sale of its domestic private banking business booked in Germany (German private banking business) to Bethmann Bank AG, a subsidiary of ABN AMRO, and recognized a pre-tax gain on disposal of CHF 109 million in the third quarter 2014. As of June 30, 2014, the German private banking business had total assets and total liabilities of CHF 979 million and CHF 742 million, respectively, that were held-for-sale. Bethmann Bank AG and ABN AMRO are companies unrelated to the Bank. | ||||||||
> Refer to “Note 4 – Discontinued operations” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||
Assets held-for-sale | ||||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Cash | 960 | |||||||
Loans | 575 | |||||||
Other assets | 18 | |||||||
Total assets held-for-sale | 1,553 | |||||||
CFIG (CHF million) | ||||||||
Fees receivable | 8 | |||||||
Goodwill | 23 | |||||||
Total assets held-for-sale | 31 | |||||||
Bank (CHF million) | ||||||||
Total assets held-for-sale | 1,584 | |||||||
Liabilities held-for-sale | ||||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Deposits | 1,118 | |||||||
Other liabilities | 22 | |||||||
Total liabilities held-for-sale | 1,140 | |||||||
Bank (CHF million) | ||||||||
Total liabilities held-for-sale | 1,140 | |||||||
Income/(loss) from discontinued operations | ||||||||
in | 2014 | 2013 | 2012 | |||||
Operations-related (CHF million) | ||||||||
Net revenues | 31 | 233 | 288 | |||||
of which German private banking business | 27 | 52 | 54 | |||||
of which ETF business | – | 29 | 53 | |||||
of which Strategic Partners | – | 33 | 60 | |||||
of which CFIG | 0 | 114 | 116 | |||||
Operating expenses | 35 | 158 | 296 | |||||
of which German private banking business | 33 | 71 | 108 | |||||
of which ETF business | – | 23 | 49 | |||||
of which Strategic Partners | – | 8 | 38 | |||||
of which CFIG | 0 | 51 | 88 | |||||
Income tax expense/(benefit) | 1 | 38 | 32 | |||||
of which German private banking business | 0 | -6 | 2 | |||||
of which ETF business | – | 5 | 2 | |||||
of which Strategic Partners | – | 10 | 15 | |||||
of which CFIG | 0 | 29 | 16 | |||||
Income/(loss), net of tax | -5 | 37 | -40 | |||||
of which German private banking business | -6 | -13 | -56 | |||||
of which ETF business | – | 1 | 2 | |||||
of which Strategic Partners | – | 15 | 7 | |||||
of which CFIG | 0 | 34 | 12 | |||||
Transaction-related (CHF million) | ||||||||
Gain on disposal | 200 | 237 | – | |||||
of which German private banking business | 109 | – | – | |||||
of which ETF business | – | 146 | – | |||||
of which Strategic Partners | – | 91 | – | |||||
of which CFIG | 91 | – | – | |||||
Operating expenses | 54 | 93 | – | |||||
of which German private banking business | 48 | – | – | |||||
of which ETF business | – | 11 | – | |||||
of which Strategic Partners | – | 22 | – | |||||
of which CFIG | 0 | 56 | – | |||||
Income tax expense/(benefit) | 39 | 36 | – | |||||
of which ETF business | – | 21 | – | |||||
of which Strategic Partners | – | 40 | – | |||||
of which CFIG | 42 | -24 | – | |||||
Income/(loss), net of tax | 107 | 108 | – | |||||
of which German private banking business | 61 | – | – | |||||
of which ETF business | – | 114 | – | |||||
of which Strategic Partners | – | 29 | – | |||||
of which CFIG | 49 | -32 | – | |||||
Discontinued operations – total (CHF million) | ||||||||
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 | |||||
of which German private banking business | 55 | -13 | -56 | |||||
of which ETF business | – | 115 | 2 | |||||
of which Strategic Partners | – | 44 | 7 | |||||
of which CFIG | 49 | 2 | 12 |
Segment_information
Segment information | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Segment information | 5 Segment information | |||||||
The Group is a global financial services company domiciled in Switzerland. The Group’s business consists of two segments: Private Banking & Wealth Management and Investment Banking. The two segments are complemented by Shared Services, which provides support in the areas of finance, operations, human resources, legal and compliance, risk management and IT. | ||||||||
The segment information reflects the Group’s reportable segments as follows: | ||||||||
– Private Banking & Wealth Management offers comprehensive advice and a wide range of financial solutions to private, corporate and institutional clients. The Private Banking & Wealth Management division comprises the Wealth Management Clients, Corporate & Institutional Clients and Asset Management businesses. Wealth Management Clients serves >>>UHNWI and >>>HNWI around the globe in addition to >>>affluent and retail clients in Switzerland. Corporate & Institutional Clients serves the needs of corporations and institutional clients, mainly in Switzerland. Asset Management offers a wide range of investment products and solutions across asset classes and for all investment styles, serving governments, institutions, corporations and individuals worldwide. | ||||||||
– Investment Banking offers investment banking and securities products and services to corporate, institutional and government clients around the world. Its products and services include debt and equity underwriting, sales and trading, M&A advice, divestitures, corporate sales, restructuring and investment research. | ||||||||
Corporate Center includes parent company operations such as Group financing, expenses for projects sponsored by the Group and certain expenses that have not been allocated to the segments. In addition, Corporate Center includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses. For the operations discontinued, the revenues, expenses and gains from disposals were included in the results of the Private Banking & Wealth Management segment. The reclassification of these revenues and expenses from the segment results to discontinued operations for Group reporting was effected through the Corporate Center. | ||||||||
Noncontrolling interest-related revenues and expenses resulting from the consolidation of certain private equity funds and other entities in which the Group does not have a significant economic interest (SEI) in such revenues and expenses are reported as noncontrolling interests without SEI. The consolidation of these entities does not affect net income attributable to shareholders as the amounts recorded in net revenues and total operating expenses are offset by corresponding amounts reported as noncontrolling interests. In addition, the Group’s tax expense is not affected by these revenues and expenses. | ||||||||
Beginning in the second quarter of 2014, the majority of the balance sheet usage related to a portfolio of high-quality liquid assets managed by the Treasury function and previously recorded in the Corporate Center has been allocated to the business divisions to allow for more efficient management of their business activities from an overall Group perspective with respect to >>>liquidity coverage ratio and Swiss leverage requirements arising from the portfolio of assets. Prior periods have been restated for the related impact on total assets. | ||||||||
Revenue sharing and cost allocation | ||||||||
Responsibility for each product is allocated to a segment, which records all related revenues and expenses. Revenue-sharing and service level agreements govern the compensation received by one segment for generating revenue or providing services on behalf of another. These agreements are negotiated periodically by the relevant segments on a product-by-product basis. | ||||||||
The aim of revenue-sharing and cost allocation agreements is to reflect the pricing structure of unrelated third-party transactions. | ||||||||
Corporate services and business support in finance, operations, human resources, legal and compliance, risk management and IT are provided by the Shared Services area. Shared Services costs are allocated to the segments and Corporate Center based on their requirements and other relevant measures. | ||||||||
Funding | ||||||||
The Group centrally manages its funding activities. New securities for funding and capital purposes are issued primarily by Credit Suisse AG, the Swiss bank subsidiary of the Group (the Bank). The Bank lends funds to its operating subsidiaries and affiliates on both a senior and subordinated basis, as needed, the latter typically to meet capital requirements, or as desired by management to capitalize on opportunities. Capital is distributed to the segments considering factors such as regulatory capital requirements, utilized economic capital and the historic and future potential return on capital. | ||||||||
Transfer pricing, using market rates, is used to record net revenues and expenses in each of the segments for this capital and funding. The Group’s funds transfer pricing system is designed to allocate to its businesses funding costs 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. | ||||||||
Taxes | ||||||||
The Group’s segments are managed and reported on a pre-tax basis. | ||||||||
Net revenues and income/(loss) from continuing operations before taxes | ||||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Private Banking & Wealth Management | 12,637 | 13,442 | 13,474 | |||||
Investment Banking | 12,515 | 12,565 | 12,558 | |||||
Corporate Center | 663 | -790 | -2,781 | |||||
Noncontrolling interests without SEI | 427 | 639 | 360 | |||||
Net revenues | 26,242 | 25,856 | 23,611 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Private Banking & Wealth Management | 2,088 | 3,240 | 3,775 | |||||
Investment Banking | 1,830 | 1,719 | 2,002 | |||||
Corporate Center | -686 | -1,455 | -3,889 | |||||
Noncontrolling interests without SEI | 395 | 592 | 302 | |||||
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 | |||||
Total assets | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Private Banking & Wealth Management | 345,949 | 316,491 | ||||||
Investment Banking | 529,044 | 519,712 | ||||||
Corporate Center | 45,248 | 32,979 | ||||||
Noncontrolling interests without SEI | 1,221 | 3,624 | ||||||
Total assets | 921,462 | 872,806 | ||||||
Beginning in the first quarter of 2013, segment assets exclude intra-group balances between the segments. | ||||||||
Net revenues and income/(loss) from continuing operations before taxes by geographic location | ||||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Switzerland | 8,247 | 8,035 | 8,769 | |||||
EMEA | 4,358 | 4,744 | 3,243 | |||||
Americas | 11,097 | 10,810 | 9,763 | |||||
Asia Pacific | 2,540 | 2,267 | 1,836 | |||||
Net revenues | 26,242 | 25,856 | 23,611 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Switzerland | 401 | 642 | 1,680 | |||||
EMEA | -562 | 157 | -1,581 | |||||
Americas | 3,739 | 3,365 | 2,915 | |||||
Asia Pacific | 49 | -68 | -824 | |||||
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 | |||||
The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. | ||||||||
Total assets by geographic location | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Switzerland | 211,558 | 200,044 | ||||||
EMEA | 188,420 | 194,675 | ||||||
Americas | 428,253 | 398,198 | ||||||
Asia Pacific | 93,231 | 79,889 | ||||||
Total assets | 921,462 | 872,806 | ||||||
The designation of total assets by region is based upon customer domicile. | ||||||||
Bank | ||||||||
Segment information | 5 Segment information | |||||||
For the purposes of the presentation of reportable segments, the Bank has included accounts of affiliate entities wholly owned by the same parent which are managed together with the operating segments of the Bank. These affiliate entities include certain bank and trust affiliates, primarily managed by Private Banking & Wealth Management. Income from continuing operations before taxes of these non-consolidated affiliate entities included in the segment presentation for the years ended December 31, 2014, 2013 and 2012 was CHF 264 million, CHF 243 million and CHF 237 million, respectively. For the same periods, net revenues of these non-consolidated affiliate entities included in the segment presentation were CHF 656 million, CHF 659 million and CHF 684 million, respectively, and total assets of these non-consolidated affiliate entities included in the segment presentation as of December 31, 2014 and 2013, were CHF 25.7 billion and CHF 25.4 billion, respectively. | ||||||||
> Refer to “Note 5 – Segment information” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||
Net revenues and income/(loss) from continuing operations before taxes | ||||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Private Banking & Wealth Management | 12,637 | 13,442 | 13,474 | |||||
Investment Banking | 12,515 | 12,565 | 12,558 | |||||
Adjustments 1, 2 | 437 | -693 | -3,056 | |||||
Net revenues | 25,589 | 25,314 | 22,976 | |||||
Income/(loss) before taxes (CHF million) | ||||||||
Private Banking & Wealth Management | 2,088 | 3,240 | 3,775 | |||||
Investment Banking | 1,830 | 1,719 | 2,002 | |||||
Adjustments 1, 3 | -957 | -1,305 | -3,998 | |||||
Income before taxes | 2,961 | 3,654 | 1,779 | |||||
1 | ||||||||
Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. | ||||||||
2 | ||||||||
Includes noncontrolling interest-related revenues of CHF 446 million, CHF 682 million and CHF 365 million in 2014, 2013 and 2012, respectively, from the consolidation of certain private equity funds and other entities in which the Bank does not have a significant economic interest in such revenues. | ||||||||
3 | ||||||||
Includes noncontrolling interest income of CHF 413 million, CHF 635 million and CHF 307 million in 2014, 2013 and 2012, respectively, from the consolidation of certain private equity funds and other entities in which the Bank does not have a significant economic interest in such income. | ||||||||
Total assets | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Private Banking & Wealth Management | 345,949 | 316,491 | ||||||
Investment Banking | 529,044 | 519,712 | ||||||
Adjustments 1 | 29,856 | 18,226 | ||||||
Total assets | 904,849 | 854,429 | ||||||
1 | ||||||||
Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. | ||||||||
Net revenues and income/(loss) from continuing operations before taxes by geographic location | ||||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Switzerland | 7,585 | 7,479 | 7,968 | |||||
EMEA | 4,301 | 4,797 | 3,444 | |||||
Americas | 11,173 | 10,831 | 9,740 | |||||
Asia Pacific | 2,530 | 2,207 | 1,824 | |||||
Net revenues | 25,589 | 25,314 | 22,976 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Switzerland | -179 | 300 | 1,170 | |||||
EMEA | -621 | 195 | -1,374 | |||||
Americas | 3,723 | 3,301 | 2,820 | |||||
Asia Pacific | 38 | -142 | -837 | |||||
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 | |||||
The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. | ||||||||
Total assets by geographic location | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Switzerland | 195,512 | 181,584 | ||||||
EMEA | 187,921 | 194,825 | ||||||
Americas | 428,195 | 398,144 | ||||||
Asia Pacific | 93,221 | 79,876 | ||||||
Total assets | 904,849 | 854,429 | ||||||
The designation of total assets by region is based upon customer domicile. |
Net_interest_income
Net interest income | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Net interest income | 6 Net interest income | |||||||
in | 2014 | 2013 | 2012 | |||||
Net interest income (CHF million) | ||||||||
Loans | 5,077 | 4,843 | 4,861 | |||||
Investment securities | 39 | 45 | 64 | |||||
Trading assets | 9,503 | 10,057 | 11,945 | |||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,317 | 2,517 | 2,940 | |||||
Other | 2,125 | 2,094 | 2,280 | |||||
Interest and dividend income | 19,061 | 19,556 | 22,090 | |||||
Deposits | -1,045 | -978 | -1,345 | |||||
Short-term borrowings | -119 | -132 | -184 | |||||
Trading liabilities | -3,938 | -5,083 | -6,833 | |||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -1,042 | -1,156 | -1,677 | |||||
Long-term debt | -3,594 | -3,846 | -4,632 | |||||
Other | -289 | -246 | -276 | |||||
Interest expense | -10,027 | -11,441 | -14,947 | |||||
Net interest income | 9,034 | 8,115 | 7,143 | |||||
Bank | ||||||||
Net interest income | 6 Net interest income | |||||||
in | 2014 | 2013 | 2012 | |||||
Net interest income (CHF million) | ||||||||
Loans | 4,606 | 4,319 | 4,314 | |||||
Investment securities | 27 | 28 | 52 | |||||
Trading assets | 9,507 | 10,058 | 11,949 | |||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,317 | 2,517 | 2,940 | |||||
Other | 2,128 | 2,095 | 2,284 | |||||
Interest and dividend income | 18,585 | 19,017 | 21,539 | |||||
Deposits | -1,035 | -958 | -1,322 | |||||
Short-term borrowings | -119 | -67 | -71 | |||||
Trading liabilities | -3,938 | -5,083 | -6,833 | |||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -1,042 | -1,155 | -1,676 | |||||
Long-term debt | -3,484 | -3,796 | -4,579 | |||||
Other | -290 | -248 | -276 | |||||
Interest expense | -9,908 | -11,307 | -14,757 | |||||
Net interest income | 8,677 | 7,710 | 6,782 |
Commissions_and_fees
Commissions and fees | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commissions and fees | 7 Commissions and fees | |||||||
in | 2014 | 2013 | 2012 | |||||
Commissions and fees (CHF million) | ||||||||
Lending business | 1,752 | 1,814 | 1,513 | |||||
Investment and portfolio management | 3,734 | 3,944 | 3,715 | |||||
Other securities business | 94 | 106 | 110 | |||||
Fiduciary business | 3,828 | 4,050 | 3,825 | |||||
Underwriting | 1,878 | 1,647 | 1,561 | |||||
Brokerage | 3,696 | 3,933 | 3,686 | |||||
Underwriting and brokerage | 5,574 | 5,580 | 5,247 | |||||
Other services | 1,897 | 1,782 | 2,139 | |||||
Commissions and fees | 13,051 | 13,226 | 12,724 | |||||
Bank | ||||||||
Commissions and fees | 7 Commissions and fees | |||||||
in | 2014 | 2013 | 2012 | |||||
Commissions and fees (CHF million) | ||||||||
Lending business | 1,711 | 1,774 | 1,474 | |||||
Investment and portfolio management | 3,630 | 3,854 | 3,624 | |||||
Other securities business | 94 | 101 | 136 | |||||
Fiduciary business | 3,724 | 3,955 | 3,760 | |||||
Underwriting | 1,911 | 1,681 | 1,561 | |||||
Brokerage | 3,669 | 3,901 | 3,654 | |||||
Underwriting and brokerage | 5,580 | 5,582 | 5,215 | |||||
Other services | 1,872 | 1,746 | 2,094 | |||||
Commissions and fees | 12,887 | 13,057 | 12,543 |
Trading_revenues
Trading revenues | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Trading revenues | 8 Trading revenues | |||||||
in | 2014 | 2013 | 2012 | |||||
Trading revenues (CHF million) | ||||||||
Interest rate products | 5,888 | 1,025 | 2,707 | |||||
Foreign exchange products | -4,398 | 1,203 | 559 | |||||
Equity/index-related products | 275 | 956 | 140 | |||||
Credit products | 265 | -879 | -3,306 | |||||
Commodity, emission and energy products | -228 | 340 | 198 | |||||
Other products | 224 | 94 | 898 | |||||
Trading revenues | 2,026 | 2,739 | 1,196 | |||||
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. | ||||||||
Trading revenues includes revenues from trading financial assets and liabilities as follows: | ||||||||
– Equities; | ||||||||
– Commodities; | ||||||||
– Listed and >>>OTC derivatives; | ||||||||
– >>>Derivatives linked to funds of hedge funds and providing financing facilities to funds of hedge funds; | ||||||||
– Market making in the government bond and associated OTC derivative swap markets; | ||||||||
– Domestic, corporate and sovereign debt, convertible and non-convertible preferred stock and short-term securities such as floating rate notes and >>>commercial paper (CP); | ||||||||
– Market making and positioning in foreign exchange products; | ||||||||
– Credit derivatives on investment grade and high yield credits; | ||||||||
– Trading and securitizing all forms of securities that are based on underlying pools of assets; and | ||||||||
– Life settlement contracts. | ||||||||
Trading revenues also includes changes in the >>>fair value of financial assets and liabilities elected to fair value under US GAAP. The main components include certain instruments from the following categories: | ||||||||
– Central bank funds purchased/sold; | ||||||||
– Securities purchased/sold under resale/>>>repurchase agreements; | ||||||||
– Securities borrowing/lending transactions; | ||||||||
– Loans and loan commitments; and | ||||||||
– Customer deposits, short-term borrowings and long-term debt. | ||||||||
Managing the risks | ||||||||
As a result of the Group’s broad involvement in financial products and markets, its trading strategies are correspondingly diverse and exposures are generally spread across a diversified range of risk factors and locations. The Group uses an economic capital limit structure to limit overall risk taking. The level of risk incurred by its divisions is further restricted by a variety of specific limits, including consolidated controls over trading exposures. Also, as part of its overall risk management, the Group holds a portfolio of economic hedges. Hedges are impacted by market movements, similar to trading securities, and may result in gains or losses on the hedges which offset losses or gains on the portfolios they were designed to economically hedge. The Group manages its trading risk with regard to both market and credit risk. For market risk, it uses tools capable of calculating comparable exposures across its many activities, as well as focused tools that can specifically model unique characteristics of certain instruments or portfolios. | ||||||||
The principal measurement methodology for trading assets, as well as most instruments for which the fair value option was elected, is >>>value-at-risk. The Group holds securities as collateral and enters into >>>credit default swaps (CDS) to mitigate the credit risk on these products. | ||||||||
Bank | ||||||||
Trading revenues | 8 Trading revenues | |||||||
in | 2014 | 2013 | 2012 | |||||
Trading revenues (CHF million) | ||||||||
Interest rate products | 5,661 | 1,048 | 2,705 | |||||
Foreign exchange products | -4,405 | 1,201 | 557 | |||||
Equity/index-related products | 273 | 952 | 112 | |||||
Credit products | 265 | -879 | -3,306 | |||||
Commodity, emission and energy products | -228 | 340 | 198 | |||||
Other products | 224 | 93 | 897 | |||||
Total | 1,790 | 2,755 | 1,163 | |||||
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. | ||||||||
> Refer to “Note 8 – Trading revenues” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Other_revenues
Other revenues | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other revenues | 9 Other revenues | |||||||
in | 2014 | 2013 | 2012 | |||||
Other revenues (CHF million) | ||||||||
Noncontrolling interests without SEI | 436 | 658 | 336 | |||||
Loans held-for-sale | -4 | -5 | -37 | |||||
Long-lived assets held-for-sale | 392 | 30 | 458 | |||||
Equity method investments | 252 | 251 | 150 | |||||
Other investments | 312 | 315 | 749 | |||||
Other | 743 | 527 | 892 | |||||
Other revenues | 2,131 | 1,776 | 2,548 | |||||
Bank | ||||||||
Other revenues | 9 Other revenues | |||||||
in | 2014 | 2013 | 2012 | |||||
Other revenues (CHF million) | ||||||||
Noncontrolling interests without significant economic interest | 451 | 695 | 333 | |||||
Loans held-for-sale | -4 | -5 | -37 | |||||
Long-lived assets held-for-sale | 391 | 30 | 456 | |||||
Equity method investments | 239 | 240 | 134 | |||||
Other investments | 276 | 255 | 752 | |||||
Other | 882 | 577 | 850 | |||||
Other revenues | 2,235 | 1,792 | 2,488 |
Provision_for_credit_losses
Provision for credit losses | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Provision for credit losses | 10 Provision for credit losses | |||||||
in | 2014 | 2013 | 2012 | |||||
Provision for credit losses (CHF million) | ||||||||
Provision for loan losses | 145 | 166 | 159 | |||||
Provision for lending-related and other exposures | 41 | 1 | 11 | |||||
Provision for credit losses | 186 | 167 | 170 | |||||
Bank | ||||||||
Provision for credit losses | 10 Provision for credit losses | |||||||
in | 2014 | 2013 | 2012 | |||||
Provision for credit losses (CHF million) | ||||||||
Provision for loan losses | 85 | 91 | 77 | |||||
Provision for lending-related and other exposures | 40 | 2 | 11 | |||||
Provision for credit losses | 125 | 93 | 88 |
Compensation_and_benefits
Compensation and benefits | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Compensation and benefits | 11 Compensation and benefits | |||||||
in | 2014 | 2013 | 2012 | |||||
Compensation and benefits (CHF million) | ||||||||
Salaries and variable compensation | 9,884 | 9,678 | 10,717 | |||||
Social security | 793 | 778 | 769 | |||||
Other 1 | 657 | 800 | 817 | |||||
Compensation and benefits 2 | 11,334 | 11,256 | 12,303 | |||||
1 | ||||||||
Includes pension and other post-retirement expense of CHF 361 million, CHF 490 million and CHF 532 million in 2014, 2013 and 2012, respectively. | ||||||||
2 | ||||||||
Includes severance and other compensation expense relating to headcount reductions of CHF 275 million, CHF 216 million and CHF 456 million in 2014, 2013 and 2012, respectively. | ||||||||
Bank | ||||||||
Compensation and benefits | 11 Compensation and benefits | |||||||
in | 2014 | 2013 | 2012 | |||||
Compensation and benefits (CHF million) | ||||||||
Salaries and variable compensation | 9,685 | 9,455 | 10,440 | |||||
Social security | 775 | 763 | 751 | |||||
Other 1 | 922 | 969 | 1,028 | |||||
Compensation and benefits 2 | 11,382 | 11,187 | 12,219 | |||||
1 | ||||||||
Includes pension and other post-retirement expense of CHF 624 million, CHF 658 million and CHF 747 million in 2014, 2013 and 2012, respectively. | ||||||||
2 | ||||||||
Includes severance and other compensation expense relating to headcount reductions of CHF 274 million, CHF 216 million and CHF 427 million in 2014, 2013 and 2012, respectively. | ||||||||
> Refer to “Note 11 – Compensation and benefits” in V – Consolidated financial statements – Credit Suisse Group for further information. |
General_and_administrative_exp
General and administrative expenses | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
General and administrative expenses | 12 General and administrative expenses | |||||||
in | 2014 | 2013 | 2012 | |||||
General and administrative expenses (CHF million) | ||||||||
Occupancy expenses | 1,177 | 1,186 | 1,220 | |||||
IT, machinery, etc. | 1,446 | 1,517 | 1,469 | |||||
Provisions and losses | 2,783 | 2,136 | 694 | |||||
Travel and entertainment | 353 | 355 | 394 | |||||
Professional services | 2,381 | 1,952 | 1,919 | |||||
Goodwill impairment | 0 | 12 | 0 | |||||
Amortization and impairment of other intangible assets | 24 | 25 | 36 | |||||
Other | 1,370 | 1,416 | 1,514 | |||||
General and administrative expenses | 9,534 | 8,599 | 7,246 | |||||
Bank | ||||||||
General and administrative expenses | 12 General and administrative expenses | |||||||
in | 2014 | 2013 | 2012 | |||||
General and administrative expenses (CHF million) | ||||||||
Occupancy expenses | 1,161 | 1,168 | 1,191 | |||||
IT, machinery, etc. | 1,436 | 1,508 | 1,456 | |||||
Provisions and losses | 2,782 | 2,136 | 682 | |||||
Travel and entertainment | 339 | 342 | 380 | |||||
Professional services | 2,338 | 1,912 | 1,868 | |||||
Goodwill impairment | 0 | 12 | 0 | |||||
Amortization and impairment of other intangible assets | 24 | 25 | 28 | |||||
Other | 1,493 | 1,551 | 1,600 | |||||
General and administrative expenses | 9,573 | 8,654 | 7,205 |
Earnings_per_share
Earnings per share | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings per share | 13 Earnings per share | |||||||
in | 2014 | 2013 | 2012 | |||||
Basic net income attributable to shareholders (CHF million) | ||||||||
Income from continuing operations | 1,773 | 2,181 | 1,389 | |||||
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 | |||||
Net income attributable to shareholders | 1,875 | 2,326 | 1,349 | |||||
Preferred securities dividends | -53 | -236 | -231 | |||||
Net income attributable to shareholders for basic earnings per share | 1,822 | 2,090 | 1,118 | |||||
Available for common shares | 1,742 | 1,868 | 1,044 | |||||
Available for unvested share-based payment awards | 80 | 152 | 66 | |||||
Available for mandatory convertible securities 1 | – | 70 | 8 | |||||
Diluted net income attributable to shareholders (CHF million) | ||||||||
Net income attributable to shareholders for basic earnings per share | 1,822 | 2,090 | 1,118 | |||||
Income impact of assumed conversion on contracts that may be settled in shares or cash 2 | – | – | – | |||||
Net income attributable to shareholders for diluted earnings per share | 1,822 | 2,090 | 1,118 | |||||
Available for common shares | 1,742 | 1,868 | 1,044 | |||||
Available for unvested share-based payment awards | 80 | 152 | 66 | |||||
Available for mandatory convertible securities 1 | – | 70 | 8 | |||||
Weighted-average shares outstanding (million) | ||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 1,616.40 | 1,532.90 | 1,320.40 | |||||
Dilutive contracts that may be settled in shares or cash 3 | – | – | – | |||||
Dilutive share options and warrants | 0.8 | 1.4 | 4.9 | |||||
Dilutive share awards | 12.2 | 1.2 | 1.8 | |||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 4 | 1,629.40 | 1,535.50 | 1,327.10 | |||||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 72.7 | 125 | 97.3 | |||||
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 | – | 63 | 97.1 | |||||
Basic earnings per share available for common shares (CHF) | ||||||||
Basic earnings per share from continuing operations | 1.02 | 1.14 | 0.82 | |||||
Basic earnings/(loss) per share from discontinued operations | 0.06 | 0.08 | -0.03 | |||||
Basic earnings per share available for common shares | 1.08 | 1.22 | 0.79 | |||||
Diluted earnings per share available for common shares (CHF) | ||||||||
Diluted earnings per share from continuing operations | 1.01 | 1.14 | 0.82 | |||||
Diluted earnings/(loss) per share from discontinued operations | 0.06 | 0.08 | -0.03 | |||||
Diluted earnings per share available for common shares | 1.07 | 1.22 | 0.79 | |||||
1 | ||||||||
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013. | ||||||||
2 | ||||||||
Reflects changes in the fair value of the PAF2 units which are reflected in the net profit of the Group until the awards are finally settled. In the first quarter of 2014, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. Fair value of the PAF2 units which were reflected in the net profit of the Group were not adjusted for 2013 and 2012, respectively, as the effect would be antidilutive. | ||||||||
3 | ||||||||
Reflects weighted-average shares outstanding on PAF2 units. In the first quarter of 2014, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. Weighted-average shares on PAF2 units for 2013 and 2012, respectively, were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. | ||||||||
4 | ||||||||
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 8.9 million, 35.9 million and 50.3 million for 2014, 2013 and 2012, respectively. |
Securities_borrowed_lent_and_s
Securities borrowed, lent and subject to repurchase agreements | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Securities borrowed, lent and subject to repurchase agreements | 14 Securities borrowed, lent and subject to repurchase agreements | |||||
end of | 2014 | 2013 | ||||
Securities borrowed or purchased under agreements to resell (CHF million) | ||||||
Central bank funds sold and securities purchased under resale agreements | 100,169 | 100,244 | ||||
Deposits paid for securities borrowed | 63,039 | 59,778 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,022 | ||||
Securities lent or sold under agreements to repurchase (CHF million) | ||||||
Central bank funds purchased and securities sold under repurchase agreements | 60,752 | 86,828 | ||||
Deposits received for securities lent | 9,367 | 7,204 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 | ||||
>>>Repurchase and >>>reverse repurchase agreements represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activity. These instruments are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. | ||||||
In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. In the Group’s normal course of business, substantially all of the collateral received that may be sold or repledged has been sold or repledged as of December 31, 2014 and 2013. | ||||||
Bank | ||||||
Securities borrowed, lent and subject to repurchase agreements | 13 Securities borrowed, lent and subject to repurchase agreements | |||||
end of | 2014 | 2013 | ||||
Securities borrowed or purchased under agreements to resell (CHF million) | ||||||
Central bank funds sold and securities purchased under resale agreements | 100,169 | 100,235 | ||||
Deposits paid for securities borrowed | 63,039 | 59,778 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,013 | ||||
Securities lent or sold under agreements to repurchase (CHF million) | ||||||
Central bank funds purchased and securities sold under repurchase agreements | 60,752 | 86,828 | ||||
Deposits received for securities lent | 9,367 | 7,204 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 | ||||
> Refer to “Note 14 – Securities borrowed, lent and subject to repurchase agreements” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Trading_assets_and_liabilities
Trading assets and liabilities | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Trading assets and liabilities | 15 Trading assets and liabilities | |||||
end of | 2014 | 2013 | ||||
Trading assets (CHF million) | ||||||
Debt securities | 94,391 | 110,116 | ||||
Equity securities | 94,294 | 76,695 | ||||
Derivative instruments 1 | 38,012 | 31,603 | ||||
Other | 14,434 | 10,999 | ||||
Trading assets | 241,131 | 229,413 | ||||
Trading liabilities (CHF million) | ||||||
Short positions | 35,784 | 40,161 | ||||
Derivative instruments 1 | 36,871 | 36,474 | ||||
Trading liabilities | 72,655 | 76,635 | ||||
1 | ||||||
Amounts shown net of cash collateral receivables and payables. | ||||||
Cash collateral on derivative instruments | ||||||
end of | 2014 | 2013 | ||||
Cash collateral – netted (CHF million) 1 | ||||||
Cash collateral paid | 33,404 | 23,870 | ||||
Cash collateral received | 28,147 | 20,500 | ||||
Cash collateral – not netted (CHF million) 2 | ||||||
Cash collateral paid | 10,905 | 8,359 | ||||
Cash collateral received | 17,043 | 11,663 | ||||
1 | ||||||
Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. | ||||||
2 | ||||||
Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. | ||||||
Bank | ||||||
Trading assets and liabilities | 14 Trading assets and liabilities | |||||
end of | 2014 | 2013 | ||||
Trading assets (CHF million) | ||||||
Debt securities | 94,405 | 110,115 | ||||
Equity securities | 94,493 | 76,835 | ||||
Derivative instruments 1 | 37,979 | 31,788 | ||||
Other | 14,436 | 11,000 | ||||
Trading assets | 241,313 | 229,738 | ||||
Trading liabilities (CHF million) | ||||||
Short positions | 35,799 | 40,162 | ||||
Derivative instruments 1 | 36,868 | 36,650 | ||||
Trading liabilities | 72,667 | 76,812 | ||||
1 | ||||||
Amounts shown net of cash collateral receivables and payables. | ||||||
Cash collateral on derivative instruments | ||||||
end of | 2014 | 2013 | ||||
Cash collateral – netted (CHF million) 1 | ||||||
Cash collateral paid | 33,716 | 23,870 | ||||
Cash collateral received | 28,505 | 20,586 | ||||
Cash collateral – not netted (CHF million) 2 | ||||||
Cash collateral paid | 10,909 | 8,359 | ||||
Cash collateral received | 16,776 | 11,664 | ||||
1 | ||||||
Recorded as cash collateral netting on derivative instruments in Note 25 – Offsetting of financial assets and financial liabilities. | ||||||
2 | ||||||
Recorded as cash collateral on derivative instruments in Note 21 – Other assets and other liabilities. |
Investment_securities
Investment securities | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Investment securities | 16 Investment securities | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Investment securities (CHF million) | ||||||||||||||||||
Securities available-for-sale | 2,791 | 2,987 | ||||||||||||||||
Total investment securities | 2,791 | 2,987 | ||||||||||||||||
Investment securities by type | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||
Amortized | unrealized | unrealized | Fair | Amortized | unrealized | unrealized | Fair | |||||||||||
cost | gains | losses | value | cost | gains | losses | value | |||||||||||
Investment securities by type (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 286 | 18 | 0 | 304 | 389 | 15 | 2 | 402 | ||||||||||
Debt securities issued by foreign governments | 2,020 | 47 | 1 | 2,066 | 1,350 | 39 | 1 | 1,388 | ||||||||||
Corporate debt securities | 313 | 0 | 0 | 313 | 590 | 16 | 0 | 606 | ||||||||||
Collateralized debt obligations | 0 | 0 | 0 | 0 | 480 | 11 | 1 | 490 | ||||||||||
Debt securities available-for-sale | 2,619 | 65 | 1 | 2,683 | 2,809 | 81 | 4 | 2,886 | ||||||||||
Banks, trust and insurance companies | 73 | 25 | 0 | 98 | 74 | 18 | 0 | 92 | ||||||||||
Industry and all other | 10 | 0 | 0 | 10 | 9 | 0 | 0 | 9 | ||||||||||
Equity securities available-for-sale | 83 | 25 | 0 | 108 | 83 | 18 | 0 | 101 | ||||||||||
Securities available-for-sale | 2,702 | 90 | 1 | 2,791 | 2,892 | 99 | 4 | 2,987 | ||||||||||
Gross unrealized losses on investment securities and the related fair value | ||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||
end of | Gross | Gross | Gross | |||||||||||||||
Fair | unrealized | Fair | unrealized | Fair | unrealized | |||||||||||||
value | losses | value | losses | value | losses | |||||||||||||
2014 (CHF million) | ||||||||||||||||||
Debt securities issued by foreign governments | 49 | 1 | 0 | 0 | 49 | 1 | ||||||||||||
Debt securities available-for-sale | 49 | 1 | 0 | 0 | 49 | 1 | ||||||||||||
2013 (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 168 | 2 | 0 | 0 | 168 | 2 | ||||||||||||
Debt securities issued by foreign governments | 109 | 1 | 0 | 0 | 109 | 1 | ||||||||||||
Collateralized debt obligations | 10 | 1 | 0 | 0 | 10 | 1 | ||||||||||||
Debt securities available-for-sale | 287 | 4 | 0 | 0 | 287 | 4 | ||||||||||||
Management determined that the unrealized losses on debt securities are primarily attributable to general market interest rate, credit spread or exchange rate movements. No significant impairment charges were recorded as the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. | ||||||||||||||||||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||
Debt | Equity | Debt | Equity | Debt | Equity | |||||||||||||
securities | securities | securities | securities | securities | securities | |||||||||||||
Additional information (CHF million) | ||||||||||||||||||
Proceeds from sales | 915 | 15 | 163 | 13 | 294 | 642 | ||||||||||||
Realized gains | 17 | 1 | 7 | 1 | 14 | 294 | ||||||||||||
Realized losses | -1 | 0 | 0 | 0 | -2 | 0 | ||||||||||||
Amortized cost, fair value and average yield of debt securities | ||||||||||||||||||
Debt securities | ||||||||||||||||||
available-for-sale | ||||||||||||||||||
end of | Average | |||||||||||||||||
Amortized | Fair | yield | ||||||||||||||||
cost | value | (in %) | ||||||||||||||||
2014 (CHF million) | ||||||||||||||||||
Due within 1 year | 874 | 884 | 2.23 | |||||||||||||||
Due from 1 to 5 years | 1,531 | 1,569 | 0.87 | |||||||||||||||
Due from 5 to 10 years | 206 | 221 | 1.3 | |||||||||||||||
Due after 10 years | 8 | 9 | 2 | |||||||||||||||
Total debt securities | 2,619 | 2,683 | 1.36 | |||||||||||||||
Bank | ||||||||||||||||||
Investment securities | 15 Investment securities | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Investment securities (CHF million) | ||||||||||||||||||
Securities available-for-sale | 2,379 | 1,627 | ||||||||||||||||
Total investment securities | 2,379 | 1,627 | ||||||||||||||||
Investment securities by type | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
end of | Gross | Gross | Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | Amortized | unrealized | unrealized | Fair | |||||||||||
cost | gains | losses | value | cost | gains | losses | value | |||||||||||
2014 (CHF million) | ||||||||||||||||||
Debt securities issued by foreign governments | 1,919 | 43 | 0 | 1,962 | 1,136 | 29 | 1 | 1,164 | ||||||||||
Corporate debt securities | 309 | 0 | 0 | 309 | 262 | 0 | 0 | 262 | ||||||||||
Collateralized debt obligations | 0 | 0 | 0 | 0 | 100 | 0 | 0 | 100 | ||||||||||
Debt securities available-for-sale | 2,228 | 43 | 0 | 2,271 | 1,498 | 29 | 1 | 1,526 | ||||||||||
Banks, trust and insurance companies | 72 | 25 | 0 | 97 | 74 | 18 | 0 | 92 | ||||||||||
Industry and all other | 11 | 0 | 0 | 11 | 9 | 0 | 0 | 9 | ||||||||||
Equity securities available-for-sale | 83 | 25 | 0 | 108 | 83 | 18 | 0 | 101 | ||||||||||
Securities available-for-sale | 2,311 | 68 | 0 | 2,379 | 1,581 | 47 | 1 | 1,627 | ||||||||||
Gross unrealized losses on investment securities and the related fair value | ||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||
end of | Gross | Gross | Gross | |||||||||||||||
Fair | unrealized | Fair | unrealized | Fair | unrealized | |||||||||||||
value | losses | value | losses | value | losses | |||||||||||||
2013 (CHF million) | ||||||||||||||||||
Debt securities issued by foreign governments | 89 | 1 | 0 | 0 | 89 | 1 | ||||||||||||
Debt securities available-for-sale | 89 | 1 | 0 | 0 | 89 | 1 | ||||||||||||
No significant impairment was recorded as the Bank does not intend to sell the investments, nor is it more likely than not that the Bank will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. | ||||||||||||||||||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
in | Debt | Equity | Debt | Equity | Debt | Equity | ||||||||||||
securities | securities | securities | securities | securities | securities | |||||||||||||
Additional information (CHF million) | ||||||||||||||||||
Proceeds from sales | 103 | 15 | 163 | 13 | 294 | 642 | ||||||||||||
Realized gains | 0 | 1 | 7 | 1 | 14 | 294 | ||||||||||||
Realized losses | 0 | 0 | 0 | 0 | -2 | 0 | ||||||||||||
Amortized cost, fair value and average yield of debt securities | ||||||||||||||||||
Debt securities | ||||||||||||||||||
available-for-sale | ||||||||||||||||||
end of | Average | |||||||||||||||||
Amortized | Fair | yield | ||||||||||||||||
cost | value | (in %) | ||||||||||||||||
2014 (CHF million) | ||||||||||||||||||
Due within 1 year | 850 | 859 | 2.22 | |||||||||||||||
Due from 1 to 5 years | 1,378 | 1,412 | 0.75 | |||||||||||||||
Total debt securities | 2,228 | 2,271 | 1.31 |
Other_investments
Other investments | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other investments | 17 Other investments | |||||
end of | 2014 | 2013 | ||||
Other investments (CHF million) | ||||||
Equity method investments 1 | 3,453 | 2,043 | ||||
Non-marketable equity securities 1, 2 | 2,717 | 6,032 | ||||
Real estate held for investment | 547 | 600 | ||||
Life finance instruments 3 | 1,896 | 1,654 | ||||
Total other investments | 8,613 | 10,329 | ||||
1 | ||||||
As a result of the prospective adoption of ASU 2013-8, CHF 1,033 million of non-marketable equity securities were reclassified to equity method investments for which the fair value option was elected on January 1, 2014. | ||||||
2 | ||||||
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. | ||||||
3 | ||||||
Includes life settlement contracts at investment method and SPIA contracts. | ||||||
Non-marketable equity securities held by subsidiaries that are considered investment companies are held by separate legal entities that are within the scope of ASC Topic 946 – Financial Services – Investment Companies. In addition, non-marketable equity securities held by subsidiaries that are considered broker-dealer entities are held by separate legal entities that are within the scope of ASC Topic 940 – Financial Services – Brokers and Dealers. Non-marketable equity securities include investments in entities that regularly calculate net asset value (NAV) per share or its equivalent. | ||||||
> Refer to “Note 34 – Financial instruments” for further information on such investments. | ||||||
Substantially all non-marketable equity securities are carried at >>>fair value. There were no non-marketable equity securities not carried at fair value that have been in a continuous unrealized loss position. | ||||||
The Group performs a regular impairment analysis of real estate portfolios. The carrying values of the impaired properties were written down to their respective fair values, establishing a new cost base. For these properties, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Impairments of CHF 10 million, CHF 48 million and CHF 13 million were recorded in 2014, 2013 and 2012, respectively. | ||||||
The accumulated depreciation related to real estate held for investment amounted to CHF 354 million, CHF 340 million and CHF 330 million for 2014, 2013 and 2012, respectively. | ||||||
Bank | ||||||
Other investments | 16 Other investments | |||||
end of | 2014 | 2013 | ||||
Other investments (CHF million) | ||||||
Equity method investments 1 | 3,397 | 2,008 | ||||
Non-marketable equity securities 1, 2 | 2,667 | 5,988 | ||||
Real estate held for investment | 507 | 557 | ||||
Life finance instruments 3 | 1,896 | 1,654 | ||||
Total other investments | 8,467 | 10,207 | ||||
1 | ||||||
As a result of the prospective adoption of ASU 2013-8, CHF 1,033 million of non-marketable equity securities were reclassified to equity method investments for which the fair value option was elected on January 1, 2014. | ||||||
2 | ||||||
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. | ||||||
3 | ||||||
Includes life settlement contracts at investment method and SPIA contracts. | ||||||
Non-marketable equity securities include investments in entities that regularly calculate net asset value per share or its equivalent. | ||||||
> Refer to “Note 33 – Financial instruments” for further information on such investments. | ||||||
Substantially all non-marketable equity securities are carried at >>>fair value. There were no non-marketable equity securities not carried at fair value that have been in a continuous unrealized loss position. | ||||||
The Bank performs a regular impairment analysis of real estate portfolios. The carrying values of the impaired properties were written down to their respective fair values, establishing a new cost base. For these properties, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Impairments of CHF 10 million, CHF 48 million and CHF 13 million were recorded in 2014, 2013 and 2012, respectively. | ||||||
Accumulated depreciation related to real estate held for investment amounted to CHF 304 million, CHF 289 million and CHF 280 million for 2014, 2013 and 2012, respectively. | ||||||
> Refer to “Note 17 – Other investments” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Loans_allowance_for_loan_losse
Loans, allowance for loan losses and credit quality | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Loans, allowance for loan losses and credit quality | 18 Loans, allowance for loan losses and credit quality | |||||||||||||||||||
Loans are divided in two portfolio segments, “consumer” and “corporate & institutional”. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate and institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions and governments and public institutions. | ||||||||||||||||||||
The determination of the loan classes is primarily driven by the customer segmentation in the two business divisions, Private Banking & Wealth Management and Investment Banking, both of which are engaged in credit activities. | ||||||||||||||||||||
The Group assigns both counterparty and transaction ratings to its credit exposures. The counterparty rating reflects the >>>probability of default (PD) of the counterparty. The transaction rating reflects the expected loss, considering collateral, on a given transaction if the counterparty defaults. Credit risk is assessed and monitored on the single obligor and single obligation level as well as on the credit portfolio level as represented by the classes of loans. Credit limits are used to manage counterparty credit risk. | ||||||||||||||||||||
Loans | ||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||
Mortgages | 98,802 | 94,978 | ||||||||||||||||||
Loans collateralized by securities | 39,818 | 31,565 | ||||||||||||||||||
Consumer finance | 4,323 | 5,938 | ||||||||||||||||||
Consumer | 142,943 | 132,481 | ||||||||||||||||||
Real estate | 29,198 | 27,312 | ||||||||||||||||||
Commercial and industrial loans | 75,046 | 63,334 | ||||||||||||||||||
Financial institutions | 22,343 | 21,840 | ||||||||||||||||||
Governments and public institutions | 3,891 | 3,047 | ||||||||||||||||||
Corporate & institutional | 130,478 | 115,533 | ||||||||||||||||||
Gross loans | 273,421 | 248,014 | ||||||||||||||||||
of which held at amortized cost | 250,508 | 228,557 | ||||||||||||||||||
of which held at fair value | 22,913 | 19,457 | ||||||||||||||||||
Net (unearned income)/deferred expenses | -112 | -91 | ||||||||||||||||||
Allowance for loan losses | -758 | -869 | ||||||||||||||||||
Net loans | 272,551 | 247,054 | ||||||||||||||||||
Gross loans by location (CHF million) | ||||||||||||||||||||
Switzerland | 155,767 | 151,992 | ||||||||||||||||||
Foreign | 117,654 | 96,022 | ||||||||||||||||||
Gross loans | 273,421 | 248,014 | ||||||||||||||||||
Impaired loan portfolio (CHF million) | ||||||||||||||||||||
Non-performing loans | 753 | 862 | ||||||||||||||||||
Non-interest-earning loans | 279 | 281 | ||||||||||||||||||
Total non-performing and non-interest-earning loans | 1,032 | 1,143 | ||||||||||||||||||
Restructured loans | 171 | 6 | ||||||||||||||||||
Potential problem loans | 187 | 340 | ||||||||||||||||||
Total other impaired loans | 358 | 346 | ||||||||||||||||||
Gross impaired loans | 1,390 | 1,489 | ||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||
Balance at beginning of period | 267 | 602 | 869 | 288 | 634 | 922 | 289 | 621 | 910 | |||||||||||
Changes in scope of consolidation | 0 | 0 | 0 | 0 | -1 | -1 | -18 | 0 | -18 | |||||||||||
Net movements recognized in statements of operations | 66 | 79 | 145 | 76 | 90 | 166 | 95 | 64 | 159 | |||||||||||
Gross write-offs | -108 | -241 | -349 | -123 | -163 | -286 | -105 | -96 | -201 | |||||||||||
Recoveries | 17 | 24 | 41 | 24 | 30 | 54 | 22 | 22 | 44 | |||||||||||
Net write-offs | -91 | -217 | -308 | -99 | -133 | -232 | -83 | -74 | -157 | |||||||||||
Provisions for interest | 1 | 19 | 20 | 5 | 21 | 26 | 8 | 21 | 29 | |||||||||||
Foreign currency translation impact and other adjustments, net | 8 | 24 | 32 | -3 | -9 | -12 | -3 | 2 | -1 | |||||||||||
Balance at end of period | 251 | 507 | 758 | 267 | 602 | 869 | 288 | 634 | 922 | |||||||||||
of which individually evaluated for impairment | 202 | 338 | 540 | 217 | 437 | 654 | 239 | 457 | 696 | |||||||||||
of which collectively evaluated for impairment | 49 | 169 | 218 | 50 | 165 | 215 | 49 | 177 | 226 | |||||||||||
Gross loans held at amortized cost (CHF million) | ||||||||||||||||||||
Balance at end of period | 142,926 | 107,582 | 250,508 | 132,470 | 96,087 | 228,557 | 126,124 | 97,080 | 223,204 | |||||||||||
of which individually evaluated for impairment 1 | 582 | 808 | 1,390 | 569 | 920 | 1,489 | 661 | 1,068 | 1,729 | |||||||||||
of which collectively evaluated for impairment | 142,344 | 106,774 | 249,118 | 131,901 | 95,167 | 227,068 | 125,463 | 96,012 | 221,475 | |||||||||||
1 | ||||||||||||||||||||
Represents gross impaired loans both with and without a specific allowance. | ||||||||||||||||||||
Purchases, reclassifications and sales | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||
Purchases 1 | 181 | 4,127 | 4,308 | 0 | 4,611 | 4,611 | 348 | 4,605 | 4,953 | |||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 397 | 397 | 0 | 275 | 275 | 0 | 216 | 216 | |||||||||||
Reclassifications to loans held-for-sale 3 | 1,055 | 806 | 1,861 | 0 | 996 | 996 | 0 | 1,323 | 1,323 | |||||||||||
Sales 3 | 0 | 272 | 272 | 0 | 698 | 698 | 0 | 1,058 | 1,058 | |||||||||||
1 | ||||||||||||||||||||
Includes drawdowns under purchased loan commitments. | ||||||||||||||||||||
2 | ||||||||||||||||||||
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. | ||||||||||||||||||||
3 | ||||||||||||||||||||
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. | ||||||||||||||||||||
Credit quality of loans held at amortized cost | ||||||||||||||||||||
Management monitors the credit quality of loans through its credit risk management processes, which are structured to assess, measure, monitor and manage risk on a consistent basis. This process requires careful consideration of proposed extensions of credit, the setting of specific limits, monitoring during the life of the exposure, active use of credit mitigation tools and a disciplined approach to recognizing credit impairment. | ||||||||||||||||||||
Management evaluates many factors when assessing the credit quality of loans. These factors include the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. For the purpose of credit quality disclosures, the Group uses detailed internal risk ratings which are aggregated to the credit quality indicators investment grade and non-investment grade. | ||||||||||||||||||||
The Group employs a set of credit ratings for the purpose of internally rating counterparties. Credit ratings are intended to reflect the risk of default of each obligor or counterparty. Ratings are assigned based on internally developed rating models and processes, which are subject to governance and internally independent validation procedures. | ||||||||||||||||||||
Internal ratings are assigned to all loans reflecting the Group’s internal view of the credit quality of the obligor. Internal ratings may differ from a counterparty’s external ratings, if one is available. Internal ratings for consumer loans and for corporates managed on the Swiss platform are regularly reviewed depending on loan type, client segment, collateral or event-driven developments. Internal ratings for all other corporate and institutional credit facilities are reviewed at least annually. For the calculation of internal risk estimates and >>>risk-weighted assets, a PD is assigned to each loan. Until the end of 2014, for corporate and institutional loans excluding corporates managed on the Swiss platform, the PD was determined through an internal rating assigned on the basis of a structured expert approach. The PD for each internal rating was calibrated to historic default experience using internal data and external data from Standard & Poor’s. For corporates managed on the Swiss platform and consumer loans, the PD is calculated directly by proprietary statistical rating models, which are based on internally compiled data comprising both quantitative factors (primarily loan-to-value ratio and the borrower’s income level for mortgage lending, and balance sheet information for corporates) and qualitative factors (e.g., credit histories from credit reporting bureaus). For models calculating a PD an equivalent rating based on the Standard & Poor’s rating scale is assigned based on the PD band associated with each rating, which is used for disclosure purposes. Effective January 1, 2015, the internal ratings approach for the majority loan facilities will be based on proprietary statistical rating models. | ||||||||||||||||||||
In the third quarter of 2014, Group credit risk management enhanced its internal credit rating methodology for >>>lombard loans on the Swiss platform across all loan classes by considering the quality and diversification of collateral securities as a basis for determining the internal risk rating both for regulatory and financial reporting purposes. The change in the internal rating methodology for lombard loans on the Swiss platform did not have a significant impact on the Group’s total investment grade and non-investment grade loans. | ||||||||||||||||||||
>>>Reverse repurchase agreements are fully collateralized and in the event of counterparty default the reverse repurchase agreement provides the Group the right to liquidate the collateral held. The Group risk manages these instruments on the basis of the value of the underlying collateral, as opposed to loans, which are risk-managed on the ability of the counterparty to repay. Therefore the underlying collateral coverage is the most appropriate credit quality indicator for reverse repurchase agreements. Also, the Group has elected the >>>fair value option for the majority of its reverse repurchase agreements. As such, reverse repurchase agreements have not been included in the following tables. | ||||||||||||||||||||
The following tables present the Group’s recorded investment in loans held at amortized cost by aggregated internal counterparty credit ratings investment grade and non-investment grade that are used as credit quality indicators for the purpose of this disclosure, and a related aging analysis. | ||||||||||||||||||||
Gross loans held at amortized cost by internal counterparty rating | ||||||||||||||||||||
Investment | Non-investment | |||||||||||||||||||
grade | grade | |||||||||||||||||||
end of | Ratings | Ratings | Rating D | Total | ||||||||||||||||
AAA to BBB | BB to C | |||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 82,360 | 16,249 | 193 | 98,802 | ||||||||||||||||
Loans collateralized by securities | 37,426 | 2,306 | 86 | 39,818 | ||||||||||||||||
Consumer finance | 1,717 | 2,348 | 241 | 4,306 | ||||||||||||||||
Consumer | 121,503 | 20,903 | 520 | 142,926 | ||||||||||||||||
Real estate | 20,883 | 7,224 | 68 | 28,175 | ||||||||||||||||
Commercial and industrial loans | 31,362 | 31,473 | 541 | 63,376 | ||||||||||||||||
Financial institutions | 11,893 | 2,624 | 106 | 14,623 | ||||||||||||||||
Governments and public institutions | 992 | 416 | 0 | 1,408 | ||||||||||||||||
Corporate & institutional | 65,130 | 41,737 | 715 | 107,582 | ||||||||||||||||
Gross loans held at amortized cost | 186,633 | 62,640 | 1,235 | 250,508 | ||||||||||||||||
Value of collateral 1 | 174,338 | 50,631 | 650 | 225,619 | ||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 76,990 | 17,779 | 209 | 94,978 | ||||||||||||||||
Loans collateralized by securities | 29,242 | 2,229 | 94 | 31,565 | ||||||||||||||||
Consumer finance | 2,741 | 2,938 | 248 | 5,927 | ||||||||||||||||
Consumer | 108,973 | 22,946 | 551 | 132,470 | ||||||||||||||||
Real estate | 19,574 | 7,220 | 72 | 26,866 | ||||||||||||||||
Commercial and industrial loans | 24,056 | 26,996 | 671 | 51,723 | ||||||||||||||||
Financial institutions | 12,691 | 3,231 | 112 | 16,034 | ||||||||||||||||
Governments and public institutions | 1,020 | 444 | 0 | 1,464 | ||||||||||||||||
Corporate & institutional | 57,341 | 37,891 | 855 | 96,087 | ||||||||||||||||
Gross loans held at amortized cost | 166,314 | 60,837 | 1,406 | 228,557 | ||||||||||||||||
Value of collateral 1 | 152,756 | 48,861 | 616 | 202,233 | ||||||||||||||||
1 | ||||||||||||||||||||
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan. | ||||||||||||||||||||
Value of collateral | ||||||||||||||||||||
In Private Banking & Wealth Management, all collateral values for loans are regularly reviewed according to our risk management policies and directives, with maximum review periods determined by market liquidity, market transparency and appraisal costs. For example, traded securities are revalued on a daily basis and property values are appraised over a period of more than one year considering the characteristics of the borrower, current developments in the relevant real estate market and the current level of credit exposure to the borrower. If the credit exposure to a borrower has changed significantly, in volatile markets or in times of increasing general market risk, collateral values may be appraised more frequently. Management judgment is applied in assessing whether markets are volatile or general market risk has increased to a degree that warrants a more frequent update of collateral values. Movements in monitored risk metrics that are statistically different compared to historical experience are considered in addition to analysis of externally-provided forecasts, scenario techniques and macro-economic research. For impaired loans, the fair value of collateral is determined within 90 days of the date the impairment was identified and thereafter regularly revalued by Group credit risk management within the impairment review process. | ||||||||||||||||||||
In Investment Banking, few loans are collateral dependent. The collateral values for these loans are appraised on at least an annual basis, or when a loan-relevant event occurs. | ||||||||||||||||||||
Gross loans held at amortized cost – aging analysis | ||||||||||||||||||||
Current | Past due | |||||||||||||||||||
end of | More | Total | Total | |||||||||||||||||
Up to | 31–60 | 61–90 | than | |||||||||||||||||
30 days | days | days | 90 days | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 98,519 | 99 | 14 | 9 | 161 | 283 | 98,802 | |||||||||||||
Loans collateralized by securities | 39,648 | 81 | 1 | 1 | 87 | 170 | 39,818 | |||||||||||||
Consumer finance | 3,784 | 231 | 60 | 46 | 185 | 522 | 4,306 | |||||||||||||
Consumer | 141,951 | 411 | 75 | 56 | 433 | 975 | 142,926 | |||||||||||||
Real estate | 28,084 | 24 | 1 | 4 | 62 | 91 | 28,175 | |||||||||||||
Commercial and industrial loans | 62,305 | 719 | 20 | 39 | 293 | 1,071 | 63,376 | |||||||||||||
Financial institutions | 14,459 | 41 | 0 | 0 | 123 | 164 | 14,623 | |||||||||||||
Governments and public institutions | 1,383 | 25 | 0 | 0 | 0 | 25 | 1,408 | |||||||||||||
Corporate & institutional | 106,231 | 809 | 21 | 43 | 478 | 1,351 | 107,582 | |||||||||||||
Gross loans held at amortized cost | 248,182 | 1,220 | 96 | 99 | 911 | 2,326 | 250,508 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 94,657 | 103 | 26 | 25 | 167 | 321 | 94,978 | |||||||||||||
Loans collateralized by securities | 31,365 | 95 | 2 | 12 | 91 | 200 | 31,565 | |||||||||||||
Consumer finance | 5,218 | 377 | 93 | 55 | 184 | 709 | 5,927 | |||||||||||||
Consumer | 131,240 | 575 | 121 | 92 | 442 | 1,230 | 132,470 | |||||||||||||
Real estate | 26,774 | 19 | 2 | 2 | 69 | 92 | 26,866 | |||||||||||||
Commercial and industrial loans | 50,879 | 343 | 77 | 74 | 350 | 844 | 51,723 | |||||||||||||
Financial institutions | 15,841 | 87 | 2 | 1 | 103 | 193 | 16,034 | |||||||||||||
Governments and public institutions | 1,459 | 5 | 0 | 0 | 0 | 5 | 1,464 | |||||||||||||
Corporate & institutional | 94,953 | 454 | 81 | 77 | 522 | 1,134 | 96,087 | |||||||||||||
Gross loans held at amortized cost | 226,193 | 1,029 | 202 | 169 | 964 | 2,364 | 228,557 | |||||||||||||
Impaired loans | ||||||||||||||||||||
Categories of impaired loans | ||||||||||||||||||||
In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. | ||||||||||||||||||||
> Refer to “Loans” in Note 1 – Summary of significant accounting policies for further information on categories of impaired loans. | ||||||||||||||||||||
As of December 31, 2014 and 2013, loans held-to-maturity carried at amortized cost did not include any subprime residential mortgages. Accordingly, impaired loans did not include any subprime residential mortgages. As of December 31, 2014 and 2013, the Group did not have any material commitments to lend additional funds to debtors whose loan terms had been modified in troubled debt restructurings. | ||||||||||||||||||||
Gross impaired loans by category | ||||||||||||||||||||
Non-performing and | Other impaired loans | |||||||||||||||||||
non-interest-earning loans | ||||||||||||||||||||
end of | Non- | Total | Total | Total | ||||||||||||||||
Non- | interest- | Restruc- | Potential | |||||||||||||||||
performing | earning | tured | problem | |||||||||||||||||
loans | loans | loans | loans | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 189 | 19 | 208 | 4 | 39 | 43 | 251 | |||||||||||||
Loans collateralized by securities | 11 | 75 | 86 | 0 | 2 | 2 | 88 | |||||||||||||
Consumer finance | 225 | 17 | 242 | 0 | 1 | 1 | 243 | |||||||||||||
Consumer | 425 | 111 | 536 | 4 | 42 | 46 | 582 | |||||||||||||
Real estate | 50 | 16 | 66 | 0 | 9 | 9 | 75 | |||||||||||||
Commercial and industrial loans | 190 | 116 | 306 | 167 | 133 | 300 | 606 | |||||||||||||
Financial institutions | 88 | 36 | 124 | 0 | 3 | 3 | 127 | |||||||||||||
Corporate & institutional | 328 | 168 | 496 | 167 | 145 | 312 | 808 | |||||||||||||
Gross impaired loans | 753 | 279 | 1,032 | 171 | 187 | 358 | 1,390 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 167 | 13 | 180 | 0 | 45 | 45 | 225 | |||||||||||||
Loans collateralized by securities | 20 | 71 | 91 | 0 | 4 | 4 | 95 | |||||||||||||
Consumer finance | 244 | 5 | 249 | 0 | 0 | 0 | 249 | |||||||||||||
Consumer | 431 | 89 | 520 | 0 | 49 | 49 | 569 | |||||||||||||
Real estate | 53 | 15 | 68 | 0 | 5 | 5 | 73 | |||||||||||||
Commercial and industrial loans | 307 | 144 | 451 | 6 | 258 | 264 | 715 | |||||||||||||
Financial institutions | 71 | 33 | 104 | 0 | 28 | 28 | 132 | |||||||||||||
Corporate & institutional | 431 | 192 | 623 | 6 | 291 | 297 | 920 | |||||||||||||
Gross impaired loans | 862 | 281 | 1,143 | 6 | 340 | 346 | 1,489 | |||||||||||||
Write-off and recovery of loans | ||||||||||||||||||||
Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. In Investment Banking, a loan is written down to its net book value once the loan provision is greater than 80% of the loan notional amount, unless repayment of the loan is anticipated to occur within the next two quarters. In Private Banking & Wealth Management, write-offs are made, based on an individual counterparty assessment performed by Group credit risk management, if it is certain that parts of a loan will not be recoverable. For collateralized loans, the collateral is assessed and the unsecured exposure is written off. Write-offs on uncollateralized loans are based on the borrower’s ability to pay back the outstanding loan out of free cash flow. The Group evaluates the recoverability of the loans granted, if a borrower is expected to default wholly or partly on its payment obligations or to meet these only with third-party support. Adjustments are made to reflect the estimated realizable value of the loan or any collateral. Triggers to assess the creditworthiness of a borrower to absorb the adverse developments include i) a default on interest or principal payments by more than 90 days, ii) a waiver of interest or principal by the Group, iii) a downgrade of the loan to non-interest-earning, iv) the collection of the debt through seizure order, bankruptcy proceedings or realization of collateral, or v) the insolvency of the borrower. Based on such assessment, Group credit risk management evaluates the need for write-offs individually and on an ongoing basis. | ||||||||||||||||||||
Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other amounts received. | ||||||||||||||||||||
Gross impaired loan details | ||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Unpaid | Associated | Unpaid | Associated | |||||||||||||||||
Recorded | principal | specific | Recorded | principal | specific | |||||||||||||||
investment | balance | allowance | investment | balance | allowance | |||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 205 | 194 | 27 | 207 | 197 | 28 | ||||||||||||||
Loans collateralized by securities | 63 | 60 | 53 | 67 | 63 | 55 | ||||||||||||||
Consumer finance | 236 | 217 | 122 | 231 | 211 | 134 | ||||||||||||||
Consumer | 504 | 471 | 202 | 505 | 471 | 217 | ||||||||||||||
Real estate | 68 | 64 | 7 | 71 | 65 | 15 | ||||||||||||||
Commercial and industrial loans | 599 | 570 | 259 | 705 | 656 | 340 | ||||||||||||||
Financial institutions | 126 | 120 | 72 | 131 | 127 | 82 | ||||||||||||||
Corporate & institutional | 793 | 754 | 338 | 907 | 848 | 437 | ||||||||||||||
Gross impaired loans with a specific allowance | 1,297 | 1,225 | 540 | 1,412 | 1,319 | 654 | ||||||||||||||
Mortgages | 46 | 46 | – | 18 | 18 | – | ||||||||||||||
Loans collateralized by securities | 25 | 25 | – | 28 | 28 | – | ||||||||||||||
Consumer finance | 7 | 7 | – | 18 | 18 | – | ||||||||||||||
Consumer | 78 | 78 | – | 64 | 64 | – | ||||||||||||||
Real estate | 7 | 7 | – | 2 | 2 | – | ||||||||||||||
Commercial and industrial loans | 7 | 7 | – | 10 | 10 | – | ||||||||||||||
Financial institutions | 1 | 1 | – | 1 | 1 | – | ||||||||||||||
Corporate & institutional | 15 | 15 | – | 13 | 13 | – | ||||||||||||||
Gross impaired loans without specific allowance | 93 | 93 | – | 77 | 77 | – | ||||||||||||||
Gross impaired loans | 1,390 | 1,318 | 540 | 1,489 | 1,396 | 654 | ||||||||||||||
of which consumer | 582 | 549 | 202 | 569 | 535 | 217 | ||||||||||||||
of which corporate & institutional | 808 | 769 | 338 | 920 | 861 | 437 | ||||||||||||||
Gross impaired loan details (continued) | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||
income | income | income | ||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | Average | Interest | recognized | ||||||||||||
recorded | income | on a | recorded | income | on a | recorded | income | on a | ||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | investment | recognized | cash basis | ||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 205 | 1 | 1 | 204 | 1 | 1 | 217 | 1 | 1 | |||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 70 | 2 | 2 | 68 | 1 | 0 | |||||||||||
Consumer finance | 237 | 1 | 1 | 256 | 0 | 0 | 277 | 3 | 3 | |||||||||||
Consumer | 507 | 2 | 2 | 530 | 3 | 3 | 562 | 5 | 4 | |||||||||||
Real estate | 75 | 0 | 0 | 72 | 1 | 1 | 58 | 0 | 0 | |||||||||||
Commercial and industrial loans | 667 | 3 | 2 | 748 | 5 | 5 | 620 | 3 | 2 | |||||||||||
Financial institutions | 127 | 0 | 0 | 136 | 0 | 0 | 201 | 2 | 2 | |||||||||||
Governments and public institutions | 5 | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | |||||||||||
Corporate & institutional | 874 | 3 | 2 | 956 | 6 | 6 | 885 | 5 | 4 | |||||||||||
Gross impaired loans with a specific allowance | 1,381 | 5 | 4 | 1,486 | 9 | 9 | 1,447 | 10 | 8 | |||||||||||
Mortgages | 36 | 0 | 0 | 26 | 0 | 0 | 40 | 0 | 0 | |||||||||||
Loans collateralized by securities | 29 | 0 | 0 | 27 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Consumer finance | 21 | 0 | 0 | 22 | 0 | 0 | 41 | 0 | 0 | |||||||||||
Consumer | 86 | 0 | 0 | 75 | 0 | 0 | 89 | 0 | 0 | |||||||||||
Real estate | 9 | 0 | 0 | 11 | 0 | 0 | 13 | 0 | 0 | |||||||||||
Commercial and industrial loans | 18 | 0 | 0 | 59 | 0 | 0 | 215 | 3 | 3 | |||||||||||
Financial institutions | 0 | 0 | 0 | 2 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Corporate & institutional | 27 | 0 | 0 | 72 | 0 | 0 | 236 | 3 | 3 | |||||||||||
Gross impaired loans without specific allowance | 113 | 0 | 0 | 147 | 0 | 0 | 325 | 3 | 3 | |||||||||||
Gross impaired loans | 1,494 | 5 | 4 | 1,633 | 9 | 9 | 1,772 | 13 | 11 | |||||||||||
of which consumer | 593 | 2 | 2 | 605 | 3 | 3 | 651 | 5 | 4 | |||||||||||
of which corporate & institutional | 901 | 3 | 2 | 1,028 | 6 | 6 | 1,121 | 8 | 7 | |||||||||||
Allowance for specifically identified credit losses on impaired loans | ||||||||||||||||||||
The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. The Group performs an in-depth review and analysis of impaired loans considering factors such as recovery and exit options as well as collateral and counterparty risk. In general, all impaired loans are individually assessed. For consumer loans, the trigger to detect an impaired loan is non-payment of interest. Corporate and institutional loans are reviewed at least annually based on the borrower’s financial statements and any indications of difficulties they may experience. Loans that are not impaired, but which are of special concern due to changes in covenants, downgrades, negative financial news and other adverse developments, are included on a watch list. All loans on the watch list are reviewed at least quarterly to determine whether they should be moved to Group recovery management, at which point they are reviewed quarterly for impairment. If an individual loan specifically identified for evaluation is considered impaired, the allowance is determined as a reasonable estimate of credit losses existing as of the end of the reporting period. Thereafter, the allowance is revalued by Group credit risk management at least annually or more frequently depending on the risk profile of the borrower or credit relevant events. For certain non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. If the present value of estimated future cash flows is used, the impaired loan and related allowance are revalued at least quarterly to reflect passage of time. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. | ||||||||||||||||||||
Restructured loans held at amortized cost | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||
investment – | investment – | investment – | investment – | investment – | investment – | |||||||||||||||
Number of | pre- | post- | Number of | pre- | post- | Number of | pre- | post- | ||||||||||||
contracts | modification | modification | contracts | modification | modification | contracts | modification | modification | ||||||||||||
Restructured loans (CHF million) | ||||||||||||||||||||
Mortgages | 1 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Consumer finance | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | |||||||||||
Commercial and industrial loans | 10 | 290 | 238 | 5 | 27 | 25 | 0 | 0 | 0 | |||||||||||
Total | 11 | 294 | 242 | 6 | 28 | 25 | 0 | 0 | 0 | |||||||||||
In 2014, a majority of loan modifications of the Group included interest rate reductions to rates lower than the current market rate for new loans with similar risk, partially in combination with extended repayment terms and/or amended collateral terms. Certain restructurings included a reduction of the principal loan balance and/or accrued interest. | ||||||||||||||||||||
In 2014, 2013 and 2012, the Group did not experience a default on any loan which had been restructured within the previous 12 months. | ||||||||||||||||||||
Bank | ||||||||||||||||||||
Loans, allowance for loan losses and credit quality | 17 Loans, allowance for loan losses and credit quality | |||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||
Mortgages | 84,527 | 81,115 | ||||||||||||||||||
Loans collateralized by securities | 39,712 | 31,472 | ||||||||||||||||||
Consumer finance | 1,582 | 3,025 | ||||||||||||||||||
Consumer | 125,821 | 115,612 | ||||||||||||||||||
Real estate | 26,279 | 24,673 | ||||||||||||||||||
Commercial and industrial loans | 72,191 | 60,375 | ||||||||||||||||||
Financial institutions | 28,654 | 28,473 | ||||||||||||||||||
Governments and public institutions | 3,746 | 2,864 | ||||||||||||||||||
Corporate & institutional | 130,870 | 116,385 | ||||||||||||||||||
Gross loans | 256,691 | 231,997 | ||||||||||||||||||
of which held at amortized cost | 233,778 | 212,540 | ||||||||||||||||||
of which held at fair value | 22,913 | 19,457 | ||||||||||||||||||
Net (unearned income)/deferred expenses | -166 | -149 | ||||||||||||||||||
Allowance for loan losses | -597 | -691 | ||||||||||||||||||
Net loans | 255,928 | 231,157 | ||||||||||||||||||
Gross loans by location (CHF million) | ||||||||||||||||||||
Switzerland | 139,211 | 135,813 | ||||||||||||||||||
Foreign | 117,480 | 96,184 | ||||||||||||||||||
Gross loans | 256,691 | 231,997 | ||||||||||||||||||
Impaired loan portfolio (CHF million) | ||||||||||||||||||||
Non-performing loans | 564 | 659 | ||||||||||||||||||
Non-interest-earning loans | 257 | 255 | ||||||||||||||||||
Total non-performing and non-interest-earning loans | 821 | 914 | ||||||||||||||||||
Restructured loans | 171 | 6 | ||||||||||||||||||
Potential problem loans | 140 | 274 | ||||||||||||||||||
Total other impaired loans | 311 | 280 | ||||||||||||||||||
Gross impaired loans | 1,132 | 1,194 | ||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Consumer | Corporate | Total | Consumer | Corporate | Total | Consumer | Corporate | Total | ||||||||||||
& | & | & | ||||||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||
Balance at beginning of period | 134 | 557 | 691 | 143 | 578 | 721 | 159 | 563 | 722 | |||||||||||
Changes in scope of consolidation | 0 | 0 | 0 | 0 | -1 | -1 | -18 | 0 | -18 | |||||||||||
Net movements recognized in statements of operations | 7 | 78 | 85 | 7 | 84 | 91 | 26 | 51 | 77 | |||||||||||
Gross write-offs | -35 | -232 | -267 | -38 | -147 | -185 | -42 | -80 | -122 | |||||||||||
Recoveries | 12 | 24 | 36 | 20 | 30 | 50 | 19 | 20 | 39 | |||||||||||
Net write-offs | -23 | -208 | -231 | -18 | -117 | -135 | -23 | -60 | -83 | |||||||||||
Provisions for interest | 3 | 19 | 22 | 5 | 20 | 25 | 4 | 20 | 24 | |||||||||||
Foreign currency translation impact and other adjustments, net | 10 | 20 | 30 | -3 | -7 | -10 | -5 | 4 | -1 | |||||||||||
Balance at end of period | 131 | 466 | 597 | 134 | 557 | 691 | 143 | 578 | 721 | |||||||||||
of which individually evaluated for impairment | 104 | 309 | 413 | 104 | 407 | 511 | 116 | 416 | 532 | |||||||||||
of which collectively evaluated for impairment | 27 | 157 | 184 | 30 | 150 | 180 | 27 | 162 | 189 | |||||||||||
Gross loans held at amortized cost (CHF million) | ||||||||||||||||||||
Balance at end of period | 125,804 | 107,974 | 233,778 | 115,601 | 96,939 | 212,540 | 109,495 | 98,118 | 207,613 | |||||||||||
of which individually evaluated for impairment 1 | 393 | 739 | 1,132 | 354 | 840 | 1,194 | 422 | 976 | 1,398 | |||||||||||
of which collectively evaluated for impairment | 125,411 | 107,235 | 232,646 | 115,247 | 96,099 | 211,346 | 109,073 | 97,142 | 206,215 | |||||||||||
1 | ||||||||||||||||||||
Represents gross impaired loans both with and without a specific allowance. | ||||||||||||||||||||
Purchases, reclassifications and sales | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Consumer | Corporate | Total | Consumer | Corporate | Total | Consumer | Corporate | Total | ||||||||||||
& | & | & | ||||||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||
Purchases 1 | 181 | 4,127 | 4,308 | 0 | 4,611 | 4,611 | 348 | 4,605 | 4,953 | |||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 397 | 397 | 0 | 275 | 275 | 0 | 216 | 216 | |||||||||||
Reclassifications to loans held-for-sale 3 | 1,055 | 806 | 1,861 | 0 | 996 | 996 | 0 | 1,323 | 1,323 | |||||||||||
Sales 3 | 0 | 272 | 272 | 0 | 698 | 698 | 0 | 1,058 | 1,058 | |||||||||||
1 | ||||||||||||||||||||
Includes drawdowns under purchased loan commitments. | ||||||||||||||||||||
2 | ||||||||||||||||||||
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. | ||||||||||||||||||||
3 | ||||||||||||||||||||
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. | ||||||||||||||||||||
Gross loans held at amortized cost by internal counterparty rating | ||||||||||||||||||||
Investment | Non-investment | |||||||||||||||||||
grade | grade | |||||||||||||||||||
end of | Ratings | Ratings | Rating D | Total | ||||||||||||||||
AAA to BBB | BB to C | |||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 72,844 | 11,527 | 156 | 84,527 | ||||||||||||||||
Loans collateralized by securities | 37,338 | 2,288 | 86 | 39,712 | ||||||||||||||||
Consumer finance | 1,235 | 235 | 95 | 1,565 | ||||||||||||||||
Consumer | 111,417 | 14,050 | 337 | 125,804 | ||||||||||||||||
Real estate | 19,169 | 6,020 | 67 | 25,256 | ||||||||||||||||
Commercial and industrial loans | 30,156 | 29,890 | 475 | 60,521 | ||||||||||||||||
Financial institutions | 18,209 | 2,619 | 106 | 20,934 | ||||||||||||||||
Governments and public institutions | 850 | 413 | 0 | 1,263 | ||||||||||||||||
Corporate & institutional | 68,384 | 38,942 | 648 | 107,974 | ||||||||||||||||
Gross loans held at amortized cost | 179,801 | 52,992 | 985 | 233,778 | ||||||||||||||||
Value of collateral 1 | 162,598 | 43,141 | 564 | 206,303 | ||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 68,132 | 12,820 | 163 | 81,115 | ||||||||||||||||
Loans collateralized by securities | 29,180 | 2,198 | 94 | 31,472 | ||||||||||||||||
Consumer finance | 2,575 | 354 | 85 | 3,014 | ||||||||||||||||
Consumer | 99,887 | 15,372 | 342 | 115,601 | ||||||||||||||||
Real estate | 18,148 | 6,010 | 69 | 24,227 | ||||||||||||||||
Commercial and industrial loans | 22,863 | 25,306 | 596 | 48,765 | ||||||||||||||||
Financial institutions | 19,327 | 3,227 | 112 | 22,666 | ||||||||||||||||
Governments and public institutions | 839 | 442 | 0 | 1,281 | ||||||||||||||||
Corporate & institutional | 61,177 | 34,985 | 777 | 96,939 | ||||||||||||||||
Gross loans held at amortized cost | 161,064 | 50,357 | 1,119 | 212,540 | ||||||||||||||||
Value of collateral 1 | 141,338 | 40,850 | 514 | 182,702 | ||||||||||||||||
1 | ||||||||||||||||||||
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan. | ||||||||||||||||||||
In the third quarter of 2014, Group credit risk management enhanced its internal credit rating methodology for lombard loans on the Swiss platform across all loan classes by considering the quality and diversification of collateral securities as a basis for determining the internal risk rating both for regulatory and financial reporting purposes. The change in the internal rating methodology for lombard loans on the Swiss platform did not have a significant impact on the Bank’s total investment grade and non-investment grade loans. | ||||||||||||||||||||
Gross loans held at amortized cost – aging analysis | ||||||||||||||||||||
Current | Past due | |||||||||||||||||||
end of | More | Total | Total | |||||||||||||||||
Up to | 31-60 | 61-90 | than | |||||||||||||||||
30 days | days | days | 90 days | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 84,269 | 97 | 13 | 8 | 140 | 258 | 84,527 | |||||||||||||
Loans collateralized by securities | 39,542 | 81 | 1 | 1 | 87 | 170 | 39,712 | |||||||||||||
Consumer finance | 1,372 | 123 | 7 | 23 | 40 | 193 | 1,565 | |||||||||||||
Consumer | 125,183 | 301 | 21 | 32 | 267 | 621 | 125,804 | |||||||||||||
Real estate | 25,167 | 23 | 1 | 4 | 61 | 89 | 25,256 | |||||||||||||
Commercial and industrial loans | 59,555 | 659 | 15 | 37 | 255 | 966 | 60,521 | |||||||||||||
Financial institutions | 20,771 | 41 | 0 | 0 | 122 | 163 | 20,934 | |||||||||||||
Governments and public institutions | 1,238 | 25 | 0 | 0 | 0 | 25 | 1,263 | |||||||||||||
Corporate & institutional | 106,731 | 748 | 16 | 41 | 438 | 1,243 | 107,974 | |||||||||||||
Gross loans held at amortized cost | 231,914 | 1,049 | 37 | 73 | 705 | 1,864 | 233,778 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 80,823 | 103 | 25 | 24 | 140 | 292 | 81,115 | |||||||||||||
Loans collateralized by securities | 31,272 | 95 | 2 | 12 | 91 | 200 | 31,472 | |||||||||||||
Consumer finance | 2,650 | 277 | 38 | 28 | 21 | 364 | 3,014 | |||||||||||||
Consumer | 114,745 | 475 | 65 | 64 | 252 | 856 | 115,601 | |||||||||||||
Real estate | 24,139 | 18 | 2 | 1 | 67 | 88 | 24,227 | |||||||||||||
Commercial and industrial loans | 48,035 | 272 | 73 | 72 | 313 | 730 | 48,765 | |||||||||||||
Financial institutions | 22,477 | 84 | 2 | 1 | 102 | 189 | 22,666 | |||||||||||||
Governments and public institutions | 1,276 | 5 | 0 | 0 | 0 | 5 | 1,281 | |||||||||||||
Corporate & institutional | 95,927 | 379 | 77 | 74 | 482 | 1,012 | 96,939 | |||||||||||||
Gross loans held at amortized cost | 210,672 | 854 | 142 | 138 | 734 | 1,868 | 212,540 | |||||||||||||
Gross impaired loans by category | ||||||||||||||||||||
Non-performing and | Other impaired loans | |||||||||||||||||||
non-interest earning loans | ||||||||||||||||||||
end of | Non- | Total | Total | Total | ||||||||||||||||
Non- | interest- | Restruc- | Potential | |||||||||||||||||
performing | earning | tured | problem | |||||||||||||||||
loans | loans | loans | loans | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 166 | 17 | 183 | 4 | 23 | 27 | 210 | |||||||||||||
Loans collateralized by securities | 11 | 75 | 86 | 0 | 2 | 2 | 88 | |||||||||||||
Consumer finance | 78 | 17 | 95 | 0 | 0 | 0 | 95 | |||||||||||||
Consumer | 255 | 109 | 364 | 4 | 25 | 29 | 393 | |||||||||||||
Real estate | 49 | 15 | 64 | 0 | 9 | 9 | 73 | |||||||||||||
Commercial and industrial loans | 172 | 98 | 270 | 167 | 103 | 270 | 540 | |||||||||||||
Financial institutions | 88 | 35 | 123 | 0 | 3 | 3 | 126 | |||||||||||||
Corporate & institutional | 309 | 148 | 457 | 167 | 115 | 282 | 739 | |||||||||||||
Gross impaired loans | 564 | 257 | 821 | 171 | 140 | 311 | 1,132 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 144 | 7 | 151 | 0 | 21 | 21 | 172 | |||||||||||||
Loans collateralized by securities | 20 | 71 | 91 | 0 | 5 | 5 | 96 | |||||||||||||
Consumer finance | 81 | 5 | 86 | 0 | 0 | 0 | 86 | |||||||||||||
Consumer | 245 | 83 | 328 | 0 | 26 | 26 | 354 | |||||||||||||
Real estate | 52 | 13 | 65 | 0 | 5 | 5 | 70 | |||||||||||||
Commercial and industrial loans | 291 | 126 | 417 | 6 | 215 | 221 | 638 | |||||||||||||
Financial institutions | 71 | 33 | 104 | 0 | 28 | 28 | 132 | |||||||||||||
Corporate & institutional | 414 | 172 | 586 | 6 | 248 | 254 | 840 | |||||||||||||
Gross impaired loans | 659 | 255 | 914 | 6 | 274 | 280 | 1,194 | |||||||||||||
As of December 31, 2014 and 2013, loans held-to-maturity carried at amortized cost did not include any subprime residential mortgages. Accordingly, impaired loans did not include any subprime residential mortgages. As of December 31, 2014 and 2013, the Bank did not have any material commitments to lend additional funds to debtors whose loan terms have been modified in troubled debt restructurings. | ||||||||||||||||||||
Gross impaired loan details | ||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Unpaid | Associated | Unpaid | Associated | |||||||||||||||||
Recorded | principal | specific | Recorded | principal | specific | |||||||||||||||
investment | balance | allowance | investment | balance | allowance | |||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 166 | 154 | 19 | 162 | 153 | 16 | ||||||||||||||
Loans collateralized by securities | 63 | 60 | 53 | 67 | 63 | 54 | ||||||||||||||
Consumer finance | 88 | 87 | 32 | 68 | 67 | 34 | ||||||||||||||
Consumer | 317 | 301 | 104 | 297 | 283 | 104 | ||||||||||||||
Real estate | 65 | 62 | 7 | 68 | 63 | 13 | ||||||||||||||
Commercial and industrial loans | 533 | 507 | 230 | 629 | 584 | 312 | ||||||||||||||
Financial institutions | 125 | 120 | 72 | 131 | 127 | 82 | ||||||||||||||
Corporate & institutional | 723 | 689 | 309 | 828 | 774 | 407 | ||||||||||||||
Gross impaired loans with a specific allowance | 1,040 | 990 | 413 | 1,125 | 1,057 | 511 | ||||||||||||||
Mortgages | 44 | 43 | – | 10 | 10 | – | ||||||||||||||
Loans collateralized by securities | 25 | 25 | – | 29 | 29 | – | ||||||||||||||
Consumer finance | 7 | 7 | – | 18 | 18 | – | ||||||||||||||
Consumer | 76 | 75 | – | 57 | 57 | – | ||||||||||||||
Real estate | 8 | 7 | – | 2 | 2 | – | ||||||||||||||
Commercial and industrial loans | 7 | 7 | – | 9 | 9 | – | ||||||||||||||
Financial institutions | 1 | 1 | – | 1 | 1 | – | ||||||||||||||
Corporate & institutional | 16 | 15 | – | 12 | 12 | – | ||||||||||||||
Gross impaired loans without specific allowance | 92 | 90 | – | 69 | 69 | – | ||||||||||||||
Gross impaired loans | 1,132 | 1,080 | 413 | 1,194 | 1,126 | 511 | ||||||||||||||
of which consumer | 393 | 376 | 104 | 354 | 340 | 104 | ||||||||||||||
of which corporate & institutional | 739 | 704 | 309 | 840 | 786 | 407 | ||||||||||||||
Gross impaired loan details (continued) | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||
income | income | income | ||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | Average | Interest | recognized | ||||||||||||
recorded | income | on a | recorded | income | on a | recorded | income | on a | ||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | investment | recognized | cash basis | ||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 163 | 1 | 1 | 154 | 1 | 1 | 152 | 1 | 1 | |||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 70 | 2 | 2 | 68 | 1 | 0 | |||||||||||
Consumer finance | 81 | 1 | 1 | 87 | 0 | 0 | 117 | 3 | 3 | |||||||||||
Consumer | 309 | 2 | 2 | 311 | 3 | 3 | 337 | 5 | 4 | |||||||||||
Real estate | 74 | 0 | 0 | 67 | 1 | 1 | 43 | 0 | 0 | |||||||||||
Commercial and industrial loans | 597 | 3 | 2 | 669 | 5 | 5 | 556 | 3 | 2 | |||||||||||
Financial institutions | 127 | 0 | 0 | 136 | 0 | 0 | 191 | 2 | 2 | |||||||||||
Governments and public institutions | 5 | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | |||||||||||
Corporate & institutional | 803 | 3 | 2 | 872 | 6 | 6 | 796 | 5 | 4 | |||||||||||
Gross impaired loans with a specific allowance | 1,112 | 5 | 4 | 1,183 | 9 | 9 | 1,133 | 10 | 8 | |||||||||||
Mortgages | 30 | 0 | 0 | 19 | 0 | 0 | 27 | 0 | 0 | |||||||||||
Loans collateralized by securities | 29 | 0 | 0 | 27 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Consumer finance | 21 | 0 | 0 | 22 | 0 | 0 | 41 | 0 | 0 | |||||||||||
Consumer | 80 | 0 | 0 | 68 | 0 | 0 | 76 | 0 | 0 | |||||||||||
Real estate | 9 | 0 | 0 | 11 | 0 | 0 | 12 | 0 | 0 | |||||||||||
Commercial and industrial loans | 17 | 0 | 0 | 58 | 0 | 0 | 199 | 3 | 3 | |||||||||||
Financial institutions | 0 | 0 | 0 | 2 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Corporate & institutional | 26 | 0 | 0 | 71 | 0 | 0 | 219 | 3 | 3 | |||||||||||
Gross impaired loans without specific allowance | 106 | 0 | 0 | 139 | 0 | 0 | 295 | 3 | 3 | |||||||||||
Gross impaired loans | 1,218 | 5 | 4 | 1,322 | 9 | 9 | 1,428 | 13 | 11 | |||||||||||
of which consumer | 389 | 2 | 2 | 379 | 3 | 3 | 413 | 5 | 4 | |||||||||||
of which corporate & institutional | 829 | 3 | 2 | 943 | 6 | 6 | 1,015 | 8 | 7 | |||||||||||
Restructured loans held at amortized cost | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||
investment – | investment – | investment – | investment – | investment – | investment – | |||||||||||||||
Number of | pre- | post- | Number of | pre- | post- | Number of | pre- | post- | ||||||||||||
contracts | modification | modification | contracts | modification | modification | contracts | modification | modification | ||||||||||||
Restructured loans (CHF million) | ||||||||||||||||||||
Mortgages | 1 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Consumer finance | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | |||||||||||
Commercial and industrial loans | 10 | 290 | 238 | 5 | 27 | 25 | 0 | 0 | 0 | |||||||||||
Total | 11 | 294 | 242 | 6 | 28 | 25 | 0 | 0 | 0 | |||||||||||
In 2014, a majority of the loan modifications of the Bank included interest rate reductions to rates lower than the current market rate for new loans with similar risk, partially in combination with extended repayment terms and/or amended collateral terms. Certain restructurings included a reduction of the principal loan balance and/or accrued interest. | ||||||||||||||||||||
In 2014, 2013 and 2012, the Bank did not experience a default on any loan which had been restructured within the previous 12 months. | ||||||||||||||||||||
> Refer to “Note 18 – Loans, allowance for loan losses and credit quality” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Premises_and_equipment
Premises and equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Premises and equipment | 19 Premises and equipment | |||||||
end of | 2014 | 2013 | ||||||
Premises and equipment (CHF million) | ||||||||
Buildings and improvements | 2,303 | 2,415 | ||||||
Land | 420 | 491 | ||||||
Leasehold improvements | 2,180 | 2,043 | ||||||
Software | 6,484 | 5,740 | ||||||
Equipment | 2,390 | 2,370 | ||||||
Premises and equipment | 13,777 | 13,059 | ||||||
Accumulated depreciation | -9,136 | -7,968 | ||||||
Total premises and equipment, net | 4,641 | 5,091 | ||||||
Depreciation and impairment | ||||||||
in | 2014 | 2013 | 2012 | |||||
CHF million | ||||||||
Depreciation | 1,232 | 1,236 | 1,229 | |||||
Impairment | 23 | 65 | 17 | |||||
Bank | ||||||||
Premises and equipment | 18 Premises and equipment | |||||||
end of | 2014 | 2013 | ||||||
Premises and equipment (CHF million) | ||||||||
Buildings and improvements | 2,087 | 2,201 | ||||||
Land | 396 | 466 | ||||||
Leasehold improvements | 2,162 | 2,031 | ||||||
Software | 6,476 | 5,734 | ||||||
Equipment | 2,304 | 2,288 | ||||||
Premises and equipment | 13,425 | 12,720 | ||||||
Accumulated depreciation | -8,984 | -7,825 | ||||||
Total premises and equipment, net | 4,441 | 4,895 | ||||||
Depreciation and impairment | ||||||||
in | 2014 | 2013 | 2012 | |||||
CHF million | ||||||||
Depreciation | 1,224 | 1,227 | 1,218 | |||||
Impairment | 23 | 65 | 17 |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Goodwill | 20 Goodwill | |||||||||||||
2014 | 2013 | |||||||||||||
Private | Private | |||||||||||||
Banking & | Credit | Banking & | Credit | |||||||||||
Wealth | Investment | Suisse | Wealth | Investment | Suisse | |||||||||
Management | Banking | Group | Management | Banking | Group | |||||||||
Gross amount of goodwill (CHF million) | ||||||||||||||
Balance at beginning of period | 2,176 | 5,917 | 8,093 | 2,409 | 6,062 | 8,471 | ||||||||
Goodwill acquired during the year | 22 | 0 | 22 | 3 | 0 | 3 | ||||||||
Discontinued operations | 0 | 0 | 0 | -127 | 0 | -127 | ||||||||
Foreign currency translation impact | 162 | 499 | 661 | -73 | -141 | -214 | ||||||||
Other | -34 | -4 | -38 | -36 | -4 | -40 | ||||||||
Balance at end of period | 2,326 | 6,412 | 8,738 | 2,176 | 5,917 | 8,093 | ||||||||
Accumulated impairment (CHF million) | ||||||||||||||
Balance at beginning of period | 12 | 82 | 94 | 0 | 82 | 82 | ||||||||
Impairment losses | 0 | 0 | 0 | 12 | 0 | 12 | ||||||||
Balance at end of period | 12 | 82 | 94 | 12 | 82 | 94 | ||||||||
Net book value (CHF million) | ||||||||||||||
Net book value | 2,314 | 6,330 | 8,644 | 2,164 | 5,835 | 7,999 | ||||||||
In accordance with US GAAP, the Group continually assesses whether or not there has been a triggering event. As of December 31, 2014, the Group’s market capitalization was below book value and as of December 31, 2013, the Group’s market capitalization was above book value. | ||||||||||||||
The carrying value of each reporting unit for purposes of the goodwill impairment test is determined by considering the reporting units’ >>>risk-weighted assets usage, leverage ratio exposure, deferred tax assets, cumulative translation adjustments, goodwill and intangible assets. Any residual equity, after considering the total of these elements, is allocated to the reporting units on a pro-rata basis. | ||||||||||||||
In estimating the >>>fair value of its reporting units the Group generally applied a market approach where consideration is given to price to projected earning 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. | ||||||||||||||
In determining the estimated fair value, the Group relied upon its three-year strategic business plan which included significant management assumptions and estimates based on its view of current and future economic conditions and regulatory changes. | ||||||||||||||
Based on its goodwill impairment analysis performed as of December 31, 2014, the Group concluded that the estimated fair value for those reporting units in the Private Banking & Wealth Management division with goodwill substantially exceeded their related carrying values and no impairment was necessary as of December 31, 2014. The fair value of Private Banking & Wealth Management’s non-strategic reporting unit at the date of its creation in the fourth quarter of 2013 was lower than the estimated book value and as a result the Group recorded a CHF 12 million goodwill impairment charge. | ||||||||||||||
There was also no impairment necessary for the Group’s Investment Banking reporting unit as the estimated fair value substantially exceeded its carrying value. The Group engaged the services of an independent valuation specialist to assist in the valuation of the reporting unit as of December 31, 2014 using a combination of the market approach and income approach. Under the market approach, consideration is 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. | ||||||||||||||
The results of the impairment evaluation of each reporting unit’s goodwill would be significantly impacted by adverse changes in the underlying parameters used in the valuation process. If actual outcomes adversely differ by a sufficient margin from its best estimates of the key economic assumptions and associated cash flows applied in the valuation of the reporting unit, the Group could potentially incur material impairment charges in the future. | ||||||||||||||
As a result of acquisitions, the Group has recorded goodwill as an asset in its consolidated balance sheets, the most significant component of which arose from the acquisition of Donaldson, Lufkin & Jenrette Inc. in 2000. In 2014, the Group completed the acquisition of Morgan Stanley’s private wealth management businesses in EMEA, excluding Switzerland, which generated goodwill upon consolidation. In December 2013, a first closing of this transaction also generated goodwill upon consolidation. | ||||||||||||||
Goodwill was also positively impacted by foreign exchange fluctuations in goodwill denominated in US dollars in 2014. | ||||||||||||||
The Group does not expect the SNB decision in January 2015 to discontinue the minimum exchange rate of CHF 1.20 per euro and to increase negative interest rates will lead to a goodwill impairment as the fair value of the reporting units with goodwill will continue to exceed their related carrying values. | ||||||||||||||
Bank | ||||||||||||||
Goodwill | 19 Goodwill | |||||||||||||
end of | 2014 | 2013 | ||||||||||||
Private | Private | |||||||||||||
Banking & | Credit | Banking & | Credit | |||||||||||
Wealth | Investment | Suisse | Wealth | Investment | Suisse | |||||||||
Management | Banking | (Bank) | Management | Banking | (Bank) | |||||||||
Gross amount of goodwill (CHF million) | ||||||||||||||
Balance at beginning of period | 1,978 | 5,237 | 7,215 | 2,210 | 5,382 | 7,592 | ||||||||
Goodwill acquired during the year | 22 | 0 | 22 | 3 | 0 | 3 | ||||||||
Discontinued operations | 0 | 0 | 0 | -127 | 0 | -127 | ||||||||
Foreign currency translation impact | 162 | 499 | 661 | -72 | -141 | -213 | ||||||||
Other | -34 | -4 | -38 | -36 | -4 | -40 | ||||||||
Balance at end of period | 2,128 | 5,732 | 7,860 | 1,978 | 5,237 | 7,215 | ||||||||
Accumulated impairment (CHF million) | ||||||||||||||
Balance at beginning of period | 12 | 82 | 94 | 0 | 82 | 82 | ||||||||
Impairment losses | 0 | 0 | 0 | 12 | 0 | 12 | ||||||||
Balance at end of period | 12 | 82 | 94 | 12 | 82 | 94 | ||||||||
Net book value (CHF million) | ||||||||||||||
Net book value | 2,116 | 5,650 | 7,766 | 1,966 | 5,155 | 7,121 | ||||||||
> Refer to “Note 20 – Goodwill” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Other_intangible_assets
Other intangible assets | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Other intangible assets | 21 Other intangible assets | |||||||||||||
end of | 2014 | 2013 | ||||||||||||
Accumu- | Accumu- | |||||||||||||
Gross | lated | Net | Gross | lated | Net | |||||||||
carrying | amorti- | carrying | carrying | amorti- | carrying | |||||||||
amount | zation | amount | amount | zation | amount | |||||||||
Other intangible assets (CHF million) | ||||||||||||||
Trade names/trademarks | 27 | -24 | 3 | 25 | -21 | 4 | ||||||||
Client relationships | 201 | -92 | 109 | 222 | -106 | 116 | ||||||||
Other | 11 | -3 | 8 | 7 | -1 | 6 | ||||||||
Total amortizing other intangible assets | 239 | -119 | 120 | 254 | -128 | 126 | ||||||||
Non-amortizing other intangible assets | 129 | – | 129 | 84 | – | 84 | ||||||||
of which mortgage servicing rights, at fair value | 70 | – | 70 | 42 | – | 42 | ||||||||
Total other intangible assets | 368 | -119 | 249 | 338 | -128 | 210 | ||||||||
Additional information | ||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Aggregate amortization and impairment (CHF million) | ||||||||||||||
Aggregate amortization | 22 | 24 | 28 | |||||||||||
Impairment | 1 | 8 | 7 | |||||||||||
of which related to discontinued operations | 0 | 7 | 0 | |||||||||||
Estimated amortization | ||||||||||||||
Estimated amortization (CHF million) | ||||||||||||||
2015 | 23 | |||||||||||||
2016 | 22 | |||||||||||||
2017 | 22 | |||||||||||||
2018 | 22 | |||||||||||||
2019 | 5 | |||||||||||||
Bank | ||||||||||||||
Other intangible assets | 20 Other intangible assets | |||||||||||||
end of | 2014 | 2013 | ||||||||||||
Accumu- | Accumu- | |||||||||||||
Gross | lated | Net | Gross | lated | Net | |||||||||
carrying | amorti- | carrying | carrying | amorti- | carrying | |||||||||
amount | zation | amount | amount | zation | amount | |||||||||
Other intangible assets (CHF million) | ||||||||||||||
Trade names/trademarks | 27 | -24 | 3 | 25 | -21 | 4 | ||||||||
Client relationships | 201 | -92 | 109 | 222 | -106 | 116 | ||||||||
Other | 11 | -3 | 8 | 7 | -1 | 6 | ||||||||
Total amortizing other intangible assets | 239 | -119 | 120 | 254 | -128 | 126 | ||||||||
Non-amortizing other intangible assets | 129 | – | 129 | 84 | – | 84 | ||||||||
of which mortgage servicing rights, at fair value | 70 | – | 70 | 42 | – | 42 | ||||||||
Total other intangible assets | 368 | -119 | 249 | 338 | -128 | 210 | ||||||||
Additional information | ||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Aggregate amortization and impairment (CHF million) | ||||||||||||||
Aggregate amortization | 22 | 24 | 28 | |||||||||||
Impairment | 1 | 8 | 0 | |||||||||||
of which related to discontinued operations | 0 | 7 | 0 | |||||||||||
Estimated amortization | ||||||||||||||
Estimated amortization (CHF million) | ||||||||||||||
2015 | 23 | |||||||||||||
2016 | 22 | |||||||||||||
2017 | 22 | |||||||||||||
2018 | 22 | |||||||||||||
2019 | 5 | |||||||||||||
> Refer to “Note 21 – Other intangible assets” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Other_assets_and_other_liabili
Other assets and other liabilities | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other assets and other liabilities | 22 Other assets and other liabilities | |||||
end of | 2014 | 2013 | ||||
Other assets (CHF million) | ||||||
Cash collateral on derivative instruments | 10,905 | 8,359 | ||||
Cash collateral on non-derivative transactions | 3,238 | 1,412 | ||||
Derivative instruments used for hedging | 1,539 | 2,062 | ||||
Assets held-for-sale | 26,544 | 19,306 | ||||
of which loans 1 | 25,911 | 18,914 | ||||
of which real estate | 535 | 392 | ||||
of which long-lived assets | 98 | 0 | ||||
Assets held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees receivable | 6,237 | 4,859 | ||||
Deferred tax assets | 6,077 | 6,185 | ||||
Prepaid expenses | 517 | 552 | ||||
Failed purchases | 3,138 | 2,365 | ||||
Other | 6,713 | 6,729 | ||||
Other assets | 70,558 | 63,065 | ||||
Other liabilities (CHF million) | ||||||
Cash collateral on derivative instruments | 17,043 | 11,663 | ||||
Cash collateral on non-derivative transactions | 797 | 955 | ||||
Derivative instruments used for hedging | 469 | 384 | ||||
Provisions | 1,358 | 2,641 | ||||
of which off-balance sheet risk | 103 | 60 | ||||
Liabilities held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees payable | 6,531 | 5,641 | ||||
Current tax liabilities | 821 | 864 | ||||
Deferred tax liabilities | 47 | 394 | ||||
Failed sales | 1,313 | 2,396 | ||||
Other | 16,941 | 15,273 | ||||
Other liabilities | 50,970 | 51,447 | ||||
1 | ||||||
Included as of December 31, 2014 and 2013 were CHF 1,103 million and CHF 1,778 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 226 million and CHF 769 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. | ||||||
Bank | ||||||
Other assets and other liabilities | 21 Other assets and other liabilities | |||||
end of | 2014 | 2013 | ||||
Other assets (CHF million) | ||||||
Cash collateral on derivative instruments | 10,909 | 8,359 | ||||
Cash collateral on non-derivative transactions | 3,238 | 1,412 | ||||
Derivative instruments used for hedging | 1,539 | 2,062 | ||||
Assets held-for-sale | 26,544 | 19,306 | ||||
of which loans 1 | 25,911 | 18,914 | ||||
of which real estate | 535 | 392 | ||||
of which long-lived assets | 98 | 0 | ||||
Assets held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees receivable | 6,229 | 4,838 | ||||
Deferred tax assets | 6,064 | 6,176 | ||||
Prepaid expenses | 511 | 568 | ||||
Failed purchases | 3,138 | 2,365 | ||||
Other | 6,689 | 5,245 | ||||
Other assets | 70,511 | 61,567 | ||||
Other liabilities (CHF million) | ||||||
Cash collateral on derivative instruments | 16,776 | 11,664 | ||||
Cash collateral on non-derivative transactions | 797 | 955 | ||||
Derivative instruments used for hedging | 469 | 384 | ||||
Provisions 2 | 1,347 | 2,630 | ||||
of which off-balance sheet risk | 102 | 59 | ||||
Liabilities held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees payable | 6,465 | 5,576 | ||||
Current tax liabilities | 782 | 820 | ||||
Deferred tax liabilities | 33 | 80 | ||||
Failed sales | 1,313 | 2,396 | ||||
Other | 17,016 | 15,359 | ||||
Other liabilities | 50,648 | 51,100 | ||||
1 | ||||||
Included as of December 31, 2014 and 2013 were CHF 1,103 million and CHF 1,778 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 226 million and CHF 769 million, respectively, in loans held in trusts, which are consolidated as a result of failed sales under US GAAP. | ||||||
2 | ||||||
Includes provisions for bridge commitments. |
Deposits
Deposits | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Deposits | 23 Deposits | |||||||||||||
end of | 2014 | 2013 | ||||||||||||
Switzer- | Foreign | Total | Switzer- | Foreign | Total | |||||||||
land | land | |||||||||||||
Deposits (CHF million) | ||||||||||||||
Non-interest-bearing demand deposits | 5,943 | 4,581 | 10,524 | 4,738 | 4,335 | 9,073 | ||||||||
Interest-bearing demand deposits | 135,424 | 31,984 | 167,408 | 141,078 | 26,294 | 167,372 | ||||||||
Savings deposits | 77,498 | 29 | 77,527 | 63,583 | 26 | 63,609 | ||||||||
Time deposits | 17,650 | 121,958 | 139,608 | 1 | 15,358 | 100,785 | 116,143 | 1 | ||||||
Total deposits | 236,515 | 158,552 | 395,067 | 2 | 224,757 | 131,440 | 356,197 | 2 | ||||||
of which due to banks | – | – | 26,009 | – | – | 23,108 | ||||||||
of which customer deposits | – | – | 369,058 | – | – | 333,089 | ||||||||
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 139,493 million and CHF 116,106 million as of December 31, 2014 and 2013, 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, 2014 and 2013 were CHF 11 million and CHF 18 million, respectively, of overdrawn deposits reclassified as loans. | ||||||||||||||
Bank | ||||||||||||||
Deposits | 22 Deposits | |||||||||||||
end of | 2014 | 2013 | ||||||||||||
Switzer- | Foreign | Total | Switzer- | Foreign | Total | |||||||||
land | land | |||||||||||||
Deposits (CHF million) | ||||||||||||||
Non-interest-bearing demand deposits | 5,941 | 4,582 | 10,523 | 4,735 | 4,336 | 9,071 | ||||||||
Interest-bearing demand deposits | 131,858 | 32,297 | 164,155 | 137,274 | 26,996 | 164,270 | ||||||||
Savings deposits | 69,204 | 29 | 69,233 | 55,637 | 26 | 55,663 | ||||||||
Time deposits | 18,187 | 121,977 | 140,164 | 1 | 14,655 | 101,166 | 115,821 | 1 | ||||||
Total deposits | 225,190 | 158,885 | 384,075 | 2 | 212,301 | 132,524 | 344,825 | 2 | ||||||
of which due to banks | – | – | 26,506 | – | – | 23,147 | ||||||||
of which customer deposits | – | – | 357,569 | – | – | 321,678 | ||||||||
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 140,057 million and CHF 115,792 million as of December 31, 2014 and 2013, 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, 2014 and 2013 were CHF 10 million and CHF 18 million, respectively, of overdrawn deposits reclassified as loans. |
Longterm_debt
Long-term debt | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Long-term debt | 24 Long-term debt | |||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||||
Long-term debt (CHF million) | ||||||||||||||||||||||||||||||
Senior | 139,267 | 96,048 | ||||||||||||||||||||||||||||
Subordinated | 25,179 | 21,002 | ||||||||||||||||||||||||||||
Non-recourse liabilities from consolidated VIEs | 13,452 | 12,992 | ||||||||||||||||||||||||||||
Long-term debt | 177,898 | 130,042 | ||||||||||||||||||||||||||||
of which reported at fair value | 81,166 | 63,369 | ||||||||||||||||||||||||||||
of which structured notes | 50,469 | 34,815 | ||||||||||||||||||||||||||||
Structured notes by product | ||||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||||
Structured notes (CHF million) | ||||||||||||||||||||||||||||||
Equity | 35,309 | 22,605 | ||||||||||||||||||||||||||||
Fixed income | 8,321 | 6,455 | ||||||||||||||||||||||||||||
Credit | 5,244 | 5,016 | ||||||||||||||||||||||||||||
Other | 1,595 | 739 | ||||||||||||||||||||||||||||
Total structured notes | 50,469 | 34,815 | ||||||||||||||||||||||||||||
Total long-term debt is comprised of debt issuances managed by Treasury which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded >>>derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign exchange denominated fixed and variable rate bonds. | ||||||||||||||||||||||||||||||
The interest rate ranges presented in the table below are based on the contractual terms of the Group’s vanilla debt. Interest rate ranges for future coupon payments on structured products for which >>>fair value has been elected are not included in the table below as these coupons are dependent upon the embedded derivative and prevailing market conditions at the time each coupon is paid. In addition, the effects of derivatives used for hedging are not included in the interest rate ranges on the associated debt. | ||||||||||||||||||||||||||||||
Long-term debt by maturities | ||||||||||||||||||||||||||||||
end of | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Group parent company (CHF million) | ||||||||||||||||||||||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||
Fixed rate | 31 | 0 | 0 | 290 | 0 | 4,609 | 4,930 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 8.5 | – | – | 6 | – | 6.3 | – | 7.5 | – | |||||||||||||||||||||
Subtotal – Group parent company | 31 | 0 | 0 | 290 | 0 | 4,609 | 4,930 | |||||||||||||||||||||||
Subsidiaries (CHF million) | ||||||||||||||||||||||||||||||
Senior debt | ||||||||||||||||||||||||||||||
Fixed rate | 13,774 | 4,656 | 13,402 | 4,298 | 14,948 | 19,589 | 70,667 | |||||||||||||||||||||||
Variable rate | 14,694 | 15,656 | 8,405 | 5,904 | 9,873 | 14,068 | 68,600 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 12.6 | 0.2 | – | 12.6 | 0.1 | – | 12.4 | 0.4 | – | 3.8 | 0 | – | 7.3 | 0 | – | 8.2 | – | |||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||
Fixed rate | 417 | 0 | 175 | 10,055 | 0 | 9,297 | 19,944 | |||||||||||||||||||||||
Variable rate | 76 | 0 | 50 | 0 | 179 | 0 | 305 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0.6 | – | 10.3 | – | 0.9 | – | 7 | 0.1 | – | 13.2 | 0.3 | 0.1 | – | 8.5 | – | |||||||||||||||
Non-recourse liabilities from consolidated VIEs | ||||||||||||||||||||||||||||||
Fixed rate | 442 | 84 | 16 | 0 | 0 | 154 | 696 | |||||||||||||||||||||||
Variable rate | 201 | 110 | 141 | 0 | 46 | 12,258 | 12,756 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 13.2 | 0 | – | 5.4 | 4 | – | 0 | – | 3 | 0 | – | 10.8 | – | |||||||||||||||
Subtotal – Subsidiaries | 29,604 | 20,506 | 22,189 | 20,257 | 25,046 | 55,366 | 172,968 | |||||||||||||||||||||||
Total long-term debt | 29,635 | 20,506 | 22,189 | 20,547 | 25,046 | 59,975 | 177,898 | |||||||||||||||||||||||
of which structured notes | 10,542 | 10,240 | 5,534 | 5,881 | 6,048 | 12,224 | 50,469 | |||||||||||||||||||||||
The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. | ||||||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||||
Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. | ||||||||||||||||||||||||||||||
The Group and the Bank maintain a shelf registration statement with the US Securities and Exchange Commission (SEC), which allows them to issue, from time to time, senior and subordinated debt securities, warrants and related guarantees. The shelf registration statement also allows certain subsidiaries of the Group to issue exchangeable or convertible debt securities which are guaranteed by the Group and are exchangeable or convertible into ordinary shares of the Group. | ||||||||||||||||||||||||||||||
> Refer to “Note 40 – Subsidiary guarantee information” for further information on the subsidiary guarantees. | ||||||||||||||||||||||||||||||
The Group maintains a euro medium-term note program that allows it, certain finance subsidiaries (guaranteed by the Group) and the Bank to issue senior debt securities notes. | ||||||||||||||||||||||||||||||
The Bank maintains a JPY 500 billion Samurai shelf registration statement that allows it to issue, from time to time, senior and subordinated debt securities. | ||||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||
Long-term debt | 23 Long-term debt | |||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||||
Long-term debt (CHF million) | ||||||||||||||||||||||||||||||
Senior | 135,196 | 91,384 | ||||||||||||||||||||||||||||
Subordinated | 24,299 | 22,365 | ||||||||||||||||||||||||||||
Non-recourse liabilities from consolidated VIEs | 13,452 | 12,992 | ||||||||||||||||||||||||||||
Long-term debt | 172,947 | 126,741 | ||||||||||||||||||||||||||||
of which reported at fair value | 80,260 | 62,462 | ||||||||||||||||||||||||||||
of which structured notes | 50,469 | 34,817 | ||||||||||||||||||||||||||||
Structured notes by product | ||||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||||
Structured notes (CHF million) | ||||||||||||||||||||||||||||||
Equity | 35,309 | 22,607 | ||||||||||||||||||||||||||||
Fixed income | 8,321 | 6,455 | ||||||||||||||||||||||||||||
Credit | 5,244 | 5,016 | ||||||||||||||||||||||||||||
Other | 1,595 | 739 | ||||||||||||||||||||||||||||
Total structured notes | 50,469 | 34,817 | ||||||||||||||||||||||||||||
Long-term debt by maturities | ||||||||||||||||||||||||||||||
end of | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Long-term debt (CHF million) | ||||||||||||||||||||||||||||||
Senior debt | ||||||||||||||||||||||||||||||
Fixed rate | 13,298 | 4,130 | 12,846 | 3,944 | 14,600 | 17,780 | 66,598 | |||||||||||||||||||||||
Variable rate | 14,694 | 15,656 | 8,404 | 5,904 | 9,873 | 14,067 | 68,598 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 12.6 | 0.2 | – | 12.6 | 0.1 | – | 12.4 | 0.4 | – | 3.8 | 0 | – | 7.3 | 0 | – | 8.2 | – | |||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||
Fixed rate | 447 | 1 | 175 | 10,349 | 0 | 12,992 | 23,964 | |||||||||||||||||||||||
Variable rate | 76 | 30 | 50 | 0 | 179 | 0 | 335 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0.6 | – | 10.3 | 0.3 | 0.9 | – | 7 | 0.1 | – | 13.2 | 0.3 | 0.1 | – | 8.5 | – | |||||||||||||||
Non-recourse liabilities from consolidated VIEs | ||||||||||||||||||||||||||||||
Fixed rate | 442 | 84 | 16 | 0 | 0 | 154 | 696 | |||||||||||||||||||||||
Variable rate | 201 | 110 | 141 | 0 | 46 | 12,258 | 12,756 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 13.2 | 0 | – | 5.4 | 4 | – | 0 | – | 3 | 0 | – | 10.8 | – | |||||||||||||||
Total long-term debt | 29,158 | 20,011 | 21,632 | 20,197 | 24,698 | 57,251 | 172,947 | |||||||||||||||||||||||
of which structured notes | 10,542 | 10,240 | 5,534 | 5,881 | 6,048 | 12,224 | 50,469 | |||||||||||||||||||||||
The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. | ||||||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||||
Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. | ||||||||||||||||||||||||||||||
> Refer to “Note 24 – Long-term debt” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Accumulated_other_comprehensiv
Accumulated other comprehensive income | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accumulated other comprehensive income | 25 Accumulated other comprehensive income and additional share information | |||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Unrealized | Accumu- | |||||||||||||
Gains/ | gains/ | Net prior | lated other | |||||||||||
(losses) | Cumulative | (losses) | Actuarial | service | compre- | |||||||||
on cash | translation | on | gains/ | credit/ | hensive | |||||||||
flow hedges | adjustments | securities | (losses) | (cost) | income | |||||||||
2014 (CHF million) | ||||||||||||||
Balance at beginning of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
Increase/(decrease) | -11 | 2,196 | 25 | -1,440 | 20 | 790 | ||||||||
Increase/(decrease) due to equity method investments | 4 | 0 | 0 | 0 | 0 | 4 | ||||||||
Reclassification adjustments, included in net income | -13 | 0 | -13 | 187 | -83 | 78 | ||||||||
Total increase/(decrease) | -20 | 2,196 | 12 | -1,253 | -63 | 872 | ||||||||
Balance at end of period | -31 | -11,478 | 64 | -4,010 | 452 | -15,003 | ||||||||
2013 (CHF million) | ||||||||||||||
Balance at beginning of period | -29 | -12,767 | 84 | -3,801 | 610 | -15,903 | ||||||||
Increase/(decrease) | 6 | -991 | -27 | 750 | 0 | -262 | ||||||||
Increase/(decrease) due to equity method investments | 13 | 0 | 0 | 0 | 0 | 13 | ||||||||
Reclassification adjustments, included in net income | -1 | 84 | -5 | 294 | -95 | 277 | ||||||||
Total increase/(decrease) | 18 | -907 | -32 | 1,044 | -95 | 28 | ||||||||
Balance at end of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
2012 (CHF million) | ||||||||||||||
Balance at beginning of period | -66 | -11,778 | 99 | -3,751 | 362 | -15,134 | ||||||||
Increase/(decrease) | 7 | -1,040 | 227 | -291 | 319 | -778 | ||||||||
Increase/(decrease) due to equity method investments | 30 | 0 | 0 | 0 | 0 | 30 | ||||||||
Reclassification adjustments, included in net income | 0 | 51 | -242 | 241 | -71 | -21 | ||||||||
Total increase/(decrease) | 37 | -989 | -15 | -50 | 248 | -769 | ||||||||
Balance at end of period | -29 | -12,767 | 84 | -3,801 | 610 | -15,903 | ||||||||
Refer to "Note 27 - Tax" and "Note 30 - Pension and other post-retirement benefit" for income tax expense/(benefit) on the movements of accumulated other comprehensive income. | ||||||||||||||
Details of significant reclassification adjustments | ||||||||||||||
in | 2014 | 2013 | ||||||||||||
Reclassification adjustments, included in net income (CHF million) | ||||||||||||||
Cumulative translation adjustments | ||||||||||||||
Sale of subsidiaries | 0 | 84 | 1 | |||||||||||
Actuarial gains/(losses) | ||||||||||||||
Amortization of recognized actuarial losses 2 | 243 | 390 | ||||||||||||
Tax expense/(benefit) | -56 | -96 | ||||||||||||
Net of tax | 187 | 294 | ||||||||||||
Net prior service credit/(cost) | ||||||||||||||
Amortization of recognized prior service credit/(cost) 2 | -108 | -120 | ||||||||||||
Tax expense/(benefit) | 25 | 25 | ||||||||||||
Net of tax | -83 | -95 | ||||||||||||
1 | ||||||||||||||
Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. | ||||||||||||||
2 | ||||||||||||||
These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. | ||||||||||||||
Additional share information | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Common shares issued | ||||||||||||||
Balance at beginning of period | 1,596,119,349 | 1,320,829,922 | 1,224,333,062 | |||||||||||
Issuance of common shares | 11,049,598 | 275,289,427 | 96,496,860 | |||||||||||
of which MACCS settlement | 0 | 199,964,015 | 0 | |||||||||||
of which share-based compensation | 11,049,598 | 37,773,125 | 38,812,660 | |||||||||||
Balance at end of period | 1,607,168,947 | 1,596,119,349 | 1,320,829,922 | |||||||||||
Treasury shares | ||||||||||||||
Balance at beginning of period | -5,183,154 | -27,036,831 | -4,010,074 | |||||||||||
Sale of treasury shares | 357,696,773 | 401,126,114 | 394,686,376 | |||||||||||
of which MACCS settlement | 0 | 33,488,655 | 0 | |||||||||||
Repurchase of treasury shares | -386,266,557 | -385,369,391 | -423,704,092 | |||||||||||
Share-based compensation | 26,086,280 | 6,096,954 | 5,990,959 | |||||||||||
Balance at end of period | -7,666,658 | -5,183,154 | -27,036,831 | |||||||||||
Common shares outstanding | ||||||||||||||
Balance at end of period | 1,599,502,289 | 1 | 1,590,936,195 | 2 | 1,293,793,091 | |||||||||
1 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
2 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
Bank | ||||||||||||||
Accumulated other comprehensive income | 24 Accumulated other comprehensive income | |||||||||||||
Unrealized | Accumu- | |||||||||||||
Gains/ | gains/ | Net prior | lated other | |||||||||||
(losses) | Cumulative | (losses) | Actuarial | service | compre- | |||||||||
on cash | translation | on | gains/ | credit/ | hensive | |||||||||
flow hedges | adjustments | securities | (losses) | (cost) | income | |||||||||
2014 (CHF million) | ||||||||||||||
Balance at beginning of period | 9 | -13,738 | 35 | -714 | 3 | -14,405 | ||||||||
Increase/(decrease) | -11 | 2,115 | 21 | 14 | 20 | 2,159 | ||||||||
Reclassification adjustments, included in net income | -16 | 0 | 0 | 44 | -6 | 22 | ||||||||
Total increase/(decrease) | -27 | 2,115 | 21 | 58 | 14 | 2,181 | ||||||||
Balance at end of period | -18 | -11,623 | 56 | -656 | 17 | -12,224 | ||||||||
2013 (CHF million) | ||||||||||||||
Balance at beginning of period | 7 | -11,540 | 53 | -670 | 3 | -12,147 | ||||||||
Increase/(decrease) | 6 | -2,281 | -13 | -102 | 0 | -2,390 | ||||||||
Reclassification adjustments, included in net income | -4 | 83 | -5 | 58 | 0 | 132 | ||||||||
Total increase/(decrease) | 2 | -2,198 | -18 | -44 | 0 | -2,258 | ||||||||
Balance at end of period | 9 | -13,738 | 35 | -714 | 3 | -14,405 | ||||||||
2012 (CHF million) | ||||||||||||||
Balance at beginning of period | 0 | -10,526 | 96 | -729 | 4 | -11,155 | ||||||||
Increase/(decrease) | 7 | -1,058 | 199 | 3 | 0 | -849 | ||||||||
Reclassification adjustments, included in net income | 0 | 44 | -242 | 56 | -1 | -143 | ||||||||
Total increase/(decrease) | 7 | -1,014 | -43 | 59 | -1 | -992 | ||||||||
Balance at end of period | 7 | -11,540 | 53 | -670 | 3 | -12,147 | ||||||||
Details of significant reclassification adjustments | ||||||||||||||
in | 2014 | 2013 | ||||||||||||
Reclassification adjustments, included in net income (CHF million) | ||||||||||||||
Cumulative translation adjustments | ||||||||||||||
Sale of subsidiaries | 0 | 83 | 1 | |||||||||||
Actuarial gains/(losses) | ||||||||||||||
Amortization of recognized actuarial losses 2 | 62 | 92 | ||||||||||||
Tax expense/(benefit) | -18 | -34 | ||||||||||||
Net of tax | 44 | 58 | ||||||||||||
1 | ||||||||||||||
Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. | ||||||||||||||
2 | ||||||||||||||
These components are included in the computation of total benefit costs. Refer to "Note 29 – 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, 2014 | ||||||||||||||||||
Offsetting of financial assets and financial liabilities | 26 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: | ||||||||||||||||||
– are offset in the Group’s consolidated balance sheets; or | ||||||||||||||||||
– are subject to an enforceable master netting agreement or similar agreement (enforceable master netting agreements), irrespective of whether they are offset in the Group’s consolidated balance sheets. | ||||||||||||||||||
Similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities lending agreements. | ||||||||||||||||||
Derivatives | ||||||||||||||||||
The Group transacts bilateral >>>OTC derivatives (OTC derivatives) mainly under International Swaps and Derivatives Association (ISDA) Master Agreements and Swiss Master Agreements for OTC derivative instruments. These agreements provide for the net settlement of all transactions under the agreement through a single payment in the event of default or termination under the agreement. They allow the Group to offset balances from derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives is received and provided in the form of cash and marketable securities. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. The terms of an ISDA Credit Support Annex provide that securities received or provided as collateral may be pledged or sold during the term of the transactions and must be returned upon maturity of the transaction. These terms also give each counterparty the right to terminate the related transactions upon the other counterparty’s failure to post collateral. Financial collateral received or pledged for OTC derivatives may also be subject to collateral agreements which restrict the use of financial collateral. | ||||||||||||||||||
For derivatives transacted with exchanges (exchange-traded derivatives) and central clearing counterparties (OTC-cleared derivatives), positive and negative replacement values (NRV) and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. | ||||||||||||||||||
Where no such agreements exist, fair values are recorded on a gross basis. | ||||||||||||||||||
Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. There is an exception for certain bifurcatable hybrid debt instruments which the Group did not elect to account for at fair value. However, these bifurcated embedded derivatives are generally not subject to enforceable master netting agreements and are not recorded as derivative instruments under trading assets and liabilities or other assets and other liabilities. Information on bifurcated embedded derivatives has therefore not been included in the offsetting disclosures. | ||||||||||||||||||
The following table presents the gross amount of derivatives subject to enforceable master netting agreements by contract and transaction type, the amount of offsetting, the amount of derivatives not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. | ||||||||||||||||||
Offsetting of derivatives | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||
assets | liabilities | assets | liabilities | |||||||||||||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
OTC-cleared | 257.7 | 250 | 265.4 | 262.1 | ||||||||||||||
OTC | 213.6 | 210.4 | 183 | 178.1 | ||||||||||||||
Exchange-traded | 0.1 | 0 | 0.3 | 0 | ||||||||||||||
Interest rate products | 471.4 | 460.4 | 448.7 | 440.2 | ||||||||||||||
OTC | 86.9 | 99 | 58.5 | 68.2 | ||||||||||||||
Exchange-traded | 0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||||
Foreign exchange products | 87 | 99.2 | 58.6 | 68.4 | ||||||||||||||
OTC | 14.8 | 15 | 15.5 | 18.6 | ||||||||||||||
Exchange-traded | 12.4 | 14 | 14.8 | 15.1 | ||||||||||||||
Equity/index-related products | 27.2 | 29 | 30.3 | 33.7 | ||||||||||||||
OTC-cleared | 6.3 | 6.1 | 5.2 | 5.1 | ||||||||||||||
OTC | 20 | 19.5 | 20.8 | 21.2 | ||||||||||||||
Credit derivatives | 26.3 | 25.6 | 26 | 26.3 | ||||||||||||||
OTC-cleared | 0 | 0 | 0 | 0 | ||||||||||||||
OTC | 8.6 | 8.8 | 4.4 | 4 | ||||||||||||||
Exchange-traded | 0.4 | 0.3 | 0.5 | 0.8 | ||||||||||||||
Other products | 9 | 9.1 | 4.9 | 4.8 | ||||||||||||||
OTC-cleared | 264 | 256.1 | 270.6 | 267.2 | ||||||||||||||
OTC | 343.9 | 352.7 | 282.2 | 290.1 | ||||||||||||||
Exchange-traded | 13 | 14.5 | 15.7 | 16.1 | ||||||||||||||
Total gross derivatives subject to enforceable master netting agreements | 620.9 | 623.3 | 568.5 | 573.4 | ||||||||||||||
Offsetting (CHF billion) | ||||||||||||||||||
OTC-cleared | -261.7 | -255.8 | -269.1 | -267 | ||||||||||||||
OTC | -316.4 | -326.1 | -260.7 | -265.7 | ||||||||||||||
Exchange-traded | -11.9 | -13.1 | -15.1 | -15.1 | ||||||||||||||
Offsetting | -590 | -595 | -544.9 | -547.8 | ||||||||||||||
of which counterparty netting | -561.6 | -561.6 | -523.9 | -523.9 | ||||||||||||||
of which cash collateral netting | -28.4 | -33.4 | -21 | -23.9 | ||||||||||||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | ||||||||||||||||||
OTC-cleared | 2.3 | 0.3 | 1.5 | 0.2 | ||||||||||||||
OTC | 27.5 | 26.6 | 21.5 | 24.4 | ||||||||||||||
Exchange-traded | 1.1 | 1.4 | 0.6 | 1 | ||||||||||||||
Total net derivatives subject to enforceable master netting agreements | 30.9 | 28.3 | 23.6 | 25.6 | ||||||||||||||
Total derivatives not subject to enforceable master netting agreements 1 | 8.6 | 9.1 | 10.1 | 11.3 | ||||||||||||||
Total net derivatives presented in the consolidated balance sheets | 39.5 | 37.4 | 33.7 | 36.9 | ||||||||||||||
of which recorded in trading assets and trading liabilities | 38 | 36.9 | 31.6 | 36.5 | ||||||||||||||
of which recorded in other assets and other liabilities | 1.5 | 0.5 | 2.1 | 0.4 | ||||||||||||||
1 | ||||||||||||||||||
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. | ||||||||||||||||||
Reverse repurchase and repurchase agreements and securities lending and borrowing transactions | ||||||||||||||||||
Reverse repurchase and repurchase agreements are generally covered by global master repurchase agreements. In certain situations, for example, in the event of default, all contracts under the agreements are terminated and are settled net in one single payment. Global master repurchase agreements also include payment or settlement netting provisions in the normal course of business that state that all amounts in the same currency payable by each party to the other under any transaction or otherwise under the global master repurchase agreement on the same date shall be set off. | ||||||||||||||||||
Transactions under such agreements are netted in the consolidated balance sheets if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. The amounts offset are measured on the same basis as the underlying transaction (i.e., on an accrual basis or fair value basis). | ||||||||||||||||||
Securities lending and borrowing transactions are generally executed under global master securities lending agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreement are terminated and are settled net in one single payment. Transactions under these agreements are netted in the consolidated balance sheets if they meet the same right of offset criteria as for reverse repurchase and repurchase agreements. In general, most securities lending and borrowing transactions do not meet the criterion of having the same settlement date specified at inception of the transaction, and therefore they are not eligible for netting in the consolidated balance sheets. However, securities lending and borrowing transactions with explicit maturity dates may be eligible for netting in the consolidated balance sheets. | ||||||||||||||||||
Reverse repurchase and repurchase agreements are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. As is the case in the Group’s normal course of business, substantially all of the collateral received that may be sold or repledged was sold or repledged as of December 31, 2014 and December 31, 2013. In certain circumstances, financial collateral received may be restricted during the term of the agreement (e.g., in tri-party arrangements). | ||||||||||||||||||
The following table presents the gross amount of securities purchased under resale agreements and securities borrowing transactions subject to enforceable master netting agreements, the amount of offsetting, the amount of securities purchased under resale agreements and securities borrowing transactions not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. | ||||||||||||||||||
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | ||||||||||||||||||
Securities purchased under resale agreements | 119.3 | -28 | 91.3 | 112 | -25.1 | 86.9 | ||||||||||||
Securities borrowing transactions | 27.8 | -6.9 | 20.9 | 22.7 | -1.7 | 21 | ||||||||||||
Total subject to enforceable master netting agreements | 147.1 | -34.9 | 112.2 | 134.7 | -26.8 | 107.9 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 51 | – | 51 | 52.1 | – | 52.1 | ||||||||||||
Total | 198.1 | -34.9 | 163.2 | 2 | 186.8 | -26.8 | 160 | 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 104,283 million and CHF 96,587 million of the total net amount as of December 31, 2014 and 2013, respectively, are reported at fair value. | ||||||||||||||||||
The following table presents the gross amount of securities sold under repurchase agreements and securities lending transactions subject to enforceable master netting agreements, the amount of offsetting, the amount of securities sold under repurchase agreements and securities lending transactions not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. | ||||||||||||||||||
Offsetting of securities sold under repurchase agreements and securities lending transactions | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | ||||||||||||||||||
Securities sold under repurchase agreements | 69.9 | -31.9 | 38 | 86.5 | -26.8 | 59.7 | ||||||||||||
Securities lending transactions | 10.8 | -3 | 7.8 | 6.6 | 0 | 6.6 | ||||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 0 | 18.8 | 18.5 | 0 | 18.5 | ||||||||||||
Total subject to enforceable master netting agreements | 99.5 | -34.9 | 64.6 | 111.6 | -26.8 | 84.8 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 32.4 | – | 32.4 | 32 | – | 32 | ||||||||||||
Total | 131.9 | -34.9 | 97 | 143.6 | -26.8 | 116.8 | ||||||||||||
of which securities sold under repurchase agreements and securities lending transactions | 105 | -34.9 | 70.1 | 2 | 120.8 | -26.8 | 94 | 2 | ||||||||||
of which obligation to return securities received as collateral, at fair value | 26.9 | 0 | 26.9 | 22.8 | 0 | 22.8 | ||||||||||||
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 54,732 million and CHF 76,104 million of the total net amount as of December 31, 2014 and 2013, respectively, are reported at fair value. | ||||||||||||||||||
The following table presents the net amount presented in the consolidated balance sheets of financial assets and liabilities subject to enforceable master netting agreements and the gross amount of financial instruments and cash collateral not offset in the consolidated balance sheets. The table excludes derivatives, reverse repurchase and repurchase agreements and securities lending and borrowing transactions not subject to enforceable master netting agreements where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Net exposure reflects risk mitigation in the form of collateral. | ||||||||||||||||||
Amounts not offset in the consolidated balance sheets | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Net | 1 | Cash | 1 | Net | 1 | Cash | 1 | |||||||||||
collateral | collateral | |||||||||||||||||
Financial | received/ | Net | Financial | received/ | Net | |||||||||||||
instruments | pledged | exposure | instruments | pledged | exposure | |||||||||||||
Financial assets subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 30.9 | 6.5 | 0.1 | 24.3 | 23.6 | 4.9 | 0.1 | 18.6 | ||||||||||
Securities purchased under resale agreements | 91.3 | 91.3 | 0 | 0 | 86.9 | 86.9 | 0 | 0 | ||||||||||
Securities borrowing transactions | 20.9 | 20.3 | 0 | 0.6 | 21 | 20.2 | 0 | 0.8 | ||||||||||
Total financial assets subject to enforceable master netting agreements | 143.1 | 118.1 | 0.1 | 24.9 | 131.5 | 112 | 0.1 | 19.4 | ||||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 28.3 | 8.5 | 0 | 19.8 | 25.6 | 9.9 | 0 | 15.7 | ||||||||||
Securities sold under repurchase agreements | 38 | 38 | 0 | 0 | 59.7 | 59.7 | 0 | 0 | ||||||||||
Securities lending transactions | 7.8 | 7.6 | 0 | 0.2 | 6.6 | 6.2 | 0 | 0.4 | ||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 18.1 | 0 | 0.7 | 18.5 | 17.5 | 0 | 1 | ||||||||||
Total financial liabilities subject to enforceable master netting agreements | 92.9 | 72.2 | 0 | 20.7 | 110.4 | 93.3 | 0 | 17.1 | ||||||||||
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 >>>CDS and credit insurance contracts. Therefore the net exposure presented in the table above is not representative for the Group’s counterparty exposure. | ||||||||||||||||||
Bank | ||||||||||||||||||
Offsetting of financial assets and financial liabilities | 25 Offsetting of financial assets and financial liabilities | |||||||||||||||||
> Refer to “Note 26 – Offsetting of financial assets and financial liabilities” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||
Offsetting of derivatives | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||
assets | liabilities | assets | liabilities | |||||||||||||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
OTC-cleared | 257.8 | 250.1 | 265.3 | 262 | ||||||||||||||
OTC | 213.6 | 210.3 | 183.1 | 178 | ||||||||||||||
Exchange-traded | 0.1 | 0 | 0.1 | 0.2 | ||||||||||||||
Interest rate products | 471.5 | 460.4 | 448.5 | 440.2 | ||||||||||||||
OTC | 86.9 | 99 | 58.5 | 68.2 | ||||||||||||||
Exchange-traded | 0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||||
Foreign exchange products | 87 | 99.2 | 58.6 | 68.4 | ||||||||||||||
OTC | 14.8 | 15.3 | 15.5 | 18.6 | ||||||||||||||
Exchange-traded | 12.4 | 14 | 14.8 | 15.1 | ||||||||||||||
Equity/index-related products | 27.2 | 29.3 | 30.3 | 33.7 | ||||||||||||||
OTC-cleared | 6.3 | 6.1 | 5.2 | 5.1 | ||||||||||||||
OTC | 20 | 19.5 | 20.8 | 21.2 | ||||||||||||||
Credit derivatives | 26.3 | 25.6 | 26 | 26.3 | ||||||||||||||
OTC | 8.6 | 8.7 | 4.4 | 4.1 | ||||||||||||||
Exchange-traded | 0.4 | 0.4 | 0.6 | 0.5 | ||||||||||||||
Other products | 9 | 9.1 | 5 | 4.6 | ||||||||||||||
OTC-cleared | 264.1 | 256.2 | 270.5 | 267.1 | ||||||||||||||
OTC | 343.9 | 352.8 | 282.3 | 290.1 | ||||||||||||||
Exchange-traded | 13 | 14.6 | 15.6 | 16 | ||||||||||||||
Total gross derivatives subject to enforceable master netting agreements | 621 | 623.6 | 568.4 | 573.2 | ||||||||||||||
Offsetting (CHF billion) | ||||||||||||||||||
OTC-cleared | -261.7 | -255.8 | -269.1 | -267 | ||||||||||||||
OTC | -316.7 | -326.4 | -260.6 | -265.5 | ||||||||||||||
Exchange-traded | -11.9 | -13.1 | -15.1 | -15.1 | ||||||||||||||
Offsetting | -590.3 | -595.3 | -544.8 | -547.6 | ||||||||||||||
of which counterparty netting | -561.6 | -561.6 | -523.7 | -523.7 | ||||||||||||||
of which cash collateral netting | -28.7 | -33.7 | -21.1 | -23.9 | ||||||||||||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | ||||||||||||||||||
OTC-cleared | 2.4 | 0.4 | 1.4 | 0.1 | ||||||||||||||
OTC | 27.2 | 26.4 | 21.7 | 24.6 | ||||||||||||||
Exchange-traded | 1.1 | 1.5 | 0.5 | 0.9 | ||||||||||||||
Total net derivatives subject to enforceable master netting agreements | 30.7 | 28.3 | 23.6 | 25.6 | ||||||||||||||
Total derivatives not subject to enforceable master netting agreements 1 | 8.8 | 9.1 | 10.3 | 11.4 | ||||||||||||||
Total net derivatives presented in the consolidated balance sheets | 39.5 | 37.4 | 33.9 | 37 | ||||||||||||||
of which recorded in trading assets and trading liabilities | 38 | 36.9 | 31.8 | 36.6 | ||||||||||||||
of which recorded in other assets and other liabilities | 1.5 | 0.5 | 2.1 | 0.4 | ||||||||||||||
1 | ||||||||||||||||||
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. | ||||||||||||||||||
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | ||||||||||||||||||
Securities purchased under resale agreements | 119.3 | -28 | 91.3 | 112 | -25.1 | 86.9 | ||||||||||||
Securities borrowing transactions | 27.8 | -6.9 | 20.9 | 22.7 | -1.7 | 21 | ||||||||||||
Total subject to enforceable master netting agreements | 147.1 | -34.9 | 112.2 | 134.7 | -26.8 | 107.9 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 51 | – | 51 | 52.1 | – | 52.1 | ||||||||||||
Total | 198.1 | -34.9 | 163.2 | 2 | 186.8 | -26.8 | 160 | 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 104,283 million and CHF 96,587 million of the total net amount as of December 31, 2014 and December 31, 2013, respectively, are reported at fair value. | ||||||||||||||||||
Offsetting of securities sold under repurchase agreements and securities lending transactions | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | ||||||||||||||||||
Securities sold under repurchase agreements | 69.9 | -31.9 | 38 | 86.5 | -26.8 | 59.7 | ||||||||||||
Securities lending transactions | 10.8 | -3 | 7.8 | 6.6 | 0 | 6.6 | ||||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 0 | 18.8 | 18.5 | 0 | 18.5 | ||||||||||||
Total subject to enforceable master netting agreements | 99.5 | -34.9 | 64.6 | 111.6 | -26.8 | 84.8 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 32.4 | – | 32.4 | 32 | – | 32 | ||||||||||||
Total | 131.9 | -34.9 | 97 | 143.6 | -26.8 | 116.8 | ||||||||||||
of which securities sold under repurchase agreements and securities lending transactions | 105 | -34.9 | 70.1 | 2 | 120.8 | -26.8 | 94 | 2 | ||||||||||
of which obligation to return securities received as collateral, at fair value | 26.9 | 0 | 26.9 | 22.8 | 0 | 22.8 | ||||||||||||
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 54,732 million and CHF 76,104 million of the total net amount as of December 31, 2014 and December 31, 2013, respectively, are reported at fair value. | ||||||||||||||||||
Amounts not offset in the consolidated balance sheets | ||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Net | 1 | Cash | 1 | Net | 1 | Cash | 1 | |||||||||||
collateral | collateral | |||||||||||||||||
Financial | received/ | Net | Financial | received/ | Net | |||||||||||||
instruments | pledged | exposure | instruments | pledged | exposure | |||||||||||||
Financial assets subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 30.7 | 6.5 | 0.1 | 24.1 | 23.6 | 4.9 | 0.1 | 18.6 | ||||||||||
Securities purchased under resale agreements | 91.3 | 91.3 | 0 | 0 | 86.9 | 86.9 | 0 | 0 | ||||||||||
Securities borrowing transactions | 20.9 | 20.3 | 0 | 0.6 | 21 | 20.2 | 0 | 0.8 | ||||||||||
Total financial assets subject to enforceable master netting agreements | 142.9 | 118.1 | 0.1 | 24.7 | 131.5 | 112 | 0.1 | 19.4 | ||||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 28.3 | 8.5 | 0 | 19.8 | 25.6 | 9.9 | 0 | 15.7 | ||||||||||
Securities sold under repurchase agreements | 38 | 38 | 0 | 0 | 59.7 | 59.7 | 0 | 0 | ||||||||||
Securities lending transactions | 7.8 | 7.6 | 0 | 0.2 | 6.6 | 6.2 | 0 | 0.4 | ||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 18.1 | 0 | 0.7 | 18.5 | 17.5 | 0 | 1 | ||||||||||
Total financial liabilities subject to enforceable master netting agreements | 92.9 | 72.2 | 0 | 20.7 | 110.4 | 93.3 | 0 | 17.1 | ||||||||||
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, 2014 | ||||||||
Tax | 27 Tax | |||||||
Details of current and deferred taxes | ||||||||
in | 2014 | 2013 | 2012 | |||||
Current and deferred taxes (CHF million) | ||||||||
Switzerland | 99 | 12 | 140 | |||||
Foreign | 622 | 569 | 580 | |||||
Current income tax expense | 721 | 581 | 720 | |||||
Switzerland | -321 | 22 | -123 | |||||
Foreign | 1,005 | 673 | -132 | |||||
Deferred income tax expense/(benefit) | 684 | 695 | -255 | |||||
Income tax expense | 1,405 | 1,276 | 465 | |||||
Income tax expense on discontinued operations | 40 | 75 | 31 | |||||
Income tax expense/(benefit) reported in shareholders' equity related to: | ||||||||
Gains/(losses) on cash flow hedges | 4 | 1 | 0 | |||||
Cumulative translation adjustment | -117 | 44 | -12 | |||||
Unrealized gains/(losses) on securities | 5 | -12 | 6 | |||||
Actuarial gains/(losses) | -375 | 388 | 1 | |||||
Net prior service credit/(cost) | -11 | -25 | 63 | |||||
Share-based compensation and treasury shares | 71 | 0 | -50 | |||||
Reconciliation of taxes computed at the Swiss statutory rate | ||||||||
in | 2014 | 2013 | 2012 | |||||
Income from continuing operations before taxes (CHF million) | ||||||||
Switzerland | 401 | 642 | 1,680 | |||||
Foreign | 3,226 | 3,454 | 510 | |||||
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 | |||||
Reconciliation of taxes computed at the Swiss statutory rate (CHF million) | ||||||||
Income tax expense computed at the statutory tax rate of 22% | 798 | 901 | 482 | |||||
Increase/(decrease) in income taxes resulting from | ||||||||
Foreign tax rate differential | 314 | 189 | 242 | |||||
Non-deductible amortization of other intangible assets and goodwill impairment | 6 | 25 | 2 | |||||
Other non-deductible expenses | 666 | 492 | 393 | |||||
Additional taxable income | 4 | 2 | 11 | |||||
Lower taxed income | -272 | -381 | -422 | |||||
Income taxable to noncontrolling interests | -163 | -252 | -117 | |||||
Changes in tax law and rates | 151 | 184 | 182 | |||||
Changes in deferred tax valuation allowance | 1,064 | 385 | 13 | |||||
Change in recognition of outside basis difference | -450 | 0 | 0 | |||||
Tax deductible impairments of Swiss subsidiary investments | -555 | -268 | -161 | |||||
Other | -158 | -1 | -160 | |||||
Income tax expense | 1,405 | 1,276 | 465 | |||||
2014 | ||||||||
Foreign tax rate differential of CHF 314 million reflected a foreign tax expense in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US, partially offset by foreign tax rate differential related to profits earned in lower tax jurisdictions, mainly Guernsey and the Bahamas. The total foreign tax expense of CHF 1,627 million was not only impacted by the foreign tax expense based on statutory tax rates but also by tax impacts related to additional reconciling items as explained below. | ||||||||
Other non-deductible expenses of CHF 666 million included the impact of CHF 390 million relating to the non-deductible portion of the litigation provisions and settlement charges, non-deductible interest expenses of CHF 179 million, non-deductible bank levy costs and other non-deductible compensation expenses and management costs of CHF 59 million, and other various smaller non-deductible expenses of CHF 38 million. | ||||||||
Lower taxed income of CHF 272 million included a tax benefit of CHF 84 million related to non-taxable dividend income, CHF 56 million related to non-taxable life insurance income, CHF 35 million in respect of income taxed at rates lower than the statutory tax rate, CHF 34 million related to exempt offshore income and various smaller items. | ||||||||
Changes in tax law and rates of CHF 151 million reflected a tax expense related to the change in New York state tax law. | ||||||||
Changes in deferred tax valuation allowances of CHF 1,064 million included the net impact of the increase of valuation allowances of CHF 427 million, mainly in respect of six of the Group’s operating entities, three in the UK and one in each of Germany, Italy and Switzerland, relating to current year earnings. Additionally, 2014 included an increase in valuation allowance for previously recognized deferred tax assets in respect of two of the Group’s operating entities in the UK of CHF 662 million. Also included was a tax benefit of CHF 25 million resulting from the release of valuation allowances on deferred tax assets from one of the Group’s operating entities in Spain. | ||||||||
Change in recognition of outside basis difference of CHF 450 million reflected a tax benefit related to the enactment of a Swiss GAAP change impacting the expected reversal of the outside basis differences relating to Swiss subsidiary investments. | ||||||||
Other of CHF 158 million included a tax benefit of CHF 189 million following audit closures and tax settlements, together with a benefit of CHF 7 million relating to the decrease of tax contingency accruals, partially offset by CHF 30 million return to accrual adjustments and a tax expense of CHF 27 million relating to non-recoverable foreign and withholding taxes. The remaining balance included various smaller items. | ||||||||
2013 | ||||||||
Foreign tax rate differential of CHF 189 million reflected a foreign tax expense in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US, partially offset by foreign tax rate differential related to profits earned in lower tax jurisdictions, mainly Guernsey and the Bahamas. The total foreign tax expense of CHF 1,242 million was not only impacted by the foreign tax expense based on statutory tax rates but also by tax impacts related to additional reconciling items explained below. | ||||||||
Other non-deductible expenses of CHF 492 million included non-deductible interest expenses of CHF 247 million, non-taxable offshore expenses of CHF 9 million, non-deductible bank levy costs and other non-deductible compensation expenses and management costs of CHF 93 million, non-deductible provision accruals of CHF 103 million and other various smaller non-deductible expenses. | ||||||||
Lower taxed income of CHF 381 million included a net tax benefit of CHF 49 million resulting from the reversal of a deferred tax liability previously recorded to cover for a taxable timing difference related to a re-investment relief. In addition, 2013 included a Swiss income tax benefit of CHF 41 million as a result of foreign branch earnings beneficially impacting the earnings mix, a tax benefit of CHF 61 million related to non-taxable life insurance income, CHF 56 million related to exempt offshore income, CHF 45 million in respect of non-taxable dividend income, CHF 18 million related to non-taxable foreign exchange gains, CHF 67 million related to tax credits and CHF 19 million related to permanent tax benefits from tax deductible goodwill amortization. The remaining balance included various smaller items. | ||||||||
Changes in tax law and rates of CHF 184 million reflected a tax expense caused by the reduction of deferred tax assets mainly due to the impact of the change in UK corporation tax. | ||||||||
Changes in deferred tax valuation allowances of CHF 385 million included the impact of the increase of valuation allowances of CHF 249 million, mainly in respect of four of the Group’s operating entities, three in Europe and one in Asia, relating to current year earnings. Additionally, 2013 included an increase in valuation allowance for previously recognized deferred tax assets in respect of one of the Group’s operating entities in the UK of CHF 278 million. Also included was a tax benefit of CHF 143 million resulting from the release of valuation allowances on deferred tax assets, mainly for two of the Group’s operating entities, one in Japan and one in the UK. | ||||||||
Other of CHF 1 million included a tax benefit of CHF 57 million relating to the current year’s earnings mix and the re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability related to deferred tax assets and a CHF 36 million income tax benefit following a change in the tax status of one of the Group’s US entities, offset by a tax expense of CHF 44 million relating to the increase of tax contingency accruals and a tax expense of CHF 56 million relating to non-recoverable foreign and withholding taxes. The remaining balance included various smaller items. | ||||||||
2012 | ||||||||
Foreign tax rate differential of CHF 242 million reflected a foreign tax expense in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US, partially offset by foreign tax rate differential related to profits earned in lower tax jurisdictions, mainly Guernsey and the Bahamas. The total foreign tax expense of CHF 448 million was not only impacted by the foreign tax expense based on statutory tax rates but also by tax impacts related to additional reconciling items explained below. | ||||||||
Other non-deductible expenses of CHF 393 million included non-deductible interest expenses of CHF 259 million, non-taxable offshore expenses of CHF 8 million, non-deductible bank levy costs and other non-deductible compensation expenses of CHF 57 million and other various smaller non-deductible expenses. | ||||||||
Lower taxed income of CHF 422 million included a Swiss income tax benefit of CHF 114 million as a result of foreign branch earnings beneficially impacting the earnings mix. In addition, 2012 included a tax benefit of CHF 48 million related to non-taxable life insurance income, CHF 29 million related to exempt offshore income, CHF 40 million in respect of non-taxable dividend income, CHF 11 million related to non-taxable foreign exchange gains and CHF 100 million related to tax credits. The remaining balance included various smaller items, amongst others related to permanent tax benefits from tax deductible goodwill amortization and tax holidays. | ||||||||
Changes in tax law and rates of CHF 182 million reflected a tax expense caused by the reduction of deferred tax assets mainly due to the impact of the change in UK corporation tax. | ||||||||
Changes in deferred tax valuation allowances of CHF 13 million included an increase to the valuation allowance of CHF 834 million in respect of five of the Group’s operating entities, three in Europe and two in Asia, mainly relating to deferred tax assets on current year tax losses and pre-existing loss carry-forwards. Additionally, 2012 included a tax benefit of CHF 820 million resulting from the release of valuation allowances on deferred tax assets for one of the Group’s operating entities in the US. | ||||||||
Other of CHF 160 million included a tax benefit of CHF 48 million relating to the re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability related to such pre-existing deferred tax assets. Also included was a benefit of CHF 70 million 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 and CHF 40 million relating to the release of tax contingency accruals following the favorable resolution of tax matters. | ||||||||
As of December 31, 2014, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 5.8 billion. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. | ||||||||
Details of the tax effect of temporary differences | ||||||||
end of | 2014 | 2013 | ||||||
Tax effect of temporary differences (CHF million) | ||||||||
Compensation and benefits | 2,373 | 2,113 | ||||||
Loans | 231 | 363 | ||||||
Investment securities | 882 | 1,651 | ||||||
Provisions | 1,658 | 1,874 | ||||||
Derivatives | 121 | 143 | ||||||
Real estate | 277 | 240 | ||||||
Net operating loss carry-forwards | 6,232 | 4,433 | ||||||
Other | 99 | 189 | ||||||
Gross deferred tax assets before valuation allowance | 11,873 | 11,006 | ||||||
Less valuation allowance | -4,107 | -2,705 | ||||||
Gross deferred tax assets net of valuation allowance | 7,766 | 8,301 | ||||||
Compensation and benefits | -164 | -422 | ||||||
Loans | -40 | -109 | ||||||
Investment securities | -619 | -1,099 | ||||||
Provisions | -448 | -397 | ||||||
Business combinations | -1 | 0 | ||||||
Derivatives | -168 | -193 | ||||||
Leasing | -23 | -53 | ||||||
Real estate | -62 | -76 | ||||||
Other | -211 | -161 | ||||||
Gross deferred tax liabilities | -1,736 | -2,510 | ||||||
Net deferred tax assets | 6,030 | 5,791 | ||||||
The increase in net deferred tax assets from 2013 to 2014 of CHF 239 million was primarily due to the impact of total CHF 799 million from the recognition and re-measurement of deferred tax balances in Switzerland and the release of valuation allowances in Spain, the tax impacts directly recorded in equity, mainly related to the net impact of share-based compensation, pension plan re-measurement and other tax recorded directly in equity of CHF 460 million, and foreign exchange translation gains of CHF 447 million, which are included within the currency translation adjustments recorded in AOCI. These increases were partially offset by taxable income in 2014, reducing deferred tax assets by CHF 654 million and the recognition of a valuation allowance against pre-existing deferred tax assets, mainly in the UK, of CHF 662 million. In addition, the movement also included a decrease of deferred tax assets of CHF 151 million as a result of changes to the corporation tax law in New York. | ||||||||
The most significant net deferred tax assets arise in the US, Switzerland and UK and these decreased from CHF 5,732 million, net of a valuation allowance of CHF 1,713 million as of the end of 2013, to CHF 5,592 million, net of a valuation allowance of CHF 3,184 million as of the end of 2014. | ||||||||
Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Group recorded a valuation allowance against deferred tax assets in the amount of CHF 4.1 billion as of December 31, 2014 compared to CHF 2.7 billion as of December 31, 2013. | ||||||||
Amounts and expiration dates of net operating loss carry-forwards | ||||||||
end of 2014 | Total | |||||||
Net operating loss carry-forwards (CHF million) | ||||||||
Due to expire within 1 year | 48 | |||||||
Due to expire within 2 to 5 years | 12,881 | |||||||
Due to expire within 6 to 10 years | 2,431 | |||||||
Due to expire within 11 to 20 years | 3,756 | |||||||
Amount due to expire | 19,116 | |||||||
Amount not due to expire | 15,475 | |||||||
Total net operating loss carry-forwards | 34,591 | |||||||
Movements in the valuation allowance | ||||||||
in | 2014 | 2013 | 2012 | |||||
Movements in the valuation allowance (CHF million) | ||||||||
Balance at beginning of period | 2,705 | 2,554 | 2,690 | |||||
Net changes | 1,402 | 151 | -136 | |||||
Balance at end of period | 4,107 | 2,705 | 2,554 | |||||
As part of its normal practice, the Group has conducted a detailed evaluation of its expected future results. This evaluation is dependent on management estimates and assumptions in developing the expected future results, which are based on a strategic business planning process influenced by current economic conditions and assumptions of future economic conditions that are subject to change. This evaluation took into account both positive and negative evidence related to expected future taxable income and also considered stress scenarios. This evaluation has indicated the expected future results that are likely to be earned in jurisdictions where the Group has significant gross deferred tax assets, primarily in the US, the UK and Switzerland. The Group then compared those expected future results with the applicable law governing utilization of deferred tax assets. US tax law allows for a 20-year carry-forward period for net operating losses, UK tax law allows for an unlimited carry-forward period for net operating losses and Swiss tax law allows for a seven-year carry-forward period for net operating losses. | ||||||||
The Group does not expect the SNB decision in January 2015 to discontinue the minimum exchange rate of CHF 1.20 per euro and to increase negative interest rates will lead to a material impact on the evaluation of the carrying value of the Group’s deferred tax asset position. | ||||||||
Tax benefits associated with share-based compensation | ||||||||
in | 2014 | 2013 | 2012 | |||||
Tax benefits associated with share-based compensation (CHF million) | ||||||||
Tax benefits recorded in the consolidated statements of operations 1 | 505 | 483 | 597 | |||||
Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital | -70 | -24 | 41 | |||||
Tax benefits in respect of tax on dividend equivalent payments | 1 | 22 | 12 | |||||
1 | ||||||||
Calculated at the statutory tax rate before valuation allowance considerations. | ||||||||
> Refer to “Note 28 – Employee deferred compensation” for further information on share-based compensation. | ||||||||
If, upon settlement of share-based compensation, the tax deduction exceeds the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the utilized tax benefit associated with any excess deduction is considered a “windfall” and recognized in shareholders’ equity as additional paid-in capital and reflected as a financing cash inflow in the consolidated statements of cash flows. If, upon settlement the tax deduction is lower than the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the tax charge associated with the lower deduction is considered a “shortfall”. Tax charges arising on shortfalls are recognized in shareholders’ equity to the extent that any shortfalls are lower than the cumulative windfalls, otherwise the tax charge is recognized in the consolidated statements of operations. However, windfall deductions and dividend equivalents aggregating CHF 1.1 billion and CHF 0.9 billion for 2014 and 2013, respectively, did not result in a reduction of income taxes payable because certain entities were in a net operating loss position. When the income tax benefit of these deductions is realized, an estimated CHF 229 million tax benefit will be recorded in additional paid-in capital. | ||||||||
Uncertain tax positions | ||||||||
US GAAP requires a two-step process in evaluating uncertain income tax positions. In the first step, an enterprise determines whether it is more likely than not that an income tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions meeting the more-likely-than-not recognition threshold are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each income tax position is measured at the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. | ||||||||
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | ||||||||
2014 | 2013 | 2012 | ||||||
Movements in gross unrecognized tax benefits (CHF million) | ||||||||
Balance at beginning of period | 423 | 420 | 373 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 2 | 4 | 33 | |||||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | -47 | -8 | -58 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 39 | 46 | 39 | |||||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | -10 | 0 | -4 | |||||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -24 | -5 | -43 | |||||
Other (including foreign currency translation) | 6 | -34 | 80 | |||||
Balance at end of period | 389 | 423 | 420 | |||||
of which, if recognized, would affect the effective tax rate | 389 | 417 | 414 | |||||
Interest and penalties | ||||||||
in | 2014 | 2013 | 2012 | |||||
Interest and penalties (CHF million) | ||||||||
Interest and penalties recognized in the consolidated statements of operations | 16 | 7 | -13 | |||||
Interest and penalties recognized in the consolidated balance sheets | 86 | 69 | 69 | |||||
Interest and penalties are reported as tax expense. The Group is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. | ||||||||
It is reasonably possible that there will be a decrease of between zero and CHF 55 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: Switzerland – 2010; Brazil – 2009; Japan – 2009; the UK – 2006; the US – 2006; and the Netherlands – 2005. | ||||||||
Bank | ||||||||
Tax | 26 Tax | |||||||
Details of current and deferred taxes | ||||||||
in | 2014 | 2013 | 2012 | |||||
Current and deferred taxes (CHF million) | ||||||||
Switzerland | 56 | -52 | 85 | |||||
Foreign | 624 | 564 | 581 | |||||
Current income tax expense | 680 | 512 | 666 | |||||
Switzerland | -384 | -15 | -121 | |||||
Foreign | 1,003 | 673 | -180 | |||||
Deferred income tax expense/(benefit) | 619 | 658 | -301 | |||||
Income tax expense | 1,299 | 1,170 | 365 | |||||
Income tax expense/(benefit) on discontinued operations | 40 | 75 | 31 | |||||
Income tax expense/(benefit) reported in shareholder's equity related to: | ||||||||
Gains/(losses) on cash flow hedges | 4 | 1 | 0 | |||||
Cumulative translation adjustment | -117 | 44 | -12 | |||||
Unrealized gains/(losses) on securities | 7 | -8 | -1 | |||||
Actuarial gains/(losses) | -27 | 99 | 30 | |||||
Net prior service cost | 9 | 0 | -2 | |||||
Share-based compensation and treasury shares | 68 | 1 | -53 | |||||
Reconciliation of taxes computed at the Swiss statutory rate | ||||||||
in | 2014 | 2013 | 2012 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Switzerland | -179 | 300 | 1,170 | |||||
Foreign | 3,140 | 3,354 | 609 | |||||
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 | |||||
Reconciliation of taxes computed at the Swiss statutory rate (CHF million) | ||||||||
Income tax expense computed at the statutory tax rate of 22% | 651 | 804 | 391 | |||||
Increase/(decrease) in income taxes resulting from | ||||||||
Foreign tax rate differential | 347 | 248 | 67 | |||||
Non-deductible amortization of other intangible assets and goodwill impairment | 6 | 25 | 0 | |||||
Other non-deductible expenses | 666 | 493 | 382 | |||||
Additional taxable income | 2 | -5 | 6 | |||||
Lower taxed income | -265 | -374 | -413 | |||||
Income taxable to noncontrolling interests | -173 | -297 | 57 | |||||
Changes in tax law and rates | 151 | 184 | 182 | |||||
Changes in deferred tax valuation allowance | 1,071 | 381 | 10 | |||||
Change in recognition of outside basis difference | -450 | 0 | 0 | |||||
Tax deductible impairments of Swiss subsidiary investments | -555 | -268 | -161 | |||||
Other | -152 | -21 | -156 | |||||
Income tax expense | 1,299 | 1,170 | 365 | |||||
2014 | ||||||||
Foreign tax rate differential of CHF 347 million reflected a foreign tax expense in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US, partially offset by foreign tax rate differential related to profits earned in lower tax jurisdictions, mainly Guernsey and the Bahamas. The total foreign tax expense of CHF 1,627 million was not only impacted by the foreign tax expense based on statutory tax rates but also by tax impacts related to additional reconciling items as explained below. | ||||||||
Other non-deductible expenses of CHF 666 million included the impact of CHF 390 million relating to the non-deductible portion of the litigation provisions and settlement charges, non-deductible interest expenses of CHF 179 million, non-deductible bank levy costs and other non-deductible compensation expenses and management costs of CHF 59 million, and other various smaller non-deductible expenses of CHF 38 million. | ||||||||
Lower taxed income of CHF 265 million included a net tax benefit of CHF 84 million related to non-taxable dividend income, CHF 56 million related to non-taxable life insurance income, CHF 35 million in respect of income taxed at rates lower than the statutory tax rate, CHF 34 million related to exempt offshore income and various smaller items. | ||||||||
Changes in tax law and rates of CHF 151 million reflected a tax expense related to the change in New York state tax law. | ||||||||
Changes in deferred tax valuation allowances of CHF 1,071 million included the net impact of the increase of valuation allowances of CHF 434 million, mainly in respect of six of the Bank’s operating entities, three in the UK and one in each of Germany, Italy and Switzerland, relating to current year’s earnings. Additionally, 2014 included an increase in valuation allowance for previously recognized deferred tax assets in respect of two of the Bank’s operating entities in the UK of CHF 662 million. Also included was a tax benefit of CHF 25 million resulting from the release of valuation allowances on deferred tax assets from one of the Bank’s operating entities in Spain. | ||||||||
Change in recognition of outside basis difference of CHF 450 million reflected a tax benefit related to the enactment of a Swiss GAAP change impacting the expected reversal of the outside basis differences relating to Swiss subsidiary investments. | ||||||||
Other of CHF 152 million included a tax benefit of CHF 189 million following audit closures and tax settlements, together with a benefit of CHF 4 million relating to the decrease of tax contingency accruals, partially offset by CHF 33 million return to accrual adjustments and a tax expense of CHF 26 million relating to non-recoverable foreign and withholding taxes. The remaining balance included various smaller items. | ||||||||
2013 | ||||||||
Foreign tax rate differential of CHF 248 million reflected a foreign tax expense in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US, partially offset by foreign tax rate differential related to profits earned in lower tax jurisdictions, mainly Guernsey and the Bahamas. The total foreign tax expense of CHF 1,237 million was not only impacted by the foreign tax expense based on statutory tax rates but also by tax impacts related to additional reconciling items explained below. | ||||||||
Other non-deductible expenses of CHF 493 million included non-deductible interest expenses of CHF 247 million, non-taxable offshore expenses of CHF 9 million, non-deductible bank levy costs and other non-deductible compensation expenses and management costs of CHF 93 million, non-deductible provision accruals of CHF 103 million and other various smaller non-deductible expenses. | ||||||||
Lower taxed income of CHF 374 million included a net tax benefit of CHF 49 million resulting from the reversal of a deferred tax liability previously recorded to cover for a taxable timing difference related to a re-investment relief. In addition, 2013 included a Swiss income tax benefit of CHF 41 million as a result of foreign branch earnings beneficially impacting the earnings mix, a tax benefit of CHF 61 million related to non-taxable life insurance income, CHF 56 million related to exempt offshore income, CHF 45 million in respect of non-taxable dividend income, CHF 18 million related to non-taxable foreign exchange gains, CHF 67 million related to tax credits and CHF 19 million related to permanent tax benefits from tax deductible goodwill amortization. The remaining balance included various smaller items. | ||||||||
Changes in tax law and rates of CHF 184 million reflected a tax expense caused by the reduction of deferred tax assets mainly due to the impact of the change in UK corporation tax. | ||||||||
Changes in deferred tax valuation allowances of CHF 381 million included the impact of the increase of valuation allowances of CHF 246 million mainly in respect of four of the Bank’s operating entities, three in Europe and one in Asia, relating to current year earnings. Additionally, 2013 included an increase in valuation allowance for previously recognized deferred tax assets in respect of one of the Bank’s operating entities in the UK of CHF 278 million. Also included was a tax benefit of CHF 143 million resulting from the release of valuation allowances on deferred tax assets mainly for two of the Bank’s operating entities, one in Japan and one in the UK. | ||||||||
Other of CHF 21 million included a tax benefit of CHF 57 million relating to the current year’s earnings mix and the re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability related to deferred tax assets and a CHF 36 million income tax benefit following a change in the tax status of one of the Bank’s US entities, partially offset by a tax expense of CHF 41 million relating to the increase of tax contingency accruals and a tax expense of CHF 41 million relating to non-recoverable foreign taxes. The remaining balance included various smaller items. | ||||||||
2012 | ||||||||
Foreign tax rate differential of CHF 67 million reflected a foreign tax expense in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US, partially offset by foreign tax rate differential related to profits earned in lower tax jurisdictions, mainly Guernsey and the Bahamas. The total foreign tax expense of CHF 401 million was not only impacted by the foreign tax expense based on statutory tax rates but also by tax impacts related to additional reconciling items explained below. | ||||||||
Other non-deductible expenses of CHF 382 million included non-deductible interest expenses of CHF 259 million, non-taxable offshore expenses of CHF 8 million, non-deductible bank levy costs and other non-deductible compensation expenses of CHF 57 million and other various smaller non-deductible expenses. | ||||||||
Lower taxed income of CHF 413 million included a Swiss income tax benefit of CHF 114 million as a result of foreign branch earnings beneficially impacting the earnings mix. In addition, 2012 included a tax benefit of CHF 48 million related to non-taxable life insurance income, CHF 29 million related to exempt offshore income, CHF 40 million in respect of non-taxable dividend income, CHF 11 million related to non-taxable foreign exchange gains and CHF 100 million related to tax credits. The remaining balance included various smaller items, amongst others related to permanent tax benefits from tax deductible goodwill amortization and tax holidays. | ||||||||
Changes in tax law and rates of CHF 182 million reflected a tax expense caused by the reduction of deferred tax assets mainly due to the impact of the change in UK corporation tax. | ||||||||
Changes in deferred tax valuation allowances of CHF 10 million included an increase to the valuation allowance of CHF 834 million in respect of five of the Bank’s operating entities, three in Europe and two in Asia, mainly relating to deferred tax assets on current year tax losses and pre-existing loss carry-forwards. Additionally, 2012 included a tax benefit of CHF 820 million resulting from the release of valuation allowances on deferred tax assets for one of the Bank’s operating entities in the US. | ||||||||
Other of CHF 156 million included a tax benefit of CHF 48 million relating to the re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability related to such pre-existing deferred tax assets. Also included was a benefit of CHF 70 million 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 and CHF 43 million relating to the release of tax contingency accruals following the favorable resolution of tax matters. | ||||||||
As of December 31, 2014, the Bank had accumulated undistributed earnings from foreign subsidiaries of CHF 5.4 billion. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. | ||||||||
Details of the tax effect of temporary differences | ||||||||
end of | 2014 | 2013 | ||||||
Tax effect of temporary differences (CHF million) | ||||||||
Compensation and benefits | 2,361 | 2,106 | ||||||
Loans | 231 | 363 | ||||||
Investment securities | 882 | 1,651 | ||||||
Provisions | 1,658 | 1,874 | ||||||
Derivatives | 119 | 136 | ||||||
Real estate | 277 | 240 | ||||||
Net operating loss carry-forwards | 6,232 | 4,432 | ||||||
Other | 95 | 186 | ||||||
Gross deferred tax assets before valuation allowance | 11,855 | 10,988 | ||||||
Less valuation allowance | -4,107 | -2,704 | ||||||
Gross deferred tax assets net of valuation allowance | 7,748 | 8,284 | ||||||
Compensation and benefits | -164 | -120 | ||||||
Loans | -40 | -109 | ||||||
Investment securities | -611 | -1,089 | ||||||
Provisions | -447 | -396 | ||||||
Business combinations | -1 | 0 | ||||||
Derivatives | -168 | -193 | ||||||
Leasing | -23 | -53 | ||||||
Real estate | -62 | -75 | ||||||
Other | -201 | -153 | ||||||
Gross deferred tax liabilities | -1,717 | -2,188 | ||||||
Net deferred tax assets | 6,031 | 6,096 | ||||||
The decrease in net deferred tax assets from 2013 to 2014 of CHF 65 million was primarily due to the impact of taxable income in 2014, decreasing deferred tax assets by CHF 588 million and the recognition of a valuation allowance against deferred tax assets, mainly in the UK, of CHF 662 million. In addition, the decrease reflected a write-down of deferred tax assets of CHF 151 million as a result of changes to the corporation tax law in New York. These decreases were partially offset by an increase in net deferred tax asset balances of total CHF 799 million following a re-measurement of deferred tax balances in Switzerland and the release of valuation allowances in Spain, the tax impacts directly recorded in equity, mainly related to the net impact of share-based compensation, pension plan re-measurement and other tax recorded directly in equity of CHF 90 million and foreign exchange translation gains of CHF 447 million, which are included within the currency translation adjustments recorded in accumulated other comprehensive income/(loss) (AOCI). | ||||||||
Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Bank recorded a valuation allowance against deferred tax assets in the amount of CHF 4.1 billion as of December 31, 2014 compared to CHF 2.7 billion as of December 31, 2013. | ||||||||
Amounts and expiration dates of net operating loss carry-forwards | ||||||||
end of 2014 | Total | |||||||
Net operating loss carry-forwards (CHF million) | ||||||||
Due to expire within 1 year | 48 | |||||||
Due to expire within 2 to 5 years | 12,881 | |||||||
Due to expire within 6 to 10 years | 2,428 | |||||||
Due to expire within 11 to 20 years | 3,756 | |||||||
Amount due to expire | 19,113 | |||||||
Amount not due to expire | 15,475 | |||||||
Total net operating loss carry-forwards | 34,588 | |||||||
Movements in the valuation allowance | ||||||||
in | 2014 | 2013 | 2012 | |||||
Movements in the valuation allowance (CHF million) | ||||||||
Balance at beginning of period | 2,704 | 2,550 | 2,689 | |||||
Net changes | 1,403 | 154 | -139 | |||||
Balance at end of period | 4,107 | 2,704 | 2,550 | |||||
Tax benefits associated with share-based compensation | ||||||||
in | 2014 | 2013 | 2012 | |||||
Tax benefits associated with share-based compensation (CHF million) | ||||||||
Tax benefits recorded in the consolidated statements of operations 1 | 506 | 481 | 596 | |||||
Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital | -69 | -24 | 30 | |||||
Tax benefits in respect of tax on dividend equivalent payments | 1 | 22 | 12 | |||||
1 | ||||||||
Calculated at the statutory tax rate before valuation allowance considerations. | ||||||||
> Refer to “Note 27 – Employee deferred compensation” for further information on share-based compensation. | ||||||||
Windfall deductions and dividend equivalents aggregating CHF 1.1 billion and CHF 0.9 billion for 2014 and 2013, respectively, did not result in a reduction of income taxes payable because certain entities were in a net operating loss position. When the income tax benefit of these deductions is realized, an estimated CHF 229 million tax benefit will be recorded in additional paid-in capital. | ||||||||
Uncertain tax positions | ||||||||
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | ||||||||
in | 2014 | 2013 | 2012 | |||||
Movements in gross unrecognized tax benefits (CHF million) | ||||||||
Balance at beginning of period | 416 | 416 | 370 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 2 | 4 | 33 | |||||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | -47 | -8 | -58 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 37 | 43 | 38 | |||||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | -10 | 0 | -4 | |||||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -24 | -5 | -43 | |||||
Other (including foreign currency translation) | 8 | -34 | 80 | |||||
Balance at end of period | 382 | 416 | 416 | |||||
of which, if recognized, would affect the effective tax rate | 382 | 410 | 410 | |||||
Interest and penalties | ||||||||
in | 2014 | 2013 | 2012 | |||||
Interest and penalties (CHF million) | ||||||||
Interest and penalties recognized in the consolidated statements of operations | 21 | 6 | -13 | |||||
Interest and penalties recognized in the consolidated balance sheets | 85 | 64 | 64 | |||||
Interest and penalties are reported as tax expense. The Bank is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. | ||||||||
It is reasonably possible that there will be a decrease of between zero and CHF 57 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: Switzerland – 2010; Brazil – 2009; Japan – 2009; the UK – 2006; the US – 2006; and the Netherlands – 2005. | ||||||||
> Refer to “Note 27 – Tax” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Employee_deferred_compensation
Employee deferred compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Employee deferred compensation | 28 Employee deferred compensation | |||||||||||||
Payment of deferred compensation to employees is determined by the nature of the business, role, location and performance of the employee. Unless there is a contractual obligation, granting deferred compensation is solely at the discretion of senior management. Special deferred compensation granted as part of a contractual obligation is typically used to compensate new senior employees in a single year for forfeited awards from previous employers upon joining the Group. It is the Group’s policy not to make multi-year guarantees. | ||||||||||||||
Compensation expense recognized in the consolidated statement of operations for share-based and other awards that were granted as deferred compensation is recognized in accordance with the specific terms and conditions of each respective award and is primarily recognized over the future requisite service and vesting period, which is determined by the plan, retirement eligibility of employees, two-year moratorium periods on early retirement and certain other terms. All deferred compensation plans are subject to non-compete and non-solicit provisions. Compensation expense for share-based and other awards that were granted as deferred compensation also includes the current estimated outcome of applicable performance criteria, estimated future forfeitures and mark-to-market adjustments for certain cash awards that are still outstanding. | ||||||||||||||
The following tables show the compensation expense for deferred compensation awards granted in 2014 and prior years that was recognized in the consolidated statements of operations during 2014, 2013 and 2012, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2014 and prior years outstanding as of December 31, 2014 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. The estimated unrecognized compensation expense was based on the >>>fair value of each award on the grant date and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments. The recognition of compensation expense for the deferred compensation awards granted in January 2015 began in 2015 and thus had no impact on the 2014 consolidated financial statements. | ||||||||||||||
Deferred compensation expense | ||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Deferred compensation expense (CHF million) | ||||||||||||||
Share awards | 939 | 814 | 786 | |||||||||||
Performance share awards | 611 | 590 | 366 | |||||||||||
Contingent Capital Awards | 214 | – | – | |||||||||||
Capital Opportunity Facility awards | 13 | – | – | |||||||||||
Plus Bond awards 1 | 36 | 37 | – | |||||||||||
2011 Partner Asset Facility awards 2 | 7 | 77 | 677 | |||||||||||
Adjustable Performance Plan share awards 3 | 0 | 31 | 74 | |||||||||||
Adjustable Performance Plan cash awards 3 | 0 | 4 | 286 | |||||||||||
Restricted Cash Awards | 92 | 145 | 165 | |||||||||||
Scaled Incentive Share Units 3 | -3 | 41 | 97 | |||||||||||
Incentive Share Units 4 | 0 | -3 | 62 | |||||||||||
2008 Partner Asset Facility awards 5 | 87 | 93 | 173 | |||||||||||
Other cash awards | 404 | 434 | 362 | |||||||||||
Discontinued operations | -8 | -21 | -23 | |||||||||||
Total deferred compensation expense | 2,392 | 2,242 | 3,025 | |||||||||||
Total shares delivered (million) | ||||||||||||||
Total shares delivered | 37.1 | 33.7 | 31.6 | |||||||||||
1 | ||||||||||||||
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. | ||||||||||||||
2 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. | ||||||||||||||
3 | ||||||||||||||
Includes forfeitures and downward adjustments according to the plan terms and conditions. | ||||||||||||||
4 | ||||||||||||||
Includes forfeitures. | ||||||||||||||
5 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. | ||||||||||||||
Estimated unrecognized deferred compensation | ||||||||||||||
end of | 2014 | |||||||||||||
Estimated unrecognized compensation expense (CHF million) | ||||||||||||||
Share awards | 762 | |||||||||||||
Performance share awards | 231 | |||||||||||||
Contingent Capital Awards | 210 | |||||||||||||
Capital Opportunity Facility awards | 5 | |||||||||||||
Plus Bond awards | 4 | |||||||||||||
Restricted Cash Awards | 41 | |||||||||||||
Other cash awards | 166 | |||||||||||||
Total | 1,419 | |||||||||||||
Aggregate remaining weighted-average requisite service period (years) | ||||||||||||||
Aggregate remaining weighted-average requisite service period | 1.3 | |||||||||||||
Does not include the estimated unrecognized compensation expense relating to grants made in 2015 for 2014. | ||||||||||||||
Deferred compensation awards for 2014 | ||||||||||||||
In January 2015, the Group granted share awards, performance share awards and Contingent Capital Awards (CCA) as deferred compensation. Deferred compensation was awarded to employees with total compensation above CHF/USD 250,000 or the local currency equivalent. | ||||||||||||||
Share awards | ||||||||||||||
Share awards granted in January 2015 are similar to those granted in January 2014. Each share award granted entitles the holder of the award to receive one Group share, does not contain a leverage component or a multiplier effect and is subject to service conditions as it vests over three years, such that the share awards vest equally on each of the three anniversaries of the grant date. Share awards granted in January 2011 vest over a four-year period. The value of the share awards is solely dependent on the Group share price at the time of delivery. | ||||||||||||||
The Group’s share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share, are subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. | ||||||||||||||
On January 16, 2015, the Group granted 37.2 million share awards with a total value of CHF 642 million. The number of share awards was determined by dividing the deferred component of variable compensation being granted as shares by the average price of a Group share over the two business days ended January 16, 2015. Share awards granted after January 1, 2014 do not include the right to receive dividend equivalents during the vesting period. The fair value of each share award was CHF 16.94 on the grant date. The fair value was based on a valuation using the Group share price on the date of grant and discounted for expected dividends for 2015, 2016 and 2017 of CHF 0.66, CHF 1.03 and CHF 1.39, respectively. The estimated unrecognized compensation expense of CHF 643 million was determined based on the fair value of the award on the grant date, includes the current estimate of future forfeitures and will be recognized over the three-year vesting period, subject to early retirement rules. On January 16, 2014 and January 17, 2013, the Group granted 30.2 million and 37.9 million share awards with a total value of CHF 827 million and CHF 950 million, and a fair value of each share award granted of CHF 28.13, the Group’s closing share price on the grant date discounted for future expected dividends, and CHF 26.44, the closing share price on the grant date, respectively. | ||||||||||||||
In order to comply with regulatory requirements, the Group awarded an alternative form of share awards as a component of unrestricted cash to senior employees in a number of EU countries. For 2014, 2013 and 2012, these employees received 50% of the amount they otherwise would have received in cash in the form of blocked shares. The shares remain blocked for a period of time, which ranges from six months to three years, depending on the location, after which they are no longer subject to restrictions. On January 16, 2015, the Group granted 1.6 million blocked shares with a total value of CHF 36 million that vested immediately upon grant, have no future service requirements and were attributed to services performed in 2014. On January 16, 2014 and January 17, 2013, the Group granted 0.6 million and 0.2 million blocked shares with a total value of CHF 18 million and CHF 6 million, respectively. | ||||||||||||||
Share award activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||
Number of | average | Number of | average | Number of | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Share awards | ||||||||||||||
Balance at beginning of period | 72.9 | 30.09 | 55.8 | 34.28 | 48.1 | 41.91 | ||||||||
Granted | 37.6 | 27.6 | 40.4 | 26.43 | 25.1 | 23.44 | ||||||||
Settled | -29.5 | 30.43 | -20 | 34.09 | -14.9 | 40.2 | ||||||||
Forfeited | -3.9 | 32.2 | -3.3 | 31.8 | -2.5 | 37.36 | ||||||||
Balance at end of period | 77.1 | 28.64 | 72.9 | 30.09 | 55.8 | 34.28 | ||||||||
of which vested | 6.2 | – | 5.8 | – | 3.9 | – | ||||||||
of which unvested | 70.9 | – | 67.1 | – | 51.9 | – | ||||||||
Performance share awards | ||||||||||||||
Members of the Executive Board, managing directors and all material risk takers and controllers (employees whose activities are considered to have a potentially material impact on the Group’s risk profile) received a portion of their deferred variable compensation in the form of performance share awards, which are subject to explicit performance-related clawback provisions. Each performance share award granted entitles the holder of the award to receive one Group share. Performance share awards vest over three years, such that the performance share awards vest equally on each of the three anniversaries of the grant date. Unlike the share awards, outstanding performance shares are subject to a negative adjustment in the event of a divisional loss, unless there is a negative ROE that would call for a negative adjustment greater than the divisional adjustment for the year, in which case the negative adjustment is based on a negative ROE. For employees in Shared Services, the negative adjustment only applies in the event of a negative ROE and is not linked to the performance of the divisions. | ||||||||||||||
The performance share awards granted in 2015 are identical to those granted in 2014, 2013 and 2012, with the exception of the performance criteria, which in 2015 and 2014 were based on strategic ROE, compared to the performance criteria in 2013 and 2012, which were based on underlying ROE and reported ROE, respectively. | ||||||||||||||
On January 16, 2015, the Group granted 30.7 million performance share awards with a total value of CHF 529 million. The number of performance share awards granted to employees was determined by dividing the deferred component of variable compensation being granted as performance share awards by the average price of a Group share over the two business days ended January 16, 2015. The fair value of each performance share award was CHF 16.94 on the grant date. Performance share awards granted after January 1, 2014 do not include the right to receive dividend equivalents during the vesting period. The fair value was based on a valuation using the Group share price on the date of grant and discounted for expected dividends for 2015, 2016 and 2017 of CHF 0.66, CHF 1.03 and CHF 1.39, respectively. The estimated unrecognized compensation expense of CHF 533 million was determined based on the fair value of the award on the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the three-year vesting period. On January 16, 2014 and January 17, 2013, the Group granted 24.2 million and 26.4 million performance share awards with a total value of CHF 663 million and CHF 660 million and a fair value of each performance share award granted of CHF 28.13, the Group’s closing share price on the grant date discounted for future expected dividends, and CHF 26.44, the closing share price on the grant date, respectively. | ||||||||||||||
Performance Share award activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | |||||||||
performance | average | performance | average | performance | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Performance share awards | ||||||||||||||
Balance at beginning of period | 41.4 | 25.51 | 23.3 | 23.9 | – | – | ||||||||
Granted | 24.3 | 28.13 | 26.6 | 26.44 | 23.7 | 23.9 | ||||||||
Settled | -16 | 25.27 | -7.6 | 23.9 | 0 | 0 | ||||||||
Forfeited | -1.5 | 26.28 | -0.9 | 24.92 | -0.4 | 23.9 | ||||||||
Balance at end of period | 48.2 | 26.89 | 41.4 | 25.51 | 23.3 | 23.9 | ||||||||
of which vested | 3.3 | – | 2.7 | – | 0.9 | – | ||||||||
of which unvested | 44.9 | – | 38.7 | – | 22.4 | – | ||||||||
Contingent Capital Awards | ||||||||||||||
CCA were granted in January 2015 and 2014 as part of 2014 and 2013 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA provide a conditional right to receive semi-annual cash payments of interest equivalents at a rate of 4.85% and 4.75% per annum over the six-month Swiss franc >>>London Interbank Offered Rate (LIBOR) or 5.75% and 5.33% per annum over the six-month US dollar LIBOR, for Swiss franc and US-denominated awards for 2015 and 2014, respectively, until settled. Employees who received compensation in Swiss francs could elect to receive CCA denominated in Swiss francs or US dollars, and all other employees received CCA denominated in US dollars. | ||||||||||||||
CCA are scheduled to vest on the third anniversary of the grant date and will be expensed over three years from the grant date. However, because CCA qualify as additional tier 1 capital of the Group, the timing and form of distribution upon settlement is subject to approval by the >>>Swiss Financial Market Supervisory Authority FINMA (FINMA). At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The Group will determine that fair value at its discretion. The Group intends to grant CCA as one of its annual deferred variable compensation awards in future years. | ||||||||||||||
CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero if any of the following trigger events were to occur: | ||||||||||||||
– the Group’s reported common equity tier 1 (CET1) ratio falls below 7%; or | ||||||||||||||
– FINMA determines that cancellation of the CCA and other similar contingent capital instruments is necessary, or that the Group requires public sector capital support, in either case to prevent it from becoming insolvent or otherwise failing. | ||||||||||||||
On January 16, 2015, the Group awarded CHF 360 million of CCA that will be expensed over the three-year period from the grant date. CCA were awarded as deferred variable compensation to managing directors and directors. The estimated unrecognized compensation expense of CHF 418 million was determined based on the fair value of the award on the grant date, includes the current estimated outcome of the relevant performance criteria, estimated future forfeitures and the expected semi-annual cash payments of interest and will be recognized over the three-year vesting period. On January 16, 2014, the Group awarded CHF 391 million of CCA. | ||||||||||||||
Plus Bond awards | ||||||||||||||
Managing directors and directors in the Investment Banking division received a portion of their 2012 deferred variable compensation in the form of Plus Bond awards. The Plus Bond award is essentially a fixed income instrument, denominated in US dollars, which provides a coupon payment that is commensurate with market-based pricing. Plus Bond award holders are entitled to receive semi-annual cash payments on their adjusted award amounts at the rate of LIBOR plus 7.875% per annum until settlement. The Plus Bond will settle in the summer of 2016 based on the amount of the initial award less portfolio losses, if any, in excess of a first loss portion retained by the Group of USD 600 million. The value of the Plus Bond awards is based on the performance of a portfolio of unrated and sub-investment-grade asset-backed securities that are held in inventory by various trading desks of the Investment Banking division. While the Plus Bond award is a cash-based instrument, the Group reserves the right to settle the award in Group shares based on the share price at the time of final distribution. In addition, subject to oversight procedures, the Group retains the right to prepay all or a portion of the Plus Bond award in cash at any time and, in the event of certain regulatory developments or changes in capital treatment, exchange the award into Group shares. The Plus Bond award plan contributes to a reduction of the Group’s >>>risk-weighted assets and constitutes a risk transfer from the Group to the Plus Bond award holders. | ||||||||||||||
The Plus Bonds provided to Investment Banking employees had a fair value of CHF 187 million and were fully vested and expensed on the grant date of December 31, 2012. | ||||||||||||||
Managing directors and directors outside of the Investment Banking division were given the opportunity in early 2013 to voluntarily reallocate a portion of the share award component of their deferred awards into the Plus Bond award. The Plus Bond awards resulting from the voluntary reallocation offer had a notional value of CHF 38 million, will vest on the third anniversary of the grant date in January 17, 2016 and will be expensed over the vesting period. | ||||||||||||||
Restricted Cash Awards | ||||||||||||||
Managing directors and directors in the Investment Banking division received the cash component of their 2012 variable compensation in the form of Restricted Cash Awards. These awards are cash payments made on the grant date, but are subject to a pro-rata repayment by the employee in the event of voluntary resignation or termination for cause within three years of the award grant. The Restricted Cash Award is reported as part of the deferred compensation award for the Group even though the award is fully settled at grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. | ||||||||||||||
On January 17, 2013, the Group granted Restricted Cash Awards with a total value of CHF 299 million. | ||||||||||||||
2011 Partner Asset Facility | ||||||||||||||
As part of the 2011 annual compensation process, the Group awarded a portion of their deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units are essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group’s >>>derivative activities, including both current and possible future swaps and other derivative transactions. The value of the award (for both the interest accrual and the final redemption) will be reduced if the amount of realized credit losses from a specific reference portfolio exceeds a pre-defined threshold. The Group will bear the first USD 500 million of such losses and the PAF2 holders will bear any losses in excess of USD 500 million, up to the full amount of the deferred compensation awarded. As a result, the PAF2 plan is a transfer of risk from the Group to employees. | ||||||||||||||
Employees at the managing director and director levels, including certain members of the Executive Board, received PAF2 awards. The PAF2 awards vested in the first quarter of 2012. | ||||||||||||||
The PAF2 units have a stated maturity of four years, but may be extended to nine years at the election of either the Group or the holders acting collectively. This election will not be made later than the end of the third year following the grant date. PAF2 units are denominated in Swiss francs and US dollars. Holders will receive a semi-annual cash interest payment equivalent to an annual return of 5% (Swiss franc-denominated awards) or 6.5% (US dollar-denominated awards) applied to the then current balance of the PAF2 units. At maturity, PAF2 holders will receive a final settlement in an amount equal to the original award value less any losses. The Group can settle the PAF2 units in cash or an equivalent value in shares at its discretion. | ||||||||||||||
In January 2012, the Group awarded PAF2 units with a fair value of CHF 499 million and the associated compensation expenses were fully expensed in the first quarter of 2012, as the awards were fully vested as of March 31, 2012. Compensation expense will continue to be updated at each reporting period date to reflect any change in the underlying fair value of the PAF2 awards until the awards are finally settled. | ||||||||||||||
PAF2 awards were linked to a portfolio of the Group’s credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards in March 2014, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: i) Capital Opportunity Facility (COF): participants elect for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; and ii) CCA: participants elect to receive CCA, with similar terms to the instruments granted as part of the 2013 compensation awards. The principal differences between the two forms of CCA are that these CCA are expected to settle approximately one year earlier and provide semi-annual cash payments of interest equivalents at slightly lower rates. Settlement is expected to occur in February 2016, subject to regulatory approvals. | ||||||||||||||
In March 2014, 5,084 employees converted their PAF2 holdings of CHF 684 million into CCA (CHF 516 million) and COF (CHF 168 million). | ||||||||||||||
Adjustable Performance Plan awards | ||||||||||||||
The Adjustable Performance Plan is a deferred compensation plan for the Executive Board, managing directors and directors. The Group introduced and granted Adjustable Performance Plan cash awards as part of deferred compensation for 2009 (2009 Adjustable Performance Plan) and 2010 (2010 Adjustable Performance Plan). | ||||||||||||||
The 2009 Adjustable Performance Plan cash awards were fully vested and expensed as of December 31, 2012 and were delivered in the first half of 2013. | ||||||||||||||
The 2010 Adjustable Performance Plan cash awards vest over a four-year period, with the final payout value subject to an upward or downward adjustment, depending on the financial performance of the specific business areas and the Group ROE. The adjustments are determined on an annual basis, increasing or decreasing the outstanding balances by a percentage equal to the reported ROE, unless the division that granted the awards incurs a pre-tax loss. In this case, outstanding awards in that division will be subject to a negative adjustment of 15% for every CHF 1 billion of loss, unless a negative ROE applies for that year and is greater than the divisional adjustment. For employees in Shared Services and other support functions, as well as for all Executive Board members, all outstanding 2010 Adjustable Performance Plan cash awards are linked to the Group’s adjusted profit or loss and the Group ROE, but are not dependent upon the adjusted profit or loss of the business areas that they support. | ||||||||||||||
In July 2012, the Group executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective unvested Adjustable Performance Plan cash awards into Adjustable Performance Plan share awards at a conversion price of CHF 16.29. Adjustable Performance Plan holders elected to convert CHF 498 million of their Adjustable Performance Plan cash awards into the new Adjustable Performance Plan share awards during the election period, which represented an approximate conversion rate of 50%. Each Adjustable Performance Plan share award had a grant-date fair value of CHF 16.79 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original Adjustable Performance Plan cash award. | ||||||||||||||
Upon conversion, CHF 453 million of the liability related to Adjustable Performance Plan cash awards that were converted into the Adjustable Performance Plan share awards was reclassified to total shareholders’ equity. | ||||||||||||||
Adjustable Performance Plan share award activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Number of | Number of | Number of | ||||||||||||
APP share | APP share | APP share | ||||||||||||
awards | awards | awards | ||||||||||||
in million | in million | in million | ||||||||||||
Adjustable Performance Plan share awards | ||||||||||||||
Balance at beginning of period | 14.5 | 30.8 | – | |||||||||||
Granted | 0.8 | 1 | 1.2 | 1 | 31 | |||||||||
Settled | -7.6 | -17.2 | 0 | |||||||||||
Forfeited | -0.4 | -0.3 | -0.2 | |||||||||||
Balance at end of period | 7.3 | 14.5 | 30.8 | |||||||||||
of which vested | 1.1 | 1.2 | 0.3 | |||||||||||
of which unvested | 6.2 | 13.3 | 30.5 | |||||||||||
1 | ||||||||||||||
Represents additional units earned in the first quarter of 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. | ||||||||||||||
Scaled Incentive Share Unit | ||||||||||||||
The Scaled Incentive Share Unit (SISU) plan is a share-based, long-term incentive plan for managing directors and directors. SISUs were granted in January 2010 as part of the 2009 deferred compensation. SISUs are similar to Incentive Share Units (ISUs) (refer to Incentive Share Unit below) except with a four-year vesting period, subject to early retirement rules, and the leverage component contains an additional performance condition which could increase or decrease the number of any additional shares. The SISU base unit vests equally on each of the four anniversaries of the grant date, whereas the SISU leverage unit will only vest on the fourth anniversary of the grant date. The new performance condition links the final delivery of additional shares to an average of the reported ROE. If the average ROE over the four-year vesting period is higher than a pre-set target established as of the grant date, the number of additional shares calculated by reference to the average Group share price increase will be adjusted positively, and if it is below the target, the number of additional shares will be adjusted negatively, but not below zero. The final number of additional shares to be delivered at the end of the four-year vesting period will be determined first on the basis of the Group share price development (share price multiplier) and then on the basis of the average ROE development (ROE multiplier). Group shares are delivered shortly after the SISU base component and SISU leverage component vest. | ||||||||||||||
The number of additional shares per SISU was capped at a maximum of three times the grant date value, with a delivery of no more than three shares, prior to the application of the scaling factor, which can be as high as up to 2.5. | ||||||||||||||
Scaled Incentive Share Unit activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
SISU awards (million) | ||||||||||||||
Balance at beginning of period | 4.7 | 9.6 | 14.7 | |||||||||||
Settled | -4.6 | -4.8 | -4.9 | |||||||||||
Forfeited | -0.1 | -0.1 | -0.2 | |||||||||||
Balance at end of period | 0 | 4.7 | 9.6 | |||||||||||
of which vested | 0 | 1.2 | 1.7 | |||||||||||
of which unvested | 0 | 3.5 | 7.9 | |||||||||||
Incentive Share Unit | ||||||||||||||
ISUs were the main form of share-based deferred compensation for all employees from 2006 to 2009. For 2009, ISUs were used for the deferred compensation awards granted to employees up to and including vice presidents. An ISU is similar to a share, but offers additional upside depending on the development of the Group share price, compared to predefined targets set on the grant date. For each ISU granted, the employee will receive at least one Group share (ISU base unit) over a three-year vesting period and could receive additional shares (ISU leverage unit) at the end of the three-year vesting period. The number of ISU leverage units to be converted to additional shares is calculated by multiplying the total number of ISU base units granted, less forfeitures, by a share price multiplier. The share price multiplier is determined based on the actual increase in the weighted-average monthly share price during the contractual term of the award versus the share price on the grant date. The ISU base unit vests equally on each of the three anniversaries of the grant date, whereas the ISU leverage unit will only vest on the third anniversary of the grant date. Group shares are delivered shortly after the ISU base units and the ISU leverage units vest. | ||||||||||||||
In 2013, the ISU leverage units granted for 2009 were settled but did not have a value at settlement as the Group share price performance was below the minimum predefined target of CHF 53.71. In 2012, the ISU leverage units granted for 2008 were settled with a value for each outstanding leverage unit equivalent to 0.986 Group shares. | ||||||||||||||
Incentive Share Unit activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
ISU awards (million) | ||||||||||||||
Balance at beginning of period | 1.2 | 3.6 | 13.3 | |||||||||||
Settled | -0.1 | -1.8 | -8.8 | |||||||||||
Forfeited | -0.5 | -0.6 | -0.9 | |||||||||||
Balance at end of period | 0.6 | 1.2 | 3.6 | |||||||||||
of which vested | 0.1 | 0.1 | 0.4 | |||||||||||
of which unvested | 0.5 | 1.1 | 3.2 | |||||||||||
2008 Partner Asset Facility | ||||||||||||||
As part of the 2008 annual compensation process, the Group granted employees in Investment Banking with a corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards are indexed to, and represent a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in Investment Banking. | ||||||||||||||
The notional value of the Asset Pool was based on the fair market value of the assets within the Asset Pool on December 31, 2008, and those assets will remain static throughout the contractual term of the award or until liquidated. The PAF holders will participate in the potential gains on the Asset Pool if the assets within the pool are liquidated at prices above the initial fair market value. If the assets within the Asset Pool are liquidated at prices below the initial fair market value, the PAF holders will bear the first loss on the Asset Pool. As a result, a significant portion of risk positions associated with the Asset Pool has been transferred to the employees and removed from the Group’s risk-weighted assets, resulting in a reduction in capital usage. | ||||||||||||||
The PAF awards, which have a contractual term of eight years, are fully vested. Each PAF holder will receive a semi-annual cash interest payment of LIBOR plus 250 basis points applied to the notional value of the PAF award granted throughout the contractual term of the award. Beginning in the fifth year after the grant date, the PAF holders will receive an annual cash payment equal to 20% of the notional value of the PAF awards if the fair market value of the Asset Pool in that year has not declined below the initial fair market value of the Asset Pool. In the final year of the contractual term, the PAF holders will receive a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. | ||||||||||||||
In June 2012, existing PAF holders were given a voluntary election to make a value-for-value exchange of their existing PAF awards for a new PAF award linked to an expanded portfolio of reference assets. The new PAF awards are subject to the same contractual term, vesting period, performance criteria, settlement and other terms and conditions as the original PAF awards and constitute an additional risk transfer to employees on the expanded portfolio of assets that was removed from the Group’s risk-weighted assets, resulting in a reduction in capital usage. As of the June 2012 election date, approximately 41% of employees holding PAF awards elected to exchange their existing PAF awards for the new PAF awards. Compensation expense for the new PAF awards will be updated at each reporting period date to reflect any change in the underlying fair value of the expanded portfolio of reference assets in addition to the original portfolio of PAF assets until the awards are finally settled. There was no impact on compensation expense on the exchange dates. | ||||||||||||||
Other cash awards | ||||||||||||||
Other cash awards consist of voluntary deferred compensation plans, systematic market making plans and employee investment plans. The compensation expense related to these awards was primarily driven by mark to market and performance adjustments, as the majority of the awards are fully vested. | ||||||||||||||
Delivered shares | ||||||||||||||
In 2014, the majority of the Group’s share delivery obligation was covered by market purchases. During 2013 and 2012, share obligations were covered primarily through the issuances of shares from conditional capital. In the second half of 2013, the Group resumed purchasing shares in the market to cover a portion of its share delivery obligation. The Group intends to cover the majority of its future share delivery obligations through market purchases. | ||||||||||||||
Bank | ||||||||||||||
Employee deferred compensation | 27 Employee deferred compensation | |||||||||||||
Deferred compensation for employees | ||||||||||||||
> Refer to “Note 28 – Employee deferred compensation” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||
The following tables show the compensation expense for deferred compensation awards granted in 2014 and prior years that was recognized in the consolidated statements of operations during 2014, 2013 and 2012, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2014 and prior years outstanding as of December 31, 2014 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. | ||||||||||||||
Deferred compensation expense | ||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Deferred compensation expense (CHF million) | ||||||||||||||
Share awards | 935 | 806 | 773 | |||||||||||
Performance share awards | 610 | 580 | 362 | |||||||||||
Contingent Capital Awards | 213 | – | – | |||||||||||
Capital Opportunity Facility awards | 13 | – | – | |||||||||||
Plus Bond awards 1 | 36 | 37 | – | |||||||||||
2011 Partner Asset Facility awards 2 | 7 | 77 | 675 | |||||||||||
Adjustable Performance Plan share awards 3 | 0 | 30 | 71 | |||||||||||
Adjustable Performance Plan cash awards 3 | 0 | 4 | 281 | |||||||||||
Restricted Cash Awards | 92 | 145 | 165 | |||||||||||
Scaled Incentive Share Units 3 | -3 | 38 | 95 | |||||||||||
Incentive Share Units 4 | 0 | -3 | 62 | |||||||||||
2008 Partner Asset Facility awards 5 | 87 | 93 | 173 | |||||||||||
Other cash awards | 394 | 430 | 363 | |||||||||||
Discontinued operations | -8 | -21 | -23 | |||||||||||
Total deferred compensation expense | 2,376 | 2,216 | 2,997 | |||||||||||
Total shares delivered (million) | ||||||||||||||
Total shares delivered | 36.5 | 32.6 | 30.9 | |||||||||||
1 | ||||||||||||||
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. | ||||||||||||||
2 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. | ||||||||||||||
3 | ||||||||||||||
Including forfeitures and downward adjustments according to the plan terms and conditions. | ||||||||||||||
4 | ||||||||||||||
Includes forfeitures. | ||||||||||||||
5 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. | ||||||||||||||
Estimated unrecognized deferred compensation | ||||||||||||||
end of | 2014 | |||||||||||||
Estimated unrecognized compensation expense (CHF million) | ||||||||||||||
Share awards | 759 | |||||||||||||
Performance share awards | 229 | |||||||||||||
Contingent Capital Awards | 210 | |||||||||||||
Capital Opportunity Facility awards | 5 | |||||||||||||
Plus Bond awards | 4 | |||||||||||||
Restricted Cash Awards | 41 | |||||||||||||
Other cash awards | 158 | |||||||||||||
Total | 1,406 | |||||||||||||
Aggregate remaining weighted-average requisite service period (years) | ||||||||||||||
Aggregate remaining weighted-average requisite service period | 1.3 | |||||||||||||
Does not include the estimated unrecognized compensation expense relating to grants made in 2015 for 2014. | ||||||||||||||
Share awards | ||||||||||||||
On January 16, 2015, the Bank granted 36.9 million share awards with a total value of CHF 636 million. The estimated unrecognized compensation expense of CHF 638 million was determined based on the >>>fair value of the award on the grant date, includes the current estimate of future forfeitures and will be recognized over the three-year vesting period, subject to early retirement rules. On January 16, 2014 and January 17, 2013, the Bank granted 30.1 million and 37.8 million share awards with a total value of CHF 824 million and CHF 947 million, respectively. | ||||||||||||||
On January 16, 2015, the Bank granted 1.5 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 2014. On January 16, 2014 and January 17, 2013, the Bank granted 0.5 million and 0.1 million blocked shares with a total value of CHF 15 million and CHF 3 million, respectively. | ||||||||||||||
Share award activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||
Number of | average | Number of | average | Number of | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Share awards | ||||||||||||||
Balance at beginning of period | 72.2 | 30.07 | 55.1 | 34.27 | 47.6 | 41.91 | ||||||||
Granted | 37.3 | 27.6 | 40 | 26.43 | 24.5 | 23.39 | ||||||||
Settled | -29.1 | 30.41 | -19.6 | 34.12 | -14.6 | 40.43 | ||||||||
Forfeited | -3.9 | 32.24 | -3.3 | 32.04 | -2.4 | 36.96 | ||||||||
Balance at end of period | 76.5 | 28.63 | 72.2 | 30.07 | 55.1 | 34.27 | ||||||||
of which vested | 6.1 | – | 5.8 | – | 3.9 | – | ||||||||
of which unvested | 70.4 | – | 66.4 | – | 51.2 | – | ||||||||
Performance share awards | ||||||||||||||
On January 16, 2015, the Bank granted 30.3 million performance share awards with a total value of CHF 523 million. The estimated unrecognized compensation expense of CHF 527 million was determined based on the fair value of the award at the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the three-year vesting period. On January 16, 2014, and January 17, 2013, the Bank granted 23.9 million and 26.0 million performance share awards with a total value of CHF 654 million and CHF 651 million, respectively. | ||||||||||||||
Performance share award activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | |||||||||
performance | average | performance | average | performance | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Performance share awards | ||||||||||||||
Balance at beginning of period | 40.7 | 25.51 | 22.9 | 23.9 | – | – | ||||||||
Granted | 24 | 28.13 | 26.2 | 26.44 | 23.3 | 23.9 | ||||||||
Settled | -15.8 | 25.27 | -7.5 | 23.9 | 0 | 0 | ||||||||
Forfeited | -1.4 | 26.28 | -0.9 | 24.92 | -0.4 | 23.9 | ||||||||
Balance at end of period | 47.5 | 26.89 | 40.7 | 25.51 | 22.9 | 23.9 | ||||||||
of which vested | 3.2 | – | 2.7 | 0.9 | – | |||||||||
of which unvested | 44.3 | – | 38 | 22 | – | |||||||||
Contingent Capital Awards | ||||||||||||||
On January 16, 2015, the Bank awarded CHF 355 million of Contingent Capital Awards (CCA) that will be expensed over the three-year period from the grant date. The estimated unrecognized compensation expense of CHF 413 million was determined based on the fair value of the award on the grant date, includes the current estimated outcome of the relevant performance criteria, estimated future forfeitures and the expected semi-annual cash payments of interest and will be recognized over the three-year vesting period. On January 16, 2014, the Bank awarded CHF 391 million of CCA. | ||||||||||||||
2011 Partner Asset Facility | ||||||||||||||
In January 2012, the Bank awarded 2011 Partner Asset Facility (PAF2) units with a fair value of CHF 497 million and the associated compensation expenses were fully expensed in the first quarter of 2012, as the awards were fully vested as of March 31, 2012. | ||||||||||||||
Adjustable Performance Plan Awards | ||||||||||||||
In July 2012, the Bank executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective unvested Adjustable Performance Plan cash awards into Adjustable Performance Plan share awards. Adjustable Performance Plan holders elected to convert CHF 479 million of their Adjustable Performance Plan cash awards into the new Adjustable Performance Plan share awards during the election period, which represented an approximate conversion rate of 50%. | ||||||||||||||
Upon conversion, CHF 435 million of the liability related to Adjustable Performance Plan cash awards that were converted into the Adjustable Performance Plan share awards were reclassified to total shareholder’s equity. | ||||||||||||||
Adjustable Performance Plan share award activities | ||||||||||||||
Number of APP share | ||||||||||||||
awards in million | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Adjustable Performance Plan share awards | ||||||||||||||
Balance at beginning of period | 14 | 29.7 | – | |||||||||||
Granted | 0.8 | 1 | 1.1 | 1 | 29.9 | |||||||||
Settled | -7.3 | -16.5 | 0 | |||||||||||
Forfeited | -0.4 | -0.3 | -0.2 | |||||||||||
Balance at end of period | 7.1 | 14 | 29.7 | |||||||||||
of which vested | 1.1 | 1.2 | 0.3 | |||||||||||
of which unvested | 6 | 12.8 | 29.4 | |||||||||||
1 | ||||||||||||||
Represents additional units earned in the first quarter of 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. | ||||||||||||||
Scaled Incentive Share Unit | ||||||||||||||
Scaled Incentive Share Unit activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
SISU awards (million) | ||||||||||||||
Balance at beginning of period | 4.6 | 9.4 | 14.4 | |||||||||||
Settled | -4.5 | -4.7 | -4.8 | |||||||||||
Forfeited | -0.1 | -0.1 | -0.2 | |||||||||||
Balance at end of period | 0 | 4.6 | 9.4 | |||||||||||
of which vested | 0 | 1.2 | 1.7 | |||||||||||
of which unvested | 0 | 3.4 | 7.7 | |||||||||||
Incentive Share Unit | ||||||||||||||
Incentive Share Unit activities | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
ISU awards (million) | ||||||||||||||
Balance at beginning of period | 1.2 | 3.6 | 13.2 | |||||||||||
Settled | -0.1 | -1.8 | -8.7 | |||||||||||
Forfeited | -0.5 | -0.6 | -0.9 | |||||||||||
Balance at end of period | 0.6 | 1.2 | 3.6 | |||||||||||
of which vested | 0.1 | 0.1 | 0.4 | |||||||||||
of which unvested | 0.5 | 1.1 | 3.2 |
Related_parties
Related parties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Related parties | 29 Related parties | |||||||
Executive Board and Board of Directors loans | ||||||||
in | 2014 | 2013 | 2012 | |||||
Loans to members of the Executive Board (CHF million) | ||||||||
Balance at beginning of period | 10 | 1 | 8 | 22 | ||||
Additions | 3 | 4 | 3 | |||||
Reductions | -8 | -2 | -17 | |||||
Balance at end of period | 5 | 1 | 10 | 8 | ||||
Loans to members of the Board of Directors (CHF million) | ||||||||
Balance at beginning of period | 55 | 2 | 41 | 34 | ||||
Additions | 6 | 16 | 12 | |||||
Reductions | -45 | -2 | -5 | |||||
Balance at end of period | 16 | 2 | 55 | 41 | ||||
1 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was four and three , respectively. | ||||||||
2 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was five and three , respectively. | ||||||||
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. Such loans are made to Executive Board and Board of Directors members on the same terms available to third-party clients or, in the case of loans to members of the Executive Board, pursuant to widely available employee benefit plans. The highest loan outstanding to an Executive Board member was USD 3 million to Joachim Oechslin as of December 31, 2014. | ||||||||
All mortgage loans to Executive Board members 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 Executive Board members as for other employees. Unless otherwise noted, all loans to Executive Board members were made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and in consideration of the terms which apply to all Group employees. These loans did not involve more than the normal risk of collectability or present other unfavorable features. | ||||||||
Board members with loans do not benefit from employee conditions, but are subject to conditions applied to clients with a comparable credit standing. Board of Directors members who were previously employees of the Group may still have outstanding loans, which were provided at the time that employee conditions applied to them. Unless otherwise noted, all loans to Board of Directors members are made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons. Such loans do not involve more than the normal risk of collectability or present other unfavorable features. | ||||||||
Banking relationships | ||||||||
The Group is a global financial services provider. Many of the members of the Executive Board and the Board of Directors or companies associated with them maintain banking relationships with the Group. The Group or any of its banking subsidiaries may from time to time enter into financing and other banking agreements with companies in which current members of the Executive Board or the Board of Directors have a significant influence as defined by the SEC, such as holding executive and/or board level roles in these companies. All loans to members of the Executive Board, members of the Board of Directors or companies associated with them were made in the ordinary course of business, were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons, and did not involve more than the normal risk of collectability or present other unfavorable features. With the exception of the transactions described below, all other banking relationships with members of the Executive Board and the Board of Directors and such companies are in the ordinary course of business and are entered into on an arm’s length basis. As of December 31, 2014, 2013 and 2012, there was no loan exposure to such related parties that was not made in the ordinary course of business and at prevailing market conditions. | ||||||||
Related party transactions | ||||||||
Exchange of tier 1 capital instruments | ||||||||
In February 2011, the Group entered into definitive agreements with entities affiliated with Qatar Investment Authority (QIA) and The Olayan Group, each of which has significant holdings of Group shares and other Group financial products, to issue tier 1 high-trigger capital instruments (new Tier 1 Capital Notes). Under the agreements, QIA and The Olayan Group agreed to purchase USD 3.45 billion new Tier 1 Capital Notes and CHF 2.5 billion new Tier 1 Capital Notes in exchange for their holdings of USD 3.45 billion 11% tier 1 capital notes and CHF 2.5 billion 10% tier 1 capital notes issued in 2008 (together, the Tier 1 Capital Notes), or in the event that the Tier 1 Capital Notes had been redeemed in full, for cash. | ||||||||
In July 2012, the Group entered into an amendment agreement with the entity affiliated with The Olayan Group to accelerate the exchange of USD 1.725 billion of the 11% tier 1 capital notes for an equivalent principal amount of new Tier 1 Capital Notes. In October 2013, based on the prior agreement with an entity affiliated with QIA, the Group exchanged such entity’s holding of USD 1.72 billion 11% tier 1 capital notes and CHF 2.5 billion 10% tier 1 capital notes into equivalent principal amounts of new Tier 1 Capital Notes. These transactions were approved by FINMA. | ||||||||
Under their terms, the new Tier 1 Capital Notes will be converted into Group ordinary shares if the Group’s reported CET1 ratio, as determined under >>>Basel Committee on Banking Supervision (BCBS) regulations as of the end of any calendar quarter, falls below 7% (or any lower applicable minimum threshold), unless FINMA, at the Group’s request, has agreed on or prior to the publication of the Group’s quarterly results that actions, circumstances or events have restored, or will imminently restore, the ratio to above the applicable threshold. The new Tier 1 Capital Notes will also be converted if FINMA determines that conversion is necessary, or that the Group requires public sector capital support, to prevent the Group from becoming insolvent, bankrupt or unable to pay a material amount of the Group’s debts, or other similar circumstances. In addition, conversion of the new Tier 1 Capital Notes issued to the entities affiliated with The Olayan Group will be triggered if, in the event of a request by FINMA for an interim report prior to the end of any calendar quarter, the Group’s reported CET1 ratio, as of the end of any such interim period, falls below 5%. The conversion price will be the higher of a given floor price per share (subject to customary adjustments) or the daily volume weighted average sales price of the Group’s ordinary shares over a five-day period preceding the notice of conversion. In connection with the July 2012 exchange, the conversion floor price of the new Tier 1 Capital Notes delivered in the exchange as well as the remaining new Tier 1 Capital Notes that were exchanged in October 2013 was adjusted to match the conversion price of the MACCS described below. The new Tier 1 Capital Notes are deeply subordinated, perpetual and callable by the Group no earlier than 2018 and in certain other circumstances with FINMA approval. Interest is payable on the USD 3.45 billion new Tier 1 Capital Notes and CHF 2.5. billion new Tier 1 Capital Notes at fixed rates of 9.5% and 9.0%, respectively, and will reset after the first call date. Interest payments will generally be discretionary (unless triggered), subject to suspension in certain circumstances and non-cumulative. | ||||||||
At the time of the original transaction, the Group determined that this was a material transaction and deemed QIA and The Olayan Group to be related parties of the Group’s current Board of Directors member Mr. Bin Hamad J.J. Al Thani and the Group’s then Board of Directors member Mr. Syriani, respectively, for purposes of evaluating the terms and corporate governance of the original transaction. At that time, the Board of Directors (except for Mr. Bin Hamad J.J. Al Thani and Mr. Syriani, who abstained from participating in the determination process) determined that the terms of the original transaction, given its size, the nature of the contingent capital instrument, for which there was no established market, and the terms of the Tier 1 Capital Notes issued in 2008 and held by QIA and The Olayan Group, were fair. As of April 26, 2013, Mr. Syriani retired from the Board of Directors and no other person affiliated with The Olayan Group has been elected as a Board of Directors member. | ||||||||
Settlement of mandatory and contingent convertible securities | ||||||||
In July 2012, the Group issued CHF 3.8 billion mandatory and contingent convertible securities (MACCS) that mandatorily converted into 233.5 million shares at a conversion price of CHF 16.29 per share on March 29, 2013. The settlement and delivery of shares occurred on April 8, 2013. Strategic and institutional investors purchased CHF 2.0 billion of MACCS and shareholders exercised preferential subscription rights for CHF 1.8 billion of MACCS. The conversion price corresponded to 95% of the volume weighted average market price for the two trading days preceding the transaction. Investors in the MACCS included entities affiliated with QIA and The Olayan Group, which also have been deemed by the Group to be related parties of the Group’s current Board of Directors’ member Mr. Bin Hamad J.J. Al Thani and the Group’s then Board of Directors member Mr. Syriani. In addition to QIA and The Olayan Group, a number of other investors of the Group purchased the MACCS, including Norges Bank and the Capital Group Companies, Inc., which, like QIA and The Olayan Group, have significant holdings of Group shares. The terms and conditions for the conversion of the MACCS were equally applicable to all purchasers. | ||||||||
Plus Bonds | ||||||||
In 2013, the Group awarded Plus Bonds to certain employees as deferred variable compensation in respect of their 2012 compensation. The Group provided members of the Executive Board who did not participate in the structuring of the Plus Bond the opportunity to invest their own funds in instruments with substantially the same terms as the Plus Bond awards granted to employees. As a result, certain Executive Board members acquired an aggregate of CHF 9 million in Plus Bond instruments in February 2013. | ||||||||
Liabilities due to own pension funds | ||||||||
Liabilities due to the Group’s own defined benefit pension funds as of December 31, 2014 and 2013 of CHF 3,131 million and CHF 3,381 million, respectively, were reflected in various liability accounts in the Group’s consolidated balance sheets. Certain unconsolidated SPEs wholly owned by the Group had liabilities to the pension funds of the Group with notional values of CHF 80 million and CHF 77 million as of December 31, 2014 and 2013, respectively. | ||||||||
Loans outstanding made by the Group or any subsidiaries to equity method investees | ||||||||
in | 2014 | 2013 | 2012 | |||||
Loans outstanding made by the Group or any subsidiaries to equity method investees (CHF million) | ||||||||
Balance at beginning of period | 10 | 12 | 13 | |||||
Net borrowings/(repayments) | 3 | -2 | -1 | |||||
Balance at end of period | 13 | 10 | 12 | |||||
Bank | ||||||||
Related parties | 28 Related parties | |||||||
The Group owns all of the Bank’s outstanding voting registered shares. The Bank is involved in significant financing and other transactions with subsidiaries and affiliates of the Group. The Bank generally enters into these transactions in the ordinary course of business and believes that these transactions are generally on market terms that could be obtained from unrelated third parties. | ||||||||
> Refer to “Note 29 – Related parties” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||
Related party assets and liabilities | ||||||||
end of | 2014 | 2013 | ||||||
Assets (CHF million) | ||||||||
Cash and due from banks | 2 | 0 | ||||||
Interest-bearing deposits with banks | 2,862 | 1,870 | ||||||
Trading assets | 220 | 159 | ||||||
Net loans | 6,453 | 6,770 | ||||||
Other assets | 27 | 28 | ||||||
Total assets | 9,564 | 8,827 | ||||||
Liabilities (CHF million) | ||||||||
Due to banks/customer deposits | 1,916 | 2,329 | ||||||
Trading liabilities | 15 | 12 | ||||||
Long-term debt | 4,042 | 3,791 | ||||||
Other liabilities | 224 | 199 | ||||||
Total liabilities | 6,197 | 6,331 | ||||||
Related party revenues and expenses | ||||||||
in | 2014 | 2013 | 2012 | |||||
Revenues (CHF million) | ||||||||
Interest and dividend income | 70 | 45 | 50 | |||||
Interest expense | -223 | -55 | -76 | |||||
Net interest income | -153 | -10 | -26 | |||||
Commissions and fees | -11 | -21 | 1 | |||||
Other revenues | 178 | 172 | 174 | |||||
Net revenues | 14 | 141 | 149 | |||||
Expenses (CHF million) | ||||||||
Total operating expenses | 165 | 288 | 271 | |||||
Related party guarantees | ||||||||
end of | 2014 | 2013 | ||||||
Guarantees (CHF million) | ||||||||
Credit guarantees and similar instruments | 1 | 0 | ||||||
Performance guarantees and similar instruments | 1 | 1 | ||||||
Total guarantees | 2 | 1 | ||||||
Executive Board and Board of Directors loans | ||||||||
2014 | 2013 | 2012 | ||||||
Loans to members of the Executive Board (CHF million) | ||||||||
Balance at beginning of period | 10 | 1 | 8 | 22 | ||||
Additions | 3 | 4 | 3 | |||||
Reductions | -8 | -2 | -17 | |||||
Balance at end of period | 5 | 1 | 10 | 8 | ||||
Loans to members of the Board of Directors (CHF million) | ||||||||
Balance at beginning of period | 55 | 2 | 41 | 33 | ||||
Additions | 6 | 16 | 13 | |||||
Reductions | -45 | -2 | -5 | |||||
Balance at end of period | 16 | 2 | 55 | 41 | ||||
1 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was four and two , respectively. | ||||||||
2 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was five and three , respectively. | ||||||||
Liabilities due to own pension funds | ||||||||
Liabilities due to the Bank’s own defined benefit pension funds as of December 31, 2014 and 2013 of CHF 3,131 million and CHF 2,852 million, respectively, were reflected in various liability accounts in the Bank’s consolidated balance sheets. |
Pension_and_other_postretireme
Pension and other post-retirement benefits | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Pension and other post-retirement benefits | 30 Pension and other post-retirement benefits | |||||||||||||||||||
The Group sponsors defined contribution pension plans, defined benefit pension plans and other post-retirement defined benefit plans such as post-retirement health care. | ||||||||||||||||||||
Defined contribution pension plans | ||||||||||||||||||||
Defined contribution plans provide each participant with an individual account. The benefits to be provided to a participant are solely based on the contributions made to that employee’s account and are affected by income, expenses and gains and losses allocated to the account. As such, there are no stipulations of a defined annuity benefit at retirement and the participants bear the full actuarial as well as investment risk. | ||||||||||||||||||||
The Group contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2014, 2013 and 2012, the Group contributed to these plans and recognized as expense CHF 182 million, CHF 179 million and CHF 221 million, respectively. | ||||||||||||||||||||
Defined benefit pension and other Post-Retirement benefit plans | ||||||||||||||||||||
Defined benefit pension plans | ||||||||||||||||||||
Defined benefit pension plans are pension plans that define specific benefits for an employee upon that employee’s retirement. These benefits are usually determined by taking into account the employee’s salary, years of service and age of retirement. Retirees bear neither the actuarial risk (for example, the risk that the retirees of the plan live longer than expected), nor the investment risk (that is, that plan assets invested and associated returns will be insufficient to meet the expected benefits due to low or negative returns on contributions). The Group’s funding policy for these plans is in accordance with local laws and tax requirements. | ||||||||||||||||||||
Swiss pension plan | ||||||||||||||||||||
The Group’s most significant defined benefit pension plan is located and covers its employees in Switzerland and is set up as a trust domiciled in Zurich. The plan provides benefits in the event of retirement, death and disability and meets or exceeds the minimum benefits required under Swiss law. Historically, this plan provided traditional defined benefit pensions under the annuity section. In 2010, a new savings section was introduced and as of January 1, 2013, all active employees were transferred to the savings section and the annuity section has ceased accruing new benefits. In the savings section, the benefits are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. Although the plan is largely defined contribution in nature, it is treated as a defined benefit plan under US GAAP, mainly due to a guaranteed minimum return on contributions and guaranteed payment of lifetime pensions. As of December 31, 2014 and 2013, the Group’s pension plan in Switzerland comprised 77% and 79%, respectively, of all the Group’s employees participating in defined benefit plans, 80% and 83%, respectively, of the >>>fair value of plan assets, and 81% and 82%, respectively, of the pension benefit obligation of the Group’s defined benefit plans. | ||||||||||||||||||||
Employee contributions in the savings section depend on their age and are determined as a percentage of the pensionable salary. The employees can select between three different levels of contributions which vary between 5% and 14% depending on their age. The Group’s contribution varies between 7.5% and 25% of the pensionable salary depending on the employee’s age. | ||||||||||||||||||||
International pension plans | ||||||||||||||||||||
Various defined benefit pension plans cover the Group’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the plans depend on age, contributions and salary. The Group’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. | ||||||||||||||||||||
Other post-retirement defined benefit plans | ||||||||||||||||||||
In the US, the Group’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Group promises to provide health and welfare benefits after the employee retires. The Group’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. | ||||||||||||||||||||
Benefit costs of defined benefit plans | ||||||||||||||||||||
The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. | ||||||||||||||||||||
Components of total benefit costs | ||||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Switzerland | International | International | ||||||||||||||||||
in | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||
Total benefit costs (CHF million) | ||||||||||||||||||||
Service costs on benefit obligation | 253 | 347 | 347 | 19 | 24 | 30 | 0 | 0 | 1 | |||||||||||
Interest costs on benefit obligation | 338 | 304 | 378 | 134 | 122 | 127 | 7 | 8 | 8 | |||||||||||
Expected return on plan assets | -547 | -575 | -617 | -178 | -161 | -164 | 0 | 0 | 0 | |||||||||||
Amortization of recognized prior service cost/(credit) | -88 | -92 | -52 | 0 | 0 | -1 | -9 | 0 | -2 | |||||||||||
Amortization of recognized actuarial losses/(gains) | 137 | 258 | 144 | 52 | 79 | 74 | 9 | 13 | 13 | |||||||||||
Net periodic benefit costs | 93 | 242 | 200 | 27 | 64 | 66 | 7 | 21 | 20 | |||||||||||
Settlement losses/(gains) | 44 | 40 | 90 | -2 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Curtailment losses/(gains) | -9 | -28 | -35 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Special termination benefits | 17 | 19 | 19 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Total benefit costs | 145 | 273 | 274 | 25 | 64 | 66 | 7 | 21 | 20 | |||||||||||
Total benefit costs reflected in compensation and benefits – other for 2014, 2013 and 2012 were CHF 177 million, CHF 358 million and CHF 360 million, respectively. | ||||||||||||||||||||
Since the second quarter of 2011, as part of its strategic plan, the Group has launched a number of cost efficiency measures including headcount reduction. This resulted in curtailment gains of CHF 9 million, CHF 28 million and CHF 35 million in 2014, 2013 and 2012, respectively, reflecting the immediate recognition of a credit relating to the years of service no longer expected to be rendered. Additional costs of CHF 44 million, CHF 40 million and CHF 90 million in 2014, 2013 and 2012, 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 17 million, CHF 19 million and CHF 19 million have been recognized in 2014, 2013 and 2012, 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 following table shows the changes in the PBO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the defined benefit pension and other post-retirement defined benefit plans as well as the ABO for the defined benefit pension plans. | ||||||||||||||||||||
Obligations and funded status of the plans | ||||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Switzerland | International | International | ||||||||||||||||||
in / end of | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
PBO (CHF million) 1 | ||||||||||||||||||||
Beginning of the measurement period | 13,473 | 14,296 | 2,843 | 2,773 | 168 | 180 | ||||||||||||||
Plan participant contributions | 200 | 209 | 0 | 0 | 0 | 0 | ||||||||||||||
Service cost | 253 | 347 | 19 | 24 | 0 | 0 | ||||||||||||||
Interest cost | 338 | 304 | 134 | 122 | 7 | 8 | ||||||||||||||
Plan amendments | 0 | 0 | 0 | 0 | -32 | 0 | ||||||||||||||
Settlements | -169 | -208 | -4 | -4 | 0 | 0 | ||||||||||||||
Curtailments | -16 | -5 | 0 | -2 | 0 | 0 | ||||||||||||||
Special termination benefits | 17 | 19 | 1 | 1 | 0 | 0 | ||||||||||||||
Actuarial losses/(gains) | 2,280 | -736 | 463 | 69 | 25 | -8 | ||||||||||||||
Benefit payments | -715 | -753 | -109 | -97 | -8 | -8 | ||||||||||||||
Exchange rate losses/(gains) | 0 | 0 | 192 | -43 | 18 | -4 | ||||||||||||||
End of the measurement period | 15,661 | 13,473 | 3,539 | 2,843 | 178 | 168 | ||||||||||||||
Fair value of plan assets (CHF million) | ||||||||||||||||||||
Beginning of the measurement period | 14,912 | 14,340 | 3,007 | 2,893 | 0 | 0 | ||||||||||||||
Actual return on plan assets | 970 | 913 | 637 | 183 | 0 | 0 | ||||||||||||||
Employer contributions | 437 | 411 | 135 | 67 | 8 | 8 | ||||||||||||||
Plan participant contributions | 200 | 209 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | -169 | -208 | -2 | -4 | 0 | 0 | ||||||||||||||
Benefit payments | -715 | -753 | -109 | -97 | -8 | -8 | ||||||||||||||
Exchange rate gains/(losses) | 0 | 0 | 208 | -35 | 0 | 0 | ||||||||||||||
End of the measurement period | 15,635 | 14,912 | 3,876 | 3,007 | 0 | 0 | ||||||||||||||
Funded status recognized (CHF million) | ||||||||||||||||||||
Funded status of the plan – overfunded/(underfunded) | -26 | 1,439 | 337 | 164 | -178 | -168 | ||||||||||||||
Funded status recognized in the consolidated balance sheet as of December 31 | -26 | 1,439 | 337 | 164 | -178 | -168 | ||||||||||||||
Total amount recognized (CHF million) | ||||||||||||||||||||
Noncurrent assets | 0 | 1,439 | 822 | 520 | 0 | 0 | ||||||||||||||
Current liabilities | 0 | 0 | -8 | -8 | -10 | -8 | ||||||||||||||
Noncurrent liabilities | -26 | 0 | -477 | -348 | -168 | -160 | ||||||||||||||
Total amount recognized in the consolidated balance sheet as of December 31 | -26 | 1,439 | 337 | 164 | -178 | -168 | ||||||||||||||
ABO (CHF million) 2 | ||||||||||||||||||||
End of the measurement period | 15,110 | 13,043 | 3,469 | 2,785 | 178 | 168 | ||||||||||||||
1 | ||||||||||||||||||||
Including estimated future salary increases. | ||||||||||||||||||||
2 | ||||||||||||||||||||
Excluding estimated future salary increases. | ||||||||||||||||||||
US GAAP requires an employer to recognize the funded status of the defined benefit pension and other post-retirement defined benefit plans on the balance sheet. The funded status of these plans is determined as the difference between the fair value of plan assets and the PBO. The funded status may vary from year to year due to changes in the fair value of plan assets and variations of the PBO following changes in the underlying assumptions and census data used to determine the PBO. In 2014 and 2013, 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. Due to a plan amendment in the US postretirement medical plan, the PBO of this plan decreased CHF 32 million in 2014. Under the amended plan, the Group will no longer pay for future medical claims for covered retirees older than 65 years and will instead provide a flat subsidy to these retirees to purchase their own medical insurance. | ||||||||||||||||||||
The total net amount recognized in the consolidated balance sheets as of December 31, 2014 and 2013 was a net overfunding of CHF 133 million and CHF 1,435 million, respectively. | ||||||||||||||||||||
In 2015, the Group expects to contribute CHF 398 million to the Swiss and international defined benefit pension plans and CHF 10 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, 2014 and 2013, respectively. | ||||||||||||||||||||
Defined benefit pension plans in which PBO or ABO exceeded plan assets | ||||||||||||||||||||
PBO exceeds fair value of plan assets | 1 | ABO exceeds fair value of plan assets | 1 | |||||||||||||||||
Switzerland | International | Switzerland | International | |||||||||||||||||
31-Dec | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
CHF million | ||||||||||||||||||||
PBO | 15,661 | 0 | 1,671 | 1,334 | 0 | 0 | 1,655 | 1,319 | ||||||||||||
ABO | 15,110 | 0 | 1,637 | 1,307 | 0 | 0 | 1,627 | 1,298 | ||||||||||||
Fair value of plan assets | 15,635 | 0 | 1,187 | 978 | 0 | 0 | 1,173 | 964 | ||||||||||||
1 | ||||||||||||||||||||
Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. | ||||||||||||||||||||
Amount recognized in AOCI and other comprehensive income | ||||||||||||||||||||
The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. | ||||||||||||||||||||
Amounts recognized in AOCI, net of tax | ||||||||||||||||||||
Defined benefit | Other post-retirement | Total | ||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
end of | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amounts recognized in AOCI (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -3,960 | -2,717 | -50 | -40 | -4,010 | -2,757 | ||||||||||||||
Prior service credit/(cost) | 435 | 512 | 17 | 3 | 452 | 515 | ||||||||||||||
Total | -3,525 | -2,205 | -33 | -37 | -3,558 | -2,242 | ||||||||||||||
The following tables show the changes in other comprehensive income due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2014 and 2013, and the amortization of the aforementioned items as components of net periodic benefit costs for these periods, as well as the amounts expected to be amortized in 2015. | ||||||||||||||||||||
Amounts recognized in other comprehensive income | ||||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
in | Gross | Tax | Net | Gross | Tax | Net | Total net | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -1,861 | 424 | -1,437 | -25 | 9 | -16 | -1,453 | |||||||||||||
Prior service credit/(cost) | 0 | 0 | 0 | 32 | -12 | 20 | 20 | |||||||||||||
Amortization of actuarial losses/(gains) | 189 | -43 | 146 | 9 | -3 | 6 | 152 | |||||||||||||
Amortization of prior service cost/(credit) | -88 | 18 | -70 | -9 | 3 | -6 | -76 | |||||||||||||
Immediate recognition due to curtailment/settlement | 51 | -10 | 41 | 0 | 0 | 0 | 41 | |||||||||||||
Total amounts recognized in other comprehensive income | -1,709 | 389 | -1,320 | 7 | -3 | 4 | -1,316 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | 1,027 | -288 | 1 | 739 | 8 | -3 | 5 | 744 | ||||||||||||
Amortization of actuarial losses/(gains) | 337 | -83 | 254 | 13 | -5 | 8 | 262 | |||||||||||||
Amortization of prior service cost/(credit) | -92 | 20 | -72 | 0 | 0 | 0 | -72 | |||||||||||||
Immediate recognition due to curtailment/settlement | 18 | -3 | 15 | 0 | 0 | 0 | 15 | |||||||||||||
Total amounts recognized in other comprehensive income | 1,290 | -354 | 936 | 21 | -8 | 13 | 949 | |||||||||||||
1 | ||||||||||||||||||||
Includes the impact from the valuation allowance recognized on deferred tax assets on one of the Group's entities in the UK, offsetting the tax benefit of CHF 37 million attributable to the UK pension plan. | ||||||||||||||||||||
Amounts in AOCI, net of tax, expected to be amortized in 2015 | ||||||||||||||||||||
in 2015 | Defined benefit | Other post-retirement | ||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
CHF million | ||||||||||||||||||||
Amortization of actuarial losses/(gains) | 335 | 8 | ||||||||||||||||||
Amortization of prior service cost/(credit) | -68 | -13 | ||||||||||||||||||
Total | 267 | -5 | ||||||||||||||||||
Assumptions | ||||||||||||||||||||
The measurement of both the net periodic benefit costs and the benefit obligation is determined using explicit assumptions, each of which individually represents the best estimate of a particular future event. Where applicable, they are in line with the expected market averages and benchmarks, the expected trend in the market and historical rates, particularly plan experience. | ||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation | ||||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Switzerland | International | International | ||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||
Net periodic benefit cost (%) | ||||||||||||||||||||
Discount rate | 2.6 | 2.2 | 2.8 | 4.71 | 4.47 | 4.78 | 5.1 | 4.3 | 4.7 | |||||||||||
Salary increases | 1.2 | 1.2 | 1.4 | 4.31 | 4.02 | 4.03 | – | – | – | |||||||||||
Expected long-term rate of return on plan assets | 3.75 | 4 | 4.25 | 6.16 | 6.18 | 6.43 | – | – | – | |||||||||||
Benefit obligation (%) | ||||||||||||||||||||
Discount rate | 1.25 | 2.6 | 2.2 | 3.82 | 4.71 | 4.47 | 4.2 | 5.1 | 4.3 | |||||||||||
Salary increases | 1 | 1.2 | 1.2 | 4.19 | 4.31 | 4.02 | – | – | – | |||||||||||
Net periodic benefit cost and benefit obligation assumptions | ||||||||||||||||||||
The assumptions used to determine the benefit obligation as of the measurement date are also used to calculate the net periodic benefit costs for the 12-month period following this date. The discount rate is one of the factors used to determine the present value as of the measurement date of the future cash outflows currently expected to be required to satisfy the benefit obligations when due. | ||||||||||||||||||||
As a result of the Swiss National bank announcement in January 2015 to further lower interest rates, the reduction in applicable discount rates in January would have reduced our US GAAP equity and CET1 capital by approximately CHF 600 million as of the end of January 31, 2015. | ||||||||||||||||||||
The assumption pertaining to salary increases is used to calculate the PBO, which is measured using an assumption as to future compensation levels. | ||||||||||||||||||||
The expected long-term rate of return on plan assets, which is used to calculate the expected return on plan assets as a component of the net periodic benefit costs, reflects the average rate of returns expected on the funds invested or to be invested to provide for the benefits included in the PBO. In estimating that rate, appropriate consideration is given to the returns being earned by the plan assets and the rates of return expected to be available for reinvestment. | ||||||||||||||||||||
The expected long-term rate of return on plan assets is based on total return forecasts, expected volatility and correlation estimates, reflecting interrelationships between and within asset classes held. Where possible, similar, if not related, approaches are followed to forecast returns for the various asset classes. | ||||||||||||||||||||
The expected long-term rate of return on debt securities reflects both accruing interest and price returns. The probable long-term relationship between the total return and certain exogenous variables is used, which links the total return forecasts on debt securities to forecasts of the macroeconomic environment. | ||||||||||||||||||||
The expected long-term rate of return on equity securities is based on a two-stage dividend discount model which considers economic and market forecasts to compute a market-implied equity risk premium. Dividends are estimated using market consensus earnings and the historical payout ratio. A subsequent scenario analysis is used to stress test the level of the return. | ||||||||||||||||||||
The expected long-term rate of return on real estate is based on economic models that reflect both the rental and the capital market side of the direct real estate market. This allows for a replicable and robust forecasting methodology for expected returns on real estate equity, fund and direct market indices. | ||||||||||||||||||||
The expected long-term rate of return on private equity and hedge funds is estimated by determining the key factors in their historical performance using private equity and hedge fund benchmarks and indices. To capture these factors, multiple linear regression models with lagged returns are used. | ||||||||||||||||||||
Health care cost assumptions | ||||||||||||||||||||
The health care cost trend is used to determine the appropriate other post-retirement defined benefit costs. In determining those costs, an annual weighted-average rate is assumed in the cost of covered health care benefits. | ||||||||||||||||||||
The following table provides an overview of the health care cost trend rates assumed and the sensitivity of a one percentage point increase or decrease of the rate. | ||||||||||||||||||||
Health care cost trend rates and sensitivity | ||||||||||||||||||||
in / end of | 2014 | 2013 | 2012 | |||||||||||||||||
Health care cost trend rate (%) | ||||||||||||||||||||
Annual weighted-average health care cost trend rate 1 | 8 | 8 | 9 | |||||||||||||||||
Increase/(decrease) in post-retirement expenses (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 0.2 | 1.3 | 1.4 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -0.3 | -1 | -1.1 | |||||||||||||||||
Increase/(decrease) in post-retirement benefit obligation (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 5 | 23 | 27 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -4 | -19 | -22 | |||||||||||||||||
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 2021. | ||||||||||||||||||||
The annual health care cost trend rate used to determine the defined benefit cost for 2015 is 8.00%. | ||||||||||||||||||||
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, 2014 and 2013, the total fair value of Group debt securities included in plan assets of the Group’s defined benefit pension plans was CHF 134 million and CHF 129 million, respectively, and the total fair value of Group equity securities and options was CHF 131 million and CHF 147 million, respectively. | ||||||||||||||||||||
Fair value hierarchy of plan assets | ||||||||||||||||||||
> Refer to “Fair value measurement” in Note 34 – 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, 2014 and 2013, for the Group’s defined benefit pension plans. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis | ||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Plan assets at fair value (CHF million) | ||||||||||||||||||||
Cash and cash equivalents | 2,983 | 0 | 0 | 2,983 | 3,335 | 35 | 0 | 3,370 | ||||||||||||
Debt securities | 421 | 2,939 | 0 | 3,360 | 415 | 2,978 | 0 | 3,393 | ||||||||||||
of which governments | 338 | 0 | 0 | 338 | 395 | 0 | 0 | 395 | ||||||||||||
of which corporates | 83 | 2,939 | 0 | 3,022 | 20 | 2,978 | 0 | 2,998 | ||||||||||||
Equity securities | 2,545 | 2,222 | 0 | 4,767 | 2,224 | 2,321 | 0 | 4,545 | ||||||||||||
Real estate | 0 | 534 | 1,146 | 1,680 | 0 | 564 | 1,125 | 1,689 | ||||||||||||
of which direct | 0 | 0 | 1,146 | 1,146 | 0 | 0 | 1,123 | 1,123 | ||||||||||||
of which indirect | 0 | 534 | 0 | 534 | 0 | 564 | 2 | 566 | ||||||||||||
Alternative investments | 508 | 87 | 2,250 | 2,845 | 0 | 1,178 | 737 | 1,915 | ||||||||||||
of which private equity | 0 | 0 | 692 | 692 | 0 | 0 | 607 | 607 | ||||||||||||
of which hedge funds | 0 | 0 | 953 | 953 | 0 | 1,086 | 0 | 1,086 | ||||||||||||
of which other | 508 | 87 | 605 | 1,200 | 0 | 92 | 1 | 130 | 222 | |||||||||||
Switzerland | 6,457 | 5,782 | 3,396 | 15,635 | 5,974 | 7,076 | 1,862 | 14,912 | ||||||||||||
Cash and cash equivalents | 191 | 88 | 0 | 279 | 66 | 333 | 0 | 399 | ||||||||||||
Debt securities | 189 | 1,590 | 267 | 2,046 | 335 | 1,017 | 177 | 1,529 | ||||||||||||
of which governments | 8 | 562 | 0 | 570 | 335 | 30 | 0 | 365 | ||||||||||||
of which corporates | 181 | 1,028 | 267 | 1,476 | 0 | 987 | 177 | 1,164 | ||||||||||||
Equity securities | 216 | 666 | 0 | 882 | 172 | 441 | 0 | 613 | ||||||||||||
Real estate – indirect | 0 | 0 | 117 | 117 | 0 | 0 | 94 | 94 | ||||||||||||
Alternative investments | 0 | 386 | 58 | 444 | -23 | 290 | 7 | 274 | ||||||||||||
of which hedge funds | 0 | 111 | 58 | 169 | 0 | 264 | 3 | 267 | ||||||||||||
of which other | 0 | 275 | 0 | 275 | -23 | 1 | 26 | 1 | 4 | 7 | ||||||||||
Other investments | 0 | 108 | 0 | 108 | 0 | 98 | 0 | 98 | ||||||||||||
International | 596 | 2,838 | 442 | 3,876 | 550 | 2,179 | 278 | 3,007 | ||||||||||||
Total plan assets at fair value | 7,053 | 8,620 | 3,838 | 19,511 | 6,524 | 9,255 | 2,140 | 17,919 | ||||||||||||
1 | ||||||||||||||||||||
Primarily related to derivative instruments. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis for level 3 | ||||||||||||||||||||
Actual return | ||||||||||||||||||||
on plan assets | ||||||||||||||||||||
On assets | Foreign | |||||||||||||||||||
Balance at | still held at | On assets | Purchases, | currency | Balance | |||||||||||||||
beginning | Transfers | Transfers | reporting | sold during | sales, | translation | at end | |||||||||||||
of period | in | out | date | the period | settlements | impact | of period | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 177 | 2 | 0 | -13 | 17 | 65 | 19 | 267 | ||||||||||||
Real estate | 1,219 | 0 | -2 | 32 | 0 | 3 | 11 | 1,263 | ||||||||||||
of which direct | 1,123 | 0 | 0 | 23 | 0 | 0 | 0 | 1,146 | ||||||||||||
of which indirect | 96 | 0 | -2 | 9 | 0 | 3 | 11 | 117 | ||||||||||||
Alternative investments | 744 | 1,378 | -5 | 79 | -1 | 112 | 1 | 2,308 | ||||||||||||
of which private equity | 607 | 0 | -1 | 40 | 0 | 46 | 0 | 692 | ||||||||||||
of which hedge funds | 3 | 953 | 0 | -10 | -1 | 65 | 1 | 1,011 | ||||||||||||
of which other | 134 | 425 | -4 | 49 | 0 | 1 | 0 | 605 | ||||||||||||
Total plan assets at fair value | 2,140 | 1,380 | -7 | 98 | 16 | 180 | 31 | 3,838 | ||||||||||||
of which Switzerland | 1,862 | 1,378 | -2 | 111 | 0 | 47 | 0 | 3,396 | ||||||||||||
of which International | 278 | 2 | -5 | -13 | 16 | 133 | 31 | 442 | ||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 71 | 1 | -1 | 5 | 0 | 103 | -2 | 177 | ||||||||||||
Real estate | 1,169 | 0 | 0 | 52 | 0 | 0 | -2 | 1,219 | ||||||||||||
of which direct | 1,078 | 0 | 0 | 45 | 0 | 0 | 0 | 1,123 | ||||||||||||
of which indirect | 91 | 0 | 0 | 7 | 0 | 0 | -2 | 96 | ||||||||||||
Alternative investments | 696 | 149 | -147 | 37 | 7 | 15 | -13 | 744 | ||||||||||||
of which private equity | 666 | 0 | -147 | 45 | 1 | 47 | -5 | 607 | ||||||||||||
of which hedge funds | 30 | 2 | 0 | -3 | 2 | -27 | -1 | 3 | ||||||||||||
of which other | 0 | 147 | 0 | -5 | 4 | -5 | -7 | 134 | ||||||||||||
Total plan assets at fair value | 1,936 | 150 | -148 | 94 | 7 | 118 | -17 | 2,140 | ||||||||||||
of which Switzerland | 1,742 | 147 | -147 | 87 | 0 | 42 | -9 | 1,862 | ||||||||||||
of which International | 194 | 3 | -1 | 7 | 7 | 76 | -8 | 278 | ||||||||||||
Qualitative disclosures of valuation techniques used to measure fair value | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents includes money market instruments such as bankers’ acceptances, certificates of deposit, >>>CP, book claims, treasury bills, other rights and commingled funds. Valuations of money market instruments and commingled funds are generally based on observable inputs. | ||||||||||||||||||||
Debt securities | ||||||||||||||||||||
Debt securities include government and corporate bonds which are generally quoted in active markets. Debt securities for which market prices are not available, are valued based on yields reflecting the perceived risk of the issuer and the maturity of the security, recent disposals in the market or other modeling techniques, which may involve judgment. | ||||||||||||||||||||
Equity securities | ||||||||||||||||||||
Equity securities held include common equity shares, convertible bonds and shares in investment companies and units in mutual funds. The common equity shares are generally traded on public stock exchanges for which quoted prices are regularly available. Convertible bonds are generally valued using observable pricing sources. Shares in investment companies and units in mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Derivatives include both >>>OTC and exchange-traded derivatives. The fair value of OTC derivatives is determined on the basis of inputs that include those characteristics of the derivative that have a bearing on the economics of the instrument. The determination of the fair value of many derivatives involves only a limited degree of subjectivity since the required inputs are generally observable in the marketplace. Other more complex derivatives may use unobservable inputs. Such inputs include long-dated volatility assumptions on OTC option transactions and recovery rate assumptions for credit derivative transactions. The fair value of exchange-traded derivatives is typically derived from the observable exchange prices and/or observable inputs. | ||||||||||||||||||||
Real estate | ||||||||||||||||||||
Real estate includes direct real estate as well as investments in real estate investment companies, trusts or mutual funds. Direct real estate is initially measured at its transaction price, which is the best estimate of fair value. Thereafter, direct real estate is individually measured at fair value based on a number of factors that include any recent rounds of financing involving third-party investors, comparable company transactions, multiple analyses of cash flows or book values, or discounted cash flow analyses. The availability of information used in these modeling techniques is often limited and involves significant judgment in evaluating these different factors over time. Real estate investment companies, trusts and mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. | ||||||||||||||||||||
Alternative investments | ||||||||||||||||||||
Private equity includes direct investments, investments in partnerships that make private equity and related investments in various portfolio companies and funds and fund of funds partnerships. Private equity consists of both publicly traded securities and private securities. Publicly traded investments that are restricted or that are not quoted in active markets are valued based on publicly available quotes with appropriate adjustments for liquidity or trading restrictions. Private equity is valued taking into account a number of factors, such as the most recent round of financing involving unrelated new investors, earnings multiple analyses using comparable companies or discounted cash flow analyses. Private equity for which a fair value is not readily determinable is measured at fair value using NAV provided by the general partner. | ||||||||||||||||||||
Hedge funds that are not directly quoted on a public stock exchange, and/or for which a fair value is not readily determinable, are measured at fair value using NAV provided by the fund administrator. | ||||||||||||||||||||
Plan asset allocation | ||||||||||||||||||||
The following table shows the plan asset allocation as of the measurement date calculated based on the fair value at that date including the performance of each asset class. | ||||||||||||||||||||
Weighted-average plan asset allocation | ||||||||||||||||||||
Switzerland | International | |||||||||||||||||||
31-Dec | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Weighted-average plan asset allocation (%) | ||||||||||||||||||||
Cash and cash equivalents | 19.1 | 22.6 | 7.2 | 13.3 | ||||||||||||||||
Debt securities | 21.5 | 22.8 | 52.7 | 50.7 | ||||||||||||||||
Equity securities | 30.5 | 30.4 | 22.8 | 20.4 | ||||||||||||||||
Real estate | 10.7 | 11.3 | 3 | 3.1 | ||||||||||||||||
Alternative investments | 18.2 | 12.9 | 11.5 | 9.2 | ||||||||||||||||
Insurance | 0 | 0 | 2.8 | 3.3 | ||||||||||||||||
Total | 100 | 100 | 100 | 100 | ||||||||||||||||
The following table shows the target plan asset allocation for 2015 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 2015. | ||||||||||||||||||||
Weighted-average target plan asset allocation for 2015 | ||||||||||||||||||||
Switzerland | International | |||||||||||||||||||
2015 (%) | ||||||||||||||||||||
Cash and cash equivalents | 10 | 0.3 | ||||||||||||||||||
Debt securities | 35 | 59.4 | ||||||||||||||||||
Equity securities | 30 | 24.3 | ||||||||||||||||||
Real estate | 12 | 2.8 | ||||||||||||||||||
Alternative investments | 13 | 10.4 | ||||||||||||||||||
Insurance | 0 | 2.8 | ||||||||||||||||||
Total | 100 | 100 | ||||||||||||||||||
Estimated future benefit payments for defined benefit plans | ||||||||||||||||||||
The following table shows the estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans. | ||||||||||||||||||||
Estimated future benefit payments for defined benefit plans | ||||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Estimated future benefit payments (CHF million) | ||||||||||||||||||||
2015 | 1,206 | 10 | ||||||||||||||||||
2016 | 938 | 10 | ||||||||||||||||||
2017 | 911 | 11 | ||||||||||||||||||
2018 | 897 | 11 | ||||||||||||||||||
2019 | 938 | 12 | ||||||||||||||||||
For five years thereafter | 5,037 | 59 | ||||||||||||||||||
Bank | ||||||||||||||||||||
Pension and other post-retirement benefits | 29 Pension and other post-retirement benefits | |||||||||||||||||||
The Bank participates in a defined benefit pension plan sponsored by the Group and has defined contribution pension plans, single-employer defined benefit pension plans and other post-retirement defined benefit plans. The Bank’s principal plans are located in Switzerland, the US and the UK. | ||||||||||||||||||||
Defined contribution pension plans | ||||||||||||||||||||
The Bank contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2014, 2013 and 2012, the Bank contributed to these plans and recognized as expense CHF 181 million, CHF 178 million and CHF 219 million, respectively. | ||||||||||||||||||||
> Refer to “Note 30 – Pension and other post-retirement benefits” in V – Consolidated financial statements – Credit Suisse Group for further information on defined contribution pension plans. | ||||||||||||||||||||
Defined benefit Pension and other Post-Retirement benefit plans | ||||||||||||||||||||
Defined benefit pension plans | ||||||||||||||||||||
> Refer to “Note 30 – Pension and other post-retirement benefits” in V – Consolidated financial statements – Credit Suisse Group for further information on defined benefit pension plans. | ||||||||||||||||||||
Group pension plan | ||||||||||||||||||||
The Bank covers pension requirements for its employees in Switzerland by participating in a defined benefit pension plan sponsored by the Group (Group plan), the Group’s most significant defined benefit pension plan. The plan provides benefits in the event of retirement, death and disability. Various legal entities within the Group participate in the plan, which is set up as an independent trust domiciled in Zurich. Historically, this plan provided traditional defined benefit pensions under the annuity section. In 2010, a new savings section was introduced and as of January 1, 2013, all active employees were transferred to the savings section and the annuity section has ceased accruing new benefits. In the savings section, the benefits are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. In accordance with US GAAP, the Group accounts for the Group plan as a single-employer defined benefit pension plan and uses the projected unit credit actuarial method to determine the net periodic benefit costs, the PBO and the accumulated benefit obligation (ABO). The Bank accounts for the defined benefit pension plan sponsored by the Group as a multi-employer pension plan because other legal entities within the Group also participate in the plan and the assets contributed by the Bank are not segregated into a separate account or restricted to provide benefits only to employees of the Bank. The assets contributed by the Bank are commingled with the assets contributed by the other legal entities of the Group and can be used to provide benefits to any employee of any participating legal entity. The Bank’s contributions to the Group plan comprise 95% of the total assets contributed to the Group plan by all participating legal entities on an annual basis. | ||||||||||||||||||||
The Bank accounts for the Group plan on a defined contribution basis whereby it only recognizes the amounts required to be contributed to the Group plan during the period as net periodic pension expense and only recognizes a liability for any contributions due and unpaid. No other expenses or balance sheet amounts related to the Group plan were recognized by the Bank. In the savings section of the plan, the Bank’s contribution varies between 7.5% and 25% of the pensionable salary depending on the employees’ age. | ||||||||||||||||||||
During 2014, 2013 and 2012, the Bank contributed and recognized as expense CHF 415 million, CHF 390 million and CHF 458 million to the Group plan, respectively. The Bank expects to contribute CHF 359 million to the Group plan during 2015. If the Bank had accounted for the Group plan as a single-employer defined benefit plan, the net periodic pension expense recognized by the Bank during 2014, 2013 and 2012 would have been lower by CHF 277 million, CHF 131 million and CHF 197 million, respectively, and the Bank would have recognized CHF 48 million, CHF 158 million and CHF 88 million, respectively, as amortization of actuarial losses and prior service cost for the Group plan. | ||||||||||||||||||||
As of December 31, 2014 and 2013, the ABO of the Group plan was CHF 15.1 billion and CHF 13.0 billion, the PBO was CHF 15.7 billion and CHF 13.5 billion and the >>>fair value of plan assets was CHF 15.6 billion and CHF 14.9 billion, respectively. As of December 31, 2014 and 2013, the Group plan was overfunded on an ABO basis by CHF 525 million and CHF 1,869 million, respectively. On a PBO basis, the Group plan was underfunded by CHF 26 million and overfunded by CHF 1,439 million as of December 31, 2014 and 2013, respectively. If the Bank had accounted for the Group plan as a defined benefit pension plan, the Bank would have had to recognize the underfunding of the Group plan on a PBO basis of CHF 25 million as a liability as of December 31, 2014 and the overfunding of CHF 1,367 million as an asset as of December 31, 2013 in the consolidated balance sheets. | ||||||||||||||||||||
If the Bank had accounted for the Group plan as a defined benefit plan, the Bank would have used the assumptions made by the Group for the calculation of the expense and liability associated with the Group plan. | ||||||||||||||||||||
> Refer to “Note 30 – Pension and other post-retirement benefits” in V – Consolidated financial statements – Credit Suisse Group for information on assumptions made by the Group for Switzerland. | ||||||||||||||||||||
International pension plans | ||||||||||||||||||||
Various defined benefit pension plans cover the Bank’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the plans depend on age, contributions and salary. The Bank’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. | ||||||||||||||||||||
Other post-retirement defined benefit plans | ||||||||||||||||||||
In the US, the Bank’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Bank promises to provide health and welfare benefits after the employee retires. The Bank’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. | ||||||||||||||||||||
Benefit costs of defined benefit plans | ||||||||||||||||||||
The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. | ||||||||||||||||||||
Components of total benefit costs | ||||||||||||||||||||
International single-employer | Other post-retirement | |||||||||||||||||||
defined benefit pension plans | defined benefit plans | |||||||||||||||||||
in | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Total benefit costs (CHF million) | ||||||||||||||||||||
Service costs on benefit obligation | 19 | 24 | 30 | 0 | 0 | 1 | ||||||||||||||
Interest costs on benefit obligation | 134 | 122 | 127 | 7 | 8 | 8 | ||||||||||||||
Expected return on plan assets | -178 | -161 | -164 | 0 | 0 | 0 | ||||||||||||||
Amortization of recognized prior service cost/(credit) | 0 | 0 | -1 | -9 | 0 | -2 | ||||||||||||||
Amortization of recognized actuarial losses/(gains) | 52 | 79 | 74 | 9 | 13 | 13 | ||||||||||||||
Net periodic benefit costs | 27 | 64 | 66 | 7 | 21 | 20 | ||||||||||||||
Settlement losses/(gains) | -2 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Total benefit costs | 25 | 64 | 66 | 7 | 21 | 20 | ||||||||||||||
Total benefit costs reflected in compensation and benefits – other for 2014, 2013 and 2012 were CHF 32 million, CHF 85 million and CHF 86 million, respectively. | ||||||||||||||||||||
Benefit obligation | ||||||||||||||||||||
The following table shows the changes in the PBO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the international single-employer defined benefit pension plans and other post-retirement defined benefit plans as well as the ABO for the defined benefit pension plans. | ||||||||||||||||||||
Obligations and funded status of the plans | ||||||||||||||||||||
International | ||||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
in / end of | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
PBO (CHF million) 1 | ||||||||||||||||||||
Beginning of the measurement period | 2,843 | 2,773 | 168 | 180 | ||||||||||||||||
Service cost | 19 | 24 | 0 | 0 | ||||||||||||||||
Interest cost | 134 | 122 | 7 | 8 | ||||||||||||||||
Plan amendments | 0 | 0 | -32 | 0 | ||||||||||||||||
Settlements | -4 | -4 | 0 | 0 | ||||||||||||||||
Curtailments | 0 | -2 | 0 | 0 | ||||||||||||||||
Special termination benefits | 1 | 1 | 0 | 0 | ||||||||||||||||
Actuarial losses/(gains) | 463 | 69 | 25 | -8 | ||||||||||||||||
Benefit payments | -109 | -97 | -8 | -8 | ||||||||||||||||
Exchange rate losses/(gains) | 192 | -43 | 18 | -4 | ||||||||||||||||
End of the measurement period | 3,539 | 2,843 | 178 | 168 | ||||||||||||||||
Fair value of plan assets (CHF million) | ||||||||||||||||||||
Beginning of the measurement period | 3,007 | 2,893 | 0 | 0 | ||||||||||||||||
Actual return on plan assets | 637 | 183 | 0 | 0 | ||||||||||||||||
Employer contributions | 135 | 67 | 8 | 8 | ||||||||||||||||
Settlements | -2 | -4 | 0 | 0 | ||||||||||||||||
Benefit payments | -109 | -97 | -8 | -8 | ||||||||||||||||
Exchange rate gains/(losses) | 208 | -35 | 0 | 0 | ||||||||||||||||
End of the measurement period | 3,876 | 3,007 | 0 | 0 | ||||||||||||||||
Total funded status recognized (CHF million) | ||||||||||||||||||||
Funded status of the plan – over/(underfunded) | 337 | 164 | -178 | -168 | ||||||||||||||||
Funded status recognized in the consolidated balance sheet as of December 31 | 337 | 164 | -178 | -168 | ||||||||||||||||
Total amount recognized (CHF million) | ||||||||||||||||||||
Noncurrent assets | 822 | 520 | 0 | 0 | ||||||||||||||||
Current liabilities | -8 | -8 | -10 | -8 | ||||||||||||||||
Noncurrent liabilities | -477 | -348 | -168 | -160 | ||||||||||||||||
Total amount recognized in the consolidated balance sheet as of December 31 | 337 | 164 | -178 | -168 | ||||||||||||||||
ABO (CHF million) 2 | ||||||||||||||||||||
End of the measurement period | 3,469 | 2,785 | 178 | 168 | ||||||||||||||||
1 | ||||||||||||||||||||
Including estimated future salary increases. | ||||||||||||||||||||
2 | ||||||||||||||||||||
Excluding estimated future salary increases. | ||||||||||||||||||||
Due to a plan amendment in the US postretirement medical plan, the PBO of this plan decreased CHF 32 million in 2014. Under the amended plan, the Bank will no longer pay for future medical claims for covered retirees older than 65 years and will instead provide a flat subsidy to these retirees to purchase their own medical insurance. | ||||||||||||||||||||
The total net amount recognized in the consolidated balance sheets as of December 31, 2014 and 2013 was an overfunding of CHF 159 million and an underfunding of CHF 4 million, respectively. | ||||||||||||||||||||
In 2014 and 2013, the Bank made contributions of CHF 135 million and CHF 67 million, respectively, to the international single-employer defined benefit pension plans. In 2015, the Bank expects to contribute CHF 20 million to the international single-employer defined benefit pension plans and CHF 10 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, 2014 and 2013, respectively. | ||||||||||||||||||||
Defined benefit pension plans in which PBO or ABO exceeded plan assets | ||||||||||||||||||||
PBO exceeds fair value | 1 | ABO exceeds fair value | 1 | |||||||||||||||||
of plan assets | of plan assets | |||||||||||||||||||
31-Dec | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
CHF million | ||||||||||||||||||||
PBO | 1,671 | 1,334 | 1,655 | 1,319 | ||||||||||||||||
ABO | 1,637 | 1,307 | 1,627 | 1,298 | ||||||||||||||||
Fair value of plan assets | 1,187 | 978 | 1,173 | 964 | ||||||||||||||||
1 | ||||||||||||||||||||
Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. | ||||||||||||||||||||
Amount recognized in AOCI and other comprehensive income | ||||||||||||||||||||
The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. | ||||||||||||||||||||
Amounts recognized in AOCI, net of tax | ||||||||||||||||||||
International | Total | |||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
end of | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amounts recognized in AOCI (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -606 | -674 | -50 | -40 | -656 | -714 | ||||||||||||||
Prior service credit/(cost) | 0 | 0 | 17 | 3 | 17 | 3 | ||||||||||||||
Total | -606 | -674 | -33 | -37 | -639 | -711 | ||||||||||||||
The following tables show the changes in other comprehensive income due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2014 and 2013, and the amortization of the aforementioned items as components of net periodic benefit costs for these periods, as well as the amounts expected to be amortized in 2015. | ||||||||||||||||||||
Amounts recognized in other comprehensive income | ||||||||||||||||||||
International single-employer | Other post-retirement | |||||||||||||||||||
defined benefit pension plans | defined benefit plans | |||||||||||||||||||
in | Gross | Tax | Net | Gross | Tax | Net | Total net | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -5 | 35 | 30 | -25 | 9 | -16 | 14 | |||||||||||||
Prior service credit/(cost) | 0 | 0 | 0 | 32 | -12 | 20 | 20 | |||||||||||||
Amortization of actuarial losses/(gains) | 52 | -14 | 38 | 9 | -3 | 6 | 44 | |||||||||||||
Amortization of prior service cost/(credit) | 0 | 0 | 0 | -9 | 3 | -6 | -6 | |||||||||||||
Total amounts recognized in other comprehensive income | 47 | 21 | 68 | 7 | -3 | 4 | 72 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -47 | -62 | 1 | -109 | 8 | -3 | 5 | -104 | ||||||||||||
Amortization of actuarial losses/(gains) | 79 | -29 | 50 | 13 | -5 | 8 | 58 | |||||||||||||
Immediate recognition due to curtailment/settlement | 2 | 0 | 2 | 0 | 0 | 0 | 2 | |||||||||||||
Total amounts recognized in other comprehensive income | 34 | -91 | -57 | 21 | -8 | 13 | -44 | |||||||||||||
1 | ||||||||||||||||||||
Includes the impact from the valuation allowance recognized on deferred tax assets on one of the Bank's entities in the UK, offsetting the tax benefit of CHF 37 million attributable to the UK pension plan. | ||||||||||||||||||||
Amounts in AOCI, net of tax, expected to be amortized in 2015 | ||||||||||||||||||||
in 2015 | International | |||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
CHF million | ||||||||||||||||||||
Amortization of actuarial losses/(gains) | 58 | 8 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 0 | -13 | ||||||||||||||||||
Total | 58 | -5 | ||||||||||||||||||
Assumptions | ||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation | ||||||||||||||||||||
International single-employer | Other post-retirement | |||||||||||||||||||
defined benefit pension plans | defined benefit plans | |||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Net periodic benefit cost (%) | ||||||||||||||||||||
Discount rate | 4.71 | 4.47 | 4.78 | 5.1 | 4.3 | 4.7 | ||||||||||||||
Salary increases | 4.31 | 4.02 | 4.03 | – | – | – | ||||||||||||||
Expected long-term rate of return on plan assets | 6.16 | 6.18 | 6.43 | – | – | – | ||||||||||||||
Benefit obligation (%) | ||||||||||||||||||||
Discount rate | 3.82 | 4.71 | 4.47 | 4.2 | 5.1 | 4.3 | ||||||||||||||
Salary increases | 4.19 | 4.31 | 4.02 | – | – | – | ||||||||||||||
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 health care cost trend rates assumed and the sensitivity of a one percentage point increase or decrease of the rate. | ||||||||||||||||||||
Health care cost trend rates and sensitivity | ||||||||||||||||||||
in / end of | 2014 | 2013 | 2012 | |||||||||||||||||
Health care cost trend rate (%) | ||||||||||||||||||||
Annual weighted-average health care cost trend rate 1 | 8 | 8 | 9 | |||||||||||||||||
Increase/(decrease) in post-retirement expenses (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 0.2 | 1.3 | 1.4 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -0.3 | -1 | -1.1 | |||||||||||||||||
Increase/(decrease) in post-retirement benefit obligation (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 5 | 23 | 27 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -4 | -19 | -22 | |||||||||||||||||
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 2021. | ||||||||||||||||||||
The annual health care cost trend rate used to determine the defined benefit cost for 2015 is 8.00%. | ||||||||||||||||||||
Plan assets and investment strategy | ||||||||||||||||||||
> Refer to “Note 30 – Pension and other post-retirement benefits” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||||
As of December 31, 2014 and 2013, no Group debt or equity securities were included in plan assets for the international single-employer defined benefit pension plans. | ||||||||||||||||||||
Fair value of plan assets | ||||||||||||||||||||
The following tables present the plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013, for the Bank’s defined benefits plans. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis | ||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Plan assets at fair value (CHF million) | ||||||||||||||||||||
Cash and cash equivalents | 191 | 88 | 0 | 279 | 66 | 333 | 0 | 399 | ||||||||||||
Debt securities | 189 | 1,590 | 267 | 2,046 | 335 | 1,017 | 177 | 1,529 | ||||||||||||
of which governments | 8 | 562 | 0 | 570 | 335 | 30 | 0 | 365 | ||||||||||||
of which corporates | 181 | 1,028 | 267 | 1,476 | 0 | 987 | 177 | 1,164 | ||||||||||||
Equity securities | 216 | 666 | 0 | 882 | 172 | 441 | 0 | 613 | ||||||||||||
Real estate – indirect | 0 | 0 | 117 | 117 | 0 | 0 | 94 | 94 | ||||||||||||
Alternative investments | 0 | 386 | 58 | 444 | -23 | 290 | 7 | 274 | ||||||||||||
of which hedge funds | 0 | 111 | 58 | 169 | 0 | 264 | 3 | 267 | ||||||||||||
of which other | 0 | 275 | 0 | 275 | -23 | 1 | 26 | 1 | 4 | 7 | ||||||||||
Other investments | 0 | 108 | 0 | 108 | 0 | 98 | 0 | 98 | ||||||||||||
Total plan assets at fair value | 596 | 2,838 | 442 | 3,876 | 550 | 2,179 | 278 | 3,007 | ||||||||||||
1 | ||||||||||||||||||||
Primarily related to derivative instruments. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis for level 3 | ||||||||||||||||||||
Actual return | ||||||||||||||||||||
on plan assets | ||||||||||||||||||||
On assets | Foreign | |||||||||||||||||||
Balance at | still held at | On assets | Purchases, | currency | Balance | |||||||||||||||
beginning | Transfers | Transfers | reporting | sold during | sales, | translation | at end | |||||||||||||
of period | in | out | date | the period | settlements | impact | of period | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 177 | 2 | 0 | -13 | 17 | 65 | 19 | 267 | ||||||||||||
Real estate – indirect | 94 | 0 | 0 | 9 | 0 | 3 | 11 | 117 | ||||||||||||
Alternative investments | 7 | 0 | -4 | -10 | -1 | 65 | 1 | 58 | ||||||||||||
of which hedge funds | 3 | 0 | 0 | -10 | -1 | 65 | 1 | 58 | ||||||||||||
of which other | 4 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Total plan assets at fair value | 278 | 2 | -4 | -14 | 16 | 133 | 31 | 442 | ||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 71 | 1 | -1 | 5 | 0 | 103 | -2 | 177 | ||||||||||||
Real estate – indirect | 89 | 0 | 0 | 7 | 0 | 0 | -2 | 94 | ||||||||||||
Alternative investments | 34 | 2 | 0 | -5 | 7 | -27 | -4 | 7 | ||||||||||||
of which private equity | 4 | 0 | 0 | -1 | 0 | -3 | 0 | 0 | ||||||||||||
of which hedge funds | 30 | 2 | 0 | -4 | 3 | -28 | 0 | 3 | ||||||||||||
of which other | 0 | 0 | 0 | 0 | 4 | 4 | -4 | 4 | ||||||||||||
Total plan assets at fair value | 194 | 3 | -1 | 7 | 7 | 76 | -8 | 278 | ||||||||||||
Plan asset allocation | ||||||||||||||||||||
The following table shows the plan asset allocation as of the measurement date calculated based on the fair value at that date including the performance of each asset class. | ||||||||||||||||||||
Weighted-average plan asset allocation | ||||||||||||||||||||
31-Dec | 2014 | 2013 | ||||||||||||||||||
Weighted-average plan asset allocation (%) | ||||||||||||||||||||
Cash and cash equivalents | 7.2 | 13.3 | ||||||||||||||||||
Debt securities | 52.7 | 50.7 | ||||||||||||||||||
Equity securities | 22.8 | 20.4 | ||||||||||||||||||
Real estate | 3 | 3.1 | ||||||||||||||||||
Alternative investments | 11.5 | 9.2 | ||||||||||||||||||
Insurance | 2.8 | 3.3 | ||||||||||||||||||
Total | 100 | 100 | ||||||||||||||||||
The following table shows the target plan asset allocation for 2015 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 2015. | ||||||||||||||||||||
Weighted-average target plan asset allocation for 2015 | ||||||||||||||||||||
2015 (%) | ||||||||||||||||||||
Cash and cash equivalents | 0.3 | |||||||||||||||||||
Debt securities | 59.4 | |||||||||||||||||||
Equity securities | 24.3 | |||||||||||||||||||
Real estate | 2.8 | |||||||||||||||||||
Alternative investments | 10.4 | |||||||||||||||||||
Insurance | 2.8 | |||||||||||||||||||
Total | 100 | |||||||||||||||||||
Estimated future benefit payments for defined benefit plans | ||||||||||||||||||||
The following table shows the estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans. | ||||||||||||||||||||
Estimated future benefit payments for defined benefit plans | ||||||||||||||||||||
International | ||||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Estimated future benefit payments (CHF million) | ||||||||||||||||||||
2015 | 79 | 10 | ||||||||||||||||||
2016 | 80 | 10 | ||||||||||||||||||
2017 | 86 | 11 | ||||||||||||||||||
2018 | 96 | 11 | ||||||||||||||||||
2019 | 109 | 12 | ||||||||||||||||||
For five years thereafter | 700 | 59 |
Derivatives_and_hedging_activi
Derivatives and hedging activities | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Derivatives and hedging activities | 31 Derivatives and hedging activities | |||||||||||||||||||||
>>>Derivatives are generally either privately negotiated >>>OTC contracts or standard contracts transacted through regulated exchanges. The Group’s most frequently used freestanding derivative products, entered into for trading and risk management purposes, include interest rate, credit default and cross-currency swaps, interest rate and foreign exchange options, foreign exchange forward contracts and foreign exchange and interest rate futures. | ||||||||||||||||||||||
The Group also enters into contracts that are not considered derivatives in their entirety but include embedded derivative features. Such transactions primarily include issued and purchased structured debt instruments where the return may be calculated by reference to an equity security, index or third-party credit risk, or that have non-standard interest or foreign exchange terms. | ||||||||||||||||||||||
On the date a derivative contract is entered into, the Group designates it as belonging to one of the following categories: | ||||||||||||||||||||||
– trading activities; | ||||||||||||||||||||||
– a risk management transaction that does not qualify as a hedge under accounting standards (referred to as an economic hedge); | ||||||||||||||||||||||
– a hedge of the >>>fair value of a recognized asset or liability; | ||||||||||||||||||||||
– a hedge of the variability of cash flows to be received or paid relating to a recognized asset or liability or a forecasted transaction; or | ||||||||||||||||||||||
– a hedge of a net investment in a foreign operation. | ||||||||||||||||||||||
Trading activities | ||||||||||||||||||||||
The Group is active in most of the principal trading markets and transacts in many popular 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: | ||||||||||||||||||||||
– interest rate derivatives to manage net interest rate risk on certain core banking business assets and liabilities; | ||||||||||||||||||||||
– foreign exchange derivatives to manage foreign exchange risk on certain core banking business revenue and expense items, as well as on core banking business assets and liabilities; | ||||||||||||||||||||||
– credit derivatives to manage credit risk on certain loan portfolios; and | ||||||||||||||||||||||
– futures to manage risk on equity positions including convertible bonds. | ||||||||||||||||||||||
Derivatives used in economic hedges are included as trading assets or trading liabilities in the consolidated balance sheets. | ||||||||||||||||||||||
Hedge accounting | ||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||
The Group designates fair value hedges as part of an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize fluctuations in earnings that are caused by interest rate volatility. In addition to hedging changes in fair value due to interest rate risk associated with fixed rate loans, >>>repurchase agreements and long-term debt instruments, the Group uses: | ||||||||||||||||||||||
– cross-currency swaps to convert foreign-currency-denominated fixed rate assets or liabilities to floating rate functional currency assets or liabilities; and | ||||||||||||||||||||||
– foreign exchange forward contracts to hedge the foreign exchange risk associated with available-for-sale securities. | ||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||
The Group designates cash flow hedges as part of its strategy to mitigate its risk to variability of cash flows on loans, deposits and other debt obligations by using interest rate swaps to convert variable rate assets or liabilities to fixed rates. The Group also uses cross-currency swaps to convert foreign-currency-denominated fixed and floating rate assets or liabilities to fixed rate assets or liabilities based on the currency profile to which the Group elects to be exposed. This includes, but is not limited to, Swiss francs and US dollars. Further, the Group uses derivatives to hedge its cash flows associated with forecasted transactions. As of the end of 2014, the maximum length of time over which the Group hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. | ||||||||||||||||||||||
Net investment hedges | ||||||||||||||||||||||
The Group designates net investment hedges as part of its strategy to hedge selected net investments in foreign operations against adverse movements in foreign exchange rates, typically using forward foreign exchange contracts. | ||||||||||||||||||||||
Hedge effectiveness assessment | ||||||||||||||||||||||
The Group assesses the effectiveness of hedging relationships both prospectively and retrospectively. The prospective assessment is made both at the inception of a hedging relationship and on an ongoing basis, and requires the Group to justify its expectation that the relationship will be highly effective over future periods. The retrospective assessment is also performed on an ongoing basis and requires the Group to determine whether or not the hedging relationship has actually been effective. If the Group concludes, through a retrospective evaluation, that hedge accounting is appropriate for the current period, then it measures the amount of hedge ineffectiveness to be recognized in earnings. | ||||||||||||||||||||||
Fair value of derivative instruments | ||||||||||||||||||||||
The tables below present gross derivative replacement values by type of contract and balance sheet location and whether the derivative is used for trading purposes or in a qualifying hedging relationship. Notional amounts have also been provided as an indication of the volume of derivative activity within the Group. | ||||||||||||||||||||||
Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. | ||||||||||||||||||||||
> Refer to “Note 34 – Financial instruments” for further information. | ||||||||||||||||||||||
Fair value of derivative instruments | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2014 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 11,940.20 | 5.3 | 5.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 26,379.00 | 398.6 | 391.9 | 51.1 | 2.6 | 1.3 | ||||||||||||||||
Options bought and sold (OTC) | 3,582.90 | 66.2 | 63.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 1,528.40 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 589.1 | 0.2 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 44,019.60 | 470.3 | 461.5 | 51.1 | 2.6 | 1.3 | ||||||||||||||||
Forwards | 2,132.90 | 32.2 | 33.4 | 14.2 | 0 | 0.3 | ||||||||||||||||
Swaps | 1,430.90 | 40 | 51 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 1,008.40 | 17.2 | 17.7 | 9.5 | 0 | 0.1 | ||||||||||||||||
Futures | 23.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 7.9 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,603.40 | 89.5 | 102.3 | 23.7 | 0 | 0.4 | ||||||||||||||||
Forwards | 4.2 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 289.3 | 6.2 | 6.7 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 236.8 | 10.8 | 9.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 46.4 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 370.9 | 12.7 | 14.3 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 947.6 | 30.4 | 31 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,287.50 | 27 | 26.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 17.8 | 0.9 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 44.4 | 6.7 | 6.6 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 44.6 | 1.7 | 1.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 13.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 2.1 | 0.4 | 0.4 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 122.2 | 9.7 | 9.7 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 50,980.30 | 626.9 | 630.7 | 74.8 | 2.6 | 1.7 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.1 billion, CHF 629.5 billion and CHF 632.4 billion, respectively, as of December 31, 2014. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value of derivative instruments (continued) | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2013 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 9,366.20 | 2.5 | 2.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 30,589.60 | 399.6 | 393.8 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Options bought and sold (OTC) | 3,889.50 | 44.3 | 44.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 830.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 705.9 | 0.3 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 45,382.00 | 446.7 | 441.5 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Forwards | 2,098.00 | 21.6 | 21.5 | 30.5 | 0.3 | 0.1 | ||||||||||||||||
Swaps | 1,382.10 | 28.9 | 39.2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 815.6 | 10.7 | 11.6 | 9.4 | 0 | 0 | ||||||||||||||||
Futures | 48.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 5.5 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,350.00 | 61.3 | 72.5 | 39.9 | 0.3 | 0.1 | ||||||||||||||||
Forwards | 4 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 236.1 | 5.4 | 7.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 225.3 | 12.2 | 12 | 0 | 0 | 0 | ||||||||||||||||
Futures | 50.6 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 416.2 | 17 | 17.2 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 932.2 | 35.3 | 37.2 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,483.30 | 26.8 | 27.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 19.2 | 0.7 | 1.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 45.4 | 2.9 | 2.5 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 35.2 | 1.1 | 1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 31.1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 48.9 | 0.7 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 179.8 | 5.4 | 5.5 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 52,327.30 | 575.5 | 583.9 | 108.4 | 3.1 | 0.8 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 52,435.7 billion, CHF 578.6 billion and CHF 584.7 billion, respectively, as of December 31, 2013. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in income on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | -231 | 437 | 834 | |||||||||||||||||||
Foreign exchange products | 3 | -9 | -13 | |||||||||||||||||||
Total | -228 | 428 | 821 | |||||||||||||||||||
Gains/(losses) recognized in income on hedged items (CHF million) | ||||||||||||||||||||||
Interest rate products | 227 | -435 | -878 | |||||||||||||||||||
Foreign exchange products | -3 | 9 | 13 | |||||||||||||||||||
Total | 224 | -426 | -865 | |||||||||||||||||||
Details of fair value hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -4 | 2 | -44 | |||||||||||||||||||
Represents gains/(losses) recognized in trading revenues. | ||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | 40 | 7 | 8 | |||||||||||||||||||
Foreign exchange products | -43 | 13 | 30 | |||||||||||||||||||
Total | -3 | 20 | 38 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Interest rate products 1 | 21 | 3 | 0 | |||||||||||||||||||
Foreign exchange products | -8 | 2 | -3 | 3 | 0 | |||||||||||||||||
Total | 13 | 0 | 0 | |||||||||||||||||||
Details of cash flow hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -1 | 1 | 0 | |||||||||||||||||||
1 | ||||||||||||||||||||||
Included in trading revenues. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Included in other revenues and total other operating expenses. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 31 million. | ||||||||||||||||||||||
Net investment hedges | ||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Foreign exchange products | -1,672 | 504 | -81 | |||||||||||||||||||
Total | -1,672 | 504 | -81 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Foreign exchange products 1 | 0 | 2 | 75 | |||||||||||||||||||
Total | 0 | 2 | 75 | |||||||||||||||||||
Represents gains/(losses) on effective portion. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
The Group includes all derivative instruments not included in hedge accounting relationships in its trading activities. | ||||||||||||||||||||||
> Refer to “Note 8 – Trading revenues” for gains and losses on trading activities by product type. | ||||||||||||||||||||||
Disclosures relating to contingent credit risk | ||||||||||||||||||||||
Certain of the Group’s derivative instruments contain provisions that require it to maintain a specified credit rating from each of the major credit rating agencies. If the ratings fall below the level specified in the contract, the counterparties to the agreements could request payment of additional collateral on those derivative instruments that are in a net liability position. Certain of the derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Group or the counterparty, at the existing mark-to-market replacement value of the derivative contract. | ||||||||||||||||||||||
The following table provides the Group’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and SPEs that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch and a two-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the NRV and a percentage of the notional value of the derivative. | ||||||||||||||||||||||
Contingent credit risk | ||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Special | Total | Special | Total | |||||||||||||||||||
Bilateral | purpose | Accelerated | Bilateral | purpose | Accelerated | |||||||||||||||||
counterparties | entities | terminations | counterparties | entities | terminations | |||||||||||||||||
Contingent credit risk (CHF billion) | ||||||||||||||||||||||
Current net exposure | 14 | 0.8 | 0.3 | 15.1 | 11.7 | 1.1 | 0.1 | 12.9 | ||||||||||||||
Collateral posted | 12.2 | 0.9 | – | 13.1 | 10.6 | 1.2 | – | 11.8 | ||||||||||||||
Additional collateral required in a one-notch downgrade event | 0.7 | 0.5 | 0.1 | 1.3 | 0.6 | 0.8 | 0 | 1.4 | ||||||||||||||
Additional collateral required in a two-notch downgrade event | 2.2 | 0.8 | 0.2 | 3.2 | 2.3 | 1.1 | 0 | 3.4 | ||||||||||||||
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 26 – Offsetting of financial assets and financial liabilities” for further information on netting. | ||||||||||||||||||||||
Credit protection sold | ||||||||||||||||||||||
Credit protection sold is the maximum potential payout, which is based on the notional value of derivatives and represents the amount of future payments that the Group would be required to make as a result of credit risk-related events. The Group believes that the maximum potential payout is not representative of the actual loss exposure based on historical experience. This amount has not been reduced by the Group’s rights to the underlying assets and the related cash flows. In accordance with most credit derivative contracts, should a credit event (or settlement trigger) occur, the Group is usually liable for the difference between the credit protection sold and the recourse it holds in the value of the underlying assets. The maximum potential amount of future payments has not been reduced for any cash collateral paid to a given counterparty as such payments would be calculated after netting all derivative exposures, including any credit derivatives with that counterparty in accordance with a related master netting agreement. Due to such netting processes, determining the amount of collateral that corresponds to credit derivative exposures only is not possible. | ||||||||||||||||||||||
To reflect the quality of the payment risk on credit protection sold, the Group assigns an internally generated rating to those instruments referenced in the contracts. Internal ratings are assigned by experienced credit analysts based on expert judgment that incorporates analysis and evaluation of both quantitative and qualitative factors. The specific factors analyzed, and their relative importance, are dependent on the type of counterparty. The analysis emphasizes a forward-looking approach, concentrating on economic trends and financial fundamentals, and making use of peer analysis, industry comparisons and other quantitative tools. External ratings and market information are also used in the analysis process where available. | ||||||||||||||||||||||
Credit protection purchased | ||||||||||||||||||||||
Credit protection purchased represents those instruments where the underlying reference instrument is identical to the reference instrument of the credit protection sold. The maximum potential payout amount of credit protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. | ||||||||||||||||||||||
The Group also considers estimated recoveries that it would receive if the specified credit event occurred, including both the anticipated value of the underlying referenced asset that would, in most instances, be transferred to the Group and the impact of any purchased protection with an identical reference instrument and product type. | ||||||||||||||||||||||
Other protection purchased | ||||||||||||||||||||||
In the normal course of business, the Group purchases protection to offset the risk of credit protection sold that may have similar, but not identical, reference instruments, and may use similar, but not identical, products, which reduces the total credit derivative exposure. Other protection purchased is based on the notional value of the instruments. | ||||||||||||||||||||||
The Group purchases its protection from banks and broker dealers, other financial institutions and other counterparties. | ||||||||||||||||||||||
Fair value of credit protection sold | ||||||||||||||||||||||
The fair values of the credit protection sold give an indication of the amount of payment risk, as the negative fair values increase when the potential payment under the derivative contracts becomes more probable. | ||||||||||||||||||||||
Credit protection sold/purchased | ||||||||||||||||||||||
The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. | ||||||||||||||||||||||
Certain cash >>>collateralized debt obligations (CDOs) and other instruments were excluded as they do not fall within the scope of US GAAP rules. >>>Total return swaps (TRS) of CHF 12.6 billion and CHF 7.4 billion as of December 31, 2014 and 2013, respectively, were also excluded because a TRS does not expose the seller to potential loss from credit risk-related events specified in the contract. A TRS only provides protection against a loss in asset value and not against additional amounts as a result of specific credit events. | ||||||||||||||||||||||
Credit protection sold/purchased | ||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
1 | Net credit | Fair value | 1 | Net credit | Fair value | |||||||||||||||||
Credit | Credit | protection | Other | of credit | Credit | Credit | protection | Other | of credit | |||||||||||||
protection | protection | (sold)/ | protection | protection | protection | protection | (sold)/ | protection | protection | |||||||||||||
sold | purchased | purchased | purchased | sold | sold | purchased | purchased | purchased | sold | |||||||||||||
Single-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -266.5 | 254 | -12.5 | 32.7 | 4.5 | -305.9 | 287.9 | -18 | 37.7 | 5.2 | ||||||||||||
Non-investment grade | -103.9 | 99.9 | -4 | 13.5 | 0.1 | -108.7 | 104.9 | -3.8 | 10.5 | 2.5 | ||||||||||||
Total single-name instruments | -370.4 | 353.9 | -16.5 | 46.2 | 4.6 | -414.6 | 392.8 | -21.8 | 48.2 | 7.7 | ||||||||||||
of which sovereign | -76.2 | 73 | -3.2 | 8.6 | -1.1 | -88.1 | 85 | -3.1 | 8.9 | -0.4 | ||||||||||||
of which non-sovereign | -294.2 | 280.9 | -13.3 | 37.6 | 5.7 | -326.5 | 307.8 | -18.7 | 39.3 | 8.1 | ||||||||||||
Multi-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -162.2 | 159.9 | -2.3 | 56.2 | 2.2 | -219.1 | 212.1 | -7 | 47.3 | 3.3 | ||||||||||||
Non-investment grade | -53.4 | 51.1 | 3 | -2.3 | 12.1 | 1 | -65 | 59 | 3 | -6 | 13.5 | 1.5 | ||||||||||
Total multi-name instruments | -215.6 | 211 | -4.6 | 68.3 | 3.2 | -284.1 | 271.1 | -13 | 60.8 | 4.8 | ||||||||||||
of which sovereign | -7.3 | 7.2 | -0.1 | 1.1 | 0 | -10.8 | 10.9 | 0.1 | 1.1 | 0 | ||||||||||||
of which non-sovereign | -208.3 | 203.8 | -4.5 | 67.2 | 3.2 | -273.3 | 260.2 | -13.1 | 59.7 | 4.8 | ||||||||||||
Total instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -428.7 | 413.9 | -14.8 | 88.9 | 6.7 | -525 | 500 | -25 | 85 | 8.5 | ||||||||||||
Non-investment grade | -157.3 | 151 | -6.3 | 25.6 | 1.1 | -173.7 | 163.9 | -9.8 | 24 | 4 | ||||||||||||
Total instruments | -586 | 564.9 | -21.1 | 114.5 | 7.8 | -698.7 | 663.9 | -34.8 | 109 | 12.5 | ||||||||||||
of which sovereign | -83.5 | 80.2 | -3.3 | 9.7 | -1.1 | -98.9 | 95.9 | -3 | 10 | -0.4 | ||||||||||||
of which non-sovereign | -502.5 | 484.7 | -17.8 | 104.8 | 8.9 | -599.8 | 568 | -31.8 | 99 | 12.9 | ||||||||||||
1 | ||||||||||||||||||||||
Represents credit protection purchased with identical underlyings and recoveries. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Based on internal ratings of BBB and above. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes the Clock Finance transaction. | ||||||||||||||||||||||
The following table reconciles the notional amount of credit derivatives included in the table “Fair value of derivative instruments” to the table “Credit protection sold/purchased”. | ||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Credit derivatives (CHF billion) | ||||||||||||||||||||||
Credit protection sold | 586 | 698.7 | ||||||||||||||||||||
Credit protection purchased | 564.9 | 663.9 | ||||||||||||||||||||
Other protection purchased | 114.5 | 109 | ||||||||||||||||||||
Other instruments 1 | 22.1 | 11.7 | ||||||||||||||||||||
Total credit derivatives | 1,287.50 | 1,483.30 | ||||||||||||||||||||
1 | ||||||||||||||||||||||
Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments. | ||||||||||||||||||||||
The segregation of the future payments by maturity range and underlying risk gives an indication of the current status of the potential for performance under the derivative contracts. | ||||||||||||||||||||||
Maturity of credit protection sold | ||||||||||||||||||||||
end of | Maturity | Maturity | Maturity | Total | ||||||||||||||||||
less | between | greater | ||||||||||||||||||||
than | 1 to 5 | than | ||||||||||||||||||||
1 year | years | 5 years | ||||||||||||||||||||
2014 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 78 | 253.9 | 38.5 | 370.4 | ||||||||||||||||||
Multi-name instruments | 31.2 | 134.3 | 50.1 | 215.6 | ||||||||||||||||||
Total instruments | 109.2 | 388.2 | 88.6 | 586 | ||||||||||||||||||
2013 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 91.2 | 281.4 | 42 | 414.6 | ||||||||||||||||||
Multi-name instruments | 19.2 | 208.2 | 56.7 | 284.1 | ||||||||||||||||||
Total instruments | 110.4 | 489.6 | 98.7 | 698.7 | ||||||||||||||||||
Bank | ||||||||||||||||||||||
Derivatives and hedging activities | 30 Derivatives and hedging activities | |||||||||||||||||||||
> Refer to “Note 31 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||||||
Hedge accounting | ||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||
As of the end of 2014, the maximum length of time over which the Bank hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. | ||||||||||||||||||||||
Fair value of derivative instruments | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2014 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 11,940.20 | 5.3 | 5.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 26,382.00 | 398.7 | 392 | 46.5 | 2.5 | 1.1 | ||||||||||||||||
Options bought and sold (OTC) | 3,582.90 | 66.2 | 63.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 1,528.40 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 589.1 | 0.2 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 44,022.60 | 470.4 | 461.5 | 46.5 | 2.5 | 1.1 | ||||||||||||||||
Forwards | 2,133.50 | 32.2 | 33.4 | 14.2 | 0 | 0.3 | ||||||||||||||||
Swaps | 1,430.90 | 40 | 51 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 1,008.40 | 17.2 | 17.7 | 9.5 | 0 | 0.1 | ||||||||||||||||
Futures | 23.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 7.9 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,604.00 | 89.5 | 102.3 | 23.7 | 0 | 0.4 | ||||||||||||||||
Forwards | 4.2 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 289.3 | 6.2 | 6.7 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 237.7 | 11.1 | 10.4 | 0 | 0 | 0 | ||||||||||||||||
Futures | 46.4 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 370.9 | 12.7 | 14.3 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 948.5 | 30.7 | 31.5 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,287.50 | 27 | 26.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 17.8 | 0.9 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 44.4 | 6.7 | 6.6 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 44.6 | 1.7 | 1.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 13.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 2.1 | 0.4 | 0.4 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 122.2 | 9.7 | 9.7 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 50,984.80 | 627.3 | 631.2 | 70.2 | 2.5 | 1.5 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.0 billion, CHF 629.8 billion and CHF 632.7 billion, respectively, as of December 31, 2014. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value of derivative instruments (continued) | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2013 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 9,366.20 | 2.5 | 2.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 30,593.60 | 399.6 | 393.6 | 63.7 | 2.7 | 0.6 | ||||||||||||||||
Options bought and sold (OTC) | 3,889.50 | 44.3 | 44.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 830.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 705.9 | 0.3 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 45,386.00 | 446.7 | 441.3 | 63.7 | 2.7 | 0.6 | ||||||||||||||||
Forwards | 2,098.60 | 21.6 | 21.5 | 30.5 | 0.3 | 0.1 | ||||||||||||||||
Swaps | 1,382.80 | 28.9 | 39.2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 815.6 | 10.7 | 11.6 | 9.4 | 0 | 0 | ||||||||||||||||
Futures | 48.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 5.5 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,351.30 | 61.3 | 72.5 | 39.9 | 0.3 | 0.1 | ||||||||||||||||
Forwards | 4 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 236.1 | 5.4 | 8 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 225.7 | 12.4 | 12.1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 50.6 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 416.2 | 17 | 17.2 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 932.6 | 35.5 | 37.4 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,483.30 | 26.8 | 27.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 19.2 | 0.7 | 1.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 45.5 | 2.9 | 2.5 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 35.1 | 1.1 | 1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 31.1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 48.9 | 0.7 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 179.8 | 5.4 | 5.5 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 52,333.00 | 575.7 | 583.9 | 103.6 | 3 | 0.7 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 52,436.6 billion, CHF 578.7 billion and CHF 584.6 billion, respectively, as of December 31, 2013. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in income on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | -142 | 378 | 849 | |||||||||||||||||||
Foreign exchange products | 3 | -9 | -13 | |||||||||||||||||||
Total | -139 | 369 | 836 | |||||||||||||||||||
Gains/(losses) recognized in income on hedged items (CHF million) | ||||||||||||||||||||||
Interest rate products | 136 | -375 | -894 | |||||||||||||||||||
Foreign exchange products | -3 | 9 | 13 | |||||||||||||||||||
Total | 133 | -366 | -881 | |||||||||||||||||||
Details of fair value hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -6 | 3 | -45 | |||||||||||||||||||
Represents gains/(losses) recognized in trading revenues. | ||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | 40 | 7 | 8 | |||||||||||||||||||
Foreign exchange products | -47 | 0 | 0 | |||||||||||||||||||
Total | -7 | 7 | 8 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Interest rate products 1 | 21 | 3 | 0 | |||||||||||||||||||
Foreign exchange products 2 | -5 | 0 | 0 | |||||||||||||||||||
Total | 16 | 3 | 0 | |||||||||||||||||||
Details of cash flow hedges (CHF million) | ||||||||||||||||||||||
Net gains on the ineffective portion 1 | -1 | 1 | 0 | |||||||||||||||||||
1 | ||||||||||||||||||||||
Included in trading revenues. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Included in total other operating expenses. | ||||||||||||||||||||||
The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 28 million. | ||||||||||||||||||||||
Net investment hedges | ||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Foreign exchange products | -1,672 | 504 | -81 | |||||||||||||||||||
Total | -1,672 | 504 | -81 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Foreign exchange products 1 | 0 | 2 | 75 | |||||||||||||||||||
Total | 0 | 2 | 75 | |||||||||||||||||||
Represents gains/(losses) on effective portion. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
The Bank includes all >>>derivative instruments not included in hedge accounting relationships in its trading activities. | ||||||||||||||||||||||
> Refer to “Note 8 – Trading revenues” for gains and losses on trading activities by product type. | ||||||||||||||||||||||
Disclosures relating to contingent credit risk | ||||||||||||||||||||||
The following table provides the Bank’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and special purpose entities (SPEs) that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch and a two-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate >>>fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the NRV and a percentage of the notional value of the derivative. | ||||||||||||||||||||||
Contingent credit risk | ||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Special | Total | Special | Total | |||||||||||||||||||
Bilateral | purpose | Accelerated | Bilateral | purpose | Accelerated | |||||||||||||||||
counterparties | entities | terminations | counterparties | entities | terminations | |||||||||||||||||
Contingent credit risk (CHF billion) | ||||||||||||||||||||||
Current net exposure | 14 | 0.8 | 0.3 | 15.1 | 11.7 | 1.1 | 0.1 | 12.9 | ||||||||||||||
Collateral posted | 12.2 | 0.9 | – | 13.1 | 10.6 | 1.2 | – | 11.8 | ||||||||||||||
Additional collateral required in a one-notch downgrade event | 0.7 | 0.5 | 0.1 | 1.3 | 0.6 | 0.8 | 0 | 1.4 | ||||||||||||||
Additional collateral required in a two-notch downgrade event | 2.2 | 0.8 | 0.2 | 3.2 | 2.3 | 1.1 | 0 | 3.4 | ||||||||||||||
Credit derivatives | ||||||||||||||||||||||
> Refer to “Note 31 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||||||
Credit protection sold/purchased | ||||||||||||||||||||||
The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. | ||||||||||||||||||||||
Certain cash >>>collateralized debt obligations (CDOs) and other instruments were excluded as they do not fall within the scope of US GAAP rules. >>>Total return swaps (TRS) of CHF 12.6 billion and CHF 7.4 billion as of December 31, 2014 and 2013, respectively, were also excluded because a TRS does not expose the seller to potential loss from credit risk-related events specified in the contract. A TRS only provides protection against a loss in asset value and not against additional amounts as a result of specific credit events. | ||||||||||||||||||||||
Credit protection sold/purchased | ||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
1 | Net credit | Fair value | 1 | Net credit | Fair value | |||||||||||||||||
Credit | Credit | protection | Other | of credit | Credit | Credit | protection | Other | of credit | |||||||||||||
protection | protection | (sold)/ | protection | protection | protection | protection | (sold)/ | protection | protection | |||||||||||||
sold | purchased | purchased | purchased | sold | sold | purchased | purchased | purchased | sold | |||||||||||||
Single-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -266.5 | 254 | -12.5 | 32.7 | 4.5 | -305.9 | 287.9 | -18 | 37.7 | 5.2 | ||||||||||||
Non-investment grade | -103.9 | 99.9 | -4 | 13.5 | 0.1 | -108.7 | 104.9 | -3.8 | 10.5 | 2.5 | ||||||||||||
Total single-name instruments | -370.4 | 353.9 | -16.5 | 46.2 | 4.6 | -414.6 | 392.8 | -21.8 | 48.2 | 7.7 | ||||||||||||
of which sovereign | -76.2 | 73 | -3.2 | 8.6 | -1.1 | -88.1 | 85 | -3.1 | 8.9 | -0.4 | ||||||||||||
of which non-sovereign | -294.2 | 280.9 | -13.3 | 37.6 | 5.7 | -326.5 | 307.8 | -18.7 | 39.3 | 8.1 | ||||||||||||
Multi-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -162.2 | 159.9 | -2.3 | 56.2 | 2.2 | -219.1 | 212.1 | -7 | 47.3 | 3.3 | ||||||||||||
Non-investment grade | -53.4 | 51.1 | 3 | -2.3 | 12.1 | 1 | -65 | 59 | 3 | -6 | 13.5 | 1.5 | ||||||||||
Total multi-name instruments | -215.6 | 211 | -4.6 | 68.3 | 3.2 | -284.1 | 271.1 | -13 | 60.8 | 4.8 | ||||||||||||
of which sovereign | -7.3 | 7.2 | -0.1 | 1.1 | 0 | -10.8 | 10.9 | 0.1 | 1.1 | 0 | ||||||||||||
of which non-sovereign | -208.3 | 203.8 | -4.5 | 67.2 | 3.2 | -273.3 | 260.2 | -13.1 | 59.7 | 4.8 | ||||||||||||
Total instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -428.7 | 413.9 | -14.8 | 88.9 | 6.7 | -525 | 500 | -25 | 85 | 8.5 | ||||||||||||
Non-investment grade | -157.3 | 151 | -6.3 | 25.6 | 1.1 | -173.7 | 163.9 | -9.8 | 24 | 4 | ||||||||||||
Total instruments | -586 | 564.9 | -21.1 | 114.5 | 7.8 | -698.7 | 663.9 | -34.8 | 109 | 12.5 | ||||||||||||
of which sovereign | -83.5 | 80.2 | -3.3 | 9.7 | -1.1 | -98.9 | 95.9 | -3 | 10 | -0.4 | ||||||||||||
of which non-sovereign | -502.5 | 484.7 | -17.8 | 104.8 | 8.9 | -599.8 | 568 | -31.8 | 99 | 12.9 | ||||||||||||
1 | ||||||||||||||||||||||
Represents credit protection purchased with identical underlyings and recoveries. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Based on internal ratings of BBB and above. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes the Clock Finance transaction. | ||||||||||||||||||||||
The following table reconciles the notional amount of credit derivatives included in the table “Fair value of derivative instruments” to the table “Credit protection sold/purchased”. | ||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Credit derivatives (CHF billion) | ||||||||||||||||||||||
Credit protection sold | 586 | 698.7 | ||||||||||||||||||||
Credit protection purchased | 564.9 | 663.9 | ||||||||||||||||||||
Other protection purchased | 114.5 | 109 | ||||||||||||||||||||
Other instruments 1 | 22.1 | 11.7 | ||||||||||||||||||||
Total credit derivatives | 1,287.50 | 1,483.30 | ||||||||||||||||||||
1 | ||||||||||||||||||||||
Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments. | ||||||||||||||||||||||
Maturity of credit protection sold | ||||||||||||||||||||||
end of | Maturity | Maturity | Maturity | Total | ||||||||||||||||||
less | between | greater | ||||||||||||||||||||
than | 1 to 5 | than | ||||||||||||||||||||
1 year | years | 5 years | ||||||||||||||||||||
2014 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 78 | 253.9 | 38.5 | 370.4 | ||||||||||||||||||
Multi-name instruments | 31.2 | 134.3 | 50.1 | 215.6 | ||||||||||||||||||
Total instruments | 109.2 | 388.2 | 88.6 | 586 | ||||||||||||||||||
2013 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 91.2 | 281.4 | 42 | 414.6 | ||||||||||||||||||
Multi-name instruments | 19.2 | 208.2 | 56.7 | 284.1 | ||||||||||||||||||
Total instruments | 110.4 | 489.6 | 98.7 | 698.7 |
Guarantees_and_commitments
Guarantees and commitments | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Guarantees and commitments | 32 Guarantees and commitments | |||||||||||||||||
Guarantees | ||||||||||||||||||
In the ordinary course of business, guarantees are provided that contingently obligate Credit Suisse to make payments to third parties if the counterparty fails to fulfill its obligation under a borrowing or other contractual arrangement. The total gross amount disclosed within the Guarantees table reflects the maximum potential payment under the guarantees. The carrying value represents the higher of the initial fair value (generally the related fee received or receivable) less cumulative amortization and the Group’s current best estimate of payments that will be required under existing guarantee arrangements. | ||||||||||||||||||
Guarantees | ||||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Carrying | Collateral | |||||||||||
1 year | years | years | 5 years | amount | amount | value | received | |||||||||||
2014 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments | 2,495 | 733 | 257 | 601 | 4,086 | 3,846 | 30 | 1,657 | ||||||||||
Performance guarantees and similar instruments | 4,899 | 1,284 | 1,203 | 106 | 7,492 | 6,625 | 43 | 3,188 | ||||||||||
Securities lending indemnifications | 12,257 | 0 | 0 | 0 | 12,257 | 12,257 | 0 | 12,257 | ||||||||||
Derivatives 2 | 24,599 | 6,157 | 986 | 1,816 | 33,558 | 33,558 | 954 | – | 3 | |||||||||
Other guarantees | 3,592 | 791 | 233 | 397 | 5,013 | 5,007 | 44 | 2,805 | ||||||||||
Total guarantees | 47,842 | 8,965 | 2,679 | 2,920 | 62,406 | 61,293 | 1,071 | 19,907 | ||||||||||
2013 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments 4 | 2,688 | 621 | 336 | 569 | 4,214 | 4,066 | 14 | 2,333 | ||||||||||
Performance guarantees and similar instruments 4 | 4,910 | 1,985 | 1,007 | 144 | 8,046 | 7,125 | 107 | 3,312 | ||||||||||
Securities lending indemnifications | 11,479 | 0 | 0 | 0 | 11,479 | 11,479 | 0 | 11,479 | ||||||||||
Derivatives 2 | 18,247 | 9,544 | 1,959 | 1,900 | 31,650 | 31,650 | 715 | – | 3 | |||||||||
Other guarantees | 4,003 | 817 | 197 | 198 | 5,215 | 5,191 | 3 | 2,631 | ||||||||||
Total guarantees | 41,327 | 12,967 | 3,499 | 2,811 | 60,604 | 59,511 | 839 | 19,755 | ||||||||||
1 | ||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||
2 | ||||||||||||||||||
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. | ||||||||||||||||||
3 | ||||||||||||||||||
Collateral for derivatives accounted for as guarantees is not significant. | ||||||||||||||||||
4 | ||||||||||||||||||
Prior period has been corrected. | ||||||||||||||||||
Credit guarantees and similar instruments | ||||||||||||||||||
Credit guarantees and similar instruments are contracts that require the Group to make payments should a third party fail to do so under a specified existing credit obligation. The position includes standby letters of credit, commercial and residential mortgage guarantees and other guarantees associated with VIEs. | ||||||||||||||||||
Standby letters of credit are made in connection with the corporate lending business and other corporate activities, where the Group provides guarantees to counterparties in the form of standby letters of credit, which represent obligations to make payments to third parties if the counterparties fail to fulfill their obligations under a borrowing arrangement or other contractual obligation. | ||||||||||||||||||
Commercial and residential mortgage guarantees are made in connection with the Group’s commercial mortgage activities in the US, where the Group sells certain commercial and residential mortgages to the Fannie Mae and agrees to bear a percentage of the losses triggered by the borrowers failing to perform on the mortgage. The Group also issues guarantees that require it to reimburse Fannie Mae for losses on certain whole loans underlying mortgage-backed securities issued by Fannie Mae, which are triggered by borrowers failing to perform on the underlying mortgages. | ||||||||||||||||||
The Group also provides guarantees to VIEs and other counterparties under which it may be required to buy assets from such entities upon the occurrence of certain triggering events such as rating downgrades and/or substantial decreases in the >>>fair value of those assets. | ||||||||||||||||||
Performance guarantees and similar instruments | ||||||||||||||||||
Performance guarantees and similar instruments are arrangements that require contingent payments to be made when certain performance-related targets or covenants are not met. Such covenants may include a customer’s obligation to deliver certain products and services or to perform under a construction contract. Performance guarantees are frequently executed as part of project finance transactions. The position includes private equity fund guarantees and guarantees related to residential mortgage securitization activities. | ||||||||||||||||||
For private equity fund guarantees, the Group has provided investors in private equity funds sponsored by a Group entity guarantees on potential obligations of certain general partners to return amounts previously paid as carried interest to those general partners if the performance of the remaining investments declines. To manage its exposure, the Group generally withholds a portion of carried interest distributions to cover any repayment obligations. In addition, pursuant to certain contractual arrangements, the Group is obligated to make cash payments to certain investors in certain private equity funds if specified performance thresholds are not met. | ||||||||||||||||||
Further, as part of the Group’s residential mortgage securitization activities in the US, the Group may guarantee the collection by the servicer and remittance to the securitization trust of prepayment penalties. The Group will have to perform under these guarantees in the event the servicer fails to remit the prepayment penalties. | ||||||||||||||||||
Securities lending indemnifications | ||||||||||||||||||
Securities lending indemnifications include arrangements in which the Group agreed to indemnify securities lending customers against losses incurred in the event that security borrowers do not return securities subject to the lending agreement and the collateral held is insufficient to cover the market value of the securities borrowed. As indicated in the Guarantees table, the Group was fully collateralized in respect of securities lending indemnifications. | ||||||||||||||||||
Derivatives | ||||||||||||||||||
>>>Derivatives are issued in the ordinary course of business, generally in the form of written put options. Disclosures about derivative contracts are not required under US GAAP if such contracts may be cash settled and the Group has no basis to conclude it is probable that the counterparties held, at inception, the underlying instruments related to the derivative contracts. The Group has concluded that these conditions were met for certain active commercial and investment banks and certain other counterparties, and accordingly, the Group has not included such contracts as guarantees. | ||||||||||||||||||
The Group manages its exposure to these derivatives by engaging in various hedging strategies to reduce its exposure. For some contracts, such as written interest rate caps or foreign exchange options, the maximum payout is not determinable as interest rates or exchange rates could theoretically rise without limit. For these contracts, notional amounts were disclosed in the table above in order to provide an indication of the underlying exposure. In addition, the Group carries all derivatives at fair value in the consolidated balance sheets and has considered the performance triggers and probabilities of payment when determining those fair values. It is more likely than not that written put options that are in-the-money to the counterparty will be exercised, for which the Group’s exposure was limited to the carrying value reflected in the table. | ||||||||||||||||||
Other guarantees | ||||||||||||||||||
Other guarantees include bankers’ acceptances, residual value guarantees, deposit insurance, contingent considerations in business combinations, the minimum value of an investment in mutual funds or private equity funds and all other guarantees that were not allocated to one of the categories above. | ||||||||||||||||||
Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by >>>FINMA or by the compulsory liquidation of another deposit-taking bank, the Group’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Group’s banking subsidiaries in Switzerland, the Group’s share in the deposit insurance guarantee program for the period July 1, 2014 to June 30, 2015 is CHF 0.6 billion. These deposit insurance guarantees were reflected in other guarantees. | ||||||||||||||||||
Representations and warranties on residential mortgage loans sold | ||||||||||||||||||
In connection with Investment Banking’s sale of US residential mortgage loans, the Group has provided certain representations and warranties relating to the loans sold. The Group has provided these representations and warranties relating to sales of loans to: the US government-sponsored enterprises Fannie Mae and Freddie Mac (GSEs); institutional investors, primarily banks; and non-agency, or private label, securitizations. The loans sold are primarily loans that the Group has purchased from other parties. The scope of representations and warranties, if any, depends on the transaction, but can include: ownership of the mortgage loans and legal capacity to sell the loans; loan-to-value ratios and other characteristics of the property, the borrower and the loan; validity of the liens securing the loans and absence of delinquent taxes or related liens; conformity to underwriting standards and completeness of documentation; and origination in compliance with law. If it is determined that representations and warranties were breached, the Group may be required to repurchase the related loans or indemnify the investors to make them whole for losses. Whether the Group will incur a loss in connection with repurchases and make whole payments depends on: the extent to which claims are made; the validity of such claims (including the likelihood and ability to enforce claims); whether the Group can successfully claim against parties that sold loans to the Group and made representations and warranties to the Group; the residential real estate market, including the number of defaults; and whether the obligations of the securitization vehicles were guaranteed or insured by third parties. | ||||||||||||||||||
With respect to its outstanding repurchase claims, the Group is unable to estimate reasonably possible losses in excess of the amounts accrued because of the heterogeneity of its portfolio, the complexity of legal and factual determinations related to each claim, the limited amount of discovery and/or other factors. | ||||||||||||||||||
The following tables present the total amount of residential mortgage loans sold during the period from January 1, 2004 to December 31, 2014 by counterparty type and the development of outstanding repurchase claims and provisions for outstanding repurchase claims in 2014 and 2013, including realized losses from the repurchase of residential mortgage loans sold. | ||||||||||||||||||
Residential mortgage loans sold | ||||||||||||||||||
January 1, 2004 to December 31, 2014 (USD billion) | ||||||||||||||||||
Government-sponsored enterprises | 8.2 | |||||||||||||||||
Private investors 1 | 26.2 | |||||||||||||||||
Non-agency securitizations | 137.3 | 2 | ||||||||||||||||
Total | 171.7 | |||||||||||||||||
1 | ||||||||||||||||||
Primarily banks. | ||||||||||||||||||
2 | ||||||||||||||||||
The outstanding balance of residential mortgage loans sold was USD 26.3 billion as of December 31, 2014. The difference of the total balance of mortgage loans sold and the outstanding balance as of December 31, 2014 was attributable to borrower payments of USD 91.5 billion and losses of USD 19.5 billion due to loan defaults. | ||||||||||||||||||
Residential mortgage loans sold – outstanding repurchase claims | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Non- | Total | Non- | Total | |||||||||||||||
Government- | agency | Government- | agency | |||||||||||||||
sponsored | Private | securiti- | sponsored | Private | securiti- | |||||||||||||
enterprises | investors | zations | enterprises | investors | zations | |||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||
Balance at beginning of period | 77 | 420 | 83 | 580 | 67 | 464 | 1,395 | 1,926 | ||||||||||
New claims | 11 | 2 | 1,607 | 1,620 | 69 | 139 | 1,039 | 1,247 | ||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | -4 | -1 | -2 | -7 | 1 | |||||||||
Other settlements | -58 | -416 | -5 | -479 | 2 | -31 | -178 | -7 | -216 | 2 | ||||||||
Total claims settled | -58 | -416 | -5 | -479 | -35 | -179 | -9 | -223 | ||||||||||
Claims rescinded | -17 | 0 | 0 | -17 | -24 | -4 | 0 | -28 | ||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | -2 | -1,602 | -1,604 | 0 | 0 | -2,342 | 4 | -2,342 | |||||||||
Balance at end of period | 13 | 4 | 83 | 100 | 77 | 420 | 83 | 580 | ||||||||||
1 | ||||||||||||||||||
Settled at a repurchase price of USD 6 million. | ||||||||||||||||||
2 | ||||||||||||||||||
Settled at USD 66 million and USD 48 million in 2014 and 2013, respectively. | ||||||||||||||||||
3 | ||||||||||||||||||
Refer to "Note 38 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||
4 | ||||||||||||||||||
Transfers to arbitration and litigation disclosed in 2013 include portfolios of claims of approximately USD 0.3 billion for which formal legal proceedings had commenced in prior periods. | ||||||||||||||||||
Provisions for outstanding repurchase claims | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Provisions for outstanding repurchase claims (USD million) 1 | ||||||||||||||||||
Balance at beginning of period | 146 | 55 | ||||||||||||||||
Increase/(decrease) in provisions, net | -74 | 145 | ||||||||||||||||
Realized losses 2 | -66 | 3 | -54 | 4 | ||||||||||||||
Balance at end of period | 6 | 5 | 146 | 4 | ||||||||||||||
1 | ||||||||||||||||||
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 38 – Litigation" for further information. | ||||||||||||||||||
2 | ||||||||||||||||||
Includes indemnifications paid to resolve loan repurchase claims. | ||||||||||||||||||
3 | ||||||||||||||||||
Primarily related to private investors. | ||||||||||||||||||
4 | ||||||||||||||||||
Primarily related to government-sponsored enterprises and private investors. | ||||||||||||||||||
5 | ||||||||||||||||||
Related to non-agency securitizations. | ||||||||||||||||||
Representations and warranties relating to residential mortgage loans sold to non-agency securitization vehicles are more limited in scope than those relating to residential mortgage loans sold to GSEs, and it can be more difficult to establish causation and standing in making a repurchase claim for breach of representations and warranties on residential mortgage loans sold in non-agency securitizations. The Group is involved in litigation relating to representations and warranties on residential mortgage loans sold. | ||||||||||||||||||
> Refer to “Note 38 – Litigation” for further information. | ||||||||||||||||||
Repurchase claims on residential mortgage loans sold that are subject to arbitration or litigation proceedings, or become so during the reporting period, are not included in the Guarantees and commitments disclosure of repurchase claims and related loss contingencies and provisions but are addressed in litigation and related loss contingencies and provisions. | ||||||||||||||||||
Repurchase claims relating to residential mortgage loans sold may increase in the future based on the large number of defaults in residential mortgages, including those sold or securitized by the Group. | ||||||||||||||||||
Disposal-related contingencies and other indemnifications | ||||||||||||||||||
The Group has certain guarantees for which its maximum contingent liability cannot be quantified. These guarantees are not reflected in the “Guarantees” table and are discussed below. | ||||||||||||||||||
Disposal-related contingencies | ||||||||||||||||||
In connection with the sale of assets or businesses, the Group sometimes provides the acquirer with certain indemnification provisions. These indemnification provisions vary by counterparty in scope and duration and depend upon the type of assets or businesses sold. They are designed to transfer the potential risk of certain unquantifiable and unknowable loss contingencies, such as litigation, tax and intellectual property matters, from the acquirer to the seller. The Group closely monitors all such contractual agreements in order to ensure that indemnification provisions are adequately provided for in the Group’s consolidated financial statements. | ||||||||||||||||||
Other indemnifications | ||||||||||||||||||
The Group provides indemnifications to certain counterparties in connection with its normal operating activities, for which it is not possible to estimate the maximum amount that it could be obligated to pay. As a normal part of issuing its own securities, the Group typically agrees to reimburse holders for additional tax withholding charges or assessments resulting from changes in applicable tax laws or the interpretation of those laws. Securities that include these agreements to pay additional amounts generally also include a related redemption or call provision if the obligation to pay the additional amounts results from a change in law or its interpretation and the obligation cannot be avoided by the issuer taking reasonable steps to avoid the payment of additional amounts. Since such potential obligations are dependent on future changes in tax laws, the related liabilities the Group may incur as a result of such changes cannot be reasonably estimated. In light of the related call provisions typically included, the Group does not expect any potential liabilities in respect of tax gross-ups to be material. | ||||||||||||||||||
The Group is a member of numerous securities exchanges and clearing houses and may, as a result of its membership arrangements, be required to perform if another member defaults and available amounts as defined in the relevant exchange’s or clearing house’s default waterfalls are not sufficient to cover losses of another member’s default. The exchange’s or clearing house’s default management procedures may provide for cash calls to non-defaulting members which may be limited to the amount (or a multiple of the amount) of the Group’s contribution to the guarantee fund. However, if these cash calls are not sufficient to cover losses, the default waterfall and default management procedures may foresee further loss allocation. Furthermore, some clearing house arrangements require members to assume a proportionate share of non-default losses, if such losses exceed the specified resources allocated for such purpose by the clearing house. Non-default losses result from the clearing house’s investment of guarantee fund contributions and initial margin or are other losses unrelated to the default of a clearing member. The Group has determined that it is not possible to reasonably estimate the maximum potential amount of future payments due under the membership arrangements. In addition, the Group believes that any potential requirement to make payments under these membership arrangements is remote. | ||||||||||||||||||
Lease commitments | ||||||||||||||||||
Lease commitments (CHF million) | ||||||||||||||||||
2015 | 572 | |||||||||||||||||
2016 | 533 | |||||||||||||||||
2017 | 498 | |||||||||||||||||
2018 | 478 | |||||||||||||||||
2019 | 454 | |||||||||||||||||
Thereafter | 3,941 | |||||||||||||||||
Future operating lease commitments | 6,476 | |||||||||||||||||
Less minimum non-cancellable sublease rentals | 231 | |||||||||||||||||
Total net future minimum lease commitments | 6,245 | |||||||||||||||||
Rental expense for operating leases | ||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||
Rental expense for operating leases (CHF million) | ||||||||||||||||||
Minimum rental expense | 572 | 642 | 631 | |||||||||||||||
Sublease rental income | -81 | -85 | -98 | |||||||||||||||
Total net expenses for operating leases | 491 | 557 | 533 | |||||||||||||||
Operating lease commitments | ||||||||||||||||||
The Group has contractual commitments under operating lease arrangements for certain premises and equipment. Under operating leases, the leased property is not reported on the balance sheet of the lessee. Lease payments required by the contract are generally expensed on a straight-line basis over the term of the lease. The related commitments for future rental expenses under operating leases are included in the table “Lease commitments”. | ||||||||||||||||||
From time to time, the Group may enter into sale-leaseback transactions, in which an asset is sold and immediately leased back. If specific criteria are met, such asset is derecognized from the balance sheet and an operating lease is recognized. If the present value of the lease payments is equal to or higher than 10% of the fair value of the property sold, any resulting gains up to an amount equal to the present value of the lease payments are deferred and recognized in the statement of operations over the term of the lease as a reduction of rental expense. Gains on sale-leaseback transactions for which the lease payments are lower than 10% of the fair value of the property sold or gains in excess of the present value of the lease payments are recognized in the statements of operations upon completion of the sale. | ||||||||||||||||||
Sale-leaseback transactions | ||||||||||||||||||
There were no significant transactions in 2014. | ||||||||||||||||||
In the first quarter of 2012, the Group sold the office complex of its European headquarters at One Cabot Square in London to OCS Investment S.à.r.l. and leased back this property under an operating lease arrangement for 22 years, with two options to extend the lease by five years each. OCS Investment S.à.r.l. is a company wholly owned by the Qatar Investment Authority, which is a minority shareholder of the Group. | ||||||||||||||||||
In the fourth quarter of 2012, the Group sold the Uetlihof office complex in Zurich, the Group’s principal office building worldwide, to Norges Bank, a minority shareholder of the Group, and leased back this property under an operating lease arrangement for 25 years, with the option to extend the lease by up to 15 years. Norges Bank, through its Investment Management unit, was acting as the buyer on behalf of the Norwegian Government Pension Fund Global. | ||||||||||||||||||
During 2014 and 2013, the Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and ten years and between five and ten years, respectively. The total contractual rental expenses were CHF 17 million for the 2014 sale-leaseback transactions and CHF 78 million for the 2013 sale-leaseback transactions. | ||||||||||||||||||
Other commitments | ||||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Collateral | ||||||||||||
1 year | years | years | 5 years | amount | amount | received | ||||||||||||
2014 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 4,722 | 11 | 1 | 0 | 4,734 | 4,575 | 2,769 | |||||||||||
Irrevocable loan commitments 2 | 30,023 | 32,781 | 46,490 | 10,996 | 120,290 | 115,502 | 56,959 | |||||||||||
Forward reverse repurchase agreements | 8,292 | 0 | 0 | 0 | 8,292 | 8,292 | 8,292 | |||||||||||
Other commitments | 736 | 768 | 43 | 223 | 1,770 | 1,770 | 0 | |||||||||||
Total other commitments | 43,773 | 33,560 | 46,534 | 11,219 | 135,086 | 130,139 | 68,020 | |||||||||||
2013 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 5,484 | 27 | 1 | 0 | 5,512 | 5,452 | 3,381 | |||||||||||
Irrevocable loan commitments 2 | 27,250 | 26,877 | 35,376 | 7,487 | 96,990 | 92,732 | 47,996 | |||||||||||
Forward reverse repurchase agreements | 26,893 | 0 | 0 | 0 | 26,893 | 26,893 | 26,893 | |||||||||||
Other commitments | 2,481 | 1,020 | 104 | 286 | 3,891 | 3,891 | 350 | |||||||||||
Total other commitments | 62,108 | 27,924 | 35,481 | 7,773 | 133,286 | 128,968 | 78,620 | |||||||||||
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 100,905 million and CHF 90,254 million of unused credit limits as of December 31, 2014 and 2013, respectively, which were revocable at the Group's sole discretion upon notice to the client. | ||||||||||||||||||
Irrevocable commitments under documentary credits | ||||||||||||||||||
Irrevocable commitments under documentary credits include exposures from trade finance related to commercial letters of credit under which the Group guarantees payments to exporters against presentation of shipping and other documents. | ||||||||||||||||||
Irrevocable loan commitments | ||||||||||||||||||
Irrevocable loan commitments are irrevocable credit facilities extended to clients and include fully or partially undrawn commitments that are legally binding and cannot be unconditionally cancelled by the Group. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes and are not included in this disclosure. Such commitments are reflected as derivatives in the consolidated balance sheets. | ||||||||||||||||||
Forward reverse repurchase agreements | ||||||||||||||||||
Forward reverse repurchase agreements represent transactions in which the initial cash exchange of the >>>reverse repurchase transactions takes place on specified future dates. The commitment balance for forward reverse repurchase agreements decreased in 2014 primarily as a result of a change in the calculation methodology. The Group enters into forward reverse repurchase agreements with counterparties that may have existing funded reverse repurchase agreements. Depending on the details of the counterparty contract with Credit Suisse, the new methodology considers both a counterparty’s existing funded reverse repurchase agreement and any forward reverse repurchase agreements under contract with the same counterparty. | ||||||||||||||||||
Other commitments | ||||||||||||||||||
Other commitments include private equity commitments, firm commitments in underwriting securities, commitments arising from deferred payment letters of credit and from acceptances in circulation and liabilities for call and put options on shares and other equity instruments. | ||||||||||||||||||
Bank | ||||||||||||||||||
Guarantees and commitments | 31 Guarantees and commitments | |||||||||||||||||
Guarantees | ||||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Carrying | Collateral | |||||||||||
1 year | years | years | 5 years | amount | amount | value | received | |||||||||||
2014 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments | 2,488 | 733 | 257 | 593 | 4,071 | 3,832 | 30 | 1,654 | ||||||||||
Performance guarantees and similar instruments | 4,798 | 1,219 | 1,178 | 97 | 7,292 | 6,425 | 40 | 3,155 | ||||||||||
Securities lending indemnifications | 12,257 | 0 | 0 | 0 | 12,257 | 12,257 | 0 | 12,257 | ||||||||||
Derivatives 2 | 24,599 | 6,157 | 981 | 1,815 | 33,552 | 33,552 | 954 | – | 3 | |||||||||
Other guarantees | 3,477 | 776 | 230 | 394 | 4,877 | 4,870 | 43 | 2,773 | ||||||||||
Total guarantees | 47,619 | 8,885 | 2,646 | 2,899 | 62,049 | 60,936 | 1,067 | 19,839 | ||||||||||
2013 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments 4 | 2,682 | 621 | 336 | 569 | 4,208 | 4,060 | 14 | 2,330 | ||||||||||
Performance guarantees and similar instruments | 4,819 | 1,932 | 982 | 135 | 7,868 | 6,946 | 103 | 3,277 | ||||||||||
Securities lending indemnifications | 11,479 | 0 | 0 | 0 | 11,479 | 11,479 | 0 | 11,479 | ||||||||||
Derivatives 2 | 18,247 | 9,544 | 1,959 | 1,900 | 31,650 | 31,650 | 715 | – | 3 | |||||||||
Other guarantees | 3,894 | 811 | 193 | 193 | 5,091 | 5,068 | 3 | 2,606 | ||||||||||
Total guarantees | 41,121 | 12,908 | 3,470 | 2,797 | 60,296 | 59,203 | 835 | 19,692 | ||||||||||
1 | ||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||
2 | ||||||||||||||||||
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. | ||||||||||||||||||
3 | ||||||||||||||||||
Collateral for derivatives accounted for as guarantees is not significant. | ||||||||||||||||||
4 | ||||||||||||||||||
Prior period has been corrected. | ||||||||||||||||||
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, 2014 to June 30, 2015 is CHF 0.5 billion. These deposit insurance guarantees were reflected in other guarantees. | ||||||||||||||||||
> Refer to “Note 32 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||
Representations and warranties on residential mortgage loans sold | ||||||||||||||||||
In connection with Investment Banking’s sale of US residential mortgage loans, the Bank has provided certain representations and warranties relating to the loans sold. | ||||||||||||||||||
> Refer to “Note 32 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||
With respect to its outstanding repurchase claims, the Bank is unable to estimate reasonably possible losses in excess of the amounts accrued because of the heterogeneity of its portfolio, the complexity of legal and factual determinations related to each claim, the limited amount of discovery and/or other factors. | ||||||||||||||||||
The following tables present the total amount of residential mortgage loans sold during the period from January 1, 2004 to December 31, 2014 by counterparty type and the development of outstanding repurchase claims and provisions for outstanding repurchase claims in 2014 and 2013, including realized losses from the repurchase of residential mortgage loans sold. | ||||||||||||||||||
Residential mortgage loans sold | ||||||||||||||||||
January 1, 2004 to December 31, 2014 (USD billion) | ||||||||||||||||||
Government-sponsored enterprises | 8.2 | |||||||||||||||||
Private investors 1 | 26.2 | |||||||||||||||||
Non-agency securitizations | 137.3 | 2 | ||||||||||||||||
Total | 171.7 | |||||||||||||||||
1 | ||||||||||||||||||
Primarily banks. | ||||||||||||||||||
2 | ||||||||||||||||||
The outstanding balance of residential mortgage loans sold was USD 26.3 billion as of December 31, 2014. The difference of the total balance of mortgage loans sold and the outstanding balance as of December 31, 2014 was attributable to borrower payments of USD 91.5 billion and losses of USD 19.5 billion due to loan defaults. | ||||||||||||||||||
Residential mortgage loans sold – outstanding repurchase claims | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Non- | Total | Non- | Total | |||||||||||||||
Government- | agency | Government- | agency | |||||||||||||||
sponsored | Private | securiti- | sponsored | Private | securiti- | |||||||||||||
enterprises | investors | zations | enterprises | investors | zations | |||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||
Balance at beginning of period | 77 | 420 | 83 | 580 | 67 | 464 | 1,395 | 1,926 | ||||||||||
New claims | 11 | 2 | 1,607 | 1,620 | 69 | 139 | 1,039 | 1,247 | ||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | -4 | -1 | -2 | -7 | 1 | |||||||||
Other settlements | -58 | -416 | -5 | -479 | 2 | -31 | -178 | -7 | -216 | 2 | ||||||||
Total claims settled | -58 | -416 | -5 | -479 | -35 | -179 | -9 | -223 | ||||||||||
Claims rescinded | -17 | 0 | 0 | -17 | -24 | -4 | 0 | -28 | ||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | -2 | -1,602 | -1,604 | 0 | 0 | -2,342 | 4 | -2,342 | |||||||||
Balance at end of period | 13 | 4 | 83 | 100 | 77 | 420 | 83 | 580 | ||||||||||
1 | ||||||||||||||||||
Settled at a repurchase price of USD 6 million. | ||||||||||||||||||
2 | ||||||||||||||||||
Settled at USD 66 million and USD 48 million in 2014 and 2013, respectively. | ||||||||||||||||||
3 | ||||||||||||||||||
Refer to "Note 36 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||
4 | ||||||||||||||||||
Transfers to arbitration and litigation disclosed in 2013 include portfolios of claims of approximately USD 0.3 billion for which formal legal proceedings had commenced in prior periods. | ||||||||||||||||||
Provisions for outstanding repurchase claims | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Provisions for outstanding repurchase claims (USD million) 1 | ||||||||||||||||||
Balance at beginning of period | 146 | 55 | ||||||||||||||||
Increase/(decrease) in provisions, net | -74 | 145 | ||||||||||||||||
Realized losses 2 | -66 | 4 | -54 | 3 | ||||||||||||||
Balance at end of period | 6 | 5 | 146 | 3 | ||||||||||||||
1 | ||||||||||||||||||
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 36 – Litigation" for further information. | ||||||||||||||||||
2 | ||||||||||||||||||
Includes indemnifications paid to resolve loan repurchase claims. | ||||||||||||||||||
3 | ||||||||||||||||||
Primarily related to government-sponsored enterprises and private investors. | ||||||||||||||||||
4 | ||||||||||||||||||
Primarily related to private investors. | ||||||||||||||||||
5 | ||||||||||||||||||
Primarily related to non-agency securitizations. | ||||||||||||||||||
Lease commitments | ||||||||||||||||||
Lease commitments (CHF million) | ||||||||||||||||||
2015 | 571 | |||||||||||||||||
2016 | 532 | |||||||||||||||||
2017 | 497 | |||||||||||||||||
2018 | 478 | |||||||||||||||||
2019 | 454 | |||||||||||||||||
Thereafter | 3,940 | |||||||||||||||||
Future operating lease commitments | 6,472 | |||||||||||||||||
Less minimum non-cancellable sublease rentals | 231 | |||||||||||||||||
Total net future minimum lease commitments | 6,241 | |||||||||||||||||
Rental expense for operating leases | ||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||
Rental expense for operating leases (CHF million) | ||||||||||||||||||
Minimum rental expense | 572 | 642 | 629 | |||||||||||||||
Sublease rental income | -81 | -85 | -97 | |||||||||||||||
Total net expenses for operating leases | 491 | 557 | 532 | |||||||||||||||
Operating lease commitments | ||||||||||||||||||
> Refer to “Note 32 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||
Sale-leaseback transactions | ||||||||||||||||||
There were no significant transactions in 2014. | ||||||||||||||||||
In the first quarter of 2012, the Bank sold the office complex of its European headquarters at One Cabot Square in London to OCS Investment S.à.r.l. and leased back this property under an operating lease arrangement for 22 years, with two options to extend the lease by five years each. OCS Investment S.à.r.l. is a company wholly owned by the Qatar Investment Authority, which is a minority shareholder of the Group. | ||||||||||||||||||
In the fourth quarter of 2012, the Bank sold the Uetlihof office complex in Zurich, the Bank’s principal office building worldwide, to Norges Bank, a minority shareholder of the Group, and leased back this property under an operating lease arrangement for 25 years, with the option to extend the lease by up to 15 years. Norges Bank, through its Investment Management unit, was acting as the buyer on behalf of the Norwegian Government Pension Fund Global. | ||||||||||||||||||
During 2014 and 2013, the Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and ten years and between five and ten years, respectively. The total contractual rental expenses were CHF 17 million for the 2014 sale-leaseback transactions and CHF 78 million for the 2013 sale-leaseback transactions. | ||||||||||||||||||
Other commitments | ||||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Collateral | ||||||||||||
1 year | years | years | 5 years | amount | amount | received | ||||||||||||
2014 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 4,717 | 11 | 1 | 0 | 4,729 | 4,570 | 2,769 | |||||||||||
Irrevocable loan commitments | 29,938 | 32,751 | 46,440 | 10,965 | 120,094 | 2 | 115,306 | 56,958 | ||||||||||
Forward reverse repurchase agreements | 8,292 | 0 | 0 | 0 | 8,292 | 8,292 | 8,292 | |||||||||||
Other commitments | 690 | 768 | 43 | 223 | 1,724 | 1,724 | 0 | |||||||||||
Total other commitments | 43,637 | 33,530 | 46,484 | 11,188 | 134,839 | 129,892 | 68,019 | |||||||||||
2013 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 5,478 | 27 | 1 | 0 | 5,506 | 5,446 | 3,380 | |||||||||||
Irrevocable loan commitments | 27,154 | 26,852 | 35,326 | 7,483 | 96,815 | 2 | 92,557 | 47,995 | ||||||||||
Forward reverse repurchase agreements | 26,893 | 0 | 0 | 0 | 26,893 | 26,893 | 26,893 | |||||||||||
Other commitments | 2,436 | 1,020 | 103 | 286 | 3,845 | 3,845 | 351 | |||||||||||
Total other commitments | 61,961 | 27,899 | 35,430 | 7,769 | 133,059 | 128,741 | 78,619 | |||||||||||
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 97,608 million and CHF 87,161 million of unused credit limits as of December 31, 2014 and 2013, respectively, which were revocable at the Bank's sole discretion upon notice to the client. | ||||||||||||||||||
> Refer to “Note 32 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Transfers_of_financial_assets_
Transfers of financial assets and variable interest entities | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Transfers of financial assets and variable interest entities | 33 Transfers of financial assets and variable interest entities | |||||||||||||||||||||||||
In the normal course of business, the Group enters into transactions with, and makes use of, SPEs. An SPE is an entity in the form of a trust or other legal structure designed to fulfill a specific limited need of the company that organized it and is generally structured to isolate the SPE’s assets from creditors of other entities, including the Group. The principal uses of SPEs are to assist the Group and its clients in securitizing financial assets and creating investment products. The Group also uses SPEs for other client-driven activity, such as to facilitate financings, and for Group tax or regulatory purposes. | ||||||||||||||||||||||||||
Transfers of financial assets | ||||||||||||||||||||||||||
Securitizations | ||||||||||||||||||||||||||
The majority of the Group’s securitization activities involve mortgages and mortgage-related securities and are predominantly transacted using SPEs. In a typical securitization, the SPE purchases assets financed by proceeds received from the SPE’s issuance of debt and equity instruments, certificates, >>>CP and other notes of indebtedness. These assets and liabilities are recorded on the balance sheet of the SPE and not reflected on the Group’s consolidated balance sheet, unless either the Group sold the assets to the entity and the accounting requirements for sale were not met or the Group consolidates the SPE. | ||||||||||||||||||||||||||
The Group purchases commercial and residential mortgages for the purpose of securitization and sells these mortgage loans to SPEs. These SPEs issue >>>commercial mortgage-backed securities (CMBS), >>>residential mortgage-backed securities (RMBS) and ABS that are collateralized by the assets transferred to the SPE and that pay a return based on the returns on those assets. Investors in these mortgage-backed securities or ABS typically have recourse to the assets in the SPEs, unless a third-party guarantee has been received to further enhance the creditworthiness of the assets. The investors and the SPEs have no recourse to the Group’s assets. The Group is typically an underwriter of, and makes a market in, these securities. | ||||||||||||||||||||||||||
The Group also transacts in re-securitizations of previously issued RMBS securities. Typically, certificates issued out of an existing securitization vehicle are sold into a newly created and separate securitization vehicle. Often, these re-securitizations are initiated in order to repackage an existing security to give the investor a higher rated tranche. | ||||||||||||||||||||||||||
The Group also uses SPEs for other asset-backed financings relating to client-driven activity and for Group tax or regulatory purposes. Types of structures included in this category include >>>CDOs, leveraged finance, repack and other types of transactions, including life insurance structures, emerging market structures set up for financing, loan participation or loan origination purposes, and other alternative structures created for the purpose of investing in venture capital-like investments. CDOs are collateralized by the assets transferred to the CDO vehicle and pay a return based on the returns on those assets. Leveraged finance structures are used to assist in the syndication of certain loans held by the Group, while repack structures are designed to give a client collateralized exposure to specific cash flows or credit risk backed by collateral purchased from the Group. In these asset-backed financing structures investors typically only have recourse to the collateral of the SPE and do not have recourse to the Group’s assets. | ||||||||||||||||||||||||||
When the Group transfers assets into an SPE, it must assess whether that transfer is accounted for as a sale of the assets. Transfers of assets may not meet sale requirements if the assets have not been legally isolated from the Group and/or if the Group’s continuing involvement is deemed to give it effective control over the assets. If the transfer is not deemed a sale, it is instead accounted for as a secured borrowing, with the transferred assets as collateral. | ||||||||||||||||||||||||||
Gains and losses on securitization transactions depend, in part, on the carrying values of mortgages and CDOs involved in the transfer and are allocated between the assets sold and any beneficial interests retained according to the relative >>>fair values at the date of sale. | ||||||||||||||||||||||||||
The Group does not retain material servicing responsibilities from securitization activities. | ||||||||||||||||||||||||||
The following table provides the gains or losses and proceeds from the transfer of assets relating to 2014, 2013 and 2012 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 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Gains and cash flows (CHF million) | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Net gain 1 | 7 | 4 | 56 | |||||||||||||||||||||||
Proceeds from transfer of assets | 5,335 | 5,574 | 6,156 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 102 | 70 | 57 | |||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Net gain/(loss) 1 | 13 | -8 | 3 | |||||||||||||||||||||||
Proceeds from transfer of assets | 22,728 | 24,523 | 15,143 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral | -4 | -10 | -25 | |||||||||||||||||||||||
Servicing fees | 2 | 4 | 3 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 444 | 486 | 554 | |||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Net gain 1 | 29 | 15 | 83 | |||||||||||||||||||||||
Proceeds from transfer of assets | 1,819 | 915 | 591 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral 2 | 0 | -213 | -621 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 17 | 633 | 1,350 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral are the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. | ||||||||||||||||||||||||||
Continuing involvement in transferred financial assets | ||||||||||||||||||||||||||
The Group may have continuing involvement in the financial assets that are transferred to an SPE, which may take several forms, including, but not limited to, servicing, recourse and guarantee arrangements, agreements to purchase or redeem transferred assets, derivative instruments, pledges of collateral and beneficial interests in the transferred assets. Beneficial interests, which are valued at fair value, include rights to receive all or portions of specified cash inflows received by an SPE, including, but not limited to, senior and subordinated shares of interest, principal, or other cash inflows to be “passed through” or “paid through”, premiums due to guarantors, CP obligations, and residual interests, whether in the form of debt or equity. | ||||||||||||||||||||||||||
The Group’s exposure resulting from continuing involvement in transferred financial assets is generally limited to beneficial interests typically held by the Group in the form of instruments issued by SPEs that are senior, subordinated or residual tranches. These instruments are held by the Group typically in connection with underwriting or market-making activities and are included in trading assets in the consolidated balance sheets. Any changes in the fair value of these beneficial interests are recognized in the consolidated statements of operations. | ||||||||||||||||||||||||||
Investors usually have recourse to the assets in the SPE and often benefit from other credit enhancements, such as collateral accounts, or from liquidity facilities, such as lines of credit or liquidity put option of asset purchase agreements. The SPE may also enter into a derivative contract in order to convert the yield or currency of the underlying assets to match the needs of the SPE investors, or to limit or change the credit risk of the SPE. The Group may be the provider of certain credit enhancements as well as the counterparty to any related derivative contract. | ||||||||||||||||||||||||||
The following table provides the outstanding principal balance of assets to which the Group continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of the end of 2014 and 2013, regardless of when the transfer of assets occurred. | ||||||||||||||||||||||||||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 41,216 | 37,308 | ||||||||||||||||||||||||
Total assets of SPE | 53,354 | 48,715 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 49,884 | 45,571 | ||||||||||||||||||||||||
Total assets of SPE | 50,017 | 48,741 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Principal amount outstanding | 26,176 | 27,854 | ||||||||||||||||||||||||
Total assets of SPE | 26,176 | 27,854 | ||||||||||||||||||||||||
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 34 – Financial instruments for further information on the fair value hierarchy. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | ||||||||||||||||||||||||||
at time of transfer, in | 2014 | 2013 | 2012 | |||||||||||||||||||||||
CMBS | RMBS | CMBS | RMBS | CMBS | RMBS | |||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,341 | 4,023 | 633 | 2,993 | 761 | 2,219 | ||||||||||||||||||||
of which level 2 | 1,242 | 3,791 | 476 | 2,879 | 654 | 2,090 | ||||||||||||||||||||
of which level 3 | 100 | 232 | 156 | 114 | 107 | 129 | ||||||||||||||||||||
Weighted-average life, in years | 4.1 | 7.7 | 7.3 | 7.7 | 8.4 | 5 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 1.5 | – | 23 | – | 2 | 2 | – | 31 | – | 2 | 0.1 | – | 34.9 | |||||||||||
Cash flow discount rate (rate per annum), in % 3 | 1 | – | 11 | 1.9 | – | 17.8 | 1.6 | – | 11.6 | 0 | – | 45.9 | 0.8 | – | 10.7 | 0.1 | – | 25.7 | ||||||||
Expected credit losses (rate per annum), in % | 1 | – | 2.2 | 0.4 | – | 15.3 | 0 | – | 7.5 | 0 | – | 45.8 | 0.5 | – | 9 | 0 | – | 25.1 | ||||||||
Transfers of assets in which the Group does not have beneficial interests are not included in this table. | ||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Key economic assumptions as of the reporting date | ||||||||||||||||||||||||||
The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of the end of 2014 and 2013. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | ||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CMBS | 1 | RMBS | Other asset- | 2 | CMBS | 1 | RMBS | Other asset- | 2 | |||||||||||||||||
backed | backed | |||||||||||||||||||||||||
financing | financing | |||||||||||||||||||||||||
activities | activities | |||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,168 | 2,394 | 212 | 1,132 | 2,354 | 284 | ||||||||||||||||||||
of which non-investment grade | 79 | 246 | 146 | 26 | 359 | 204 | ||||||||||||||||||||
Weighted-average life, in years | 5.6 | 7.8 | 3.6 | 6.5 | 8.6 | 3.7 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 1 | – | 36.6 | – | – | 1 | – | 23.5 | – | ||||||||||||||||
Impact on fair value from 10% adverse change | – | -29.2 | – | – | -26.6 | – | ||||||||||||||||||||
Impact on fair value from 20% adverse change | – | -56.4 | – | – | -48.6 | – | ||||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 1.6 | – | 22.3 | 1.7 | – | 44 | 0.3 | – | 21.2 | 1.1 | – | 37.1 | 1.7 | – | 22.4 | 1 | – | 23.1 | ||||||||
Impact on fair value from 10% adverse change | -14 | -43.8 | -1.2 | -25.5 | -65 | -2.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -27.4 | -85.3 | -2.4 | -50 | -124.9 | -4.9 | ||||||||||||||||||||
Expected credit losses (rate per annum), in % | 1 | – | 22.2 | 0 | – | 41.7 | 1.4 | – | 13.1 | 0.2 | – | 36.6 | 0.1 | – | 17.3 | 0.7 | – | 21 | ||||||||
Impact on fair value from 10% adverse change | -7.1 | -25.3 | -0.4 | -10.9 | -42.2 | -0.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -14 | -49.4 | -0.7 | -21.5 | -79.6 | -0.7 | ||||||||||||||||||||
1 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
CDOs within this category are generally structured to be protected from prepayment risk. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
These sensitivities are hypothetical and do not reflect economic hedging activities. Changes in fair value based on a 10% or 20% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the beneficial interests is calculated without changing any other assumption. In practice, changes in one assumption may result in changes in other assumptions (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. | ||||||||||||||||||||||||||
Secured borrowings | ||||||||||||||||||||||||||
The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of the end of 2014 and 2013. | ||||||||||||||||||||||||||
> Refer to “Note 35 – Assets pledged and collateral” for further information. | ||||||||||||||||||||||||||
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | ||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Other assets | 26 | 432 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -26 | -432 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Trading assets | 138 | 216 | ||||||||||||||||||||||||
Other assets | 252 | 157 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -390 | -373 | ||||||||||||||||||||||||
Variable interest entities | ||||||||||||||||||||||||||
As a normal part of its business, the Group engages in various transactions that include entities that are considered VIEs and are grouped into three primary categories: CDOs, CP conduits and financial intermediation. VIEs are SPEs that typically either lack sufficient equity to finance their activities without additional subordinated financial support or are structured such that the holders of the voting rights do not substantively participate in the gains and losses of the entity. VIEs may be sponsored by the Group, unrelated third parties or clients. Such entities are required to be assessed for consolidation, compelling the primary beneficiary to consolidate the VIE. The consolidation assessment requires an entity to determine whether it has the power to direct the activities that most significantly affect the economics of the VIE as well as whether the reporting entity has potentially significant benefits or losses in the VIE. The primary beneficiary assessment must be re-evaluated on an ongoing basis. | ||||||||||||||||||||||||||
Application of the requirements for consolidation of VIEs may require the exercise of significant management judgment. In the event consolidation of a VIE is required, the exposure to the Group is limited to that portion of the VIE’s assets attributable to any variable interest held by the Group prior to any risk management activities to hedge the Group’s net exposure. Any interests held in the VIE by third parties, even though consolidated by the Group, will not typically impact its results of operations. | ||||||||||||||||||||||||||
Transactions with VIEs are generally executed to facilitate securitization activities or to meet specific client needs, such as providing liquidity or investing opportunities, and, as part of these activities, the Group may hold interests in the VIEs. Securitization-related transactions with VIEs involve selling or purchasing assets as well as possibly entering into related derivatives with those VIEs, providing liquidity, credit or other support. Other transactions with VIEs include derivative transactions in the Group’s capacity as the prime broker. The Group also enters into lending arrangements with VIEs for the purpose of financing projects or the acquisition of assets. Typically, the VIE’s assets are restricted in nature in that they are held primarily to satisfy the obligations of the entity. Further, the Group is involved with VIEs which were formed for the purpose of offering alternative investment solutions to clients. Such VIEs relate primarily to private equity investments, fund-linked vehicles or funds of funds, where the Group acts as structurer, manager, distributor, broker, market maker or liquidity provider. | ||||||||||||||||||||||||||
As a consequence of these activities, the Group holds variable interests in VIEs. Such variable interests consist of financial instruments issued by VIEs and which are held by the Group, certain derivatives with VIEs or loans to VIEs. Guarantees issued by the Group to or on behalf of VIEs may also qualify as variable interests. For such guarantees, including derivatives that act as guarantees, the notional amount of the respective guarantees is presented to represent the exposure. In general, investors in consolidated VIEs do not have recourse to the Group in the event of a default, except where a guarantee was provided to the investors or where the Group is the counterparty to a derivative transaction involving VIEs. | ||||||||||||||||||||||||||
Total assets of consolidated and non-consolidated VIEs for which the Group has involvement represent the total assets of the VIEs even though the Group’s involvement may be significantly less due to interests held by third-party investors. The asset balances for non-consolidated VIEs where the Group has significant involvement represent the most current information available to the Group regarding the remaining principal balance of assets owned. In most cases, the asset balances represent an amortized cost basis without regards to impairments in fair value, unless fair value information is readily available. | ||||||||||||||||||||||||||
The Group’s maximum exposure to loss is different from the carrying value of the assets of the VIE. This maximum exposure to loss consists of the carrying value of the Group variable interests held as trading assets, derivatives and loans and the notional amount of guarantees to VIEs, rather than the amount of total assets of the VIEs. The maximum exposure to loss does not reflect the Group’s risk management activities, including effects from financial instruments that the Group may utilize to economically hedge the risks inherent in these VIEs. The economic risks associated with VIE exposures held by the Group, together with all relevant >>>risk mitigation initiatives, are included in the Group’s risk management framework. | ||||||||||||||||||||||||||
The Group has not provided financial or other support to consolidated or non-consolidated VIEs that it was not contractually required to provide. | ||||||||||||||||||||||||||
Collateralized debt obligations | ||||||||||||||||||||||||||
The Group engages in CDO transactions to meet client and investor needs, earn fees and sell financial assets. The Group may act as underwriter, placement agent or asset manager and may warehouse assets prior to the closing of a transaction. As part of its structured finance business, the Group purchases loans and other debt obligations from and on behalf of clients for the purpose of securitization. The loans and other debt obligations are sold to VIEs, which in turn issue CDOs to fund the purchase of assets such as investment grade and high yield corporate debt instruments. | ||||||||||||||||||||||||||
Typically, the collateral manager in a managed CDO is deemed to be the entity that has the power to direct the activities that most affect the economics of the entity. In a static CDO this “power” role is more difficult to analyze and may be the sponsor of the entity or the >>>CDS counterparty. | ||||||||||||||||||||||||||
CDOs provide credit risk exposure to a portfolio of ABS (cash CDOs) or a reference portfolio of securities (synthetic CDOs). Cash CDO transactions hold actual securities whereas synthetic CDO transactions use CDS to exchange the underlying credit risk instead of using cash assets. The Group may also act as a derivative counterparty to the VIEs, which are typically not variable interests, and may invest in portions of the notes or equity issued by the VIEs. The CDO entities may have actively managed portfolios or static portfolios. | ||||||||||||||||||||||||||
The securities issued by these VIEs are payable solely from the cash flows of the related collateral, and third-party creditors of these VIEs do not have recourse to the Group in the event of default. | ||||||||||||||||||||||||||
The Group’s exposure in CDO transactions is typically limited to interests retained in connection with its underwriting or market-making activities. Unless the Group has been deemed to have “power” over the entity and these interests are potentially significant, the Group is not the primary beneficiary of the vehicle and does not consolidate the entity. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. | ||||||||||||||||||||||||||
Commercial paper conduit | ||||||||||||||||||||||||||
The Group continues to act as the administrator and provider of liquidity and credit enhancement facilities for one asset-backed CP conduit, Alpine, a client-focused multi-seller conduit vehicle. Alpine publishes portfolio and asset data and submits its portfolio to a rating agency for public ratings based on the cash flows of the portfolio taken as a whole. This CP conduit purchases assets, primarily loans and receivables, from clients and finances such purchases through the issuance of CP backed by these assets. For an asset to qualify for acquisition by the CP conduit, it must be rated at least investment grade after giving effect to the related asset-specific credit enhancement primarily provided by the client seller of the asset. The clients provide credit support to investors of the CP conduit in the form of over-collateralization and other asset-specific enhancements. Further, an unaffiliated investor retains a limited first-loss position in Alpine’s entire portfolio. Alpine is a separate legal entity that is wholly owned by the Group. However, its assets are available to satisfy only the claims of its creditors. In addition, the Group, as administrator and liquidity and credit enhancement facilities provider, has significant exposure to and power over the activities of Alpine. Alpine is considered a VIE for accounting purposes and the Group is deemed the primary beneficiary and consolidates this entity. | ||||||||||||||||||||||||||
The overall average maturity of the conduit’s outstanding CP was approximately 49 days and 19 days as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, Alpine had the highest short-term ratings from Moody’s and Dominion Bond Rating Service and was rated A-1 by Standard & Poor’s and F-1 by Fitch. The majority of Alpine’s purchased assets were highly rated reverse repurchase agreements as well as advance financing receivables, equipment loans or leases and aircraft loans. As of December 31, 2014 and 2013, those assets had an average rating of AA, based on the lowest of each asset’s internal rating and, where available, external rating, and an average maturity of 1.8 years and 2.1 years as of December 31, 2014 and 2013, respectively. On February 6, 2015, Dominion Bond Rating Service lowered the short-term rating of Alpine from R-1 (high) (sf) to R-1 (middle) (sf). | ||||||||||||||||||||||||||
The Group’s commitment to this CP conduit consists of obligations under liquidity agreements and a program-wide credit enhancement agreement. The liquidity agreements are asset-specific arrangements, which require the Group to purchase assets from the CP conduit in certain circumstances, including a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or, in some cases, a default of an underlying asset. The Group may, at its discretion, purchase assets that fall below investment grade in order to support the CP conduit. In both circumstances, the asset-specific credit enhancements provided by the client seller of the assets and the first-loss investor’s respective exposures to those assets remain unchanged. In entering into such agreements, the Group reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The program-wide credit enhancement agreement with the CP conduit would absorb potential defaults of the assets, but is senior to the credit protection provided by the client seller of assets and the first-loss investor. | ||||||||||||||||||||||||||
The Group believes that the likelihood of incurring a loss equal to the maximum exposure is remote because the assets held by the CP conduit, after giving effect to related asset-specific credit enhancement primarily provided by the clients, are classified as investment grade. The Group’s economic risks associated with the purchased assets of the CP conduit are included in the Group’s risk management framework including counterparty, economic capital and scenario analysis. | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. | ||||||||||||||||||||||||||
The Group considers the likelihood of incurring a loss equal to the maximum exposure to be remote because of the Group’s risk mitigation efforts, including, but not limited to, economic hedging strategies and collateral arrangements. The Group’s economic risks associated with consolidated and non-consolidated VIE exposures arising from financial intermediation, together with all relevant risk mitigation initiatives, are included in the Group’s risk management framework. | ||||||||||||||||||||||||||
Financial intermediation consists of securitizations, funds, loans, and other vehicles. | ||||||||||||||||||||||||||
Securitizations | ||||||||||||||||||||||||||
Securitizations are primarily >>>CMBS, >>>RMBS and ABS vehicles. The Group acts as an underwriter, market maker, liquidity provider, derivative counterparty and/or provider of credit enhancements to VIEs related to certain securitization transactions. | ||||||||||||||||||||||||||
The maximum exposure to loss is the carrying value of the loan securities and derivative positions that are variable interests, if any, plus the exposure arising from any credit enhancements the Group provided. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. | ||||||||||||||||||||||||||
The activities that have the most significant impact on the securitization vehicle are the decisions relating to defaulted loans, which are controlled by the servicer. The party that controls the servicing has the ability to make decisions that significantly affect the result of the activities of the securitization vehicle. If a securitization vehicle has multiple parties that control servicing over specific assets, the Group determines it has power when it has control over the servicing of greater than 50% of the assets in the securitization vehicle. When a servicer or its related party also has an economic interest that has the potential to absorb a significant portion of the gains and/or losses, it will be deemed the primary beneficiary and consolidate the vehicle. If the Group determines that it controls the relevant servicing, it then determines if it has the obligation to absorb losses from, or the right to receive benefits of, the securitization vehicle that could potentially be significant to the vehicle, primarily by evaluating the amount and nature of securities issued by the vehicle that it holds. Factors considered in this analysis include the level of subordination of the securities held as well as the size of the position, based on the percentage of the class of securities and the total deal classes of securities issued. The more subordinated the level of securities held, the more likely it is that the Group will be the primary beneficiary. This consolidation analysis is performed each reporting period based on changes in inventory and the levels of assets remaining in the securitization. The Group typically consolidates securitization vehicles when it is the servicer and has holdings stemming from its role as underwriter. Short-term market making holdings in vehicles are not typically considered to be potentially significant for the purposes of this assessment. | ||||||||||||||||||||||||||
In the case of re-securitizations of previously issued RMBS securities, the re-securitization vehicles are passive in nature and do not have any significant ongoing activities that require management, and decisions relating to the design of the securitization transaction at its inception is the key power relating to the vehicle. Activities at inception include selecting the assets and determining the capital structure. The power over a re-securitization vehicle is typically shared between the Group and the investor(s) involved in the design and creation of the vehicle. The Group concludes that it is the primary beneficiary of a re-securitization vehicle when it owns substantially all of the bonds issued from the vehicle. | ||||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||||
Funds include investment structures such as mutual funds, funds of funds, private equity funds and fund-linked products where the investors’ interest is typically in the form of debt rather than equity, thereby making them VIEs. The Group may have various relationships with such VIEs in the form of structurer, investment advisor, investment manager, administrator, custodian, underwriter, placement agent, market maker and/or as prime broker. These activities include the use of VIEs in structuring fund-linked products, hedge funds of funds or private equity investments to provide clients with investment opportunities in alternative investments. In such transactions, a VIE holds underlying investments and issues securities that provide the investors with a return based on the performance of those investments. | ||||||||||||||||||||||||||
The maximum exposure to loss consists of the fair value of instruments issued by such structures that are held by the Group as a result of underwriting or market-making activities, financing provided to the vehicles and the Group’s exposure resulting from principal protection and redemptions features. The investors typically retain the risk of loss on such transactions, but for certain fund types, the Group may provide principal protection on the securities to limit the investors’ exposure to downside market risk. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risk of the VIEs. | ||||||||||||||||||||||||||
Another model is used to assess funds for consolidation under US GAAP. Rather than the consolidation model which incorporates power and the potential to absorb significant risk and rewards, a previous consolidation model is used which results in the Group being the primary beneficiary and consolidating the funds if it holds more than 50% of their outstanding issuances. | ||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Loans are single-financing vehicles where the Group provides financing for specified assets or business ventures and the respective owner of the assets or manager of the businesses provides the equity in the vehicle. These tailored lending arrangements are established to purchase, lease or otherwise finance and manage clients’ assets. | ||||||||||||||||||||||||||
The maximum exposure to loss is the carrying value of the Group’s loan exposure, which is subject to the same credit risk management procedures as loans issued directly to clients. The clients’ creditworthiness is carefully reviewed, loan-to-value ratios are strictly set and, in addition, clients provide equity, additional collateral or guarantees, all of which significantly reduce the Group’s exposure. 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, which includes over-collateralization and effective monitoring to ensure that a sufficient loan-to-value ratio is maintained. | ||||||||||||||||||||||||||
The third-party sponsor of the VIE will typically have control over the assets during the life structure and have the potential to absorb significant gains and losses; the Group is typically not the primary beneficiary of these structures and will not have to consolidate them. However, a change in the structure, such as a default of the sponsor, may result in the Group gaining control over the assets. If the Group’s lending is significant, it may then be required to consolidate the entity. | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Other includes additional vehicles where the Group provides financing and trust preferred issuance vehicles. Trust preferred issuance vehicles are utilized to assist the Group in raising capital-efficient financing. The VIE issues preference shares which are guaranteed by the Group and uses the proceeds to purchase the debt of the Group. The Group’s guarantee of its own debt is not considered a variable interest and, as it has no holdings in these vehicles, the Group has no maximum exposure to loss. Non-consolidated VIEs include only the total assets of trust preferred issuance vehicles, as the Group has no variable interests with these entities. | ||||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||||
The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Group consolidates all VIEs related to financial intermediation for which it was the primary beneficiary. | ||||||||||||||||||||||||||
The consolidated VIEs tables provide the carrying amounts and classifications of the assets and liabilities of consolidated VIEs as of the end of 2014 and 2013. | ||||||||||||||||||||||||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | CP | Securi- | Funds | Loans | Other | Total | |||||||||||||||||||
Conduit | tizations | |||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 1,122 | 0 | 16 | 187 | 109 | 59 | 1,493 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 660 | 0 | 0 | 0 | 0 | 660 | |||||||||||||||||||
Trading assets | 615 | 57 | 250 | 1,715 | 867 | 757 | 4,261 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 30 | 1,651 | 424 | 2,105 | |||||||||||||||||||
Net loans | 0 | 12 | 0 | 0 | 24 | 209 | 245 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 452 | 0 | 452 | |||||||||||||||||||
Other assets | 8,726 | 262 | 4,741 | 3 | 197 | 2,205 | 16,134 | |||||||||||||||||||
of which loans held-for-sale | 8,689 | 0 | 3,500 | 0 | 24 | 356 | 12,569 | |||||||||||||||||||
Total assets of consolidated VIEs | 10,463 | 991 | 5,007 | 1,935 | 3,300 | 3,654 | 25,350 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 3 | 3 | |||||||||||||||||||
Trading liabilities | 6 | 0 | 0 | 0 | 23 | 6 | 35 | |||||||||||||||||||
Short-term borrowings | 0 | 9,384 | 0 | 0 | 0 | 0 | 9,384 | |||||||||||||||||||
Long-term debt | 10,318 | 18 | 2,418 | 216 | 99 | 383 | 13,452 | |||||||||||||||||||
Other liabilities | 27 | 29 | 573 | 124 | 146 | 829 | 1,728 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 10,351 | 9,431 | 2,991 | 340 | 268 | 1,221 | 24,602 | |||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 702 | 1 | 2 | 100 | 87 | 60 | 952 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,959 | 0 | 0 | 0 | 0 | 1,959 | |||||||||||||||||||
Trading assets | 869 | 51 | 3 | 1,687 | 665 | 335 | 3,610 | |||||||||||||||||||
Investment securities | 0 | 100 | 0 | 0 | 0 | 0 | 100 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 0 | 1,491 | 492 | 1,983 | |||||||||||||||||||
Net loans | 0 | 2,012 | 885 | 0 | 779 | 531 | 4,207 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 447 | 66 | 513 | |||||||||||||||||||
Other assets | 7,516 | 1,473 | 3,353 | 0 | 308 | 1,680 | 14,330 | |||||||||||||||||||
of which loans held-for-sale | 7,479 | 0 | 3,093 | 0 | 56 | 0 | 10,628 | |||||||||||||||||||
Total assets of consolidated VIEs | 9,087 | 5,596 | 4,243 | 1,787 | 3,777 | 3,164 | 27,654 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 265 | 265 | |||||||||||||||||||
Trading liabilities | 9 | 0 | 0 | 0 | 8 | 76 | 93 | |||||||||||||||||||
Short-term borrowings | 0 | 4,280 | 0 | 7 | 0 | -1 | 4,286 | |||||||||||||||||||
Long-term debt | 9,067 | 17 | 3,187 | 179 | 93 | 449 | 12,992 | |||||||||||||||||||
Other liabilities | 34 | 16 | 67 | 2 | 153 | 438 | 710 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 9,110 | 4,313 | 3,254 | 188 | 254 | 1,227 | 18,346 | |||||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||||||||||||
The non-consolidated VIEs tables provide the carrying amounts and classification of the assets of variable interests recorded in the Group’s consolidated balance sheets, maximum exposure to loss and total assets of the non-consolidated VIEs. | ||||||||||||||||||||||||||
Maximum exposure to loss represents the variable interests of non-consolidated VIEs that are recorded by the Group (for example, direct holdings in vehicles, loans and other receivables), as well as notional amounts of guarantees and off-balance sheet commitments which are variable interests that have been extended to non-consolidated VIEs. Such amounts, particularly notional amounts of derivatives and guarantees, do not represent the anticipated losses in connection with these transactions as they do not take into consideration the effect of collateral, recoveries or the probability of loss. In addition, they exclude the effect of offsetting financial instruments that are held to mitigate these risks and have not been reduced by unrealized losses previously recorded by the Group in connection with guarantees or derivatives. | ||||||||||||||||||||||||||
Non-consolidated VIE assets are related to the non-consolidated VIEs with which the Group has variable interests. These amounts represent the assets of the entities themselves and are typically unrelated to the exposures the Group has with the entity and thus are not amounts that are considered for risk management purposes. | ||||||||||||||||||||||||||
Certain VIEs have not been included in the following table, including VIEs structured by third parties in which the Group’s interest is in the form of securities held in the Group’s inventory, certain single-asset financing vehicles not sponsored by the Group to which the Group provides financing but has very little risk of loss due to over-collateralization and guarantees, failed sales where the Group does not have any other holdings and other entities out of scope. | ||||||||||||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | Securi- | Funds | Loans | Other | Total | ||||||||||||||||||||
tizations | ||||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 179 | 5,009 | 1,201 | 494 | 625 | 7,508 | ||||||||||||||||||||
Net loans | 211 | 2,252 | 3,213 | 1,651 | 1,544 | 8,871 | ||||||||||||||||||||
Other assets | 0 | 4 | 20 | 0 | 189 | 213 | ||||||||||||||||||||
Total variable interest assets | 390 | 7,265 | 4,434 | 2,145 | 2,358 | 16,592 | ||||||||||||||||||||
Maximum exposure to loss | 752 | 12,775 | 4,589 | 7,326 | 2,358 | 27,800 | ||||||||||||||||||||
Non-consolidated VIE assets | 8,604 | 120,157 | 56,413 | 38,818 | 23,360 | 247,352 | ||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 183 | 4,920 | 979 | 725 | 713 | 7,520 | ||||||||||||||||||||
Net loans | 2 | 613 | 2,812 | 2,856 | 1,282 | 7,565 | ||||||||||||||||||||
Other assets | 0 | 0 | 47 | 0 | 6 | 53 | ||||||||||||||||||||
Total variable interest assets | 185 | 5,533 | 3,838 | 3,581 | 2,001 | 15,138 | ||||||||||||||||||||
Maximum exposure to loss | 186 | 7,496 | 4,026 | 7,433 | 2,090 | 21,231 | ||||||||||||||||||||
Non-consolidated VIE assets | 10,211 | 101,524 | 55,509 | 31,144 | 19,450 | 217,838 | ||||||||||||||||||||
Bank | ||||||||||||||||||||||||||
Transfers of financial assets and variable interest entities | 32 Transfers of financial assets and variable interest entities | |||||||||||||||||||||||||
Transfers of financial assets | ||||||||||||||||||||||||||
Securitizations | ||||||||||||||||||||||||||
> Refer to “Note 33 – Transfers of financial assets and variable interest entities” in V – Credit Suisse Group – Consolidated financial statements for further information. | ||||||||||||||||||||||||||
The following table provides the gains or losses and proceeds from the transfer of assets relating to 2014, 2013 and 2012 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 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Gains and cash flows (CHF million) | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Net gain 1 | 7 | 4 | 56 | |||||||||||||||||||||||
Proceeds from transfer of assets | 5,335 | 5,574 | 6,156 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 102 | 70 | 57 | |||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Net gain/(loss) 1 | 13 | -8 | 3 | |||||||||||||||||||||||
Proceeds from transfer of assets | 22,728 | 24,523 | 15,143 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral | -4 | -10 | -25 | |||||||||||||||||||||||
Servicing fees | 2 | 4 | 3 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 444 | 486 | 554 | |||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Net gain 1 | 29 | 15 | 83 | |||||||||||||||||||||||
Proceeds from transfer of assets | 1,819 | 915 | 591 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral 2 | 0 | -213 | -621 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 17 | 633 | 1,350 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. | ||||||||||||||||||||||||||
Continuing involvement in transferred financial assets | ||||||||||||||||||||||||||
The following table provides the outstanding principal balance of assets to which the Bank continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of the end of 2014 and 2013, regardless of when the transfer of assets occurred. | ||||||||||||||||||||||||||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 41,216 | 37,308 | ||||||||||||||||||||||||
Total assets of SPE | 53,354 | 48,715 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 49,884 | 45,571 | ||||||||||||||||||||||||
Total assets of SPE | 50,017 | 48,741 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Principal amount outstanding | 26,176 | 27,854 | ||||||||||||||||||||||||
Total assets of SPE | 26,176 | 27,854 | ||||||||||||||||||||||||
Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. | ||||||||||||||||||||||||||
Fair value of beneficial interests | ||||||||||||||||||||||||||
The >>>fair value measurement of beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Bank may utilize to hedge the inherent risks. | ||||||||||||||||||||||||||
Key economic assumptions at the time of transfer | ||||||||||||||||||||||||||
> Refer to “Note 33 – Financial instruments” for further information on the fair value hierarchy. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | ||||||||||||||||||||||||||
at time of transfer, in | 2014 | 2013 | 2012 | |||||||||||||||||||||||
CMBS | RMBS | CMBS | RMBS | CMBS | RMBS | |||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,341 | 4,023 | 633 | 2,993 | 761 | 2,219 | ||||||||||||||||||||
of which level 2 | 1,242 | 3,791 | 476 | 2,879 | 654 | 2,090 | ||||||||||||||||||||
of which level 3 | 100 | 232 | 156 | 114 | 107 | 129 | ||||||||||||||||||||
Weighted-average life, in years | 4.1 | 7.7 | 7.3 | 7.7 | 8.4 | 5 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 1.5 | – | 23 | – | 2 | 2 | – | 31 | – | 2 | 0.1 | – | 34.9 | |||||||||||
Cash flow discount rate (rate per annum), in % 3 | 1 | – | 11 | 1.9 | – | 17.8 | 1.6 | – | 11.6 | 0 | – | 45.9 | 0.8 | – | 10.7 | 0.1 | – | 25.7 | ||||||||
Expected credit losses (rate per annum), in % | 1 | – | 2.2 | 0.4 | – | 15.3 | 0 | – | 7.5 | 0 | – | 45.8 | 0.5 | – | 9 | 0 | – | 25.1 | ||||||||
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. | ||||||||||||||||||||||||||
Sensitivity analysis | ||||||||||||||||||||||||||
The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of the end of 2014 and 2013. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | ||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CMBS | 1 | RMBS | Other asset- | 2 | CMBS | 1 | RMBS | Other asset- | 2 | |||||||||||||||||
backed | backed | |||||||||||||||||||||||||
financing | financing | |||||||||||||||||||||||||
activities | activities | |||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,168 | 2,394 | 212 | 1,132 | 2,354 | 284 | ||||||||||||||||||||
of which non-investment grade | 79 | 246 | 146 | 26 | 359 | 204 | ||||||||||||||||||||
Weighted-average life, in years | 5.6 | 7.8 | 3.6 | 6.5 | 8.6 | 3.7 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 1 | – | 36.6 | – | – | 1 | – | 23.5 | – | ||||||||||||||||
Impact on fair value from 10% adverse change | – | -29.2 | – | – | -26.6 | – | ||||||||||||||||||||
Impact on fair value from 20% adverse change | – | -56.4 | – | – | -48.6 | – | ||||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 1.6 | – | 22.3 | 1.7 | – | 44 | 0.3 | – | 21.2 | 1.1 | – | 37.1 | 1.7 | – | 22.4 | 1 | – | 23.1 | ||||||||
Impact on fair value from 10% adverse change | -14 | -43.8 | -1.2 | -25.5 | -65 | -2.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -27.4 | -85.3 | -2.4 | -50 | -124.9 | -4.9 | ||||||||||||||||||||
Expected credit losses (rate per annum), in % | 1 | – | 22.2 | 0 | – | 41.7 | 1.4 | – | 13.1 | 0.2 | – | 36.6 | 0.1 | – | 17.3 | 0.7 | – | 21 | ||||||||
Impact on fair value from 10% adverse change | -7.1 | -25.3 | -0.4 | -10.9 | -42.2 | -0.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -14 | -49.4 | -0.7 | -21.5 | -79.6 | -0.7 | ||||||||||||||||||||
1 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
CDOs within this category are generally structured to be protected from prepayment risk. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Secured borrowings | ||||||||||||||||||||||||||
The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of the end of 2014 and 2013. | ||||||||||||||||||||||||||
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | ||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Other assets | 26 | 432 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -26 | -432 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Trading assets | 138 | 216 | ||||||||||||||||||||||||
Other assets | 252 | 157 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -390 | -373 | ||||||||||||||||||||||||
Variable interest entities | ||||||||||||||||||||||||||
> Refer to “Note 33 – Transfers of financial assets and variable interest entities” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||||||||||
Commercial paper conduit | ||||||||||||||||||||||||||
The Bank acts as the administrator and provider of liquidity and credit enhancement facilities for one asset-backed CP conduit, Alpine, a client-focused multi-seller conduit vehicle. Alpine publishes portfolio and asset data and submits its portfolio to a rating agency for public ratings based on the cash flows of the portfolio taken as a whole. This CP conduit purchases assets, primarily loans and receivables, from clients and finances such purchases through the issuance of CP backed by these assets. For an asset to qualify for acquisition by the CP conduit, it must be rated at least investment grade after giving effect to the related asset-specific credit enhancement primarily provided by the client seller of the asset. The clients provide credit support to investors of the CP conduit in the form of over-collateralization and other asset-specific enhancements. Further, an unaffiliated investor retains a limited first-loss position in Alpine’s entire portfolio. Alpine is a separate legal entity that is wholly owned by the Bank. However, its assets are available to satisfy only the claims of its creditors. In addition, the Bank, as administrator and liquidity and credit enhancement facilities provider, has significant exposure to and power over the activities of Alpine. Alpine is considered a VIE for accounting purposes and the Bank is deemed the primary beneficiary and consolidates this entity. | ||||||||||||||||||||||||||
The overall average maturity of the conduit’s outstanding CP was approximately 49 days and 19 days as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, Alpine had the highest short-term ratings from Moody’s and Dominion Bond Rating Service and was rated A-1 by Standard & Poor’s and F-1 by Fitch. The majority of Alpine’s purchased assets were highly rated reverse repurchase agreements as well as advance financing receivables, equipment loans or leases and aircraft loans. As of December 31, 2014 and 2013, those assets had an average rating of AA, based on the lowest of each asset’s internal rating and, where available, external rating, and an average maturity of 1.8 years and 2.1 years as of December 31, 2014 and 2013, respectively. On February 6, 2015, Dominion Bond Rating Service lowered the short-term rating of Alpine from R-1 (high) (sf) to R-1 (middle) (sf). | ||||||||||||||||||||||||||
The Bank’s commitment to this CP conduit consists of obligations under liquidity agreements and a program-wide credit enhancement agreement. The liquidity agreements are asset-specific arrangements, which require the Bank to purchase assets from the CP conduit in certain circumstances, including a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or, in some cases, a default of an underlying asset. The Bank may, at its discretion, purchase assets that fall below investment grade in order to support the CP conduit. In both circumstances, the asset-specific credit enhancements provided by the client seller of the assets and the first-loss investor’s respective exposures to those assets remain unchanged. In entering into such agreements, the Bank reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The program-wide credit enhancement agreement with the CP conduit would absorb potential defaults of the assets, but is senior to the credit protection provided by the client seller of assets and the first-loss investor. | ||||||||||||||||||||||||||
The Bank believes that the likelihood of incurring a loss equal to the maximum exposure is remote because the assets held by the CP conduit, after giving effect to related asset-specific credit enhancement primarily provided by the clients, are classified as investment grade. The Bank’s economic risks associated with the purchased assets of the CP conduit are included in the Bank’s risk management framework including counterparty, economic capital and scenario analysis. | ||||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||||
The Bank has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Bank consolidated all VIEs related to financial intermediation for which it was the primary beneficiary. | ||||||||||||||||||||||||||
Consolidated VIEs in which the Bank was the primary beneficiary | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | CP | Securi- | Funds | Loans | Other | Total | |||||||||||||||||||
Conduit | tizations | |||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 1,122 | 0 | 16 | 187 | 109 | 59 | 1,493 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 660 | 0 | 0 | 0 | 0 | 660 | |||||||||||||||||||
Trading assets | 615 | 57 | 250 | 1,715 | 867 | 757 | 4,261 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 30 | 1,651 | 424 | 2,105 | |||||||||||||||||||
Net loans | 0 | 12 | 0 | 0 | 24 | 209 | 245 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 422 | 0 | 422 | |||||||||||||||||||
Other assets | 8,726 | 262 | 4,741 | 3 | 195 | 2,205 | 16,132 | |||||||||||||||||||
of which loans held-for-sale | 8,689 | 0 | 3,500 | 0 | 24 | 356 | 12,569 | |||||||||||||||||||
Total assets of consolidated VIEs | 10,463 | 991 | 5,007 | 1,935 | 3,268 | 3,654 | 25,318 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 3 | 3 | |||||||||||||||||||
Trading liabilities | 6 | 0 | 0 | 0 | 23 | 6 | 35 | |||||||||||||||||||
Short-term borrowings | 0 | 9,384 | 0 | 0 | 0 | 0 | 9,384 | |||||||||||||||||||
Long-term debt | 10,318 | 18 | 2,418 | 216 | 99 | 383 | 13,452 | |||||||||||||||||||
Other liabilities | 27 | 29 | 573 | 124 | 146 | 828 | 1,727 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 10,351 | 9,431 | 2,991 | 340 | 268 | 1,220 | 24,601 | |||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 702 | 1 | 2 | 100 | 87 | 60 | 952 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,959 | 0 | 0 | 0 | 0 | 1,959 | |||||||||||||||||||
Trading assets | 869 | 51 | 3 | 1,687 | 665 | 335 | 3,610 | |||||||||||||||||||
Investment securities | 0 | 100 | 0 | 0 | 0 | 0 | 100 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 0 | 1,491 | 492 | 1,983 | |||||||||||||||||||
Net loans | 0 | 2,012 | 885 | 0 | 779 | 531 | 4,207 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 415 | 66 | 481 | |||||||||||||||||||
Other assets | 7,516 | 1,473 | 3,353 | 0 | 307 | 1,680 | 14,329 | |||||||||||||||||||
of which loans held-for-sale | 7,479 | 0 | 3,093 | 0 | 56 | 0 | 10,628 | |||||||||||||||||||
Total assets of consolidated VIEs | 9,087 | 5,596 | 4,243 | 1,787 | 3,744 | 3,164 | 27,621 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 265 | 265 | |||||||||||||||||||
Trading liabilities | 9 | 0 | 0 | 0 | 8 | 76 | 93 | |||||||||||||||||||
Short-term borrowings | 0 | 4,280 | 0 | 7 | 0 | -1 | 4,286 | |||||||||||||||||||
Long-term debt | 9,067 | 17 | 3,187 | 179 | 93 | 449 | 12,992 | |||||||||||||||||||
Other liabilities | 34 | 16 | 67 | 2 | 152 | 439 | 710 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 9,110 | 4,313 | 3,254 | 188 | 253 | 1,228 | 18,346 | |||||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||||||||||||
Non-consolidated VIE assets are related to the non-consolidated VIEs with which the Bank has variable interests. These amounts represent the assets of the entities themselves and are typically unrelated to the exposures the Bank has with the entity and thus are not amounts that are considered for risk management purposes. | ||||||||||||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | Securi- | Funds | Loans | Other | Total | ||||||||||||||||||||
tizations | ||||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 179 | 5,009 | 1,201 | 494 | 625 | 7,508 | ||||||||||||||||||||
Net loans | 211 | 2,252 | 3,113 | 1,651 | 1,544 | 8,771 | ||||||||||||||||||||
Other assets | 0 | 4 | 20 | 0 | 189 | 213 | ||||||||||||||||||||
Total variable interest assets | 390 | 7,265 | 4,334 | 2,145 | 2,358 | 16,492 | ||||||||||||||||||||
Maximum exposure to loss | 752 | 12,775 | 4,489 | 7,326 | 2,358 | 27,700 | ||||||||||||||||||||
Non-consolidated VIE assets | 8,604 | 120,157 | 56,413 | 38,818 | 12,170 | 236,162 | ||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 183 | 4,920 | 979 | 725 | 713 | 7,520 | ||||||||||||||||||||
Net loans | 2 | 613 | 2,712 | 2,856 | 1,282 | 7,465 | ||||||||||||||||||||
Other assets | 0 | 0 | 47 | 0 | 6 | 53 | ||||||||||||||||||||
Total variable interest assets | 185 | 5,533 | 3,738 | 3,581 | 2,001 | 15,038 | ||||||||||||||||||||
Maximum exposure to loss | 186 | 7,496 | 3,926 | 7,433 | 2,090 | 21,131 | ||||||||||||||||||||
Non-consolidated VIE assets | 10,211 | 101,524 | 55,509 | 31,144 | 8,525 | 206,913 |
Financial_instruments
Financial instruments | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Financial instruments | 34 Financial instruments | |||||||||||||||||||||||||||
The disclosure of the Group’s financial instruments below includes the following sections: | ||||||||||||||||||||||||||||
– Concentration of credit risk; | ||||||||||||||||||||||||||||
– Fair value measurement (including fair value hierarchy, transfers between levels; level 3 reconciliation; qualitative and quantitative disclosures of valuation techniques and nonrecurring fair value changes) | ||||||||||||||||||||||||||||
– Fair value option; and | ||||||||||||||||||||||||||||
– Disclosures about >>>fair value of financial instruments not carried at fair value. | ||||||||||||||||||||||||||||
Concentrations of credit risk | ||||||||||||||||||||||||||||
Credit risk concentrations arise when a number of counterparties are engaged in similar business activities, are located in the same geographic region or when there are similar economic features that would cause their ability to meet contractual obligations to be similarly impacted by changes in economic conditions. | ||||||||||||||||||||||||||||
The Group regularly monitors the credit risk portfolio by counterparties, industry, country and products to ensure that such potential concentrations are identified, using a comprehensive range of quantitative tools and metrics. Credit limits relating to counterparties and products are managed through counterparty limits which set the maximum credit exposures the Group is willing to assume to specific counterparties over specified periods. Country limits are established to avoid any undue country risk concentration. | ||||||||||||||||||||||||||||
From an industry point of view, the combined credit exposure of the Group is diversified. A large portion of the credit exposure is with individual clients, particularly through residential mortgages in Switzerland, or relates to transactions with financial institutions. In both cases, the customer base is extensive and the number and variety of transactions are broad. For transactions with financial institutions, the business is also geographically diverse, with operations focused in the Americas, Europe and, to a lesser extent, Asia Pacific. | ||||||||||||||||||||||||||||
Fair value measurement | ||||||||||||||||||||||||||||
A significant portion of the Group’s financial instruments are carried at >>>fair value. Deterioration of financial markets could significantly impact the fair value of these financial instruments and the results of operations. | ||||||||||||||||||||||||||||
The fair value of the majority of the Group’s financial instruments is based on quoted prices in active markets or observable inputs. These instruments include government and agency securities, certain >>>CP, most investment grade corporate debt, certain high yield debt securities, exchange-traded and certain >>>OTC derivative instruments and most listed equity securities. | ||||||||||||||||||||||||||||
In addition, the Group holds financial instruments for which no prices are available and which have little or no observable inputs. For these instruments, the determination of fair value requires subjective assessment and judgment, depending on liquidity, pricing assumptions, the current economic and competitive environment and the risks affecting the specific instrument. In such circumstances, valuation is determined based on management’s own judgments about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These instruments include certain OTC derivatives, including equity and credit derivatives, certain corporate equity-linked securities, mortgage-related and >>>CDO securities, private equity investments, certain loans and credit products, including leveraged finance, certain syndicated loans and certain high yield bonds, and life finance instruments. | ||||||||||||||||||||||||||||
The fair value of financial assets and liabilities is impacted by factors such as benchmark interest rates, prices of financial instruments issued by third parties, commodity prices, foreign exchange rates and index prices or rates. In addition, valuation adjustments are an integral part of the valuation process when market prices are not indicative of the credit quality of a counterparty, and are applied to both OTC derivatives and debt instruments. The impact of changes in a counterparty’s credit spreads (known as >>>credit valuation adjustments) is considered when measuring the fair value of assets, and the impact of changes in the Group’s own credit spreads (known as >>>debit valuation adjustments) is considered when measuring the fair value of its liabilities. For OTC derivatives, the impact of changes in both the Group’s and the counterparty’s credit standing is considered when measuring their fair value, based on current >>>CDS prices. The adjustments also take into account contractual factors designed to reduce the Group’s credit exposure to a counterparty, such as collateral held and master >>>netting agreements. For hybrid debt instruments with embedded derivative features, the impact of changes in the Group’s credit standing is considered when measuring their fair value, based on current funded debt spreads. | ||||||||||||||||||||||||||||
ASU 2011-04 permits a reporting entity to measure the fair value of a group of financial assets and financial liabilities on the basis of the price that would be received to sell a net long position or paid to transfer a net short position for a particular risk exposure in an orderly transaction between market participants at the measurement date. As such, the Group continues to apply bid and offer adjustments to net portfolios of cash securities and/or derivative instruments to adjust the value of the net position from a mid-market price to the appropriate bid or offer level that would be realized under normal market conditions for the net long or net short position for a specific market risk. In addition, the Group reflects the net exposure to credit risk for its derivative instruments where the Group has legally enforceable agreements with its counterparties that mitigate credit risk exposure in the event of default. Valuation adjustments are recorded in a reasonable and consistent manner that results in an allocation to the relevant disclosures in the notes to the financial statements as if the valuation adjustment had been allocated to the individual unit of account. | ||||||||||||||||||||||||||||
Fair value hierarchy | ||||||||||||||||||||||||||||
The levels of the fair value hierarchy are defined as follows: | ||||||||||||||||||||||||||||
– Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access. This level of the fair value hierarchy provides the most reliable evidence of fair value and is used to measure fair value whenever available. | ||||||||||||||||||||||||||||
– Level 2 : Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. These inputs include: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current or price quotations vary substantially either over time or among market makers, or in which little information is publicly available; (iii) inputs other than quoted prices that are observable for the asset or liability; or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||||||||||||||||||||||
– Level 3: Inputs that are unobservable for the asset or liability. These inputs reflect the Group’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Group’s own data. The Group’s own data used to develop unobservable inputs is adjusted if information indicates that market participants would use different assumptions. | ||||||||||||||||||||||||||||
The Group records net open positions at bid prices if long, or at ask prices if short, unless the Group is a market maker in such positions, in which case mid-pricing is utilized. Fair value measurements are not adjusted for transaction costs. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 304 | 0 | 0 | 304 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 104,206 | 77 | 0 | 104,283 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 31,937 | 57,989 | 4,465 | 0 | 94,391 | |||||||||||||||||||||||
of which foreign governments | 31,708 | 4,869 | 454 | 0 | 37,031 | |||||||||||||||||||||||
of which corporates | 28 | 22,493 | 1,435 | 0 | 23,956 | |||||||||||||||||||||||
of which RMBS | 0 | 22,150 | 612 | 0 | 22,762 | |||||||||||||||||||||||
of which CMBS | 0 | 5,293 | 257 | 0 | 5,550 | |||||||||||||||||||||||
of which CDO | 0 | 3,185 | 1,421 | 0 | 4,606 | |||||||||||||||||||||||
Equity | 86,333 | 6,395 | 1,566 | 0 | 94,294 | |||||||||||||||||||||||
Derivatives | 4,467 | 615,639 | 6,823 | -588,917 | 38,012 | |||||||||||||||||||||||
of which interest rate products | 1,616 | 466,890 | 1,803 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 118 | 89,101 | 301 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,711 | 26,644 | 1,063 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 24,451 | 2,569 | – | – | |||||||||||||||||||||||
Other | 2,986 | 7,122 | 4,326 | 0 | 14,434 | |||||||||||||||||||||||
Trading assets | 125,723 | 687,145 | 17,180 | -588,917 | 241,131 | |||||||||||||||||||||||
Debt | 2,368 | 315 | 0 | 0 | 2,683 | |||||||||||||||||||||||
of which foreign governments | 2,066 | 0 | 0 | 0 | 2,066 | |||||||||||||||||||||||
of which corporates | 0 | 313 | 0 | 0 | 313 | |||||||||||||||||||||||
Equity | 2 | 103 | 3 | 0 | 108 | |||||||||||||||||||||||
Investment securities | 2,370 | 418 | 3 | 0 | 2,791 | |||||||||||||||||||||||
Private equity | 0 | 0 | 1,286 | 0 | 1,286 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 585 | 0 | 585 | |||||||||||||||||||||||
Hedge funds | 0 | 219 | 314 | 0 | 533 | |||||||||||||||||||||||
of which debt funds | 0 | 181 | 302 | 0 | 483 | |||||||||||||||||||||||
Other equity investments | 77 | 75 | 1,849 | 0 | 2,001 | |||||||||||||||||||||||
of which private | 0 | 70 | 1,850 | 0 | 1,920 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,834 | 0 | 1,834 | |||||||||||||||||||||||
Other investments | 77 | 294 | 5,283 | 0 | 5,654 | |||||||||||||||||||||||
Loans | 0 | 13,560 | 9,353 | 0 | 22,913 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 5,816 | 5,853 | 0 | 11,669 | |||||||||||||||||||||||
of which financial institutions | 0 | 6,227 | 1,494 | 0 | 7,721 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 70 | 0 | 70 | |||||||||||||||||||||||
Other assets | 2,457 | 23,489 | 7,468 | -1,094 | 32,320 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 16,107 | 6,851 | 0 | 22,958 | |||||||||||||||||||||||
Total assets at fair value | 156,656 | 830,241 | 39,434 | -590,011 | 436,320 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -75 | -133 | -821 | 0 | -1,029 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -9,123 | -3,155 | 0 | -12,278 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 156,581 | 820,985 | 35,458 | -590,011 | 423,013 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 823 | 0 | 0 | 823 | |||||||||||||||||||||||
Customer deposits | 0 | 3,161 | 100 | 0 | 3,261 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 54,732 | 0 | 0 | 54,732 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 11,678 | 4,914 | 1 | 0 | 16,593 | |||||||||||||||||||||||
of which foreign governments | 11,530 | 757 | 0 | 0 | 12,287 | |||||||||||||||||||||||
of which corporates | 21 | 3,917 | 1 | 0 | 3,939 | |||||||||||||||||||||||
Equity | 19,060 | 122 | 2 | 0 | 19,184 | |||||||||||||||||||||||
Derivatives | 4,594 | 619,787 | 6,414 | -593,917 | 36,878 | |||||||||||||||||||||||
of which interest rate products | 1,585 | 458,894 | 1,202 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 234 | 101,461 | 560 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,744 | 26,746 | 1,466 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 23,479 | 2,760 | – | – | |||||||||||||||||||||||
Trading liabilities | 35,332 | 624,823 | 6,417 | -593,917 | 72,655 | |||||||||||||||||||||||
Short-term borrowings | 0 | 3,766 | 95 | 0 | 3,861 | |||||||||||||||||||||||
Long-term debt | 0 | 66,558 | 14,608 | 0 | 81,166 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 8,616 | 0 | 0 | 8,616 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 31,083 | 10,267 | 0 | 41,350 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 10,126 | 2,952 | 0 | 13,078 | |||||||||||||||||||||||
Other liabilities | 0 | 14,795 | 3,363 | -1,220 | 16,938 | |||||||||||||||||||||||
of which failed sales | 0 | 652 | 616 | 0 | 1,268 | |||||||||||||||||||||||
Total liabilities at fair value | 61,361 | 769,483 | 24,583 | -595,137 | 260,290 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 527 | 0 | 0 | 527 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 311 | 0 | 0 | 311 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 96,383 | 204 | 0 | 96,587 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 41,829 | 63,218 | 5,069 | 0 | 110,116 | |||||||||||||||||||||||
of which foreign governments | 40,199 | 6,980 | 230 | 0 | 47,409 | |||||||||||||||||||||||
of which corporates | 14 | 24,268 | 2,128 | 0 | 26,410 | |||||||||||||||||||||||
of which RMBS | 0 | 23,343 | 436 | 0 | 23,779 | |||||||||||||||||||||||
of which CMBS | 0 | 5,255 | 417 | 0 | 5,672 | |||||||||||||||||||||||
of which CDO | 0 | 3,305 | 1,567 | 0 | 4,872 | |||||||||||||||||||||||
Equity | 70,322 | 5,778 | 595 | 0 | 76,695 | |||||||||||||||||||||||
Derivatives | 6,610 | 563,649 | 5,217 | -543,873 | 31,603 | |||||||||||||||||||||||
of which interest rate products | 1,065 | 444,056 | 1,574 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 8 | 60,807 | 484 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 5,278 | 28,763 | 1,240 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,662 | 1,138 | – | – | |||||||||||||||||||||||
Other | 3,691 | 4,479 | 2,829 | 0 | 10,999 | |||||||||||||||||||||||
Trading assets | 122,452 | 637,124 | 13,710 | -543,873 | 229,413 | |||||||||||||||||||||||
Debt | 1,788 | 1,098 | 0 | 0 | 2,886 | |||||||||||||||||||||||
of which foreign governments | 1,386 | 2 | 0 | 0 | 1,388 | |||||||||||||||||||||||
of which corporates | 0 | 606 | 0 | 0 | 606 | |||||||||||||||||||||||
of which CDO | 0 | 490 | 0 | 0 | 490 | |||||||||||||||||||||||
Equity | 2 | 97 | 2 | 0 | 101 | |||||||||||||||||||||||
Investment securities | 1,790 | 1,195 | 2 | 0 | 2,987 | |||||||||||||||||||||||
Private equity | 0 | 0 | 3,345 | 0 | 3,345 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 2,236 | 0 | 2,236 | |||||||||||||||||||||||
Hedge funds | 0 | 289 | 392 | 0 | 681 | |||||||||||||||||||||||
of which debt funds | 0 | 174 | 329 | 0 | 503 | |||||||||||||||||||||||
Other equity investments | 283 | 55 | 1,632 | 0 | 1,970 | |||||||||||||||||||||||
of which private | 0 | 15 | 1,630 | 0 | 1,645 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,600 | 0 | 1,600 | |||||||||||||||||||||||
Other investments | 283 | 344 | 6,969 | 0 | 7,596 | |||||||||||||||||||||||
Loans | 0 | 11,459 | 7,998 | 0 | 19,457 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 6,302 | 5,309 | 0 | 11,611 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,484 | 1,322 | 0 | 5,806 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 42 | 0 | 42 | |||||||||||||||||||||||
Other assets | 4,861 | 21,530 | 6,159 | -1,032 | 31,518 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 12,770 | 5,615 | 0 | 18,385 | |||||||||||||||||||||||
Total assets at fair value | 150,484 | 770,575 | 35,084 | -544,905 | 411,238 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -246 | -149 | -2,781 | 0 | -3,176 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -8,996 | -2,458 | 0 | -11,454 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 150,238 | 761,430 | 29,845 | -544,905 | 396,608 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 1,450 | 0 | 0 | 1,450 | |||||||||||||||||||||||
Customer deposits | 0 | 3,197 | 55 | 0 | 3,252 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 75,990 | 114 | 0 | 76,104 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 19,037 | 5,311 | 2 | 0 | 24,350 | |||||||||||||||||||||||
of which foreign governments | 18,863 | 603 | 0 | 0 | 19,466 | |||||||||||||||||||||||
of which corporates | 1 | 4,130 | 2 | 0 | 4,133 | |||||||||||||||||||||||
Equity | 15,476 | 309 | 17 | 0 | 15,802 | |||||||||||||||||||||||
Derivatives | 5,879 | 572,444 | 5,545 | -547,385 | 36,483 | |||||||||||||||||||||||
of which interest rate products | 896 | 439,446 | 1,129 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 14 | 71,547 | 938 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 4,691 | 30,622 | 1,896 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,942 | 1,230 | – | – | |||||||||||||||||||||||
Trading liabilities | 40,392 | 578,064 | 5,564 | -547,385 | 76,635 | |||||||||||||||||||||||
Short-term borrowings | 0 | 5,888 | 165 | 0 | 6,053 | |||||||||||||||||||||||
Long-term debt | 0 | 53,589 | 9,780 | 0 | 63,369 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 9,081 | 0 | 0 | 9,081 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 20,679 | 6,217 | 0 | 26,896 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 9,509 | 2,552 | 0 | 12,061 | |||||||||||||||||||||||
Other liabilities | 0 | 19,511 | 2,861 | -399 | 21,973 | |||||||||||||||||||||||
of which failed sales | 0 | 638 | 1,143 | 0 | 1,781 | |||||||||||||||||||||||
Total liabilities at fair value | 61,490 | 739,391 | 18,539 | -547,784 | 271,636 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | ||||||||||||||||||||||||||||
All transfers between level 1 and level 2 are reported through the last day of the reporting period. | ||||||||||||||||||||||||||||
In 2014, transfers to level 1 out of level 2 were from trading assets and trading liabilities. The transfers were primarily in exchange traded derivatives as they moved closer to maturity and pricing inputs became more observable. Transfers out of level 1 to level 2 were from trading assets and trading liabilities. The transfers from trading assets were primarily in debt and exchanged traded derivatives as pricing inputs became less observable. The transfers from trading liabilities were primarily in debt as pricing inputs became less observable. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | ||||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Transfers | Transfers | Transfers | Transfers | |||||||||||||||||||||||||
to level 1 | out of level 1 | to level 1 | out of level 1 | |||||||||||||||||||||||||
out of level 2 | to level 2 | out of level 2 | to level 2 | |||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 1,108 | 533 | 499 | 92 | ||||||||||||||||||||||||
Equity | 513 | 391 | 437 | 183 | ||||||||||||||||||||||||
Derivatives | 5,785 | 500 | 5,090 | 2 | ||||||||||||||||||||||||
Trading assets | 7,406 | 1,424 | 6,026 | 277 | ||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Debt | 861 | 658 | 11 | 18 | ||||||||||||||||||||||||
Equity | 133 | 90 | 248 | 17 | ||||||||||||||||||||||||
Derivatives | 6,073 | 87 | 4,433 | 11 | ||||||||||||||||||||||||
Trading liabilities | 7,067 | 835 | 4,692 | 46 | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2014 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | 0 | -151 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 77 | |||||||||||||||
Debt | 5,069 | 1,260 | -3,018 | 5,554 | -5,435 | 0 | 0 | -60 | 535 | 0 | 0 | 560 | 4,465 | |||||||||||||||
of which corporates | 2,128 | 392 | -756 | 1,161 | -2,004 | 0 | 0 | -68 | 402 | 0 | 0 | 180 | 1,435 | |||||||||||||||
of which RMBS | 436 | 625 | -676 | 732 | -659 | 0 | 0 | 11 | 81 | 0 | 0 | 62 | 612 | |||||||||||||||
of which CMBS | 417 | 105 | -392 | 415 | -282 | 0 | 0 | 0 | -58 | 0 | 0 | 52 | 257 | |||||||||||||||
of which CDO | 1,567 | 112 | -697 | 2,593 | -2,402 | 0 | 0 | -8 | 61 | 0 | 0 | 195 | 1,421 | |||||||||||||||
Equity | 595 | 939 | -469 | 727 | -554 | 0 | 0 | 35 | 196 | 0 | 0 | 97 | 1,566 | |||||||||||||||
Derivatives | 5,217 | 2,156 | -1,168 | 0 | 0 | 2,330 | -3,334 | 110 | 941 | 0 | 0 | 571 | 6,823 | |||||||||||||||
of which interest rate products | 1,574 | 70 | -40 | 0 | 0 | 197 | -574 | 13 | 393 | 0 | 0 | 170 | 1,803 | |||||||||||||||
of which equity/index-related products | 1,240 | 132 | -534 | 0 | 0 | 405 | -417 | 120 | -26 | 0 | 0 | 143 | 1,063 | |||||||||||||||
of which credit derivatives | 1,138 | 1,891 | -575 | 0 | 0 | 536 | -899 | -28 | 379 | 0 | 0 | 127 | 2,569 | |||||||||||||||
Other | 2,829 | 863 | -878 | 4,168 | -3,288 | 0 | -201 | 17 | 404 | 0 | 0 | 412 | 4,326 | |||||||||||||||
Trading assets | 13,710 | 5,218 | -5,533 | 10,449 | -9,277 | 2,330 | -3,535 | 102 | 2,076 | 0 | 0 | 1,640 | 17,180 | |||||||||||||||
Investment securities | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |||||||||||||||
Equity | 5,369 | 2 | -22 | 774 | -3,551 | 0 | 0 | 0 | 22 | 0 | 531 | 324 | 3,449 | |||||||||||||||
Life finance instruments | 1,600 | 0 | 0 | 204 | -333 | 0 | 0 | 0 | 179 | 0 | 0 | 184 | 1,834 | |||||||||||||||
Other investments | 6,969 | 2 | -22 | 978 | -3,884 | 0 | 0 | 0 | 201 | 0 | 531 | 508 | 5,283 | |||||||||||||||
Loans | 7,998 | 500 | -601 | 1,024 | -2,012 | 4,878 | -3,168 | 3 | -173 | 0 | -2 | 906 | 9,353 | |||||||||||||||
of which commercial and industrial loans | 5,309 | 253 | -349 | 368 | -1,098 | 3,346 | -2,428 | 1 | -118 | 0 | -4 | 573 | 5,853 | |||||||||||||||
of which financial institutions | 1,322 | 156 | -163 | 16 | -422 | 943 | -482 | 0 | -33 | 0 | 5 | 152 | 1,494 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | 0 | 0 | 29 | 0 | 0 | 0 | 0 | -7 | 0 | 0 | 6 | 70 | |||||||||||||||
Other assets | 6,159 | 3,165 | -3,205 | 7,852 | -6,713 | 845 | -1,448 | 165 | -5 | 0 | 0 | 653 | 7,468 | |||||||||||||||
of which loans held-for-sale 2 | 5,615 | 3,154 | -3,174 | 7,486 | -6,382 | 845 | -1,448 | 169 | -2 | 0 | -1 | 589 | 6,851 | |||||||||||||||
Total assets at fair value | 35,084 | 8,885 | -9,512 | 20,332 | -21,886 | 8,053 | -8,151 | 270 | 2,092 | 0 | 529 | 3,738 | 39,434 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 55 | 0 | 0 | 0 | 0 | 45 | -19 | 0 | 16 | 0 | 0 | 3 | 100 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | 0 | -127 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 0 | |||||||||||||||
Trading liabilities | 5,564 | 2,471 | -1,655 | 36 | -39 | 1,526 | -2,778 | 251 | 469 | 0 | 0 | 572 | 6,417 | |||||||||||||||
of which interest rate derivatives | 1,129 | 56 | -109 | 0 | 0 | 72 | -499 | 1 | 429 | 0 | 0 | 123 | 1,202 | |||||||||||||||
of which foreign exchange derivatives | 938 | 0 | -2 | 0 | 0 | 5 | -239 | -4 | -205 | 0 | 0 | 67 | 560 | |||||||||||||||
of which equity/index-related derivatives | 1,896 | 478 | -941 | 0 | 0 | 656 | -890 | 273 | -201 | 0 | 0 | 195 | 1,466 | |||||||||||||||
of which credit derivatives | 1,230 | 1,906 | -587 | 0 | 0 | 473 | -885 | -16 | 496 | 0 | 0 | 143 | 2,760 | |||||||||||||||
Short-term borrowings | 165 | 67 | -74 | 0 | 0 | 382 | -456 | -3 | 0 | 0 | 0 | 14 | 95 | |||||||||||||||
Long-term debt | 9,780 | 2,441 | -3,475 | 0 | 0 | 8,432 | -3,870 | 144 | -338 | 0 | 0 | 1,494 | 14,608 | |||||||||||||||
of which structured notes over two years | 6,217 | 1,468 | -1,931 | 0 | 0 | 5,930 | -2,027 | -6 | -406 | 0 | 0 | 1,022 | 10,267 | |||||||||||||||
of which non-recourse liabilities | 2,552 | 924 | -1,007 | 0 | 0 | 1,170 | -1,153 | 155 | 10 | 0 | 0 | 301 | 2,952 | |||||||||||||||
Other liabilities | 2,861 | 121 | -133 | 530 | -1,215 | 649 | -233 | 11 | 114 | 3 | 361 | 294 | 3,363 | |||||||||||||||
of which failed sales | 1,143 | 76 | -50 | 292 | -949 | 0 | 0 | 0 | 29 | 0 | -2 | 77 | 616 | |||||||||||||||
Total liabilities at fair value | 18,539 | 5,100 | -5,464 | 566 | -1,254 | 11,034 | -7,356 | 403 | 261 | 3 | 361 | 2,390 | 24,583 | |||||||||||||||
Net assets/(liabilities) at fair value | 16,545 | 3,785 | -4,048 | 19,766 | -20,632 | -2,981 | -795 | -133 | 1,831 | -3 | 168 | 1,348 | 14,851 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Includes unrealized losses recorded in trading revenues of CHF (22) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2013 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 | 0 | 0 | 362 | -153 | 0 | 4 | 0 | 0 | -9 | 204 | |||||||||||||||
Debt | 5,888 | 1,418 | -1,977 | 6,363 | -7,043 | 0 | 0 | 165 | 465 | 0 | 0 | -210 | 5,069 | |||||||||||||||
of which corporates | 3,192 | 571 | -552 | 1,759 | -3,022 | 0 | 0 | 109 | 157 | 0 | 0 | -86 | 2,128 | |||||||||||||||
of which RMBS | 724 | 467 | -690 | 1,012 | -1,162 | 0 | 0 | 11 | 91 | 0 | 0 | -17 | 436 | |||||||||||||||
of which CMBS | 1,023 | 86 | -310 | 497 | -866 | 0 | 0 | -4 | 15 | 0 | 0 | -24 | 417 | |||||||||||||||
of which CDO | 447 | 55 | -357 | 3,072 | -1,810 | 0 | 0 | 36 | 197 | 0 | 0 | -73 | 1,567 | |||||||||||||||
Equity | 485 | 303 | -237 | 405 | -431 | 0 | 0 | 20 | 68 | -1 | 0 | -17 | 595 | |||||||||||||||
Derivatives | 6,650 | 1,442 | -2,208 | 0 | 0 | 1,766 | -2,446 | 230 | -53 | 0 | 0 | -164 | 5,217 | |||||||||||||||
of which interest rate products | 1,859 | 244 | -363 | 0 | 0 | 279 | -663 | 8 | 249 | 0 | 0 | -39 | 1,574 | |||||||||||||||
of which equity/index-related products | 1,920 | 223 | -1,020 | 0 | 0 | 207 | -538 | 184 | 330 | 0 | 0 | -66 | 1,240 | |||||||||||||||
of which credit derivatives | 1,294 | 923 | -633 | 0 | 0 | 627 | -631 | 38 | -461 | 0 | 0 | -19 | 1,138 | |||||||||||||||
Other | 2,486 | 288 | -487 | 3,266 | -2,656 | 0 | -65 | 8 | 83 | 0 | 0 | -94 | 2,829 | |||||||||||||||
Trading assets | 15,509 | 3,451 | -4,909 | 10,034 | -10,130 | 1,766 | -2,511 | 423 | 563 | -1 | 0 | -485 | 13,710 | |||||||||||||||
Investment securities | 170 | 0 | -230 | 165 | -82 | 0 | 0 | 0 | 9 | 0 | 0 | -30 | 2 | |||||||||||||||
Equity | 6,366 | 106 | -63 | 1,526 | -3,220 | 0 | 0 | 0 | -3 | 0 | 791 | -134 | 5,369 | |||||||||||||||
Life finance instruments | 1,818 | 0 | 0 | 189 | -365 | 0 | 0 | 0 | 1 | 0 | 0 | -43 | 1,600 | |||||||||||||||
Other investments | 8,184 | 106 | -63 | 1,715 | -3,585 | 0 | 0 | 0 | -2 | 0 | 791 | -177 | 6,969 | |||||||||||||||
Loans | 6,619 | 320 | -1,561 | 800 | -1,673 | 6,767 | -2,920 | 0 | -21 | 0 | 0 | -333 | 7,998 | |||||||||||||||
of which commercial and industrial loans | 4,778 | 305 | -315 | 727 | -1,280 | 3,541 | -2,171 | 1 | -85 | 0 | 0 | -192 | 5,309 | |||||||||||||||
of which financial institutions | 1,530 | 15 | -6 | 71 | -207 | 651 | -650 | 0 | -48 | 0 | 0 | -34 | 1,322 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 43 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | -12 | -1 | 42 | |||||||||||||||
Other assets | 5,164 | 3,552 | -2,998 | 4,781 | -4,213 | 1,034 | -1,148 | 5 | 199 | 0 | 0 | -217 | 6,159 | |||||||||||||||
of which loans held-for-sale | 4,463 | 3,539 | -2,918 | 4,456 | -3,964 | 1,034 | -1,147 | 5 | 348 | 0 | 0 | -201 | 5,615 | |||||||||||||||
Total assets at fair value | 35,689 | 7,429 | -9,761 | 17,507 | -19,683 | 9,929 | -6,732 | 428 | 752 | -1 | 779 | -1,252 | 35,084 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 25 | 0 | 0 | 0 | 0 | 51 | -3 | 0 | -13 | 0 | 0 | -5 | 55 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 | 0 | 0 | 119 | 0 | 0 | 0 | 0 | 0 | -5 | 114 | |||||||||||||||
Trading liabilities | 5,356 | 1,503 | -1,537 | 66 | -197 | 1,561 | -2,556 | 235 | 1,302 | 0 | 0 | -169 | 5,564 | |||||||||||||||
of which interest rate derivatives | 1,357 | 75 | -134 | 0 | 0 | 107 | -508 | 10 | 254 | 0 | 0 | -32 | 1,129 | |||||||||||||||
of which foreign exchange derivatives | 1,648 | 13 | -21 | 0 | 0 | 15 | -662 | -16 | -21 | 0 | 0 | -18 | 938 | |||||||||||||||
of which equity/index-related derivatives | 1,003 | 360 | -676 | 0 | 0 | 632 | -380 | 210 | 831 | 0 | 0 | -84 | 1,896 | |||||||||||||||
of which credit derivatives | 819 | 1,001 | -590 | 0 | 0 | 655 | -856 | 39 | 186 | 0 | 0 | -24 | 1,230 | |||||||||||||||
Short-term borrowings | 124 | 43 | -99 | 0 | 0 | 318 | -216 | 0 | 3 | 0 | 0 | -8 | 165 | |||||||||||||||
Long-term debt | 10,098 | 2,322 | -2,375 | 0 | 0 | 5,006 | -5,330 | 25 | 321 | 0 | -1 | -286 | 9,780 | |||||||||||||||
of which structured notes over two years | 6,189 | 453 | -1,226 | 0 | 0 | 3,602 | -2,534 | -18 | -36 | 0 | -1 | -212 | 6,217 | |||||||||||||||
of which non-recourse liabilities | 2,551 | 1,836 | -670 | 0 | 0 | 818 | -2,128 | 24 | 151 | 0 | 0 | -30 | 2,552 | |||||||||||||||
Other liabilities | 2,848 | 227 | -149 | 213 | -393 | 10 | -86 | -17 | 70 | 26 | 217 | -105 | 2,861 | |||||||||||||||
of which failed sales | 1,160 | 176 | -82 | 154 | -308 | 0 | 0 | 0 | 72 | 0 | 0 | -29 | 1,143 | |||||||||||||||
Total liabilities at fair value | 18,451 | 4,095 | -4,160 | 279 | -590 | 7,065 | -8,191 | 243 | 1,683 | 26 | 216 | -578 | 18,539 | |||||||||||||||
Net assets/(liabilities) at fair value | 17,238 | 3,334 | -5,601 | 17,228 | -19,093 | 2,864 | 1,459 | 185 | -931 | -27 | 563 | -674 | 16,545 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | ||||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Trading | Other | Total | Trading | Other | Total | |||||||||||||||||||||||
revenues | revenues | revenues | revenues | revenues | revenues | |||||||||||||||||||||||
Gains and losses on assets and liabilities (CHF million) | ||||||||||||||||||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | 1,698 | 165 | 1,863 | 1 | -746 | 536 | -210 | 1 | ||||||||||||||||||||
Whereof: | ||||||||||||||||||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -834 | 18 | -816 | -2,850 | 414 | -2,436 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. | ||||||||||||||||||||||||||||
Both observable and unobservable inputs may be used to determine the fair value of positions that have been classified within level 3. As a result, the unrealized gains and losses for assets and liabilities within level 3 presented in the table above may include changes in fair value that were attributable to both observable and unobservable inputs. | ||||||||||||||||||||||||||||
The Group employs various economic hedging techniques in order to manage risks, including risks in level 3 positions. Such techniques may include the purchase or sale of financial instruments that are classified in levels 1 and/or 2. The realized and unrealized gains and losses for assets and liabilities in level 3 presented in the table above do not reflect the related realized or unrealized gains and losses arising on economic hedging instruments classified in levels 1 and/or 2. | ||||||||||||||||||||||||||||
Transfers in and out of level 3 | ||||||||||||||||||||||||||||
Transfers into level 3 assets during 2014 were CHF 8,885 million, primarily from trading assets and loans held-for-sale. The transfers were primarily in the corporate credit and alternative investment businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2014 were CHF 9,512 million, primarily in trading assets and loans held-for-sale. The transfers out of level 3 assets were primarily in the corporate credit, alternative investment, emerging markets, securitized products and prime services businesses due to improved observability of pricing data and increased availability of pricing information from external providers. | ||||||||||||||||||||||||||||
Transfers into level 3 assets during 2013 were CHF 7,429 million, primarily from loans held-for-sale and trading assets. The transfers were primarily in the corporate credit, private equity and prime services businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2013 were CHF 9,761 million, primarily in trading assets, loans held-for-sale and loans. The transfers out of level 3 assets were primarily in the Brazil trading, private equity, corporate credit, prime services, rates and equity derivatives businesses due to improved observability of pricing data and increased availability of pricing information from external providers. | ||||||||||||||||||||||||||||
Qualitative disclosures of valuation techniques | ||||||||||||||||||||||||||||
Overview | ||||||||||||||||||||||||||||
The Group has implemented and maintains a valuation control framework, which is supported by policies and procedures that define the principles for controlling the valuation of the Group’s financial instruments. Product Control and Risk Management create, review and approve significant valuation policies and procedures. The framework includes three main internal processes: (i) valuation governance; (ii) independent price verification and significant unobservable inputs review; and (iii) a cross-functional pricing model review. Through this framework, the Group determines the reasonableness of the fair value of its financial instruments. | ||||||||||||||||||||||||||||
On a monthly basis, meetings are held for each business line with senior representatives of the Front Office and Product Control to discuss independent price verification results, valuation adjustments, and other significant valuation issues. On a quarterly basis, a review of significant changes in the fair value of financial instruments is undertaken by Product Control and conclusions are reached regarding the reasonableness of those changes. Additionally, on a quarterly basis, meetings are held for each business line with senior representatives of the Front Office, Product Control, Risk Management, and Financial Accounting to discuss independent price verification results, valuation issues, business and market updates, as well as a review of significant changes in fair value from the prior quarter, significant unobservable inputs and prices used in valuation techniques, and valuation adjustments. | ||||||||||||||||||||||||||||
The results of these meetings are aggregated for presentation to the Valuation and Risk Management Committee (VARMC) and the Audit Committee. The VARMC, which is comprised of Executive Board members and the heads of the business and control functions, meets to review and ratify valuation review conclusions, and to resolve significant valuation issues for the Group. Oversight of the valuation control framework is through specific and regular reporting on valuation directly to the Group’s Executive Board through the VARMC. | ||||||||||||||||||||||||||||
One of the key components of the governance process is the segregation of duties between the Front Office and Product Control. The Front Office is responsible for measuring inventory at fair value on a daily basis, while Product Control is responsible for independently reviewing and validating those valuations on a periodic basis. The Front Office values the inventory using, wherever possible, observable market data which may include executed transactions, dealer quotes, or broker quotes for the same or similar instruments. Product Control validates this inventory using independently sourced data that also includes executed transactions, dealer quotes, and broker quotes. | ||||||||||||||||||||||||||||
Product Control utilizes independent pricing service data as part of their review process. Independent pricing service data is analyzed to ensure that it is representative of fair value including confirming that the data corresponds to executed transactions or executable broker quotes, review and assessment of contributors to ensure they are active market participants, review of statistical data and utilization of pricing challenges. The analysis also includes understanding the sources of the pricing service data and any models or assumptions used in determining the results. The purpose of the review is to judge the quality and reliability of the data for fair value measurement purposes and its appropriate level of usage within the Product Control independent valuation review. | ||||||||||||||||||||||||||||
For certain financial instruments the fair value is estimated in full or in part using valuation techniques based on assumptions that are not supported by market observable prices, rates, or other inputs. In addition, there may be uncertainty about a valuation, which results from the choice of valuation technique or model used, the assumptions embedded in those models, the extent to which inputs are not market observable, or as a consequence of other elements affecting the valuation technique or model. Model calibration is performed when significant new market information becomes available or at a minimum on a quarterly basis as part of the business review of significant unobservable inputs for level 3 instruments. For models that have been deemed to be significant to the overall fair value of the financial instrument, model validation is performed as part of the periodic review of the related model. | ||||||||||||||||||||||||||||
The Group performs a sensitivity analysis of its significant level 3 financial instruments. This sensitivity analysis estimates a fair value range by changing the related significant unobservable inputs value. This sensitivity analysis is an internal mechanism to monitor the impact of reasonable alternative inputs or prices for level 3 financial instruments. Where a model-based technique is used to determine the fair value of the level 3 financial instrument, an alternative input value is utilized to derive an estimated fair value range. Where a price-based technique is used to determine the fair value of the level 3 financial instruments, Front Office professional judgment is used to estimate a fair value range. | ||||||||||||||||||||||||||||
The following information on the valuation techniques and significant unobservable inputs of the various financial instruments, and the sensitivity of fair value measurements to changes in significant unobservable inputs, should be read in conjunction with the tables “Quantitative information about level 3 assets at fair value” and “Quantitative information about level 3 liabilities at fair value”. | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||||||||||||||||||||||||||||
Securities purchased under resale agreements and securities sold under >>>repurchase agreements are measured at fair value using discounted cash flow analysis. Future cash flows are discounted using observable market interest rate repurchase/resale curves for the applicable maturity and underlying collateral of the instruments. As such, the significant majority of both securities purchased under resale agreements and securities sold under repurchase agreements are included in level 2 of the fair value hierarchy. Structured resale and repurchase agreements include embedded derivatives, which are measured using the same techniques as described below for stand-alone derivative contracts held for trading purposes or used in hedge accounting relationships. If the value of the embedded derivative is determined using significant unobservable inputs, those structured resale and repurchase agreements are classified within level 3 of the fair value hierarchy. Significant unobservable input is funding spread. | ||||||||||||||||||||||||||||
Securities purchased under resale agreements are usually fully collateralized or over collateralized by government securities, money market instruments, corporate bonds, or other debt instruments. In the event of counterparty default, the collateral service agreement provides the Group with the right to liquidate the collateral held. | ||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||
Foreign governments and corporates | ||||||||||||||||||||||||||||
Government debt securities typically have quoted prices in active markets and are categorized as level 1 instruments. For debt securities for which market prices are not available, valuations are based on yields reflecting credit rating, historical performance, delinquencies, loss severity, the maturity of the security, recent transactions in the market or other modeling techniques, which may involve judgment. Those securities where the price or model inputs are observable in the market are categorized as level 2 instruments, while those securities where prices are not observable and significant model inputs are unobservable are categorized as level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Corporate bonds are priced to reflect current market levels either through recent market transactions or broker or dealer quotes. Where a market price for the particular security is not directly available, valuations are obtained based on yields reflected by other instruments in the specific or similar entity’s capital structure and adjusting for differences in seniority and maturity, benchmarking to a comparable security where market data is available (taking into consideration differences in credit, liquidity and maturity), or through the application of cash flow modeling techniques utilizing observable inputs, such as current interest rate curves and observable CDS spreads. Significant unobservable inputs may include price, buyback probability, correlation and credit spread. For securities using market comparable price, the differentiation between level 2 and level 3 is based upon the relative significance of any yield adjustments as well as the accuracy of the comparison characteristics (i.e., the observable comparable security may be in the same country but a different industry and may have a different seniority level – the lower the comparability the more likely the security will be level 3). | ||||||||||||||||||||||||||||
CMBS, RMBS and CDO securities | ||||||||||||||||||||||||||||
Fair values of >>>RMBS, >>>CMBS and CDO may be available through quoted prices, which are often based on the prices at which similarly structured and collateralized securities trade between dealers and to and from customers. Fair values of RMBS, CMBS and CDO for which there are significant unobservable inputs are valued using capitalization rate and discount rate. Price may not be observable for fair value measurement purposes for many reasons, such as the length of time since the last executed transaction for the related security, use of a price from a similar instrument, or use of a price from an indicative quote. Fair values determined by market comparable price may include discounted cash flow models using the inputs prepayment rate, default rate, loss severity and discount rate. 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 market comparable price, earnings before interest, taxes, depreciation and amortization (EBITDA) multiple, discount rate and capitalization rate. | ||||||||||||||||||||||||||||
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, than 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. | ||||||||||||||||||||||||||||
Our valuation of derivatives includes an adjustment for the cost of funding uncollateralized OTC derivatives. | ||||||||||||||||||||||||||||
Interest rate derivatives | ||||||||||||||||||||||||||||
OTC vanilla interest rate products, such as interest rate swaps, swaptions, and caps and floors are valued by discounting the anticipated future cash flows. The future cash flows and discounting are derived from market standard yield curves and industry standard volatility inputs. Where applicable, exchange-traded prices are also used to value exchange-traded futures and options and can be used in yield curve construction. For more complex products, inputs include, but are not limited to correlation, volatility skew, prepayment rate, credit spread, basis spread, mean reversion and gap risk. | ||||||||||||||||||||||||||||
Foreign exchange derivatives | ||||||||||||||||||||||||||||
Foreign exchange derivatives include vanilla products such as spot, forward and option contracts where the anticipated discounted future cash flows are determined from foreign exchange forward curves and industry standard optionality modeling techniques. Where applicable, exchange-traded prices are also used for futures and option prices. For more complex products inputs include, but are not limited to prepayment rate and correlation. | ||||||||||||||||||||||||||||
Equity and index-related derivatives | ||||||||||||||||||||||||||||
Equity derivatives include vanilla options and swaps in addition to different types of exotic options. Inputs for equity derivatives can include correlation, volatility, skew and buyback probability. | ||||||||||||||||||||||||||||
Generally, the interrelationship between the volatility and correlation is positively correlated. | ||||||||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||||
Credit derivatives include index and single name CDS in addition to more complex structured credit products. Vanilla products are valued using industry standard models and inputs that are generally market observable including credit spread and recovery rate. | ||||||||||||||||||||||||||||
Complex structured credit derivatives are valued using proprietary models requiring unobservable inputs such as recovery rate, credit spread, correlation and funding spread. These inputs are generally implied from available market observable data. Fair values determined by price may include discounted cash flow models using the inputs prepayment rate, default rate, loss severity and discount rate. | ||||||||||||||||||||||||||||
Other trading assets | ||||||||||||||||||||||||||||
Other trading assets primarily include RMBS loans and life settlement and premium finance instruments. 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, hedge funds and other equity investments | ||||||||||||||||||||||||||||
Other equity investments principally includes 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. Most of these investments are classified as level 3 of the fair value hierarchy, as there are restrictions imposed upon the redemption of the funds at their NAV in the near term. In some cases, NAVs may be adjusted where there is sufficient evidence that the NAV published by the investment manager is not current with observed market movements, it is probable that these investments will be sold for an amount other than NAV or there exist other circumstances that would require an adjustment to the published NAV. Although rarely adjusted, significant judgment is involved in making any adjustments to the published NAVs. | ||||||||||||||||||||||||||||
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. Unobservable input may include contingent probability. 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 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 CDS pricing model, which requires estimates of significant inputs including credit spreads, recovery rates, credit conversion factors, and weighted average life of the loan. Significant unobservable inputs may include credit spread, recovery rate 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. | ||||||||||||||||||||||||||||
Accrual based Private Banking & Wealth Management loans, for which an estimated fair value is disclosed in the table “Carrying value and fair value of financial instruments not carried at fair value” below, include consumer loans relating to mortgages, loans collateralized by securities or consumer finance, as well as corporate and institutional loans relating to real estate, commercial and industrial loans, and loans to financial institutions, governments and public institutions. Fair values for these loans are determined by using a discounted cash flow model. Future cash flows are discounted using risk-adjusted discount rates which are derived from observable market interest rates for the applicable maturity and currency and from counterparty-related credit spreads. | ||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||
Accrual based deposits with a stated maturity, for which an estimated fair value is disclosed in the table “Carrying value and fair value of financial instruments not carried at fair value” below, are generally fair valued by using a discounted cash flow model incorporating the Group’s credit spreads. The estimated fair value of accrual accounted deposits without a stated maturity approximates the carrying amount; however, the value does not include an estimate of the value attributed to the long-term relationships with its customers that in the aggregate adds significant value to the Group’s stable deposit base. | ||||||||||||||||||||||||||||
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 long-term debt include buyback probability, gap risk, correlation, volatility, credit spread and price. | ||||||||||||||||||||||||||||
Generally, the interrelationships between volatility, correlation, gap risk and credit spread 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. | ||||||||||||||||||||||||||||
Short-term financial instruments | ||||||||||||||||||||||||||||
Certain short-term financial instruments are not carried at fair value on the balance sheet, but a fair value has been disclosed in the table “Carrying value and fair value of financial instruments not carried at fair value” below. These instruments include: cash and due from banks, cash collateral receivables and payables and other receivables and payables arising in the ordinary course of business. For these financial instruments, the carrying value approximates the fair value due to the relatively short period of time between their origination and expected realization, as well as the minimal credit risk inherent in these instruments. | ||||||||||||||||||||||||||||
Sensitivity of fair value measurements to changes in significant unobservable inputs | ||||||||||||||||||||||||||||
For level 3 assets with a significant unobservable input of buyback probability, EBITDA multiple, market implied life expectancy (for life finance instruments), correlation, price, volatility, volatility skew, funding spread and contingent probability, in general, an increase in the significant unobservable input would increase the fair value. For level 3 assets with a significant unobservable input of market implied life expectancy (for life settlement and premium finance instruments), capitalization rate, discount rate, prepayment rate, recovery rate, mean reversion and credit spread, in general, an increase in the significant unobservable input would decrease the fair value. | ||||||||||||||||||||||||||||
For level 3 liabilities, in general, an increase in the related significant unobservable inputs would have the inverse impact on fair value. An increase in the significant unobservable input gap risk would increase the fair value. An increase in the significant unobservable inputs basis spread and skew would decrease the fair value. | ||||||||||||||||||||||||||||
Interrelationships between significant unobservable inputs | ||||||||||||||||||||||||||||
Except as noted above, there are no material interrelationships between the significant unobservable inputs for the financial instruments. As the significant unobservable inputs move independently, generally an increase or decrease in one significant unobservable input will have no impact on the other significant unobservable inputs. | ||||||||||||||||||||||||||||
Quantitative disclosures of valuation techniques | ||||||||||||||||||||||||||||
The following tables provide the representative range of minimum and maximum values and the associated weighted averages of each significant unobservable input for level 3 assets and liabilities by the related valuation technique most significant to the related financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77 | Discounted cash flow | Funding spread, in bp | 350 | 350 | 350 | ||||||||||||||||||||||
Debt | 4,465 | |||||||||||||||||||||||||||
of which corporates | 1,435 | |||||||||||||||||||||||||||
of which | 201 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which | 180 | Market comparable | Price, in % | 0 | 124 | 67 | ||||||||||||||||||||||
of which | 1,051 | Discounted cash flow | Credit spread, in bp | 9 | 1,644 | 361 | ||||||||||||||||||||||
of which RMBS | 612 | Discounted cash flow | Discount rate, in % | 1 | 31 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 29 | 8 | |||||||||||||||||||||||||
Default rate, in % | 1 | 19 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 50 | |||||||||||||||||||||||||
of which CMBS | 257 | Discounted cash flow | Capitalization rate, in % | 7 | 10 | 8 | ||||||||||||||||||||||
Discount rate, in % | 0 | 28 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 12 | |||||||||||||||||||||||||
Default rate, in % | 0 | 21 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 35 | 3 | |||||||||||||||||||||||||
of which CDO | 1,421 | |||||||||||||||||||||||||||
of which | 89 | Vendor price | Price, in % | 0 | 100 | 95 | ||||||||||||||||||||||
of which | 286 | Discounted cash flow | Discount rate, in % | 3 | 23 | 7 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 17 | |||||||||||||||||||||||||
Default rate, in % | 0 | 7 | 2 | |||||||||||||||||||||||||
Loss severity, in % | 3 | 100 | 35 | |||||||||||||||||||||||||
of which | 837 | Market comparable | Price, in % | 93 | 196 | 191 | ||||||||||||||||||||||
Equity | 1,566 | |||||||||||||||||||||||||||
of which | 765 | Market comparable | EBITDA multiple | 3 | 13 | 9 | ||||||||||||||||||||||
Price, in % | 1 | 163 | 51 | |||||||||||||||||||||||||
of which | 26 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Derivatives | 6,823 | |||||||||||||||||||||||||||
of which interest rate products | 1,803 | Option model | Correlation, in % | 9 | 100 | 76 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 24 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 3 | -1 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 10 | ||||||||||||||||||||||||
Credit spread, in bp | 229 | 1,218 | 1,046 | |||||||||||||||||||||||||
of which equity/index-related products | 1,063 | Option model | Correlation, in % | -88 | 97 | 8 | ||||||||||||||||||||||
Volatility, in % | 0 | 276 | 27 | |||||||||||||||||||||||||
of which credit derivatives | 2,569 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 614 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 20 | |||||||||||||||||||||||||
Discount rate, in % | 1 | 38 | 18 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 46 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 9 | 4 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 106 | 80 | |||||||||||||||||||||||||
Other | 4,326 | |||||||||||||||||||||||||||
of which | 3,493 | Market comparable | Price, in % | 0 | 104 | 50 | ||||||||||||||||||||||
of which | 770 | Discounted cash flow | Market implied life expectancy, in years | 3 | 20 | 9 | ||||||||||||||||||||||
Trading assets | 17,180 | |||||||||||||||||||||||||||
Investment securities | 3 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 1,286 | – | 3 | – | 3 | – | 3 | – | 3 | – | 3 | |||||||||||||||||
Hedge funds | 314 | – | 3 | – | 3 | – | 3 | – | 3 | – | 3 | |||||||||||||||||
Other equity investments | 1,849 | |||||||||||||||||||||||||||
of which private | 1,850 | |||||||||||||||||||||||||||
of which | 337 | Discounted cash flow | Contingent probability, in % | 69 | 69 | 69 | ||||||||||||||||||||||
of which | 1,051 | – | 3 | – | 3 | – | 3 | – | 3 | – | 3 | |||||||||||||||||
Life finance instruments | 1,834 | Discounted cash flow | Market implied life expectancy, in years | 2 | 21 | 8 | ||||||||||||||||||||||
Other investments | 5,283 | |||||||||||||||||||||||||||
Loans | 9,353 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,853 | |||||||||||||||||||||||||||
of which | 5,011 | Discounted cash flow | Credit spread, in bp | 34 | 2,528 | 462 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 100 | 68 | |||||||||||||||||||||||||
of which | 650 | Market comparable | Price, in % | 0 | 100 | 82 | ||||||||||||||||||||||
of which financial institutions | 1,494 | Discounted cash flow | Credit spread, in bp | 60 | 813 | 304 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 70 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 7,468 | |||||||||||||||||||||||||||
of which loans held-for-sale | 6,851 | |||||||||||||||||||||||||||
of which | 2,654 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 1,321 | Discounted cash flow | Credit spread, in bp | 146 | 2,047 | 334 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 39 | 30 | |||||||||||||||||||||||||
of which | 2,430 | Market comparable | Price, in % | 0 | 100 | 67 | ||||||||||||||||||||||
Total level 3 assets at fair value | 39,434 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | Discounted cash flow | Funding spread, in bp | 90 | 350 | 178 | ||||||||||||||||||||||
Debt | 5,069 | |||||||||||||||||||||||||||
of which corporates | 2,128 | |||||||||||||||||||||||||||
of which | 129 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which | 592 | Market comparable | Price, in % | 0 | 112 | 91 | ||||||||||||||||||||||
of which | 807 | Discounted cash flow | Credit spread, in bp | 22 | 957 | 348 | ||||||||||||||||||||||
of which RMBS | 436 | Discounted cash flow | Discount rate, in % | 2 | 33 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 27 | 7 | |||||||||||||||||||||||||
Default rate, in % | 0 | 25 | 5 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 48 | |||||||||||||||||||||||||
of which CMBS | 417 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | 9 | ||||||||||||||||||||||
Discount rate, in % | 1 | 30 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 18 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 40 | 3 | |||||||||||||||||||||||||
of which CDO | 1,567 | |||||||||||||||||||||||||||
of which | 118 | Vendor price | Price, in % | 0 | 100 | 94 | ||||||||||||||||||||||
of which | 278 | Discounted cash flow | Discount rate, in % | 2 | 24 | 6 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 7 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 25 | 100 | 68 | |||||||||||||||||||||||||
of which | 423 | Market comparable | Price, in % | 85 | 101 | 98 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Equity | 595 | |||||||||||||||||||||||||||
of which | 270 | Market comparable | EBITDA multiple | 3 | 12 | 7 | ||||||||||||||||||||||
of which | 35 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,217 | |||||||||||||||||||||||||||
of which interest rate products | 1,574 | Option model | Correlation, in % | 15 | 100 | 82 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 24 | |||||||||||||||||||||||||
Volatility, in % | 2 | 31 | 6 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 95 | 2,054 | 218 | |||||||||||||||||||||||||
of which equity/index-related products | 1,240 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
of which credit derivatives | 1,138 | Discounted cash flow | Credit spread, in bp | 1 | 2,054 | 298 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 25 | |||||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 16 | 6 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 59 | |||||||||||||||||||||||||
Correlation, in % | 34 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 5 | |||||||||||||||||||||||||
Other | 2,829 | |||||||||||||||||||||||||||
of which | 2,139 | Market comparable | Price, in % | 0 | 146 | 34 | ||||||||||||||||||||||
of which | 589 | Discounted cash flow | Market implied life expectancy, in years | 3 | 19 | 9 | ||||||||||||||||||||||
Trading assets | 13,710 | |||||||||||||||||||||||||||
Investment securities | 2 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 3,345 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 392 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,632 | |||||||||||||||||||||||||||
of which private | 1,630 | |||||||||||||||||||||||||||
of which | 384 | Discounted cash flow | Credit spread, in bp | 897 | 3,175 | 1,207 | ||||||||||||||||||||||
Contingent probability, in % | 59 | 59 | 59 | |||||||||||||||||||||||||
of which | 813 | Market comparable | EBITDA multiple | 1 | 10 | 8 | ||||||||||||||||||||||
Life finance instruments | 1,600 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 9 | ||||||||||||||||||||||
Other investments | 6,969 | |||||||||||||||||||||||||||
Loans | 7,998 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,309 | |||||||||||||||||||||||||||
of which | 4,526 | Discounted cash flow | Credit spread, in bp | 50 | 2,488 | 504 | ||||||||||||||||||||||
of which | 326 | Market comparable | Price, in % | 0 | 100 | 69 | ||||||||||||||||||||||
of which financial institutions | 1,322 | Discounted cash flow | Credit spread, in bp | 98 | 884 | 302 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 6,159 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,615 | |||||||||||||||||||||||||||
of which | 1,954 | Vendor price | Price, in % | 0 | 160 | 99 | ||||||||||||||||||||||
of which | 1,042 | Discounted cash flow | Credit spread, in bp | 75 | 2,389 | 467 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 0 | |||||||||||||||||||||||||
of which | 2,420 | Market comparable | Price, in % | 0 | 105 | 59 | ||||||||||||||||||||||
Total level 3 assets at fair value | 35,084 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 100 | – | – | – | – | – | ||||||||||||||||||||||
Trading liabilities | 6,417 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,202 | Option model | Basis spread, in bp | -11 | 85 | 44 | ||||||||||||||||||||||
Correlation, in % | 9 | 100 | 78 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 9 | ||||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 21 | |||||||||||||||||||||||||
Gap risk, in % | 3 | 20 | 20 | 20 | ||||||||||||||||||||||||
of which foreign exchange derivatives | 560 | Option model | Correlation, in % | -10 | 70 | 50 | ||||||||||||||||||||||
Prepayment rate, in % | 22 | 33 | 28 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,466 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Skew, in % | 44 | 260 | 110 | |||||||||||||||||||||||||
Volatility, in % | 1 | 276 | 27 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which credit derivatives | 2,760 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 508 | ||||||||||||||||||||||
Discount rate, in % | 2 | 34 | 17 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 28 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 9 | 94 | 57 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 82 | 64 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 12 | 4 | |||||||||||||||||||||||||
Short-term borrowings | 95 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 14,608 | |||||||||||||||||||||||||||
of which structured notes over two years | 10,267 | |||||||||||||||||||||||||||
of which | 8,002 | Option model | Correlation, in % | -88 | 99 | 18 | ||||||||||||||||||||||
Volatility, in % | 4 | 276 | 30 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
Gap risk, in % | 3 | 0 | 3 | 0 | ||||||||||||||||||||||||
of which | 515 | Discounted cash flow | Credit spread, in bp | 228 | 597 | 455 | ||||||||||||||||||||||
of which non-recourse liabilities | 2,952 | |||||||||||||||||||||||||||
of which | 2,766 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 90 | Market comparable | Price, in % | 0 | 100 | 7 | ||||||||||||||||||||||
Other liabilities | 3,363 | |||||||||||||||||||||||||||
of which failed sales | 616 | |||||||||||||||||||||||||||
of which | 450 | Market comparable | Price, in % | 0 | 103 | 63 | ||||||||||||||||||||||
of which | 124 | Discounted cash flow | Credit spread, in bp | 852 | 1,286 | 912 | ||||||||||||||||||||||
Recovery rate, in % | 39 | 39 | 39 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 24,583 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 55 | – | – | – | – | – | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | Discounted cash flow | Funding spread, in bp | 90 | 90 | 90 | ||||||||||||||||||||||
Trading liabilities | 5,564 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,129 | Option model | Basis spread, in bp | -5 | 148 | 74 | ||||||||||||||||||||||
Correlation, in % | 17 | 99 | 62 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 6 | ||||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 23 | |||||||||||||||||||||||||
of which foreign exchange derivatives | 938 | Option model | Correlation, in % | -10 | 70 | 48 | ||||||||||||||||||||||
Prepayment rate, in % | 19 | 31 | 25 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,896 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Skew, in % | 79 | 152 | 118 | |||||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which credit derivatives | 1,230 | Discounted cash flow | Credit spread, in bp | 1 | 2,052 | 252 | ||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 6 | |||||||||||||||||||||||||
Recovery rate, in % | 14 | 77 | 43 | |||||||||||||||||||||||||
Loss severity, in % | 6 | 100 | 62 | |||||||||||||||||||||||||
Correlation, in % | 34 | 98 | 55 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 2 | |||||||||||||||||||||||||
Short-term borrowings | 165 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 9,780 | |||||||||||||||||||||||||||
of which structured notes over two years | 6,217 | Option model | Correlation, in % | -83 | 99 | 16 | ||||||||||||||||||||||
Volatility, in % | 5 | 252 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
Gap risk, in % | 4 | 0 | 5 | 0 | ||||||||||||||||||||||||
of which non-recourse liabilities | 2,552 | |||||||||||||||||||||||||||
of which | 2,105 | Vendor price | Price, in % | 0 | 217 | 104 | ||||||||||||||||||||||
of which | 301 | Market comparable | Price, in % | 0 | 93 | 13 | ||||||||||||||||||||||
Other liabilities | 2,861 | |||||||||||||||||||||||||||
of which failed sales | 1,143 | |||||||||||||||||||||||||||
of which | 829 | Market comparable | Price, in % | 0 | 100 | 63 | ||||||||||||||||||||||
of which | 195 | Discounted cash flow | Credit spread, in bp | 813 | 1,362 | 1,185 | ||||||||||||||||||||||
Recovery rate, in % | 23 | 23 | 23 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,539 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
Qualitative discussion of the ranges of significant unobservable inputs | ||||||||||||||||||||||||||||
The following sections provide further information about the ranges of significant unobservable inputs included in the tables above. The level of aggregation and diversity within the financial instruments disclosed in the tables above result in certain ranges of significant inputs being wide and unevenly distributed across asset and liability categories. | ||||||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||||
The discount rate is the rate of interest used to calculate the present value of the expected cash flows of a financial instrument. There are multiple factors that will impact the discount rate for any given financial instrument including the coupon on the instrument, the term and the underlying risk of the expected cash flows. Two instruments of similar term and expected cash flows may have significantly different discount rates because the coupons on the instruments are different. | ||||||||||||||||||||||||||||
Default rate and loss severity | ||||||||||||||||||||||||||||
For financial instruments backed by residential real estate or other assets, diversity in the portfolio is reflected in a wide range for loss severity due to varying levels of default. The lower end of the range represents high performing or government guaranteed collateral with a low >>>probability of default or guaranteed timely payment of principal and interest, while the higher end of the range relates collateral with a greater risk of default. | ||||||||||||||||||||||||||||
Credit spread and recovery rate | ||||||||||||||||||||||||||||
For financial instruments where credit spread is the significant unobservable input, the wide range represents positions with varying levels of risk. The lower end of the credit spread range typically represents shorter-dated instruments and/or those with better perceived credit risk. The higher end of the range typically comprises longer-dated financial instruments or those referencing non-performing, distressed or impaired reference credits. Similarly, the spread between the reference credit and an index can vary significantly based on the risk of the instrument. The spread will be positive for instruments that have a higher risk of default than the index (which is based on a weighted average of its components) and negative for instruments that have a lower risk of default than the index. | ||||||||||||||||||||||||||||
Similarly, recovery rates can vary significantly depending upon the specific assets and terms of each transaction. Transactions with higher seniority or more valuable collateral will have higher recovery rates, while those transactions which are more subordinated or with less valuable collateral will have lower recovery rates. | ||||||||||||||||||||||||||||
Correlation | ||||||||||||||||||||||||||||
There are many different types of correlation inputs, including credit correlation, cross-asset correlation (such as equity-interest rate correlation), and same-asset correlation (such as interest rate-interest rate correlation). Correlation inputs are generally used to value hybrid and exotic instruments. Generally, same-asset correlation inputs have a narrower range than cross-asset correlation inputs. However, due to the complex and unique nature of these instruments, the ranges for correlation inputs can vary widely across portfolios. | ||||||||||||||||||||||||||||
Prepayment rate | ||||||||||||||||||||||||||||
Prepayment rates may vary from collateral pool to collateral pool, and are driven by a variety of collateral-specific factors, including the type and location of the underlying borrower, the remaining tenor of the obligation and the level and type (e.g., fixed or floating) of interest rate being paid by the borrower. | ||||||||||||||||||||||||||||
Volatility and skew | ||||||||||||||||||||||||||||
Volatility and skew are impacted by the underlying risk, term and strike price of the derivative. In the case of interest rate derivatives, volatility rates may vary significantly between different underlying currencies and expiration dates on the options. Similarly, equity derivatives’ volatility may vary greatly depending upon the underlying reference name on the derivative. | ||||||||||||||||||||||||||||
Market implied life expectancy | ||||||||||||||||||||||||||||
Market implied life expectancy is the primary significant unobservable input on such products as life settlement, premium finance and SPIA, and represents the estimated mortality rate for the underlying insured for each contract. This estimate may vary depending upon multiple factors including the age and specific health characteristics of the insured. | ||||||||||||||||||||||||||||
Fair value measurements of investments in certain entities that calculate NAV per share | ||||||||||||||||||||||||||||
Investments in funds held in trading assets and liabilities primarily include positions held in equity funds of funds as an economic hedge for structured notes and derivatives issued to clients that reference the same underlying risk and liquidity terms of the fund. A majority of these funds have limitations imposed on the amount of withdrawals from the fund during the redemption period due to illiquidity of the investments. In other instances, the withdrawal amounts may vary depending on the redemption notice period and are usually larger for the longer redemption notice periods. In addition, penalties may apply if redemption is within a certain time period from initial investment. | ||||||||||||||||||||||||||||
Investment in funds held in other investments principally involves private securities and, to a lesser extent, publicly traded securities and fund of funds. Several of these investments have redemption restrictions subject to the discretion of the Board of Directors of the fund and/or redemption is permitted without restriction, but is limited to a certain percentage of total assets or only after a certain date. | ||||||||||||||||||||||||||||
Furthermore, for those investments held in both trading assets and other investments that are nonredeemable, the underlying assets of such funds are expected to be liquidated over the life of the fund, which are generally up to 10 years. | ||||||||||||||||||||||||||||
The following table pertains to investments in certain entities that calculate NAV per share or its equivalent, primarily private equity and hedge funds. These investments do not have a readily determinable fair value and are measured at fair value using NAV. | ||||||||||||||||||||||||||||
Fair value, unfunded commitments and term of redemption conditions | ||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Redeemable | Unfunded | Redeemable | Unfunded | |||||||||||||||||||||||||
Non- | Total | commit- | Non- | Total | commit- | |||||||||||||||||||||||
redeemable | fair value | ments | redeemable | fair value | ments | |||||||||||||||||||||||
Fair value and unfunded commitments (CHF million) | ||||||||||||||||||||||||||||
Debt funds | 7 | 106 | 113 | 0 | 1 | 18 | 19 | 0 | ||||||||||||||||||||
Equity funds | 102 | 1,842 | 1 | 1,944 | 0 | 28 | 3,096 | 2 | 3,124 | 0 | ||||||||||||||||||
Equity funds sold short | 0 | -42 | -42 | 0 | 0 | -17 | -17 | 0 | ||||||||||||||||||||
Total funds held in trading assets and liabilities | 109 | 1,906 | 2,015 | 0 | 29 | 3,097 | 3,126 | 0 | ||||||||||||||||||||
Debt funds | 296 | 187 | 483 | 1 | 320 | 183 | 503 | 6 | ||||||||||||||||||||
Equity funds | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 0 | ||||||||||||||||||||
Others | 0 | 50 | 50 | 0 | 0 | 153 | 153 | 31 | ||||||||||||||||||||
Hedge funds | 296 | 237 | 3 | 533 | 1 | 320 | 361 | 4 | 681 | 37 | ||||||||||||||||||
Debt funds | 17 | 0 | 17 | 15 | 53 | 0 | 53 | 2 | ||||||||||||||||||||
Equity funds | 585 | 0 | 585 | 123 | 2,236 | 0 | 2,236 | 464 | ||||||||||||||||||||
Real estate funds | 302 | 0 | 302 | 98 | 350 | 0 | 350 | 110 | ||||||||||||||||||||
Others | 382 | 0 | 382 | 158 | 706 | 0 | 706 | 250 | ||||||||||||||||||||
Private equities | 1,286 | 0 | 1,286 | 394 | 3,345 | 0 | 3,345 | 826 | ||||||||||||||||||||
Equity method investments | 378 | 43 | 421 | 0 | 349 | 0 | 349 | 0 | ||||||||||||||||||||
Total funds held in other investments | 1,960 | 280 | 2,240 | 395 | 4,014 | 361 | 4,375 | 863 | ||||||||||||||||||||
Total fair value | 2,069 | 5 | 2,186 | 6 | 4,255 | 395 | 7 | 4,043 | 5 | 3,458 | 6 | 7,501 | 863 | 7 | ||||||||||||||
1 | ||||||||||||||||||||||||||||
42 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days , 28 % is redeemable on an annual basis with a notice period of more than 60 days , 16 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 14 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
87 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , and 11 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||
Includes CHF 612 million and CHF 1,819 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||
Includes CHF 138 million and CHF 107 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||
Includes CHF 185 million and CHF 405 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | ||||||||||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The Group typically uses nonfinancial assets measured at fair value on a recurring or nonrecurring basis in a manner that reflects their highest and best use. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | ||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) | ||||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis | 1.4 | 0.3 | ||||||||||||||||||||||||||
of which level 2 | 1.2 | 0 | ||||||||||||||||||||||||||
of which level 3 | 0.2 | 0.3 | ||||||||||||||||||||||||||
Fair value option | ||||||||||||||||||||||||||||
The Group has availed itself of the simplification in accounting offered under the fair value option, primarily in Investment Banking and Private Banking & Wealth Management’s Asset Management business. This has been accomplished generally by electing the fair value option, both at initial adoption and for subsequent transactions, on items impacted by the hedge accounting requirements of US GAAP. That is, for instruments for which there was an inability to achieve hedge accounting and for which the Group is economically hedged, the Group has elected the fair value option. Similarly, where the Group manages an activity on a >>>fair value basis but previously has been unable to achieve fair value accounting, the Group has utilized the fair value option to align its risk management reporting to its financial accounting. | ||||||||||||||||||||||||||||
The Group elected fair value for certain of its financial statement captions as follows: | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||||||||||||||||||||||||||||
The Group has elected to account for structured resale agreements and most matched book resale agreements at fair value. These activities are managed on a fair value basis; thus, fair value accounting is deemed more appropriate for reporting purposes. The Group did not elect the fair value option for firm financing resale agreements as these agreements are generally overnight agreements which approximate fair value, but which are not managed on a fair value basis. | ||||||||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||||
The Group has elected to account for certain equity method investments at fair value. These activities are managed on a fair value basis; thus, fair value accounting is deemed more appropriate for reporting purposes. Certain similar instruments, such as those relating to equity method investments in strategic relationships, for example, the Group’s ownership interest in certain clearance organizations, which were eligible for the fair value option, were not elected due to the strategic relationship. | ||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
The Group has elected to account for substantially all Investment Banking commercial loans and loan commitments and certain Investment Banking emerging market loans at fair value. These activities are managed on a fair value basis and fair value accounting was deemed more appropriate for reporting purposes. Additionally, recognition on a fair value basis eliminates the mismatch that existed due to the economic hedging the Group employs to manage these loans. Certain similar loans, such as project finance, lease finance, cash collateralized and some bridge loans, which were eligible for the fair value option, were not elected due to the lack of currently available infrastructure to fair value such loans and/or the inability to economically hedge such loans. Additionally, the Group elected not to account for loans granted by its Private Banking & Wealth Management segment at fair value, such as domestic consumer lending, mortgages and corporate loans, as these loans are not managed on a fair value basis. | ||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||
The Group elected the fair value option for loans held-for-sale, due to the short period over which such loans are held and the intention to sell such loans in the near term. Other assets also include assets of VIEs and mortgage securitizations which do not meet the criteria for sale treatment under US GAAP. The Group did elect the fair value option for these types of transactions. | ||||||||||||||||||||||||||||
Due to banks | ||||||||||||||||||||||||||||
The Group elected the fair value option for certain time deposits associated with its emerging markets activities. | ||||||||||||||||||||||||||||
Customer deposits | ||||||||||||||||||||||||||||
The Group’s customer deposits include fund-linked deposits. The Group elected the fair value option for these fund-linked deposits. Fund-linked products are managed on a fair value basis and fair value accounting was deemed more appropriate for reporting purposes. | ||||||||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ||||||||||||||||||||||||||||
The Group has elected to account for structured >>>repurchase agreements and most matched book repurchase agreements at fair value. These activities are managed on a fair value basis and fair value accounting was deemed more appropriate for reporting purposes. The Group did not elect the fair value option for firm financing repurchase agreements as these agreements are generally overnight agreements which approximate fair value, but which are not managed on a fair value basis. | ||||||||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||
The Group’s short-term borrowings include hybrid debt instruments with embedded derivative features. Some of these embedded derivative features create bifurcatable debt instruments. The Group elected the fair value option for some of these instruments as of January 1, 2006, in accordance with the provisions of US GAAP. New bifurcatable debt instruments which were entered into in 2006 are carried at fair value. Some hybrid debt instruments do not result in bifurcatable debt instruments. US GAAP permits the Group to elect fair value accounting for non-bifurcatable hybrid debt instruments. With the exception of certain bifurcatable hybrid debt instruments which the Group did not elect to account for at fair value, the Group has elected to account for all hybrid debt instruments held as of January 1, 2007, and hybrid debt instruments originated after January 1, 2007, at fair value. These activities are managed on a fair value basis and fair value accounting was deemed appropriate for reporting purposes. There are two main populations of similar instruments for which fair value accounting was not elected. The first relates to the lending business transacted by the Group’s Private Banking & Wealth Management segment, which includes structured deposits and similar investment products. These are managed on a bifurcated or accrual basis and fair value accounting was not considered appropriate. The second is where the instruments were or will be maturing in the near term and their fair value will be realized at that time. | ||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
The Group’s long-term debt includes hybrid debt instruments with embedded derivative features as described above in Short-term borrowings. The Group’s long-term debt also includes debt issuances managed by its Treasury department that do not contain derivative features (vanilla debt). The Group actively manages the interest rate risk on these instruments with derivatives. In particular, fixed-rate debt is hedged with receive-fixed, pay-floating interest rate swaps. The Group elected to fair value this fixed-rate debt upon implementation of the fair value option on January 1, 2007, with changes in fair value recognized as a component of trading revenues. The Group did not elect to apply the fair value option to fixed-rate debt issued by the Group since January 1, 2008, and instead applies hedge accounting per the guidance of US GAAP. | ||||||||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||||
Other liabilities include liabilities of VIEs and mortgage securitizations which do not meet the criteria for sale treatment under US GAAP. The Group did elect the fair value option for these types of transactions. | ||||||||||||||||||||||||||||
Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments | ||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Aggregate | Aggregate | Difference | Aggregate | Aggregate | Difference | |||||||||||||||||||||||
fair | unpaid | fair | unpaid | |||||||||||||||||||||||||
value | principal | value | principal | |||||||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||||||
Non-interest-earning loans | 1,147 | 3,816 | -2,669 | 956 | 3,262 | -2,306 | ||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 0 | 0 | 311 | 307 | 4 | ||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 104,027 | 256 | 96,587 | 96,217 | 370 | ||||||||||||||||||||||
Loans | 22,913 | 23,782 | -869 | 19,457 | 19,653 | -196 | ||||||||||||||||||||||
Other assets 1 | 26,088 | 33,091 | -7,003 | 20,749 | 25,756 | -5,007 | ||||||||||||||||||||||
Due to banks and customer deposits | -914 | -873 | -41 | -690 | -680 | -10 | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,732 | -54,661 | -71 | -76,104 | -76,012 | -92 | ||||||||||||||||||||||
Short-term borrowings | -3,861 | -3,918 | 57 | -6,053 | -5,896 | -157 | ||||||||||||||||||||||
Long-term debt | -81,166 | -81,322 | 156 | -63,369 | -62,991 | -378 | ||||||||||||||||||||||
Other liabilities | -1,268 | -2,767 | 1,499 | -1,780 | -3,285 | 1,505 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily loans held-for-sale. | ||||||||||||||||||||||||||||
Gains and losses on financial instruments | ||||||||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Net | Net | Net | ||||||||||||||||||||||||||
gains/ | gains/ | gains/ | ||||||||||||||||||||||||||
(losses) | (losses) | (losses) | ||||||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 0 | -13 | 2 | ||||||||||||||||||||||||
of which related to credit risk | 0 | 0 | -13 | |||||||||||||||||||||||||
Interest-bearing deposits with banks | 8 | 1 | 10 | 1 | 12 | 1 | ||||||||||||||||||||||
of which related to credit risk | -2 | -3 | 3 | |||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 913 | 1 | 1,143 | 1 | 1,183 | 1 | ||||||||||||||||||||||
Other trading assets | 0 | 0 | 10 | 2 | ||||||||||||||||||||||||
Other investments | 370 | 3 | 126 | 3 | 144 | 3 | ||||||||||||||||||||||
of which related to credit risk | 5 | 11 | 34 | |||||||||||||||||||||||||
Loans | 10 | 2 | 1,470 | 1 | 925 | 1 | ||||||||||||||||||||||
of which related to credit risk | -151 | 26 | 318 | |||||||||||||||||||||||||
Other assets | 1,302 | 1 | 2,058 | 1 | 2,641 | 1 | ||||||||||||||||||||||
of which related to credit risk | 387 | 604 | 355 | |||||||||||||||||||||||||
Due to banks and customer deposits | -59 | 2 | 0 | -22 | 1 | |||||||||||||||||||||||
of which related to credit risk | -17 | -5 | 8 | |||||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 205 | 2 | -67 | 1 | -114 | 1 | ||||||||||||||||||||||
Short-term borrowings | 152 | 2 | -256 | 2 | -350 | 2 | ||||||||||||||||||||||
Long-term debt | 858 | 2 | -2,759 | 2 | -7,905 | 2 | ||||||||||||||||||||||
of which related to credit risk 4 | 599 | -384 | -2,552 | |||||||||||||||||||||||||
Other liabilities | -169 | 2 | 441 | 2 | 826 | 2 | ||||||||||||||||||||||
of which related to credit risk | -156 | 112 | 912 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily recognized in net interest income. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily recognized in trading revenues. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Primarily recognized in other revenues. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF 336 million and CHF 261 million in 2014, respectively, CHF (268) million and CHF (111) million in 2013, respectively, and CHF (1,663) million and CHF (931) million in 2012, respectively. | ||||||||||||||||||||||||||||
Interest income and expense are calculated based on contractual rates specified in the transactions. Interest income and expense are recorded in the consolidated statements of operations depending on the nature of the instrument and related market convention. When interest is included as a component of the change in the instrument’s fair value, it is included in trading revenues. Otherwise, it is included in interest and dividend income or interest expense. Dividend income is recognized separately from trading revenues. | ||||||||||||||||||||||||||||
The impacts of credit risk on debt securities held as assets presented in the table above have been calculated as the component of the total change in fair value, excluding the impact of changes in base or risk-free interest rates. The impacts of changes in own credit risk on liabilities presented in the table above have been calculated as the difference between the fair values of those instruments as of the reporting date and the theoretical fair values of those instruments calculated by using the yield curve prevailing at the end of the reporting period, adjusted up or down for changes in the Group’s own credit spreads from the transition date to the reporting date. | ||||||||||||||||||||||||||||
Financial instruments not carried at fair value | ||||||||||||||||||||||||||||
The following table provides the carrying value and >>>fair value of financial instruments which are not carried at fair value in the consolidated balance sheet. The disclosure excludes all non-financial instruments such as lease transactions, real estate, premises and equipment, equity method investments and pension and benefit obligations. | ||||||||||||||||||||||||||||
Carrying value and fair value of financial instruments not carried at fair value | ||||||||||||||||||||||||||||
Carrying | Fair value | |||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 0 | 58,925 | 0 | 58,925 | |||||||||||||||||||||||
Loans | 245,866 | 0 | 248,969 | 3,678 | 252,647 | |||||||||||||||||||||||
Other financial assets 1 | 148,473 | 80,520 | 66,714 | 1,579 | 148,813 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 390,984 | 217,482 | 173,501 | 0 | 390,983 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 0 | 15,387 | 0 | 15,387 | |||||||||||||||||||||||
Short-term borrowings | 22,061 | 0 | 22,064 | 0 | 22,064 | |||||||||||||||||||||||
Long-term debt | 96,732 | 0 | 97,105 | 1,201 | 98,306 | |||||||||||||||||||||||
Other financial liabilities 2 | 85,066 | 15 | 84,336 | 586 | 84,937 | |||||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 63,435 | 0 | 62,891 | 544 | 63,435 | |||||||||||||||||||||||
Loans | 223,902 | 0 | 225,641 | 3,940 | 229,581 | |||||||||||||||||||||||
Other financial assets 1 | 142,656 | 72,134 | 69,310 | 1,568 | 143,012 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 351,476 | 212,418 | 138,980 | 9 | 351,407 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 17,928 | 0 | 17,928 | 0 | 17,928 | |||||||||||||||||||||||
Short-term borrowings | 14,140 | 0 | 14,148 | 0 | 14,148 | |||||||||||||||||||||||
Long-term debt | 66,673 | 0 | 64,043 | 3,774 | 67,817 | |||||||||||||||||||||||
Other financial liabilities 2 | 96,611 | 1,129 | 94,414 | 1,085 | 96,628 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. | ||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||
Financial instruments | 33 Financial instruments | |||||||||||||||||||||||||||
> Refer to “Note 34 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 304 | 0 | 0 | 304 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 104,206 | 77 | 0 | 104,283 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 31,937 | 58,003 | 4,465 | 0 | 94,405 | |||||||||||||||||||||||
of which foreign governments | 31,708 | 4,869 | 454 | 0 | 37,031 | |||||||||||||||||||||||
of which corporates | 28 | 22,507 | 1,435 | 0 | 23,970 | |||||||||||||||||||||||
of which RMBS | 0 | 22,150 | 612 | 0 | 22,762 | |||||||||||||||||||||||
of which CMBS | 0 | 5,293 | 257 | 0 | 5,550 | |||||||||||||||||||||||
of which CDO | 0 | 3,185 | 1,421 | 0 | 4,606 | |||||||||||||||||||||||
Equity | 86,532 | 6,395 | 1,566 | 0 | 94,493 | |||||||||||||||||||||||
Derivatives | 4,467 | 616,012 | 6,823 | -589,323 | 37,979 | |||||||||||||||||||||||
of which interest rate products | 1,616 | 467,002 | 1,803 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 118 | 89,102 | 301 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,711 | 26,904 | 1,063 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 24,451 | 2,569 | – | – | |||||||||||||||||||||||
Other | 2,987 | 7,123 | 4,326 | 0 | 14,436 | |||||||||||||||||||||||
Trading assets | 125,923 | 687,533 | 17,180 | -589,323 | 241,313 | |||||||||||||||||||||||
Debt | 1,962 | 309 | 0 | 0 | 2,271 | |||||||||||||||||||||||
of which foreign governments | 1,962 | 0 | 0 | 0 | 1,962 | |||||||||||||||||||||||
of which corporates | 0 | 309 | 0 | 0 | 309 | |||||||||||||||||||||||
Equity | 2 | 103 | 3 | 0 | 108 | |||||||||||||||||||||||
Investment securities | 1,964 | 412 | 3 | 0 | 2,379 | |||||||||||||||||||||||
Private equity | 0 | 0 | 1,268 | 0 | 1,268 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 567 | 0 | 567 | |||||||||||||||||||||||
Hedge funds | 0 | 219 | 314 | 0 | 533 | |||||||||||||||||||||||
of which debt funds | 0 | 181 | 302 | 0 | 483 | |||||||||||||||||||||||
Other equity investments | 77 | 75 | 1,855 | 0 | 2,007 | |||||||||||||||||||||||
of which private | 0 | 70 | 1,855 | 0 | 1,925 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,834 | 0 | 1,834 | |||||||||||||||||||||||
Other investments | 77 | 294 | 5,271 | 0 | 5,642 | |||||||||||||||||||||||
Loans | 0 | 13,560 | 9,353 | 0 | 22,913 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 5,816 | 5,853 | 0 | 11,669 | |||||||||||||||||||||||
of which financial institutions | 0 | 6,227 | 1,494 | 0 | 7,721 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 70 | 0 | 70 | |||||||||||||||||||||||
Other assets | 2,457 | 23,371 | 7,468 | -975 | 32,321 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 16,107 | 6,851 | 0 | 22,958 | |||||||||||||||||||||||
Total assets at fair value | 156,450 | 830,505 | 39,422 | -590,298 | 436,079 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -75 | -133 | -821 | 0 | -1,029 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -9,123 | -3,155 | 0 | -12,278 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 156,375 | 821,249 | 35,446 | -590,298 | 422,772 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 832 | 0 | 0 | 832 | |||||||||||||||||||||||
Customer deposits | 0 | 3,151 | 100 | 0 | 3,251 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 54,732 | 0 | 0 | 54,732 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 11,678 | 4,914 | 1 | 0 | 16,593 | |||||||||||||||||||||||
of which foreign governments | 11,530 | 757 | 0 | 0 | 12,287 | |||||||||||||||||||||||
of which corporates | 21 | 3,917 | 1 | 0 | 3,939 | |||||||||||||||||||||||
Equity | 19,075 | 122 | 2 | 0 | 19,199 | |||||||||||||||||||||||
Derivatives | 4,594 | 620,144 | 6,414 | -594,277 | 36,875 | |||||||||||||||||||||||
of which interest rate products | 1,585 | 458,730 | 1,202 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 234 | 101,461 | 560 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,744 | 27,266 | 1,466 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 23,479 | 2,760 | – | – | |||||||||||||||||||||||
Trading liabilities | 35,347 | 625,180 | 6,417 | -594,277 | 72,667 | |||||||||||||||||||||||
Short-term borrowings | 0 | 3,766 | 95 | 0 | 3,861 | |||||||||||||||||||||||
Long-term debt | 0 | 65,652 | 14,608 | 0 | 80,260 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 8,616 | 0 | 0 | 8,616 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 31,083 | 10,267 | 0 | 41,350 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 10,126 | 2,952 | 0 | 13,078 | |||||||||||||||||||||||
Other liabilities | 0 | 14,601 | 3,358 | -1,026 | 16,933 | |||||||||||||||||||||||
of which failed sales | 0 | 652 | 616 | 0 | 1,268 | |||||||||||||||||||||||
Total liabilities at fair value | 61,376 | 768,739 | 24,578 | -595,303 | 259,390 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 527 | 0 | 0 | 527 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 311 | 0 | 0 | 311 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 96,383 | 204 | 0 | 96,587 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 41,829 | 63,217 | 5,069 | 0 | 110,115 | |||||||||||||||||||||||
of which foreign governments | 40,199 | 6,980 | 230 | 0 | 47,409 | |||||||||||||||||||||||
of which corporates | 14 | 24,267 | 2,128 | 0 | 26,409 | |||||||||||||||||||||||
of which RMBS | 0 | 23,343 | 436 | 0 | 23,779 | |||||||||||||||||||||||
of which CMBS | 0 | 5,255 | 417 | 0 | 5,672 | |||||||||||||||||||||||
of which CDO | 0 | 3,305 | 1,567 | 0 | 4,872 | |||||||||||||||||||||||
Equity | 70,463 | 5,777 | 595 | 0 | 76,835 | |||||||||||||||||||||||
Derivatives | 6,610 | 563,957 | 5,217 | -543,996 | 31,788 | |||||||||||||||||||||||
of which interest rate products | 1,065 | 444,207 | 1,574 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 8 | 60,846 | 484 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 5,278 | 28,941 | 1,240 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,662 | 1,138 | – | – | |||||||||||||||||||||||
Other | 3,690 | 4,481 | 2,829 | 0 | 11,000 | |||||||||||||||||||||||
Trading assets | 122,592 | 637,432 | 13,710 | -543,996 | 229,738 | |||||||||||||||||||||||
Debt | 1,164 | 362 | 0 | 0 | 1,526 | |||||||||||||||||||||||
of which foreign governments | 1,162 | 2 | 0 | 0 | 1,164 | |||||||||||||||||||||||
of which corporates | 0 | 262 | 0 | 0 | 262 | |||||||||||||||||||||||
of which CDO | 0 | 100 | 0 | 0 | 100 | |||||||||||||||||||||||
Equity | 1 | 98 | 2 | 0 | 101 | |||||||||||||||||||||||
Investment securities | 1,165 | 460 | 2 | 0 | 1,627 | |||||||||||||||||||||||
Private equity | 0 | 0 | 3,339 | 0 | 3,339 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 2,230 | 0 | 2,230 | |||||||||||||||||||||||
Hedge funds | 0 | 289 | 392 | 0 | 681 | |||||||||||||||||||||||
of which debt funds | 0 | 174 | 329 | 0 | 503 | |||||||||||||||||||||||
Other equity investments | 283 | 55 | 1,632 | 0 | 1,970 | |||||||||||||||||||||||
of which private | 0 | 15 | 1,631 | 0 | 1,646 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,600 | 0 | 1,600 | |||||||||||||||||||||||
Other investments | 283 | 344 | 6,963 | 0 | 7,590 | |||||||||||||||||||||||
Loans | 0 | 11,459 | 7,998 | 0 | 19,457 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 6,302 | 5,309 | 0 | 11,611 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,484 | 1,322 | 0 | 5,806 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 42 | 0 | 42 | |||||||||||||||||||||||
Other assets | 4,861 | 21,426 | 6,159 | -928 | 31,518 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 12,770 | 5,615 | 0 | 18,385 | |||||||||||||||||||||||
Total assets at fair value | 149,999 | 770,044 | 35,078 | -544,924 | 410,197 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -246 | -149 | -2,781 | 0 | -3,176 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -8,996 | -2,458 | 0 | -11,454 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 149,753 | 760,899 | 29,839 | -544,924 | 395,567 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 1,460 | 0 | 0 | 1,460 | |||||||||||||||||||||||
Customer deposits | 0 | 3,186 | 55 | 0 | 3,241 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 75,990 | 114 | 0 | 76,104 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 19,037 | 5,312 | 2 | 0 | 24,351 | |||||||||||||||||||||||
of which foreign governments | 18,863 | 603 | 0 | 0 | 19,466 | |||||||||||||||||||||||
of which corporates | 1 | 4,134 | 2 | 0 | 4,137 | |||||||||||||||||||||||
Equity | 15,476 | 309 | 17 | 0 | 15,802 | |||||||||||||||||||||||
Derivatives | 5,879 | 572,658 | 5,545 | -547,423 | 36,659 | |||||||||||||||||||||||
of which interest rate products | 896 | 439,502 | 1,129 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 14 | 71,588 | 938 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 4,691 | 30,800 | 1,896 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,942 | 1,230 | – | – | |||||||||||||||||||||||
Trading liabilities | 40,392 | 578,279 | 5,564 | -547,423 | 76,812 | |||||||||||||||||||||||
Short-term borrowings | 0 | 5,888 | 165 | 0 | 6,053 | |||||||||||||||||||||||
Long-term debt | 0 | 52,682 | 9,780 | 0 | 62,462 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 9,081 | 0 | 0 | 9,081 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 20,680 | 6,217 | 0 | 26,897 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 9,509 | 2,552 | 0 | 12,061 | |||||||||||||||||||||||
Other liabilities | 0 | 19,386 | 2,859 | -274 | 21,971 | |||||||||||||||||||||||
of which failed sales | 0 | 638 | 1,143 | 0 | 1,781 | |||||||||||||||||||||||
Total liabilities at fair value | 61,490 | 738,573 | 18,537 | -547,697 | 270,903 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | ||||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Transfers | Transfers | Transfers | Transfers | |||||||||||||||||||||||||
to level 1 | out of level 1 | to level 1 | out of level 1 | |||||||||||||||||||||||||
out of level 2 | to level 2 | out of level 2 | to level 2 | |||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 1,108 | 533 | 499 | 92 | ||||||||||||||||||||||||
Equity | 513 | 391 | 437 | 183 | ||||||||||||||||||||||||
Derivatives | 5,785 | 500 | 5,090 | 2 | ||||||||||||||||||||||||
Trading assets | 7,406 | 1,424 | 6,026 | 277 | ||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Debt | 861 | 658 | 11 | 18 | ||||||||||||||||||||||||
Equity | 133 | 90 | 248 | 17 | ||||||||||||||||||||||||
Derivatives | 6,073 | 87 | 4,433 | 11 | ||||||||||||||||||||||||
Trading liabilities | 7,067 | 835 | 4,692 | 46 | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2014 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | 0 | -151 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 77 | |||||||||||||||
Debt | 5,069 | 1,260 | -3,018 | 5,554 | -5,435 | 0 | 0 | -60 | 535 | 0 | 0 | 560 | 4,465 | |||||||||||||||
of which corporates | 2,128 | 392 | -756 | 1,161 | -2,004 | 0 | 0 | -68 | 402 | 0 | 0 | 180 | 1,435 | |||||||||||||||
of which RMBS | 436 | 625 | -676 | 732 | -659 | 0 | 0 | 11 | 81 | 0 | 0 | 62 | 612 | |||||||||||||||
of which CMBS | 417 | 105 | -392 | 415 | -282 | 0 | 0 | 0 | -58 | 0 | 0 | 52 | 257 | |||||||||||||||
of which CDO | 1,567 | 112 | -697 | 2,593 | -2,402 | 0 | 0 | -8 | 61 | 0 | 0 | 195 | 1,421 | |||||||||||||||
Equity | 595 | 939 | -469 | 727 | -554 | 0 | 0 | 35 | 196 | 0 | 0 | 97 | 1,566 | |||||||||||||||
Derivatives | 5,217 | 2,156 | -1,168 | 0 | 0 | 2,330 | -3,334 | 110 | 941 | 0 | 0 | 571 | 6,823 | |||||||||||||||
of which interest rate products | 1,574 | 70 | -40 | 0 | 0 | 197 | -574 | 13 | 393 | 0 | 0 | 170 | 1,803 | |||||||||||||||
of which equity/index-related products | 1,240 | 132 | -534 | 0 | 0 | 405 | -417 | 120 | -26 | 0 | 0 | 143 | 1,063 | |||||||||||||||
of which credit derivatives | 1,138 | 1,891 | -575 | 0 | 0 | 536 | -899 | -28 | 379 | 0 | 0 | 127 | 2,569 | |||||||||||||||
Other | 2,829 | 863 | -878 | 4,168 | -3,288 | 0 | -201 | 17 | 404 | 0 | 0 | 412 | 4,326 | |||||||||||||||
Trading assets | 13,710 | 5,218 | -5,533 | 10,449 | -9,277 | 2,330 | -3,535 | 102 | 2,076 | 0 | 0 | 1,640 | 17,180 | |||||||||||||||
Investment securities | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |||||||||||||||
Equity | 5,363 | 2 | -22 | 727 | -3,512 | 0 | 0 | 0 | 22 | 0 | 534 | 323 | 3,437 | |||||||||||||||
Life finance instruments | 1,600 | 0 | 0 | 204 | -333 | 0 | 0 | 0 | 179 | 0 | 0 | 184 | 1,834 | |||||||||||||||
Other investments | 6,963 | 2 | -22 | 931 | -3,845 | 0 | 0 | 0 | 201 | 0 | 534 | 507 | 5,271 | |||||||||||||||
Loans | 7,998 | 500 | -601 | 1,024 | -2,012 | 4,878 | -3,168 | 3 | -173 | 0 | -2 | 906 | 9,353 | |||||||||||||||
of which commercial and industrial loans | 5,309 | 253 | -349 | 368 | -1,098 | 3,346 | -2,428 | 1 | -118 | 0 | -4 | 573 | 5,853 | |||||||||||||||
of which financial institutions | 1,322 | 156 | -163 | 16 | -422 | 943 | -482 | 0 | -33 | 0 | 5 | 152 | 1,494 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | 0 | 0 | 29 | 0 | 0 | 0 | 0 | -7 | 0 | 0 | 6 | 70 | |||||||||||||||
Other assets | 6,159 | 3,165 | -3,205 | 7,852 | -6,713 | 845 | -1,448 | 165 | -5 | 0 | 0 | 653 | 7,468 | |||||||||||||||
of which loans held-for-sale 2 | 5,615 | 3,154 | -3,174 | 7,486 | -6,382 | 845 | -1,448 | 169 | -2 | 0 | -1 | 589 | 6,851 | |||||||||||||||
Total assets at fair value | 35,078 | 8,885 | -9,512 | 20,285 | -21,847 | 8,053 | -8,151 | 270 | 2,092 | 0 | 532 | 3,737 | 39,422 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 55 | 0 | 0 | 0 | 0 | 45 | -19 | 0 | 16 | 0 | 0 | 3 | 100 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | 0 | -127 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 0 | |||||||||||||||
Trading liabilities | 5,564 | 2,471 | -1,655 | 36 | -39 | 1,526 | -2,778 | 251 | 469 | 0 | 0 | 572 | 6,417 | |||||||||||||||
of which interest rate derivatives | 1,129 | 56 | -109 | 0 | 0 | 72 | -499 | 1 | 429 | 0 | 0 | 123 | 1,202 | |||||||||||||||
of which foreign exchange derivatives | 938 | 0 | -2 | 0 | 0 | 5 | -239 | -4 | -205 | 0 | 0 | 67 | 560 | |||||||||||||||
of which equity/index-related derivatives | 1,896 | 478 | -941 | 0 | 0 | 656 | -890 | 273 | -201 | 0 | 0 | 195 | 1,466 | |||||||||||||||
of which credit derivatives | 1,230 | 1,906 | -587 | 0 | 0 | 473 | -885 | -16 | 496 | 0 | 0 | 143 | 2,760 | |||||||||||||||
Short-term borrowings | 165 | 67 | -74 | 0 | 0 | 382 | -456 | -3 | 0 | 0 | 0 | 14 | 95 | |||||||||||||||
Long-term debt | 9,780 | 2,441 | -3,475 | 0 | 0 | 8,432 | -3,870 | 144 | -338 | 0 | 0 | 1,494 | 14,608 | |||||||||||||||
of which structured notes over two years | 6,217 | 1,468 | -1,931 | 0 | 0 | 5,930 | -2,027 | -6 | -406 | 0 | 0 | 1,022 | 10,267 | |||||||||||||||
of which non-recourse liabilities | 2,552 | 924 | -1,007 | 0 | 0 | 1,170 | -1,153 | 155 | 10 | 0 | 0 | 301 | 2,952 | |||||||||||||||
Other liabilities | 2,859 | 121 | -133 | 530 | -1,215 | 647 | -233 | 11 | 114 | 3 | 359 | 295 | 3,358 | |||||||||||||||
of which failed sales | 1,143 | 76 | -50 | 292 | -949 | 0 | 0 | 0 | 29 | 0 | -2 | 77 | 616 | |||||||||||||||
Total liabilities at fair value | 18,537 | 5,100 | -5,464 | 566 | -1,254 | 11,032 | -7,356 | 403 | 261 | 3 | 359 | 2,391 | 24,578 | |||||||||||||||
Net assets/(liabilities) at fair value | 16,541 | 3,785 | -4,048 | 19,719 | -20,593 | -2,979 | -795 | -133 | 1,831 | -3 | 173 | 1,346 | 14,844 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Includes unrealized losses recorded in trading revenues of CHF (22) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2013 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 | 0 | 0 | 362 | -153 | 0 | 4 | 0 | 0 | -9 | 204 | |||||||||||||||
Debt | 5,830 | 1,418 | -1,977 | 6,363 | -6,984 | 0 | 0 | 165 | 465 | 0 | 0 | -211 | 5,069 | |||||||||||||||
of which corporates | 3,192 | 571 | -552 | 1,759 | -3,022 | 0 | 0 | 109 | 157 | 0 | 0 | -86 | 2,128 | |||||||||||||||
of which RMBS | 724 | 467 | -690 | 1,012 | -1,162 | 0 | 0 | 11 | 91 | 0 | 0 | -17 | 436 | |||||||||||||||
of which CMBS | 1,023 | 86 | -310 | 497 | -866 | 0 | 0 | -4 | 15 | 0 | 0 | -24 | 417 | |||||||||||||||
of which CDO | 447 | 55 | -357 | 3,072 | -1,810 | 0 | 0 | 36 | 197 | 0 | 0 | -73 | 1,567 | |||||||||||||||
Equity | 485 | 303 | -237 | 405 | -431 | 0 | 0 | 20 | 68 | -1 | 0 | -17 | 595 | |||||||||||||||
Derivatives | 6,650 | 1,442 | -2,208 | 0 | 0 | 1,766 | -2,446 | 230 | -53 | 0 | 0 | -164 | 5,217 | |||||||||||||||
of which interest rate products | 1,859 | 244 | -363 | 0 | 0 | 279 | -663 | 8 | 249 | 0 | 0 | -39 | 1,574 | |||||||||||||||
of which equity/index-related products | 1,920 | 223 | -1,020 | 0 | 0 | 207 | -538 | 184 | 330 | 0 | 0 | -66 | 1,240 | |||||||||||||||
of which credit derivatives | 1,294 | 923 | -633 | 0 | 0 | 627 | -631 | 38 | -461 | 0 | 0 | -19 | 1,138 | |||||||||||||||
Other | 2,486 | 288 | -487 | 3,266 | -2,656 | 0 | -65 | 8 | 83 | 0 | 0 | -94 | 2,829 | |||||||||||||||
Trading assets | 15,451 | 3,451 | -4,909 | 10,034 | -10,071 | 1,766 | -2,511 | 423 | 563 | -1 | 0 | -486 | 13,710 | |||||||||||||||
Investment securities | 170 | 0 | -230 | 165 | -82 | 0 | 0 | 0 | 9 | 0 | 0 | -30 | 2 | |||||||||||||||
Equity | 6,264 | 106 | -63 | 1,081 | -2,649 | 0 | 0 | 0 | -3 | 0 | 776 | -149 | 5,363 | |||||||||||||||
Life finance instruments | 1,818 | 0 | 0 | 189 | -365 | 0 | 0 | 0 | 1 | 0 | 0 | -43 | 1,600 | |||||||||||||||
Other investments | 8,082 | 106 | -63 | 1,270 | -3,014 | 0 | 0 | 0 | -2 | 0 | 776 | -192 | 6,963 | |||||||||||||||
Loans | 6,619 | 320 | -1,561 | 800 | -1,673 | 6,767 | -2,920 | 0 | -21 | 0 | 0 | -333 | 7,998 | |||||||||||||||
of which commercial and industrial loans | 4,778 | 305 | -315 | 727 | -1,280 | 3,541 | -2,171 | 1 | -85 | 0 | 0 | -192 | 5,309 | |||||||||||||||
of which financial institutions | 1,530 | 15 | -6 | 71 | -207 | 651 | -650 | 0 | -48 | 0 | 0 | -34 | 1,322 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 43 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | -12 | -1 | 42 | |||||||||||||||
Other assets | 5,164 | 3,552 | -2,998 | 4,781 | -4,213 | 1,034 | -1,148 | 5 | 199 | 0 | 0 | -217 | 6,159 | |||||||||||||||
of which loans held-for-sale | 4,463 | 3,539 | -2,918 | 4,456 | -3,964 | 1,034 | -1,147 | 5 | 348 | 0 | 0 | -201 | 5,615 | |||||||||||||||
Total assets at fair value | 35,529 | 7,429 | -9,761 | 17,062 | -19,053 | 9,929 | -6,732 | 428 | 752 | -1 | 764 | -1,268 | 35,078 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 25 | 0 | 0 | 0 | 0 | 51 | -3 | 0 | -13 | 0 | 0 | -5 | 55 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 | 0 | 0 | 119 | 0 | 0 | 0 | 0 | 0 | -5 | 114 | |||||||||||||||
Trading liabilities | 5,356 | 1,503 | -1,537 | 66 | -197 | 1,561 | -2,556 | 235 | 1,302 | 0 | 0 | -169 | 5,564 | |||||||||||||||
of which interest rate derivatives | 1,357 | 75 | -134 | 0 | 0 | 107 | -508 | 10 | 254 | 0 | 0 | -32 | 1,129 | |||||||||||||||
of which foreign exchange derivatives | 1,648 | 13 | -21 | 0 | 0 | 15 | -662 | -16 | -21 | 0 | 0 | -18 | 938 | |||||||||||||||
of which equity/index-related derivatives | 1,003 | 360 | -676 | 0 | 0 | 632 | -380 | 210 | 831 | 0 | 0 | -84 | 1,896 | |||||||||||||||
of which credit derivatives | 819 | 1,001 | -590 | 0 | 0 | 655 | -856 | 39 | 186 | 0 | 0 | -24 | 1,230 | |||||||||||||||
Short-term borrowings | 124 | 43 | -99 | 0 | 0 | 318 | -216 | 0 | 3 | 0 | 0 | -8 | 165 | |||||||||||||||
Long-term debt | 10,098 | 2,322 | -2,375 | 0 | 0 | 5,006 | -5,330 | 25 | 321 | 0 | -1 | -286 | 9,780 | |||||||||||||||
of which structured notes over two years | 6,189 | 453 | -1,226 | 0 | 0 | 3,602 | -2,534 | -18 | -36 | 0 | -1 | -212 | 6,217 | |||||||||||||||
of which non-recourse liabilities | 2,551 | 1,836 | -670 | 0 | 0 | 818 | -2,128 | 24 | 151 | 0 | 0 | -30 | 2,552 | |||||||||||||||
Other liabilities | 2,847 | 227 | -149 | 213 | -393 | 10 | -86 | -17 | 70 | 26 | 217 | -106 | 2,859 | |||||||||||||||
of which failed sales | 1,160 | 176 | -82 | 154 | -308 | 0 | 0 | 0 | 72 | 0 | 0 | -29 | 1,143 | |||||||||||||||
Total liabilities at fair value | 18,450 | 4,095 | -4,160 | 279 | -590 | 7,065 | -8,191 | 243 | 1,683 | 26 | 216 | -579 | 18,537 | |||||||||||||||
Net assets/(liabilities) at fair value | 17,079 | 3,334 | -5,601 | 16,783 | -18,463 | 2,864 | 1,459 | 185 | -931 | -27 | 548 | -689 | 16,541 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | ||||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Trading | Other | Total | Trading | Other | Total | |||||||||||||||||||||||
revenues | revenues | revenues | revenues | revenues | revenues | |||||||||||||||||||||||
Gains and losses on assets and liabilities (CHF million) | ||||||||||||||||||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | 1,698 | 170 | 1,868 | 1 | -746 | 521 | -225 | 1 | ||||||||||||||||||||
Whereof: | ||||||||||||||||||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -834 | 23 | -811 | -2,852 | 245 | -2,607 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77 | Discounted cash flow | Funding spread, in bp | 350 | 350 | 350 | ||||||||||||||||||||||
Debt | 4,465 | |||||||||||||||||||||||||||
of which corporates | 1,435 | |||||||||||||||||||||||||||
of which | 201 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which | 180 | Market comparable | Price, in % | 0 | 124 | 67 | ||||||||||||||||||||||
of which | 1,051 | Discounted cash flow | Credit spread, in bp | 9 | 1,644 | 361 | ||||||||||||||||||||||
of which RMBS | 612 | Discounted cash flow | Discount rate, in % | 1 | 31 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 29 | 8 | |||||||||||||||||||||||||
Default rate, in % | 1 | 19 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 50 | |||||||||||||||||||||||||
of which CMBS | 257 | Discounted cash flow | Capitalization rate, in % | 7 | 10 | 8 | ||||||||||||||||||||||
Discount rate, in % | 0 | 28 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 12 | |||||||||||||||||||||||||
Default rate, in % | 0 | 21 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 35 | 3 | |||||||||||||||||||||||||
of which CDO | 1,421 | |||||||||||||||||||||||||||
of which | 89 | Vendor price | Price, in % | 0 | 100 | 95 | ||||||||||||||||||||||
of which | 286 | Discounted cash flow | Discount rate, in % | 3 | 23 | 7 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 17 | |||||||||||||||||||||||||
Default rate, in % | 0 | 7 | 2 | |||||||||||||||||||||||||
Loss severity, in % | 3 | 100 | 35 | |||||||||||||||||||||||||
of which | 837 | Market comparable | Price, in % | 93 | 196 | 191 | ||||||||||||||||||||||
Equity | 1,566 | |||||||||||||||||||||||||||
of which | 765 | Market comparable | EBITDA multiple | 3 | 13 | 9 | ||||||||||||||||||||||
Price, in % | 1 | 163 | 51 | |||||||||||||||||||||||||
of which | 26 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 6,823 | |||||||||||||||||||||||||||
of which interest rate products | 1,803 | Option model | Correlation, in % | 9 | 100 | 76 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 24 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 3 | -1 | |||||||||||||||||||||||||
Mean reversion, in % | 3 | 5 | 10 | 10 | ||||||||||||||||||||||||
Credit spread, in bp | 229 | 1,218 | 1,046 | |||||||||||||||||||||||||
of which equity/index-related products | 1,063 | Option model | Correlation, in % | -88 | 97 | 8 | ||||||||||||||||||||||
Volatility, in % | 0 | 276 | 27 | |||||||||||||||||||||||||
of which credit derivatives | 2,569 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 614 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 20 | |||||||||||||||||||||||||
Discount rate, in % | 1 | 38 | 18 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 46 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 9 | 4 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 106 | 80 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Other | 4,326 | |||||||||||||||||||||||||||
of which | 3,493 | Market comparable | Price, in % | 0 | 104 | 50 | ||||||||||||||||||||||
of which | 770 | Discounted cash flow | Market implied life expectancy, in years | 3 | 20 | 9 | ||||||||||||||||||||||
Trading assets | 17,180 | |||||||||||||||||||||||||||
Investment securities | 3 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 1,268 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 314 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,855 | |||||||||||||||||||||||||||
of which private | 1,855 | |||||||||||||||||||||||||||
of which | 337 | Discounted cash flow | Contingent probability, in % | 69 | 69 | 69 | ||||||||||||||||||||||
of which | 1,051 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Life finance instruments | 1,834 | Discounted cash flow | Market implied life expectancy, in years | 2 | 21 | 8 | ||||||||||||||||||||||
Other investments | 5,271 | |||||||||||||||||||||||||||
Loans | 9,353 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,853 | |||||||||||||||||||||||||||
of which | 5,011 | Discounted cash flow | Credit spread, in bp | 34 | 2,528 | 462 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 100 | 68 | |||||||||||||||||||||||||
of which | 650 | Market comparable | Price, in % | 0 | 100 | 82 | ||||||||||||||||||||||
of which financial institutions | 1,494 | Discounted cash flow | Credit spread, in bp | 60 | 813 | 304 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 70 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 7,468 | |||||||||||||||||||||||||||
of which loans held-for-sale | 6,851 | |||||||||||||||||||||||||||
of which | 2,654 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 1,321 | Discounted cash flow | Credit spread, in bp | 146 | 2,047 | 334 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 39 | 30 | |||||||||||||||||||||||||
of which | 2,430 | Market comparable | Price, in % | 0 | 100 | 67 | ||||||||||||||||||||||
Total level 3 assets at fair value | 39,422 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | Discounted cash flow | Funding spread, in bp | 90 | 350 | 178 | ||||||||||||||||||||||
Debt | 5,069 | |||||||||||||||||||||||||||
of which corporates | 2,128 | |||||||||||||||||||||||||||
of which | 129 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which | 592 | Market comparable | Price, in % | 0 | 112 | 91 | ||||||||||||||||||||||
of which | 807 | Discounted cash flow | Credit spread, in bp | 22 | 957 | 348 | ||||||||||||||||||||||
of which RMBS | 436 | Discounted cash flow | Discount rate, in % | 2 | 33 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 27 | 7 | |||||||||||||||||||||||||
Default rate, in % | 0 | 25 | 5 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 48 | |||||||||||||||||||||||||
of which CMBS | 417 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | 9 | ||||||||||||||||||||||
Discount rate, in % | 1 | 30 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 18 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 40 | 3 | |||||||||||||||||||||||||
of which CDO | 1,567 | |||||||||||||||||||||||||||
of which | 118 | Vendor price | Price, in % | 0 | 100 | 94 | ||||||||||||||||||||||
of which | 278 | Discounted cash flow | Discount rate, in % | 2 | 24 | 6 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 7 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 25 | 100 | 68 | |||||||||||||||||||||||||
of which | 423 | Market comparable | Price, in % | 85 | 101 | 98 | ||||||||||||||||||||||
Equity | 595 | |||||||||||||||||||||||||||
of which | 270 | Market comparable | EBITDA multiple | 3 | 12 | 7 | ||||||||||||||||||||||
of which | 35 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,217 | |||||||||||||||||||||||||||
of which interest rate products | 1,574 | Option model | Correlation, in % | 15 | 100 | 82 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 24 | |||||||||||||||||||||||||
Volatility, in % | 2 | 31 | 6 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 95 | 2,054 | 218 | |||||||||||||||||||||||||
of which equity/index-related products | 1,240 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
of which credit derivatives | 1,138 | Discounted cash flow | Credit spread, in bp | 1 | 2,054 | 298 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 25 | |||||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 16 | 6 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 59 | |||||||||||||||||||||||||
Correlation, in % | 34 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 5 | |||||||||||||||||||||||||
Other | 2,829 | |||||||||||||||||||||||||||
of which | 2,139 | Market comparable | Price, in % | 0 | 146 | 34 | ||||||||||||||||||||||
of which | 589 | Discounted cash flow | Market implied life expectancy, in years | 3 | 19 | 9 | ||||||||||||||||||||||
Trading assets | 13,710 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Investment securities | 2 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 3,339 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 392 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,632 | |||||||||||||||||||||||||||
of which private | 1,631 | |||||||||||||||||||||||||||
of which | 384 | Discounted cash flow | Credit spread, in bp | 897 | 3,175 | 1,207 | ||||||||||||||||||||||
Contingent probability, in % | 59 | 59 | 59 | |||||||||||||||||||||||||
of which | 813 | Market comparable | EBITDA multiple | 1 | 10 | 8 | ||||||||||||||||||||||
Life finance instruments | 1,600 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 9 | ||||||||||||||||||||||
Other investments | 6,963 | |||||||||||||||||||||||||||
Loans | 7,998 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,309 | |||||||||||||||||||||||||||
of which | 4,526 | Discounted cash flow | Credit spread, in bp | 50 | 2,488 | 504 | ||||||||||||||||||||||
of which | 326 | Market comparable | Price, in % | 0 | 100 | 69 | ||||||||||||||||||||||
of which financial institutions | 1,322 | Discounted cash flow | Credit spread, in bp | 98 | 884 | 302 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | – | – | – | – | |||||||||||||||||||||||
Other assets | 6,159 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,615 | |||||||||||||||||||||||||||
of which | 1,954 | Vendor price | Price, in % | 0 | 160 | 99 | ||||||||||||||||||||||
of which | 1,042 | Discounted cash flow | Credit spread, in bp | 75 | 2,389 | 467 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 0 | |||||||||||||||||||||||||
of which | 2,420 | Market comparable | Price, in % | 0 | 105 | 59 | ||||||||||||||||||||||
Total level 3 assets at fair value | 35,078 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 100 | – | – | – | – | – | ||||||||||||||||||||||
Trading liabilities | 6,417 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,202 | Option model | Basis spread, in bp | -11 | 85 | 44 | ||||||||||||||||||||||
Correlation, in % | 9 | 100 | 78 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 9 | ||||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 21 | |||||||||||||||||||||||||
Gap risk, in % | 3 | 20 | 20 | 20 | ||||||||||||||||||||||||
of which foreign exchange derivatives | 560 | Option model | Correlation, in % | -10 | 70 | 50 | ||||||||||||||||||||||
Prepayment rate, in % | 22 | 33 | 28 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,466 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Skew, in % | 44 | 260 | 110 | |||||||||||||||||||||||||
Volatility, in % | 1 | 276 | 27 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which credit derivatives | 2,760 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 508 | ||||||||||||||||||||||
Discount rate, in % | 2 | 34 | 17 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 28 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 9 | 94 | 57 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 82 | 64 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 12 | 4 | |||||||||||||||||||||||||
Short-term borrowings | 95 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 14,608 | |||||||||||||||||||||||||||
of which structured notes over two years | 10,267 | |||||||||||||||||||||||||||
of which | 8,002 | Option model | Correlation, in % | -88 | 99 | 18 | ||||||||||||||||||||||
Volatility, in % | 4 | 276 | 30 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
Gap risk, in % | 3 | 0 | 3 | 0 | ||||||||||||||||||||||||
of which | 515 | Discounted cash flow | Credit spread, in bp | 228 | 597 | 455 | ||||||||||||||||||||||
of which non-recourse liabilities | 2,952 | |||||||||||||||||||||||||||
of which | 2,766 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 90 | Market comparable | Price, in % | 0 | 100 | 7 | ||||||||||||||||||||||
Other liabilities | 3,358 | |||||||||||||||||||||||||||
of which failed sales | 616 | |||||||||||||||||||||||||||
of which | 450 | Market comparable | Price, in % | 0 | 103 | 63 | ||||||||||||||||||||||
of which | 124 | Discounted cash flow | Credit spread, in bp | 852 | 1,286 | 912 | ||||||||||||||||||||||
Recovery rate, in % | 39 | 39 | 39 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 24,578 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values between collateral settlement dates. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 55 | – | – | – | – | – | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | Discounted cash flow | Funding spread, in bp | 90 | 90 | 90 | ||||||||||||||||||||||
Trading liabilities | 5,564 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,129 | Option model | Basis spread, in bp | -5 | 148 | 74 | ||||||||||||||||||||||
Correlation, in % | 17 | 99 | 62 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 6 | ||||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 23 | |||||||||||||||||||||||||
of which foreign exchange derivatives | 938 | Option model | Correlation, in % | -10 | 70 | 48 | ||||||||||||||||||||||
Prepayment rate, in % | 19 | 31 | 25 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,896 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Skew, in % | 79 | 152 | 118 | |||||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which credit derivatives | 1,230 | Discounted cash flow | Credit spread, in bp | 1 | 2,052 | 252 | ||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 6 | |||||||||||||||||||||||||
Recovery rate, in % | 14 | 77 | 43 | |||||||||||||||||||||||||
Loss severity, in % | 6 | 100 | 62 | |||||||||||||||||||||||||
Correlation, in % | 34 | 98 | 55 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 2 | |||||||||||||||||||||||||
Short-term borrowings | 165 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 9,780 | |||||||||||||||||||||||||||
of which structured notes over two years | 6,217 | Option model | Correlation, in % | -83 | 99 | 16 | ||||||||||||||||||||||
Volatility, in % | 5 | 252 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
Gap risk, in % | 4 | 0 | 5 | 0 | ||||||||||||||||||||||||
of which non-recourse liabilities | 2,552 | |||||||||||||||||||||||||||
of which | 2,105 | Vendor price | Price, in % | 0 | 217 | 104 | ||||||||||||||||||||||
of which | 301 | Market comparable | Price, in % | 0 | 93 | 13 | ||||||||||||||||||||||
Other liabilities | 2,859 | |||||||||||||||||||||||||||
of which failed sales | 1,143 | |||||||||||||||||||||||||||
of which | 829 | Market comparable | Price, in % | 0 | 100 | 63 | ||||||||||||||||||||||
of which | 195 | Discounted cash flow | Credit spread, in bp | 813 | 1,362 | 1,185 | ||||||||||||||||||||||
Recovery rate, in % | 23 | 23 | 23 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,537 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values between collateral settlement dates. | ||||||||||||||||||||||||||||
Fair value, unfunded commitments and term of redemption conditions | ||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Redeemable | Unfunded | Redeemable | Unfunded | |||||||||||||||||||||||||
Non- | Total | commit- | Non- | Total | commit- | |||||||||||||||||||||||
redeemable | fair value | ments | redeemable | fair value | ments | |||||||||||||||||||||||
Fair value and unfunded commitments (CHF million) | ||||||||||||||||||||||||||||
Debt funds | 7 | 106 | 113 | 0 | 1 | 18 | 19 | 0 | ||||||||||||||||||||
Equity funds | 102 | 1,842 | 1 | 1,944 | 0 | 28 | 3,096 | 2 | 3,124 | 0 | ||||||||||||||||||
Equity funds sold short | 0 | -42 | -42 | 0 | 0 | -17 | -17 | 0 | ||||||||||||||||||||
Total funds held in trading assets and liabilities | 109 | 1,906 | 2,015 | 0 | 29 | 3,097 | 3,126 | 0 | ||||||||||||||||||||
Debt funds | 296 | 187 | 483 | 1 | 320 | 183 | 503 | 6 | ||||||||||||||||||||
Equity funds | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 0 | ||||||||||||||||||||
Others | 0 | 50 | 50 | 0 | 0 | 153 | 153 | 31 | ||||||||||||||||||||
Hedge funds | 296 | 237 | 3 | 533 | 1 | 320 | 361 | 4 | 681 | 37 | ||||||||||||||||||
Debt funds | 17 | 0 | 17 | 15 | 53 | 0 | 53 | 2 | ||||||||||||||||||||
Equity funds | 567 | 0 | 567 | 122 | 2,230 | 0 | 2,230 | 464 | ||||||||||||||||||||
Real estate funds | 302 | 0 | 302 | 98 | 350 | 0 | 350 | 110 | ||||||||||||||||||||
Others | 382 | 0 | 382 | 158 | 706 | 0 | 706 | 250 | ||||||||||||||||||||
Private equities | 1,268 | 0 | 1,268 | 393 | 3,339 | 0 | 3,339 | 826 | ||||||||||||||||||||
Equity method investments | 378 | 43 | 421 | 0 | 349 | 0 | 349 | 0 | ||||||||||||||||||||
Total funds held in other investments | 1,942 | 280 | 2,222 | 394 | 4,008 | 361 | 4,369 | 863 | ||||||||||||||||||||
Total fair value | 2,051 | 5 | 2,186 | 6 | 4,237 | 394 | 7 | 4,037 | 5 | 3,458 | 6 | 7,495 | 863 | 7 | ||||||||||||||
1 | ||||||||||||||||||||||||||||
42 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days , 28 % is redeemable on an annual basis with a notice period of more than 60 days , 16 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 14 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
87 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , and 11 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||
Includes CHF 612 million and CHF 1,819 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||
Includes CHF 138 million and CHF 107 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||
Includes CHF 185 million and CHF 405 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | ||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) | ||||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis | 1.4 | 0.3 | ||||||||||||||||||||||||||
of which level 2 | 1.2 | 0 | ||||||||||||||||||||||||||
of which level 3 | 0.2 | 0.3 | ||||||||||||||||||||||||||
Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments | ||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Aggregate | Aggregate | Difference | Aggregate | Aggregate | Difference | |||||||||||||||||||||||
fair | unpaid | fair | unpaid | |||||||||||||||||||||||||
value | principal | value | principal | |||||||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||||||
Non-interest-earning loans | 1,147 | 3,816 | -2,669 | 956 | 3,262 | -2,306 | ||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 0 | 0 | 311 | 307 | 4 | ||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 104,027 | 256 | 96,587 | 96,217 | 370 | ||||||||||||||||||||||
Loans | 22,913 | 23,782 | -869 | 19,457 | 19,653 | -196 | ||||||||||||||||||||||
Other assets 1 | 26,088 | 33,091 | -7,003 | 20,749 | 25,756 | -5,007 | ||||||||||||||||||||||
Due to banks and customer deposits | -914 | -873 | -41 | -690 | -680 | -10 | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,732 | -54,661 | -71 | -76,104 | -76,012 | -92 | ||||||||||||||||||||||
Short-term borrowings | -3,861 | -3,918 | 57 | -6,053 | -5,896 | -157 | ||||||||||||||||||||||
Long-term debt | -80,260 | -80,344 | 84 | -62,462 | -62,102 | -360 | ||||||||||||||||||||||
Other liabilities | -1,268 | -2,767 | 1,499 | -1,780 | -3,285 | 1,505 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily loans held-for-sale. | ||||||||||||||||||||||||||||
Gains and losses on financial instruments | ||||||||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Net | Net | Net | ||||||||||||||||||||||||||
gains/ | gains/ | gains/ | ||||||||||||||||||||||||||
(losses) | (losses) | (losses) | ||||||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 0 | -13 | 2 | ||||||||||||||||||||||||
of which related to credit risk | 0 | 0 | -13 | |||||||||||||||||||||||||
Interest-bearing deposits with banks | 9 | 1 | 10 | 1 | 12 | 1 | ||||||||||||||||||||||
of which related to credit risk | 3 | -3 | 3 | |||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 913 | 1 | 1,143 | 1 | 1,183 | 1 | ||||||||||||||||||||||
Other trading assets | 0 | 0 | 10 | 2 | ||||||||||||||||||||||||
Other investments | 373 | 3 | 126 | 3 | 144 | 3 | ||||||||||||||||||||||
of which related to credit risk | 5 | 11 | 34 | |||||||||||||||||||||||||
Loans | 10 | 2 | 1,470 | 1 | 925 | 1 | ||||||||||||||||||||||
of which related to credit risk | -151 | 26 | 318 | |||||||||||||||||||||||||
Other assets | 1,302 | 1 | 2,058 | 1 | 2,641 | 1 | ||||||||||||||||||||||
of which related to credit risk | 387 | 604 | 355 | |||||||||||||||||||||||||
Due to banks and customer deposits | -59 | 2 | 0 | -22 | 1 | |||||||||||||||||||||||
of which related to credit risk | -17 | -5 | 8 | |||||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 205 | 2 | -67 | 1 | -114 | 1 | ||||||||||||||||||||||
Short-term borrowings | 152 | 2 | -256 | 2 | -350 | 2 | ||||||||||||||||||||||
Long-term debt | 678 | 2 | -2,738 | 2 | -7,905 | 2 | ||||||||||||||||||||||
of which related to credit risk 4 | 527 | -334 | -2,552 | |||||||||||||||||||||||||
Other liabilities | -175 | 2 | 413 | 2 | 826 | 2 | ||||||||||||||||||||||
of which related to credit risk | -162 | 112 | 912 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily recognized in net interest income. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily recognized in trading revenues. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Primarily recognized in other revenues. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Changes in fair value related to credit risk are due to the change in the Bank's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. | ||||||||||||||||||||||||||||
Carrying value and fair value of financial instruments not carried at fair value | ||||||||||||||||||||||||||||
Carrying | Fair value | |||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 0 | 58,925 | 0 | 58,925 | |||||||||||||||||||||||
Loans | 230,340 | 0 | 232,271 | 3,678 | 235,949 | |||||||||||||||||||||||
Other financial assets 1 | 149,925 | 79,170 | 69,554 | 1,482 | 150,206 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 379,992 | 208,759 | 171,230 | 0 | 379,989 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 0 | 15,387 | 0 | 15,387 | |||||||||||||||||||||||
Short-term borrowings | 22,061 | 0 | 22,064 | 0 | 22,064 | |||||||||||||||||||||||
Long-term debt | 92,687 | 0 | 92,908 | 1,201 | 94,109 | |||||||||||||||||||||||
Other financial liabilities 2 | 84,874 | 15 | 84,146 | 585 | 84,746 | |||||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 63,426 | 0 | 62,882 | 544 | 63,426 | |||||||||||||||||||||||
Loans | 209,070 | 0 | 209,821 | 3,940 | 213,761 | |||||||||||||||||||||||
Other financial assets 1 | 143,831 | 71,522 | 71,134 | 1,473 | 144,129 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 340,104 | 203,960 | 136,064 | 9 | 340,033 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 17,928 | 0 | 17,928 | 0 | 17,928 | |||||||||||||||||||||||
Short-term borrowings | 14,140 | 0 | 14,148 | 0 | 14,148 | |||||||||||||||||||||||
Long-term debt | 64,279 | 0 | 61,518 | 3,774 | 65,292 | |||||||||||||||||||||||
Other financial liabilities 2 | 96,655 | 1,128 | 94,458 | 1,085 | 96,671 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. |
Assets_pledged_and_collateral
Assets pledged and collateral | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Assets pledged and collateral | 35 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 | 2014 | 2013 | ||||
Assets pledged (CHF million) | ||||||
Total assets pledged or assigned as collateral | 153,982 | 142,952 | ||||
of which encumbered | 103,245 | 92,300 | ||||
Collateral | ||||||
The Group receives cash and securities in connection with resale agreements, securities borrowing and loans, derivative transactions and margined broker loans. A substantial portion of the collateral and securities received by the Group was sold or repledged in connection with repurchase agreements, securities sold not yet purchased, securities borrowings and loans, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans. | ||||||
Collateral | ||||||
end of | 2014 | 2013 | ||||
Collateral (CHF million) | ||||||
Fair value of collateral received with the right to sell or repledge | 444,852 | 359,517 | ||||
of which sold or repledged | 336,228 | 267,896 | ||||
Other information | ||||||
end of | 2014 | 2013 | ||||
Other information (CHF million) | ||||||
Cash and securities restricted under foreign banking regulations | 26,286 | 18,130 | ||||
Swiss National Bank required minimum liquidity reserves | 2,202 | 2,447 | ||||
Bank | ||||||
Assets pledged and collateral | 34 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 | 2014 | 2013 | ||||
Assets pledged (CHF million) | ||||||
Total assets pledged or assigned as collateral | 148,345 | 137,207 | ||||
of which encumbered | 103,245 | 92,300 | ||||
Collateral | ||||||
The Bank receives cash and securities in connection with resale agreements, securities borrowing and loans, derivative transactions and margined broker loans. A substantial portion of the collateral and securities received by the Bank was sold or repledged in connection with repurchase agreements, securities sold not yet purchased, securities borrowings and loans, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans. | ||||||
Collateral | ||||||
end of | 2014 | 2013 | ||||
Collateral (CHF million) | ||||||
Fair value of collateral received with the right to sell or repledge | 444,852 | 359,508 | ||||
of which sold or repledged | 336,301 | 267,902 | ||||
Other information | ||||||
end of | 2014 | 2013 | ||||
Other information (CHF million) | ||||||
Cash and securities restricted under foreign banking regulations | 26,286 | 18,130 | ||||
Swiss National Bank required minimum liquidity reserves | 2,051 | 2,305 | ||||
> Refer to “Note 35 – Assets pledged and collateral” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Capital_adequacy
Capital adequacy | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Capital adequacy | 36 Capital adequacy | |||||
The Group is subject to regulation by FINMA. The capital levels of the Group are subject to qualitative judgments by regulators, including FINMA, about the components of capital, risk weightings and other factors. Since January 2013, the Group has operated under the international capital adequacy standards known as >>>Basel III, as issued by the BCBS, the standard setting committee within the >>>Bank for International Settlements (BIS). These standards have affected the measurement of both total eligible capital and >>>risk-weighted assets. The Group has based its capital adequacy calculations on US GAAP, as permitted by FINMA Circular 2008/34. | ||||||
According to FINMA and BIS capital requirements, total regulatory capital is comprised of the following categories: CET1, tier 1 capital and tier 2 capital. CET1 capital consists of total shareholders’ equity, regulatory adjustments, including a cumulative dividend accrual, and certain adjustments subject to phase in, including an adjustment for the accounting treatment of pension plans. Tier 1 capital consists of CET1 and additional tier 1 capital, which includes high-trigger and low-trigger capital instruments, certain instruments subject to phase out and deductions from additional tier 1 capital. Deductions from tier 1 capital during the phase-in period include, among other items, goodwill and intangible assets and other capital deductions, including gains/(losses) due to changes in own credit risks on fair valued financial liabilities, that will be deducted from CET1 once Basel III is fully implemented. Tier 1 capital is supplemented for capital adequacy purposes by tier 2 capital, which consists primarily of unsecured, subordinated instruments that are senior only to tier 1 instruments. The sum of tier 1 and tier 2 capital equals total eligible capital. | ||||||
Risk-weighted assets include consolidated balance sheet assets, net positions in securities not held in the trading portfolio, off-balance sheet transactions converted into credit equivalents, market positions in the trading portfolio and operational risk from processes, people, systems and external events. | ||||||
As of December 31, 2014 and 2013, the Group was adequately capitalized under the regulatory provisions outlined under both FINMA and BIS guidelines. | ||||||
BIS statistics – Basel III | ||||||
end of | 2014 | 2013 | ||||
Eligible capital (CHF million) | ||||||
CET1 capital | 43,322 | 42,989 | ||||
Additional tier 1 capital | 6,482 | 3,072 | ||||
Total tier 1 capital | 49,804 | 46,061 | ||||
Tier 2 capital | 10,947 | 10,227 | ||||
Total eligible capital | 60,751 | 56,288 | ||||
Risk-weighted assets (CHF million) | ||||||
Credit risk | 192,663 | 175,631 | ||||
Market risk | 34,468 | 39,133 | ||||
Operational risk | 58,413 | 53,075 | ||||
Non-counterparty risk | 5,866 | 6,007 | ||||
Risk-weighted assets | 291,410 | 273,846 | ||||
Capital ratios (%) | ||||||
CET1 ratio | 14.9 | 15.7 | ||||
Tier 1 ratio | 17.1 | 16.8 | ||||
Total capital ratio | 20.8 | 20.6 | ||||
Broker-dealer operations | ||||||
Certain Group broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2014 and 2013, the Group and its subsidiaries, with one exception, complied with all applicable regulatory capital adequacy requirements. As of December 31, 2014, due to an operational delay in the return of cash collateral from an affiliate, CS Capital LLC was left with an unsecured receivable that led to a capital charge of the same amount. The capital charge resulted in CS Capital LLC failing to meet the minimum net capital requirement as of December 31, 2014. On January 2, 2015, the cash collateral was returned to CS Capital LLC and the net capital deficiency was cured. | ||||||
Dividend restrictions | ||||||
Certain of the Group’s subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). | ||||||
Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits from previous business years, or if the free reserves of the corporation are sufficient to allow distribution of a dividend. In addition, at least 5% of the annual net profits must be retained and booked as general legal reserves for so long as these reserves amount to less than 20% of the paid-in share capital. The reserves currently exceed this 20% threshold. Furthermore, dividends may be paid out only after shareholder approval at the Annual General Meeting. | ||||||
As of December 31, 2014 and 2013, the Group was not subject to restrictions on its ability to pay the proposed dividends. | ||||||
Bank | ||||||
Capital adequacy | 35 Capital adequacy | |||||
The Bank is subject to regulation by >>>FINMA. The capital levels of the Bank are subject to qualitative judgments by regulators, including FINMA, about the components of capital, risk weightings and other factors. Since January 2013, the Bank has operated under the international capital adequacy standards known as >>>Basel III, as issued by the >>>Basel Committee on Banking Supervision (BCBS), the standard setting committee within the >>>Bank for International Settlements (BIS). These standards have affected the measurement of both total eligible capital and >>>risk-weighted assets. | ||||||
As of December 31, 2014 and 2013, the Bank was adequately capitalized under the regulatory provisions outlined under both FINMA and the BIS guidelines. | ||||||
> Refer to “Note 36 – Capital adequacy” in V – Consolidated financial statements – Credit Suisse Group for further information. | ||||||
Broker-dealer operations | ||||||
Certain Group broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2014 and 2013, the Bank and its subsidiaries, with one exception, complied with all applicable regulatory capital adequacy requirements. As of December 31, 2014, due to an operational delay in the return of cash collateral from an affiliate, CS Capital LLC was left with an unsecured receivable that led to a capital charge of the same amount. The capital charge resulted in CS Capital LLC failing to meet the minimum net capital requirement as of December 31, 2014. On January 2, 2015, the cash collateral was returned to CS Capital LLC and the net capital deficiency was cured. | ||||||
Dividend restrictions | ||||||
Certain of the Bank’s subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). | ||||||
As of December 31, 2014 and 2013, the Bank was not subject to restrictions on its ability to pay the proposed dividends. | ||||||
BIS statistics – Basel III | ||||||
end of | 2014 | 2013 | ||||
Eligible capital (CHF million) | ||||||
CET1 capital | 40,853 | 37,700 | ||||
Additional tier 1 capital | 6,261 | 3,069 | ||||
Total tier 1 capital | 47,114 | 40,769 | ||||
Tier 2 capital | 10,997 | 11,577 | ||||
Total eligible capital | 58,111 | 52,346 | ||||
Risk-weighted assets (CHF million) | ||||||
Credit risk | 184,531 | 166,245 | ||||
Market risk | 34,439 | 39,111 | ||||
Operational risk | 58,413 | 53,075 | ||||
Non-counterparty risk | 5,611 | 5,758 | ||||
Risk-weighted assets | 282,994 | 264,189 | ||||
Capital ratios (%) | ||||||
CET1 ratio | 14.4 | 14.3 | ||||
Tier 1 ratio | 16.6 | 15.4 | ||||
Total capital ratio | 20.5 | 19.8 |
Assets_under_management
Assets under management | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Assets under management | 37 Assets under management | |||||
The following disclosure provides information regarding assets under management and net new assets as regulated by FINMA. | ||||||
Assets under management include assets from clients for which the Group provides investment advisory or discretionary asset management services. Assets that are held solely for transaction-related or safekeeping/custody purposes are not considered assets under management. Assets of corporate clients and public institutions that are used primarily for cash management or transaction-related purposes are also not considered assets under management. The classification of assets under management is individually assessed on the basis of each client’s intentions and objectives and the banking services provided to the client. Reclassifications between assets under management and assets held for transaction-related or safekeeping purposes result in corresponding net assets inflows or outflows. | ||||||
Net new assets measure the degree of success in acquiring assets under management. The calculation is based on the direct method, taking into account individual cash payments, security deliveries and cash flows resulting from loan increases or repayments. Interest and dividend income credited to clients and commissions, interest and fees charged for banking services are not taken into account when calculating net new assets, as such charges are not directly related to the Group’s success in acquiring assets under management. Similarly, changes in assets under management due to currency and market volatility as well as asset inflows and outflows due to the acquisition or divestiture of businesses are not part of net new assets. | ||||||
A portion of the Group’s assets under management result from double counting. Double counting arises when assets under management are subject to more than one level of asset management services. Each such 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 | ||||||
in / end of | 2014 | 2013 | ||||
Assets under management (CHF billion) | ||||||
Assets in collective investment instruments managed by Credit Suisse | 158.6 | 160.3 | ||||
Assets with discretionary mandates | 270.5 | 255.4 | ||||
Other assets under management | 948.2 | 866.7 | ||||
Assets under management (including double counting) 1 | 1,377.30 | 1,282.40 | ||||
of which double counting | 47.4 | 47 | ||||
Net new assets (CHF billion) | ||||||
Total net new assets (including double counting) 2 | 28.2 | 32.1 | ||||
1 | ||||||
Includes CHF 0.0 billion and CHF 29.0 billion assets under management from discontinued operations as of December 31, 2014 and 2013, respectively. | ||||||
2 | ||||||
Includes CHF (2.0) billion and CHF (4.0) billion net asset outflows from discontinued operations in 2014 and 2013, respectively. |
Litigation
Litigation | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Litigation | 38 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 | ||||
2014 | ||||
CHF million | ||||
Balance at beginning of period | 2,332 | |||
Increase in litigation accruals | 2,899 | |||
Decrease in litigation accruals | -143 | |||
Decrease for settlements and other cash payments | -4,256 | |||
Foreign exchange translation | 190 | |||
Balance at end of period | 1,022 | |||
The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed below for which the Group believes an estimate is possible is zero to CHF 1.8 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. | ||||
Research-related litigation | ||||
Putative class action lawsuits were filed against Credit Suisse Securities (USA) LLC (CSS LLC) in the wake of publicity surrounding the 2002 industry-wide governmental and regulatory investigations into research analyst practices, with In re Credit Suisse – AOL Securities Litigation, filed in the US District Court for the District of Massachusetts, being the remaining outstanding matter. The case was brought on behalf of a class of purchasers of common shares of the former AOL Time Warner Inc. (AOL) who have alleged that CSS LLC’s equity research coverage of AOL between January 2001 and July 2002 was false and misleading. The second amended complaint in this action asserted federal securities fraud and control person liability claims against CSS LLC and certain affiliates and former employees of CSS LLC. Plaintiffs estimated damages of approximately USD 3.9 billion. On January 13, 2012, the district court granted summary judgment in favor of the defendants upon its determination to preclude a plaintiff expert witness. The plaintiffs appealed the summary judgment decision and oral argument on the appeal was held on March 6, 2013. On May 14, 2014, the circuit court affirmed the grant of summary judgment. The plaintiffs then moved for rehearing and rehearing en banc. Subsequently, the circuit court denied the motion for rehearing and rehearing en banc, and therefore this case is now concluded. | ||||
Enron-related litigation | ||||
Two Enron-related actions remain pending against CSS LLC and certain of its affiliates, both in the US District Court for the Southern District of Texas. In these actions, plaintiffs assert they relied on Enron’s financial statements, and seek to hold the defendants responsible for any inaccuracies in Enron’s financial statements. In Connecticut Resources Recovery Authority v. Lay, et al., the plaintiff seeks to recover from multiple defendants, pursuant to the Connecticut Unfair Trade Practices Act and Connecticut state common law, approximately USD 130 million to USD 180 million in losses it allegedly suffered in a business transaction it entered into with Enron. A motion to dismiss is pending. In Silvercreek Management Inc. v. Citigroup, Inc., et al., the plaintiff seeks to assert federal and state law claims relating to its alleged USD 280 million in losses relating to its Enron investments. A motion to dismiss is pending. | ||||
Mortgage-related matters | ||||
Various financial institutions, including CSS LLC and certain of its affiliates, have received requests for information from certain regulators and/or government entities, including several members of the RMBS Working Group of the US Financial Fraud Enforcement Task Force, regarding the origination, purchase, securitization, servicing and trading of subprime and non-subprime residential and commercial mortgages and related issues. CSS LLC and its affiliates are cooperating with such requests. | ||||
Following an investigation, on November 20, 2012, the New York Attorney General, on behalf of the State of New York, filed a civil action in the Supreme Court for the State of New York, New York County (SCNY) against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The action, which references 64 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleges that CSS LLC and its affiliates misled investors regarding the due diligence and quality control performed on the mortgage loans underlying the RMBS at issue, and seeks an unspecified amount of damages. On December 18, 2013, the New Jersey Attorney General, on behalf of the State of New Jersey (NJAG), filed a civil action in the Superior Court of New Jersey, Chancery Division, Mercer County (SCNJ), against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The action, which references 13 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleges that CSS LLC and its affiliates misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS, and seeks an unspecified amount of damages. On August 21, 2014, the SCNJ dismissed without prejudice the action brought against CSS LLC and its affiliates by the NJAG. On September 4, 2014, the NJAG filed an amended complaint against CSS LLC and its affiliates, asserting additional allegations but not expanding the number of claims or RMBS referenced in the original complaint. On September 16, 2014, the Commonwealth of Virginia (Commonwealth), on behalf of the Virginia Retirement System, filed an action against CSS LLC and other financial institutions in Virginia state court relating to an unstated amount of RMBS at issue in connection with losses allegedly incurred by the Virginia Retirement System. On October 16, 2014, the Commonwealth’s claims against CSS LLC and other financial institutions based on offerings issued by affiliates of Countrywide Securities Corporation were removed to the US District Court for the Eastern District of Virginia. The Commonwealth’s other claims against CSS LLC and other financial institutions remain pending in Virginia state court. All actions are at early procedural points. | ||||
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 a class action lawsuit, 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 action 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 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, amounts attributable to an “operative pleading” for the individual investor actions are not altered for settlements, dismissals or other occurrences, if any, that may have caused the amounts to change subsequent to the operative pleading. In addition to the mortgage-related actions discussed below, a number of other entities have threatened to assert claims against CSS LLC and/or its affiliates in connection with various RMBS issuances, and CSS LLC and/or its affiliates have entered into agreements with some of those entities to toll the relevant statutes of limitations. | ||||
Class action litigations | ||||
In class actions and putative class actions against CSS LLC as an underwriter of other issuers’ RMBS offerings, CSS LLC generally has or had contractual rights to indemnification from the issuers. However, some of these issuers are now defunct, including affiliates of IndyMac Bancorp (IndyMac). With respect to IndyMac, CSS LLC was named as a defendant in a class action, In re IndyMac Mortgage-Backed Securities Litigation, in the US District Court for the Southern District of New York (SDNY), brought on behalf of purchasers of securities in various IndyMac RMBS offerings. CSS LLC and five other underwriter defendants agreed to a settlement of the IndyMac class action for a total of USD 340 million. In an order dated September 30, 2014, the SDNY granted preliminary approval to the settlement and held a final approval hearing on February 3, 2015. On February 23, 2015, the SDNY entered a final judgment and order of dismissal with prejudice, discontinuing the In re IndyMac Mortgage-Backed Securities Litigation. A further class action lawsuit pending in the SDNY against CSS LLC and certain affiliates and employees, New Jersey Carpenters Health Fund v. Home Equity Mortgage Trust 2006-5, relates to two RMBS offerings, totaling approximately USD 1.6 billion, sponsored and underwritten by the Credit Suisse defendants. On March 17, 2014, the SDNY granted plaintiffs’ motion for class certification for the second of the two RMBS offerings, having previously certified the class for purchasers of the first offering. | ||||
Individual investor actions | ||||
CSS LLC and, in some instances, its affiliates, as an RMBS issuer, underwriter and/or other participant, and in some instances its employees, along with other defendants, are defendants in: one action brought by The Charles Schwab Corporation in California state court, in which claims against CSS LLC and its affiliates relate to USD 125 million of the RMBS at issue (approximately 9% of the USD 1.4 billion at issue against all defendants in the operative pleading); one action brought by the Federal Deposit Insurance Corporation (FDIC), as receiver for Citizens National Bank and Strategic Capital Bank in the SDNY, in which claims against CSS LLC and its affiliates relate to approximately USD 28 million of the RMBS at issue (approximately 20% of the USD 141 million at issue against all defendants in the operative pleading); four actions brought by the FDIC, as receiver for Colonial Bank: one dismissed action in the SDNY, which is now on appeal, in which claims against CSS LLC relate to approximately USD 92 million of the RMBS at issue (approximately 23% of the USD 394 million at issue against all defendants in the operative pleading), one action in the Circuit Court of Montgomery County, Alabama, in which claims against CSS LLC and its affiliates relate to approximately USD 153 million of the RMBS at issue (approximately 49% of the USD 311 million at issue against all defendants in the operative pleading), and one action in the US District Court for the Central District of California, in which claims against CSS LLC relate to approximately USD 34 million of the RMBS at issue (approximately 12% of the USD 283 million at issue against all defendants in the operative pleading), and one dismissed action in the US District Court for the Central District of California, which is now on appeal, in which claims against CSS LLC relate to approximately USD 12 million of the RMBS at issue (approximately 5% of the USD 259 million at issue against all defendants in the operative pleading); one action brought by Commerzbank AG London Branch in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 121 million of the RMBS at issue (approximately 6% of the USD 1.9 billion at issue against all defendants in the operative pleading); four individual actions brought by the Federal Home Loan Banks of Seattle, San Francisco and Boston in various state and federal courts, in which claims against CSS LLC and its affiliates relate to approximately USD 249 million in the Seattle action, approximately USD 1.7 billion in the San Francisco actions (approximately 18% of the USD 9.5 billion at issue against all defendants in the operative pleadings) and USD 373 million in the Boston action (approximately 7% of the USD 5.7 billion at issue against all defendants in the operative pleading); two actions brought by Massachusetts Mutual Life Insurance Company in the US District Court for the District of Massachusetts, in which claims against CSS LLC and its employees relate to approximately USD 107 million of the RMBS at issue (approximately 97% of the USD 110 million at issue against all defendants in the operative pleadings); one action brought by Watertown Savings Bank in the SCNY, in which claims against CSS LLC and its affiliates relate to an unstated amount of the RMBS at issue; and one action brought by the Texas County and District Retirement System in Texas state court, in which claims against CSS LLC relate to an unstated amount of the RMBS at issue. In addition, on February 6, 2015, Tennessee Consolidated Retirement System filed an action against CSS LLC and other financial institutions in Tennessee state court relating to an unstated amount of RMBS at issue. | ||||
CSS LLC and certain of its affiliates and/or employees are the only defendants named in: one action brought by CMFG Life Insurance Company and affiliated entities in the US District Court for the Western District of Wisconsin, in which claims against CSS LLC relate to approximately USD 70 million of RMBS; one action brought by Deutsche Zentral-Genossenschaftsbank AG, New York Branch in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 111 million of RMBS; one action brought by IKB Deutsche Industriebank AG and affiliated entities in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 97 million of RMBS; two actions brought by the National Credit Union Administration Board: one as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union in the US District Court for the District of Kansas, in which claims against CSS LLC and its affiliate relate to approximately USD 311 million of RMBS, and one as liquidating agent of the Southwest Corporate Federal Credit Union and Members United Corporate Federal Credit Union in the SDNY, in which claims against CSS LLC and its affiliates relate to approximately USD 229 million of RMBS; one action brought by Phoenix Light SF Ltd. and affiliated entities in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 362 million of RMBS; one action brought by Royal Park Investments SA/NV in the SCNY, in which claims against CSS LLC and its affiliate relate to approximately USD 360 million of RMBS; and one dismissed action initially brought by The Union Central Life Insurance Company and affiliated entities (Union Central) in the SDNY, which is now on appeal, in which claims against CSS LLC and its affiliates and employees relate to approximately USD 65 million of RMBS. These actions are at early or intermediate procedural points. | ||||
As disclosed in Credit Suisse’s quarterly Financial Reports for 2014, individual investor actions discontinued during the course of 2014 included the following: following a settlement, one action brought by Allstate Insurance Company against CSS LLC and its affiliates; following a settlement, two actions brought by Cambridge Place Investment Management Inc. against CSS LLC and its affiliates; following a settlement, one action by the Federal Home Loan Bank of Chicago against CSS LLC; following a settlement, one action by the Federal Home Loan Bank of Indianapolis against CSS LLC and its affiliates; following settlements by CSS LLC and other financial institutions, one action brought by the Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac, against CSS LLC and its affiliates and employees and other financial institutions; following a voluntary discontinuance with prejudice, the two consolidated actions brought by Landesbank Baden-Württemberg and affiliated entities against CSS LLC and other financial institutions; following a settlement, one action brought by Minnesota Life Insurance Company and affiliated entities against CSS LLC and its affiliates; following a settlement, one action brought by The Prudential Insurance Company of America and affiliated entities against CSS LLC and its affiliates; following a settlement, the action brought by Sealink Funding Limited against CSS LLC and its affiliates; and following a settlement, one action brought by the Western & Southern Life Insurance Company and affiliated entities against CSS LLC and its affiliates. | ||||
In addition, on December 10, 2014, the SDNY presiding in the action brought by Union Central, denied Union Central’s motion to propose a second amended complaint and dismissed in its entirety all claims against CSS LLC and its affiliates and employees with prejudice, relating to approximately USD 65 million of RMBS. On January 8, 2015, Union Central appealed the SDNY’s December 10, 2014 order. On December 17, 2014, following a settlement, the US District Court for the District of Minnesota presiding in the action brought by the John Hancock Life Insurance Co. (U.S.A.) and affiliated entities dismissed with prejudice all claims against CSS LLC, relating to an unstated amount of RMBS at issue against CSS LLC. On January 26, 2015, the California state court presiding in the action brought by the Federal Home Loan Bank of San Francisco dismissed with prejudice claims pertaining to certain RMBS offerings, including certain RMBS offerings on which CSS LLC and its affiliates were sued, reducing the RMBS at issue for CSS LLC and its affiliates from approximately USD 2.2 billion to approximately USD 1.7 billion. Further, as reported in our 2013 Annual Report, on February 14, 2014, as a result of a settlement, the SDNY dismissed with prejudice one of the actions filed by the FHFA in the SDNY against CSS LLC and its affiliates and employees, and on March 21, 2014, CSS LLC and certain affiliates and employees entered into an agreement with the FHFA to settle all claims in two actions filed by the FHFA in the SDNY. | ||||
Monoline insurer disputes | ||||
CSS LLC and certain of its affiliates are defendants in two pending monoline insurer actions, one commenced by MBIA Insurance Corp. (MBIA), the other commenced by Financial Guaranty Insurance Company (FGIC), each of which guaranteed payments of principal and interest related to approximately USD 770 million and USD 240 million of RMBS, respectively, issued in offerings sponsored by Credit Suisse. One theory of liability advanced by the monoline insurers is that an affiliate of CSS LLC must repurchase certain mortgage loans from the trusts at issue. In each action, plaintiffs claim 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, the monoline insurers allege claims for fraud, fraudulent inducement, material misrepresentations, and breaches of warranties, repurchase obligations, access rights and servicing obligations, and reimbursement. MBIA and FGIC have submitted repurchase demands for loans with an original principal balance of approximately USD 549 million and USD 37 million, respectively. These actions are pending in the SCNY and are at early or intermediate procedural points. | ||||
In addition, CSS LLC and certain of its affiliates were sued by Assured Guaranty Corp. and Assured Guaranty Municipal Corp. (Assured) which guaranteed payments of principal and interest related to approximately USD 570 million of RMBS issued in offerings sponsored by Credit Suisse and submitted repurchase demands for loans with an original principal balance of approximately USD 2.2 billion. On November 20, 2014, U.S. Bank, National Association, as trustee of six trusts, filed a motion to intervene as it was not previously a party in this action. Following a settlement, on November 25, 2014, a stipulation discontinuing the action brought by Assured was filed in the SCNY. On March 5, 2015, the SCNY denied U.S. Bank, National Association’s motion to intervene. Thus, the action is dismissed. | ||||
Further, CIFG Assurance North America, Inc. (CIFG) filed an action against CSS LLC in the SCNY, relating to financial guaranty insurance issued by CIFG on a CDS guaranteeing payment on approximately USD 396 million of notes of a collateralized debt obligation. CIFG alleges material misrepresentation in the inducement of an insurance contract and fraud relating to alleged affirmative misrepresentations and material omissions made to induce CIFG to guarantee the CDS. The SCNY granted CSS LLC’s motion to dismiss the action and that ruling is on appeal. | ||||
Repurchase litigations | ||||
DLJ Mortgage Capital, Inc. (DLJ) is a defendant in: one action brought by Asset Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7, in which plaintiff alleges damages of not less than USD 319 million; one action brought by Home Equity Asset Trust, Series 2006-8, in which plaintiff alleges damages of not less than USD 436 million; one action brought by Home Equity Asset Trust 2007-1, in which plaintiff alleges damages of not less than USD 420 million; one action brought by Home Equity Asset Trust Series 2007-3, in which plaintiff alleges damages of not less than USD 206 million; one action brought by Asset Backed Securities Corporation Home Equity Loan Trust Series AMQ 2007-HE2, in which no damages amount is alleged; one action brought by Home Equity Asset Trust 2007-2, in which plaintiff alleges damages of not less than USD 495 million; and one action brought by CSMC Asset-Backed Trust 2007-NC1, in which no damages amount is alleged. DLJ and its affiliate, Select Portfolio Servicing, Inc. (SPS), are defendants in: one action brought by Home Equity Mortgage Trust Series 2006-1, Home Equity Mortgage Trust Series 2006-3 and Home Equity Mortgage Trust Series 2006-4, in which plaintiffs allege damages of not less than USD 730 million, and allege that SPS obstructed the investigation into the full extent of the defects in the mortgage pools by refusing to afford the trustee reasonable access to certain origination files; and one action brought by Home Equity Mortgage Trust Series 2006-5, in which plaintiff alleges damages of not less than USD 500 million, and alleges that SPS likely discovered DLJ’s alleged breaches of representations and warranties but did not notify the trustee of such breaches, in alleged violation of its contractual obligations. These actions are brought in the SCNY and are at early or intermediate procedural points. | ||||
As disclosed in Credit Suisse’s fourth quarter Financial Report of 2013, the following repurchase actions were dismissed with prejudice in 2013: the three consolidated actions brought by Home Equity Asset Trust 2006-5, Home Equity Asset Trust 2006-6 and Home Equity Asset Trust 2006-7 against DLJ. Those dismissals are on appeal. | ||||
Refco-related litigation | ||||
In March 2008, CSS LLC was named, along with other financial services firms, accountants, lawyers, officers, directors and controlling persons, as a defendant in an action filed in New York state court (later removed to the SDNY) by the Joint Official Liquidators of various SPhinX Funds and the trustee of the SphinX Trust, which holds claims that belonged to PlusFunds Group, Inc. (PlusFunds), the investment manager for the SPhinX Funds. The operative amended complaint asserted claims against CSS LLC for aiding and abetting breaches of fiduciary duty and aiding and abetting fraud by Refco’s insiders in connection with Refco’s August 2004 notes offering and August 2005 initial public offering. Plaintiffs sought to recover from defendants more than USD 800 million, consisting of USD 263 million that the SphinX Managed Futures Fund, a SPhinX fund, had on deposit and lost at Refco, several hundred million dollars in alleged additional “lost enterprise” damages of PlusFunds, and pre-judgment interest. In November 2008, CSS LLC filed a motion to dismiss the amended complaint. In February 2012, the court granted in part and denied in part the motion to dismiss, which left intact part of plaintiffs’ claim for aiding and abetting fraud. In August 2012, CSS LLC filed a motion for summary judgment with respect to the remaining part of plaintiffs’ aiding and abetting fraud claim. In December 2012, the court granted the motion, thus dismissing CSS LLC from the case. The court entered a final judgment dismissing the claims against CSS LLC on August 16, 2014 and, on September 16, 2014, plaintiffs appealed to the US Court of Appeals for the Second Circuit. Briefing of the appeal is ongoing, and oral argument is expected in 2015. | ||||
Bank loan litigation | ||||
On January 3, 2010, the Bank and other affiliates were named as defendants in a lawsuit filed in the US District Court for the District of Idaho by homeowners in four real estate developments, Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer. The Bank arranged, and was the agent bank for, syndicated loans provided for all four developments, which have been or are now in bankruptcy or foreclosure. Plaintiffs generally allege that the Bank and other affiliates committed fraud by using an unaccepted appraisal method to overvalue the properties with the intention to have the borrowers take out loans they could not repay because it would allow the Bank and other affiliates to later push the borrowers into bankruptcy and take ownership of the properties. Plaintiffs demanded USD 24 billion in damages. Cushman & Wakefield, the appraiser for the properties at issue, is also named as a defendant. After the filing of amended complaints and motions to dismiss, the claims were significantly reduced. On September 24, 2013, the court denied the plaintiffs’ motion for class certification so the case cannot proceed as a class action. On February 5, 2015, the court granted plaintiffs’ motion for leave to file an amended complaint, adding additional individual plaintiffs. | ||||
The Bank and other affiliates are also the subject of certain other related litigation regarding these four and other similar real estate developments. Such litigation includes two cases brought in Texas and New York state courts against Bank affiliates by entities related to Highland Capital Management LP (Highland). In the case in Texas state court, a jury trial was held on one of the claims in December 2014. A verdict was issued for the plaintiff on that claim; judgment has not yet been entered. In the case in New York state court, the court granted in part and denied in part the Bank’s summary judgment motion. Bank affiliates separately sued Highland-managed funds on related trades and received a favorable judgment which has been appealed. | ||||
Tax and securities law matters | ||||
Beginning in 2011, Credit Suisse responded to subpoenas and other requests for information from the United States Department of Justice (DOJ), the SEC and other authorities involving historical Private Banking services provided on a cross-border basis to US persons. US authorities were investigating possible violations of US tax and securities laws. In particular, the DOJ was investigating whether US clients violated their US tax obligations and whether Credit Suisse and certain of its employees assisted such clients. The SEC investigated whether certain of our relationship managers triggered obligations for Credit Suisse or the relationship managers in Switzerland to register with the SEC as a broker-dealer or investment advisor. A limited number of current or former employees were indicted and two former employees pled guilty (in one case, as to conduct while employed at other financial institutions that did not involve Credit Suisse and in the other case as to conduct while employed at a former Credit Suisse subsidiary prior to 2006 and other financial institutions after 2006). Credit Suisse received a grand jury target letter from the DOJ in July 2011. | ||||
On February 21, 2014, Credit Suisse AG reached a settlement with the SEC that resolved the SEC’s investigation regarding registration as an investment advisor and broker-dealer. In a settled administrative and cease-and-desist proceeding, the SEC charged Credit Suisse AG with violating Section 15(a) of the US Securities Exchange Act of 1934 (Exchange Act) and Section 203(a) of the US Investment Advisers Act of 1940 (Advisers Act). Specifically, the SEC’s Order found that from at least 2002 through its exit from the US cross-border securities business which Credit Suisse AG began in 2008, Credit Suisse AG, through actions of certain of its relationship managers, violated the federal securities laws by providing certain cross-border brokerage and investment advisory services to US clients at a time when Credit Suisse AG was not registered with the SEC as a broker-dealer or investment advisor. As part of the settlement of the investigation, Credit Suisse AG agreed, among other things, to cease-and-desist from committing or causing any future violations of Section 15(a) of the Exchange Act or Section 203(a) of the Advisers Act and to pay approximately USD 196 million, inclusive of disgorgement of approximately USD 82 million, prejudgment interest of approximately USD 64 million, and a civil money penalty in the amount of USD 50 million. Credit Suisse AG also agreed to the appointment of an independent consultant to review its cross-border compliance policies with respect to the US securities laws and verify that Credit Suisse AG has exited the US cross-border business. The independent consultant has issued its report and Credit Suisse AG is addressing certain additional items. | ||||
On May 19, 2014, Credit Suisse AG entered into a settlement regarding all outstanding US cross-border matters, including agreements with the DOJ, the New York State Department of Financial Services (DFS) and the Board of Governors of the US Federal Reserve System (Fed). As part of the settlement, Credit Suisse AG entered a guilty plea to one count of conspiracy to assist US customers in presenting false income tax returns to the US Internal Revenue Service (IRS) in violation of Title 18, US Code section 371, in connection with the former Swiss-based cross border Private Banking business. In total, Credit Suisse AG agreed to pay USD 2,815 million comprised of the following components: (a) USD 2,000 million for the DOJ, including USD 666.5 million in restitution to the IRS and USD 1,333.5 million as a fine (including USD 196 million for the SEC as described in the preceding paragraph); (b) USD 715 million for the DFS; and (c) USD 100 million for the Fed. In prior quarters, Credit Suisse had taken litigation provisions totaling CHF 892 million related to this matter. As a result, the pre-tax impact of the final settlement in the second quarter of 2014 was CHF 1,618 million and the after-tax impact was CHF 1,598 million. The amounts due to the SEC, Fed and DFS were paid in May 2014. The amount due to the DOJ, including the part thereof allocated to the IRS, was paid following the sentencing hearing for Credit Suisse AG, which took place on November 21, 2014. In addition to such payments, Credit Suisse AG, among other things, engaged an independent corporate monitor that reports to the DFS (a separate position from the independent consultant agreed to in the settlement with the SEC), provides ongoing reports to various agencies and terminated the employment of certain individuals at Credit Suisse AG associated with the improper conduct. Credit Suisse AG is paying for the cost of the monitor. | ||||
Rates-related 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 the Group. The Group, which is a member of three LIBOR rate-setting panels (US Dollar LIBOR, Swiss Franc LIBOR and Euro LIBOR), 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. | ||||
The reference rates investigations have also included information requests from regulators regarding trading activities, information sharing and the setting of benchmark rates in the foreign exchange and commodities markets. On March 31, 2014, the Swiss Competition Commission announced a formal investigation of numerous Swiss and international financial institutions, including the Group, in relation to the setting of exchange rates in foreign exchange trading. The Group is cooperating fully with these investigations. The investigations are ongoing and it is too soon to predict the final outcome of the investigations. | ||||
In addition, members of the US Dollar LIBOR panel, including Credit Suisse, have been named in various civil lawsuits filed in the US. All but two of these matters have been consolidated for pre-trial purposes into a multi-district litigation in the SDNY. On March 29, 2013, the court dismissed a substantial portion of the case against the panel banks, dismissing the claims under the Racketeer Influenced and Corrupt Organizations Act and the Sherman Antitrust Act, as well as all state law claims, leaving only certain claims under the Commodity Exchange Act based on LIBOR-related instruments entered into after May 30, 2008. Plaintiffs appealed part of the decision, and after a federal appeals court dismissed the appeal as premature, the US Supreme Court granted review and reversed the federal appeals court. The federal appeals court has set a briefing schedule for plaintiffs’ appeal of the dismissal of their claims. Subsequently, on August 23, 2013, the trial court rejected plaintiffs’ requests to replead the dismissed causes of action, except for certain of plaintiffs’ state law claims, which were replead by the plaintiffs. The court held a hearing on defendants’ motion to dismiss the remaining claims on February 4, 2014. In June 2014, the court denied most of defendants’ motion to dismiss. Plaintiffs filed amended complaints and briefing on defendants’ motions to dismiss these complaints either is complete or is expected to be complete in the first quarter of 2015. One of the matters not consolidated in the multi-district litigation is also in the SDNY and a motion to dismiss is pending. The other matter is proceeding in state court in New York and a motion to dismiss has been fully briefed. | ||||
Additionally, Credit Suisse Group AG and an affiliate as well as other financial institutions have been named in three pending civil class action lawsuits in the SDNY relating to the alleged manipulation of foreign exchange rates. On January 28, 2015, the court denied defendants’ motion to dismiss the class action brought by US-based investors and foreign plaintiffs who transacted in the US, but granted their motion to dismiss the two class actions brought by foreign-based investors. | ||||
Furthermore, 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. | ||||
Credit Suisse AG, New York Branch and other financial institutions have also been named in a pending consolidated civil class action lawsuit relating to the alleged manipulation of the ISDAFIX rate for US dollars in the SDNY. On February 12, 2015, the class plaintiffs filed a consolidated amended class action complaint. | ||||
Singapore MAS matter | ||||
On June 14, 2013, the Monetary Authority of Singapore (MAS) announced it was taking supervisory action against 20 banks for various deficiencies relating to the benchmark processes regarding the Singapore dollar interest rate benchmarks, Singapore Interbank Offered Rates and Swap Offered Rates, and the foreign exchange spot benchmarks commonly used to settle Non-Deliverable Forward foreign exchange contracts. Credit Suisse AG Singapore Branch (CSSB) was one of the named banks. The MAS censured the banks and directed them to adopt measures to address these deficiencies. The MAS has also required 19 of the 20 banks, including CSSB, to set aside additional statutory reserves for a period of one year. CSSB, along with six other panel banks, has been calibrated in the third of five tiers by the MAS and required to set aside additional statutory reserves of SGD 400-600 million, which were deposited with the MAS in a non-interest bearing account. During the second quarter of 2014, having completed remedial actions to strengthen governance, internal controls and surveillance systems for these benchmark submissions and trading operations, the MAS returned these additional statutory reserves to CSSB. | ||||
CDS-related matters | ||||
In July 2013, the Directorate General for Competition of the European Commission (DG Comp) issued a Statement of Objections (SO) to various entities of thirteen CDS dealer banks, certain Markit entities and ISDA in relation to DG Comp’s investigation into possible violations of competition law by certain CDS market participants. Certain Credit Suisse entities were among the named bank entities. The SO marks the commencement of enforcement proceedings in respect of what DG Comp alleges were unlawful attempts to prevent the development of exchange traded platforms for CDS between 2006 and 2009. DG Comp has sent out requests for information and the named Credit Suisse entities are cooperating with such requests. | ||||
In addition, certain Credit Suisse entities, as well as other banks and entities, have been named defendants in a consolidated multi-district civil litigation proceeding in the SDNY alleging violations of antitrust law related to CDS. In September 2014, the court overseeing the civil litigation granted in part and denied in part the defendants’ motion to dismiss, which allowed the case to proceed to discovery. Further, a Credit Suisse entity has received civil investigative demands from the DOJ. | ||||
Net new assets-related matters | ||||
On February 26, 2014, the United States Senate Permanent Subcommittee on Investigations issued a report that included a discussion of Credit Suisse’s determinations about and disclosures of net new assets and, as previously disclosed, Credit Suisse is conducting a review of this topic. The SEC is also conducting an investigation. The disclosure of net new assets is required by banks operating in Switzerland pursuant to Guidelines on Accounting Standards issued by the FINMA. | ||||
Alternative trading systems | ||||
Credit Suisse is responding to inquiries from various governmental and regulatory authorities concerning the operation of its alternative trading systems, and is cooperating with those requests. Credit Suisse Group AG was also among more than thirty defendants named in putative class action complaints filed in the SDNY since April 2014, alleging violations of US securities laws related to high-frequency trading. Credit Suisse Group AG was never served with the complaints in which it was named as a defendant and those complaints have been superseded by a consolidated amended complaint filed in September 2014 that is now operative. Since no Credit Suisse entity was named in such consolidated amended complaint, Credit Suisse Group AG is no longer a party to the lawsuit. | ||||
Caspian Energy litigation | ||||
A lawsuit was brought against Credit Suisse International (CSI) in English court by Rosserlane Consultants Limited and Swinbrook Developments Limited. The litigation relates to the forced sale by CSI in 2008 of Caspian Energy Group LP (CEG), the vehicle through which the plaintiffs held a 51% stake in the Kyurovdag oil and gas field in Azerbaijan. CEG was sold for USD 245 million following two unsuccessful merger and acquisition processes. The plaintiffs allege that CEG should have been sold for at least USD 700 million. The trial took place at the end of 2014 and on February 20, 2015, the case was dismissed and judgment given in favor of CSI. | ||||
ATA litigation | ||||
A lawsuit was filed on November 10, 2014 in the US District Court for the Eastern District of New York against a number of banks, including Credit Suisse AG, alleging claims under the United States Anti-Terrorism Act (ATA). The action alleges a conspiracy between Iran and various international financial institutions, including the defendants, in which they agreed to alter, falsify, or omit information from payment messages that involved Iranian parties for the express purpose of concealing the Iranian parties’ financial activities and transactions from detection by US authorities. The complaint, brought by approximately 200 plaintiffs, alleges that this conspiracy has made it possible for Iran to transfer funds to Hezbollah and other terrorist organizations actively engaged in harming US military personnel and civilians. On March 16, 2015, Credit Suisse AG and the other defendants filed motions to dismiss. | ||||
MPS | ||||
In late 2014, the Monte dei Paschi di Siena Foundation (Foundation) filed a lawsuit in the Civil Court of Milan, Italy seeking EUR 3 billion in damages jointly from Credit Suisse Securities (Europe) Limited (CSSEL), Banca Leonardo & Co S.p.A. and former members of the Foundation’s management committee. The lawsuit relates to the fairness opinions CSSEL and Banca Leonardo & Co S.p.A. delivered to the Foundation in connection with the EUR 9 billion acquisition of Banca Antonveneta S.p.A. by Banca Monte dei Paschi di Siena S.p.A. (BMPS) in 2008. BMPS funded the acquisition by a EUR 5 billion rights offer and the issuance of unredeemable securities convertible into BMPS shares, in which the Foundation invested EUR 2.9 billion and EUR 490 million, respectively. The Foundation alleges that the fairness opinions were issued in the absence of key financial information. CSSEL believes that the claim lacks merit and is not supported by the available evidence. | ||||
Icelandic banks | ||||
CSSEL is defending clawback claims of USD 16 million and EUR 22 million brought by the Winding Up Committees (WUCs) of the Icelandic banks Kaupthing Bank hf and LBI hf (previously Landsbanki Islands hf) in the District Court of Reykjavik, Iceland. The claims concern the buyback by the Icelandic banks of their own bonds from CSSEL in the months prior to the Icelandic banks’ insolvency. The primary basis for the clawback is that the buybacks constituted early repayments of debt to CSSEL. In addition, CSI is defending a EUR 170 million clawback claim brought by the WUC of Kaupthing Bank hf in the District Court of Reykjavik, Iceland. The claim relates to CSI’s issuance of ten credit linked notes in 2008, which the WUC is seeking to challenge under various provisions of Icelandic insolvency law in order to claw back funds paid to CSI. The WUCs are also claiming significant penalty interest under Icelandic law in respect of both the CSSEL and CSI claims. CSSEL argues that the buyback transactions are governed by English or New York law and CSI argues that the purchase of the credit linked notes is governed by English law, neither of which provides a legal basis for such clawback actions. In October 2014, the Court of the European Free Trade Association States issued a non-binding decision supporting CSI’s and CSSEL’s position that the governing law of the transactions is relevant. A trial is currently expected to take place in respect of the CSSEL claims in the second half of 2015 and in respect of the CSI claim in 2017. Separately, CSI is pursuing a claim for USD 226 million in the District Court of Reykjavik, Iceland against Kaupthing Bank hf’s WUC in order to enforce certain security rights arising under a 2007 structured trade. CSI acquired the security rights following Kaupthing Bank hf’s insolvency in 2008. A trial of this claim is currently expected to take place in 2017. | ||||
Italian investigation | ||||
In Italy, a criminal investigation into allegations of unauthorized exercise of financial activity and related offenses has been initiated against subsidiaries and branches of Credit Suisse. Credit Suisse is cooperating in the investigation. | ||||
Bank | ||||
Litigation | 36 Litigation | |||
> Refer to “Note 38 – Litigation” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Significant_subsidiaries_and_e
Significant subsidiaries and equity method investments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Significant subsidiaries and equity method investments | 39 Significant subsidiaries and equity method investments | ||||||||||
Significant subsidiaries | |||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse Group AG | |||||||||||
100 | BANK-now AG | Horgen, Switzerland | CHF | 30 | |||||||
100 | Credit Suisse AG | Zurich, Switzerland | CHF | 4,399.70 | |||||||
100 | Credit Suisse Trust AG | Zurich, Switzerland | CHF | 5 | |||||||
100 | Credit Suisse Trust Holdings Limited | St. Peter Port, Guernsey | GBP | 2 | |||||||
100 | CS LP Holding AG | Zug, Switzerland | CHF | 0.1 | |||||||
100 | Inreska Limited | St. Peter Port, Guernsey | GBP | 3 | |||||||
100 | Neue Aargauer Bank AG | Aarau, Switzerland | CHF | 134.1 | |||||||
88 | Savoy Hotel Baur en Ville AG | Zurich, Switzerland | CHF | 7.5 | |||||||
Credit Suisse AG | |||||||||||
100 | AJP Cayman Ltd. | George Town, Cayman Islands | JPY | 8,025.60 | |||||||
100 | Banco Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 53.6 | |||||||
100 | Banco Credit Suisse (México), S.A. | Mexico City, Mexico | MXN | 1,716.70 | |||||||
100 | Banco de Investimentos Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 164.8 | |||||||
100 | Boston Re Ltd. | Hamilton, Bermuda | USD | 2 | |||||||
100 | CJSC Bank Credit Suisse (Moscow) | Moscow, Russia | USD | 37.8 | |||||||
100 | Column Financial, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse (Australia) Limited | Sydney, Australia | AUD | 34.1 | |||||||
100 | Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. | São Paulo, Brazil | BRL | 5 | |||||||
100 | Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários | São Paulo, Brazil | BRL | 98.4 | |||||||
100 | Credit Suisse (Deutschland) Aktiengesellschaft | Frankfurt, Germany | EUR | 130 | |||||||
100 | Credit Suisse (France) | Paris, France | EUR | 52.9 | |||||||
100 | Credit Suisse (Gibraltar) Limited | Gibraltar, Gibraltar | GBP | 5 | |||||||
100 | Credit Suisse (Channel Islands) Limited | St. Peter Port, Guernsey | USD | 6.1 | |||||||
100 | Credit Suisse (Hong Kong) Limited | Hong Kong, China | HKD | 13,758.00 | |||||||
100 | Credit Suisse (Italy) S.p.A. | Milan, Italy | EUR | 139.6 | |||||||
100 | Credit Suisse (Luxembourg) S.A. | Luxembourg, Luxembourg | CHF | 150 | |||||||
100 | Credit Suisse (Monaco) S.A.M. | Monte Carlo, Monaco | EUR | 18 | |||||||
100 | Credit Suisse (Poland) SP. z o.o | Warsaw, Poland | PLN | 20 | |||||||
100 | Credit Suisse (Qatar) LLC | Doha, Qatar | USD | 24 | |||||||
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 | |||||||
100 | Credit Suisse Asset Management (UK) Holding Limited | London, United Kingdom | GBP | 144.2 | |||||||
100 | Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH | Frankfurt, Germany | EUR | 6.1 | |||||||
100 | Credit Suisse Asset Management International Holding Ltd | Zurich, Switzerland | CHF | 20 | |||||||
100 | Credit Suisse Asset Management Investments Ltd | Zurich, Switzerland | CHF | 0.1 | |||||||
100 | Credit Suisse Asset Management Limited | London, United Kingdom | GBP | 45 | |||||||
100 | Credit Suisse Asset Management, LLC | Wilmington, United States | USD | 1,086.80 | |||||||
100 | Credit Suisse Business Analytics (India) Private Limited | Mumbai, India | INR | 40 | |||||||
100 | Credit Suisse Capital LLC | Wilmington, United States | USD | 737.6 | |||||||
100 | Credit Suisse Energy (Canada) Limited | Toronto, Canada | USD | 0 | |||||||
Significant subsidiaries (continued) | |||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
100 | Credit Suisse Energy LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Equities (Australia) Limited | Sydney, Australia | AUD | 62.5 | |||||||
100 | Credit Suisse Finance (India) Private Limited | Mumbai, India | INR | 1,050.10 | |||||||
100 | Credit Suisse First Boston (Latin America Holdings) LLC | George Town, Cayman Islands | USD | 23.8 | |||||||
100 | Credit Suisse First Boston Finance B.V. | Amsterdam, The Netherlands | EUR | 0 | |||||||
100 | Credit Suisse First Boston Mortgage Capital LLC | Wilmington, United States | USD | 356.6 | |||||||
100 | Credit Suisse First Boston Next Fund, Inc. | Wilmington, United States | USD | 10 | |||||||
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 | |||||||
100 | Credit Suisse Group Finance (U.S.) Inc. | Wilmington, United States | USD | 100 | |||||||
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 | 53.9 | |||||||
100 | 1 | Credit Suisse Holdings (USA), Inc. | Wilmington, United States | USD | 4,184.70 | ||||||
100 | 2 | Credit Suisse International | London, United Kingdom | USD | 13,107.70 | ||||||
100 | Credit Suisse Leasing 92A, L.P. | New York, United States | USD | 43.9 | |||||||
100 | Credit Suisse Life & Pensions AG | Vaduz, Liechtenstein | CHF | 15 | |||||||
100 | Credit Suisse Life (Bermuda) Ltd. | Hamilton, Bermuda | USD | 1 | |||||||
100 | Credit Suisse Loan Funding LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Management LLC | Wilmington, United States | USD | 896.8 | |||||||
100 | Credit Suisse Principal Investments Limited | George Town, Cayman Islands | JPY | 3,324.00 | |||||||
100 | Credit Suisse Prime Securities Services (USA) LLC | Wilmington, United States | USD | 263.3 | |||||||
100 | Credit Suisse Private Equity, LLC | Wilmington, United States | USD | 42.2 | |||||||
100 | Credit Suisse PSL GmbH | Zurich, Switzerland | CHF | 0 | |||||||
100 | Credit Suisse Securities (Canada), Inc. | Toronto, Canada | CAD | 3.4 | |||||||
100 | Credit Suisse Securities (Europe) Limited | London, United Kingdom | USD | 3,859.30 | |||||||
100 | Credit Suisse Securities (Hong Kong) Limited | Hong Kong, China | HKD | 530.9 | |||||||
100 | Credit Suisse Securities (India) Private Limited | Mumbai, India | INR | 2,214.70 | |||||||
100 | Credit Suisse Securities (Japan) Limited | Tokyo, Japan | JPY | 78,100.00 | |||||||
100 | Credit Suisse Securities (Johannesburg) Proprietary Limited | Johannesburg, South Africa | ZAR | 0 | |||||||
100 | Credit Suisse Securities (Malaysia) Sdn. Bhd. | Kuala Lumpur, Malaysia | MYR | 100 | |||||||
100 | Credit Suisse Securities (Moscow) | Moscow, Russia | RUB | 97.1 | |||||||
100 | Credit Suisse Securities (Singapore) Pte Limited | Singapore, Singapore | SGD | 30 | |||||||
100 | Credit Suisse Securities (Thailand) Limited | Bangkok, Thailand | THB | 500 | |||||||
100 | Credit Suisse Securities (USA) LLC | Wilmington, United States | USD | 1,836.10 | |||||||
100 | Credit Suisse Services (India) Private Limited | Pune, India | INR | 0.1 | |||||||
100 | CSAM Americas Holding Corp. | Wilmington, United States | USD | 0 | |||||||
100 | CS Non-Traditional Products Ltd. | Nassau, Bahamas | USD | 0.1 | |||||||
100 | DLJ LBO Plans Management, LLC | Wilmington, United States | USD | 7.8 | |||||||
100 | DLJ Mortgage Capital, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Merban Equity AG | Zug, Switzerland | CHF | 0.1 | |||||||
100 | SPS Holding Corporation | Wilmington, United States | USD | 0.1 | |||||||
99 | PT Credit Suisse Securities Indonesia | Jakarta, Indonesia | IDR | 235,000.00 | |||||||
98 | Credit Suisse Hypotheken AG | Zurich, Switzerland | CHF | 0.1 | |||||||
83 | Asset Management Finance LLC | Wilmington, United States | USD | 341.8 | |||||||
71 | Credit Suisse Saudi Arabia | Riyadh, Saudi Arabia | SAR | 300 | |||||||
1 | |||||||||||
43 % of voting rights held by Credit Suisse Group AG, Guernsey Branch. | |||||||||||
2 | |||||||||||
80 % of voting rights and 98 % of equity interest held by Credit Suisse AG. | |||||||||||
Significant equity method investments | |||||||||||
Equity | Company name | Domicile | |||||||||
interest | |||||||||||
in % | |||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse Group AG | |||||||||||
100 | 1 | Credit Suisse Group Finance (Guernsey) Limited | St. Peter Port, Guernsey | ||||||||
100 | 1 | Credit Suisse Group (Guernsey) I Limited | St. Peter Port, Guernsey | ||||||||
100 | 1 | Credit Suisse Group (Guernsey) II Limited | St. Peter Port, Guernsey | ||||||||
100 | 1 | Credit Suisse Group (Guernsey) IV Limited | St. Peter Port, Guernsey | ||||||||
50 | Swisscard AECS AG | Horgen, Switzerland | |||||||||
25 | SECB Swiss Euro Clearing Bank GmbH | Frankfurt, Germany | |||||||||
Credit Suisse AG | |||||||||||
33 | Credit Suisse Founder Securities Limited | Beijing, China | |||||||||
23 | E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd | Melbourne, Australia | |||||||||
20 | ICBC Credit Suisse Asset Management Co., Ltd. | Beijing, China | |||||||||
5 | 2 | York Capital Management Global Advisors, LLC | New York, United States | ||||||||
0 | 2 | Holding Verde Empreendimentos e Participações S.A. | São Paulo, Brazil | ||||||||
1 | |||||||||||
Deconsolidated under US GAAP as the Group is not the primary beneficiary. | |||||||||||
2 | |||||||||||
The Group holds a significant noncontrolling interest. | |||||||||||
Bank | |||||||||||
Significant subsidiaries and equity method investments | 37 Significant subsidiaries and equity method investments | ||||||||||
Significant subsidiaries | |||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse AG | |||||||||||
100 | AJP Cayman Ltd. | George Town, Cayman Islands | JPY | 8,025.60 | |||||||
100 | Banco Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 53.6 | |||||||
100 | Banco Credit Suisse (México), S.A. | Mexico City, Mexico | MXN | 1,716.70 | |||||||
100 | Banco de Investimentos Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 164.8 | |||||||
100 | Boston Re Ltd. | Hamilton, Bermuda | USD | 2 | |||||||
100 | CJSC Bank Credit Suisse (Moscow) | Moscow, Russia | USD | 37.8 | |||||||
100 | Column Financial, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse (Australia) Limited | Sydney, Australia | AUD | 34.1 | |||||||
100 | Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. | São Paulo, Brazil | BRL | 5 | |||||||
100 | Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários | São Paulo, Brazil | BRL | 98.4 | |||||||
100 | Credit Suisse (Deutschland) Aktiengesellschaft | Frankfurt, Germany | EUR | 130 | |||||||
100 | Credit Suisse (France) | Paris, France | EUR | 52.9 | |||||||
100 | Credit Suisse (Gibraltar) Limited | Gibraltar, Gibraltar | GBP | 5 | |||||||
100 | Credit Suisse (Channel Islands) Limited | St. Peter Port, Guernsey | USD | 6.1 | |||||||
100 | Credit Suisse (Hong Kong) Limited | Hong Kong, China | HKD | 13,758.00 | |||||||
100 | Credit Suisse (Italy) S.p.A. | Milan, Italy | EUR | 139.6 | |||||||
100 | Credit Suisse (Luxembourg) S.A. | Luxembourg, Luxembourg | CHF | 150 | |||||||
100 | Credit Suisse (Monaco) S.A.M. | Monte Carlo, Monaco | EUR | 18 | |||||||
100 | Credit Suisse (Poland) Sp. z o.o | Warsaw, Poland | PLN | 20 | |||||||
100 | Credit Suisse (Qatar) LLC | Doha, Qatar | USD | 24 | |||||||
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 | |||||||
100 | Credit Suisse Asset Management (UK) Holding Limited | London, United Kingdom | GBP | 144.2 | |||||||
100 | Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH | Frankfurt, Germany | EUR | 6.1 | |||||||
100 | Credit Suisse Asset Management International Holding Ltd | Zurich, Switzerland | CHF | 20 | |||||||
100 | Credit Suisse Asset Management Investments Ltd | Zurich, Switzerland | CHF | 0.1 | |||||||
100 | Credit Suisse Asset Management Limited | London, United Kingdom | GBP | 45 | |||||||
100 | Credit Suisse Asset Management, LLC | Wilmington, United States | USD | 1,086.80 | |||||||
100 | Credit Suisse Business Analytics (India) Private Limited | Mumbai, India | INR | 40 | |||||||
100 | Credit Suisse Capital LLC | Wilmington, United States | USD | 737.6 | |||||||
Significant subsidiaries (continued) | |||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
100 | Credit Suisse Energy (Canada) Limited | Toronto, Canada | USD | 0 | |||||||
100 | Credit Suisse Energy LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Equities (Australia) Limited | Sydney, Australia | AUD | 62.5 | |||||||
100 | Credit Suisse Finance (India) Private Limited | Mumbai, India | INR | 1,050.10 | |||||||
100 | Credit Suisse First Boston (Latin America Holdings) LLC | George Town, Cayman Islands | USD | 23.8 | |||||||
100 | Credit Suisse First Boston Finance B.V. | Amsterdam, The Netherlands | EUR | 0 | |||||||
100 | Credit Suisse First Boston Mortgage Capital LLC | Wilmington, United States | USD | 356.6 | |||||||
100 | Credit Suisse First Boston Next Fund, Inc. | Wilmington, United States | USD | 10 | |||||||
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 | |||||||
100 | Credit Suisse Group Finance (U.S.) Inc. | Wilmington, United States | USD | 100 | |||||||
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 | 53.9 | |||||||
100 | 1 | Credit Suisse Holdings (USA), Inc. | Wilmington, United States | USD | 4,184.70 | ||||||
100 | Credit Suisse Leasing 92A, L.P. | New York, United States | USD | 43.9 | |||||||
100 | Credit Suisse Life & Pensions AG | Vaduz, Liechtenstein | CHF | 15 | |||||||
100 | Credit Suisse Life (Bermuda) Ltd. | Hamilton, Bermuda | USD | 1 | |||||||
100 | Credit Suisse Loan Funding LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Management LLC | Wilmington, United States | USD | 896.8 | |||||||
100 | Credit Suisse Principal Investments Limited | George Town, Cayman Islands | JPY | 3,324.00 | |||||||
100 | Credit Suisse Prime Securities Services (USA) LLC | Wilmington, United States | USD | 263.3 | |||||||
100 | Credit Suisse Private Equity, LLC | Wilmington, United States | USD | 42.2 | |||||||
100 | Credit Suisse PSL GmbH | Zurich, Switzerland | CHF | 0 | |||||||
100 | Credit Suisse Securities (Canada), Inc. | Toronto, Canada | CAD | 3.4 | |||||||
100 | Credit Suisse Securities (Europe) Limited | London, United Kingdom | USD | 3,859.30 | |||||||
100 | Credit Suisse Securities (Hong Kong) Limited | Hong Kong, China | HKD | 530.9 | |||||||
100 | Credit Suisse Securities (India) Private Limited | Mumbai, India | INR | 2,214.70 | |||||||
100 | Credit Suisse Securities (Japan) Limited | Tokyo, Japan | JPY | 78,100.00 | |||||||
100 | Credit Suisse Securities (Johannesburg) Proprietary Limited | Johannesburg, South Africa | ZAR | 0 | |||||||
100 | Credit Suisse Securities (Malaysia) Sdn. Bhd. | Kuala Lumpur, Malaysia | MYR | 100 | |||||||
100 | Credit Suisse Securities (Moscow) | Moscow, Russia | RUB | 97.1 | |||||||
100 | Credit Suisse Securities (Singapore) Pte Limited | Singapore, Singapore | SGD | 30 | |||||||
100 | Credit Suisse Securities (Thailand) Limited | Bangkok, Thailand | THB | 500 | |||||||
100 | Credit Suisse Securities (USA) LLC | Wilmington, United States | USD | 1,836.10 | |||||||
100 | Credit Suisse Services (India) Private Limited | Pune, India | INR | 0.1 | |||||||
100 | CSAM Americas Holding Corp. | Wilmington, United States | USD | 0 | |||||||
100 | CS Non-Traditional Products Ltd. | Nassau, Bahamas | USD | 0.1 | |||||||
100 | DLJ LBO Plans Management, LLC | Wilmington, United States | USD | 7.8 | |||||||
100 | DLJ Mortgage Capital, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Merban Equity AG | Zug, Switzerland | CHF | 0.1 | |||||||
100 | SPS Holding Corporation | Wilmington, United States | USD | 0.1 | |||||||
99 | PT Credit Suisse Securities Indonesia | Jakarta, Indonesia | IDR | 235,000.00 | |||||||
98 | Credit Suisse Hypotheken AG | Zurich, Switzerland | CHF | 0.1 | |||||||
98 | 2 | Credit Suisse International | London, United Kingdom | USD | 13,107.70 | ||||||
83 | Asset Management Finance LLC | Wilmington, United States | USD | 341.8 | |||||||
71 | Credit Suisse Saudi Arabia | Riyadh, Saudi Arabia | SAR | 300 | |||||||
1 | |||||||||||
43 % of voting rights held by Credit Suisse Group AG, Guernsey Branch. | |||||||||||
2 | |||||||||||
Remaining 2 % held directly by Credit Suisse Group AG. 80 % of voting rights and 98 % of equity interest held by Credit Suisse AG. | |||||||||||
Significant equity method investments | |||||||||||
Equity | Company name | Domicile | |||||||||
interest | |||||||||||
in % | |||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse AG | |||||||||||
33 | Credit Suisse Founder Securities Limited | Beijing, China | |||||||||
23 | E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd | Melbourne, Australia | |||||||||
20 | ICBC Credit Suisse Asset Management Co., Ltd. | Beijing, China | |||||||||
5 | 1 | York Capital Management Global Advisors, LLC | New York, United States | ||||||||
0 | 1 | Holding Verde Empreendimentos e Participações S.A. | São Paulo, Brazil | ||||||||
1 | |||||||||||
The Bank holds a significant noncontrolling interest. |
Subsidiary_guarantee_informati
Subsidiary guarantee information | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Subsidiary guarantee information | 40 Subsidiary guarantee information | |||||||||||||
Certain wholly owned finance subsidiaries of the Group, including Credit Suisse Group (Guernsey) I Limited and Credit Suisse Group (Guernsey) III Limited, each of which is a Guernsey incorporated non-cellular company limited by shares, may issue contingent convertible securities fully and unconditionally guaranteed by the Group. There are various legal and regulatory requirements, including the satisfaction of a solvency test under Guernsey law, applicable to some of the Group’s subsidiaries that limit their ability to pay dividends or distributions and make loans and advances to the Group. | ||||||||||||||
On March 26, 2007, the Group and the Bank issued full, unconditional and several guarantees of Credit Suisse (USA), Inc.’s outstanding SEC-registered debt securities. In accordance with the guarantees, if Credit Suisse (USA), Inc. fails to make any timely payment under the agreements governing such debt securities, the holders of the debt securities may demand payment from either the Group or the Bank, without first proceeding against Credit Suisse (USA), Inc. The guarantee from the Group is subordinated to senior liabilities. Credit Suisse (USA), Inc. is an indirect, wholly owned subsidiary of the Group. | ||||||||||||||
In the fourth quarter of 2014, as part of an announced program to evolve the Group’s legal entity structure to meet developing and future regulatory requirements and Fed regulation on establishing Intermediate Holding Companies in the US for non-US banks, several existing legal entities were re-parented as subsidiaries of Credit Suisse (USA), Inc. In the tables below, prior periods have been restated to conform to the current presentation to reflect the impact of these transactions. | ||||||||||||||
Condensed consolidating statements of operations | ||||||||||||||
in 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 6,392 | 12,193 | 18,585 | 228 | 248 | 19,061 | ||||||||
Interest expense | -3,894 | -6,014 | -9,908 | -316 | 197 | -10,027 | ||||||||
Net interest income | 2,498 | 6,179 | 8,677 | -88 | 445 | 9,034 | ||||||||
Commissions and fees | 4,137 | 8,750 | 12,887 | 7 | 157 | 13,051 | ||||||||
Trading revenues | 73 | 1,717 | 1,790 | 159 | 77 | 2,026 | ||||||||
Other revenues | 1,358 | 877 | 2,235 | 1,750 | 2 | -1,854 | 2,131 | |||||||
Net revenues | 8,066 | 17,523 | 25,589 | 1,828 | -1,175 | 26,242 | ||||||||
Provision for credit losses | -1 | 126 | 125 | 0 | 61 | 186 | ||||||||
Compensation and benefits | 3,510 | 7,872 | 11,382 | 53 | -101 | 11,334 | ||||||||
General and administrative expenses | 2,592 | 6,981 | 9,573 | -101 | 62 | 9,534 | ||||||||
Commission expenses | 253 | 1,295 | 1,548 | 0 | 13 | 1,561 | ||||||||
Total other operating expenses | 2,845 | 8,276 | 11,121 | -101 | 75 | 11,095 | ||||||||
Total operating expenses | 6,355 | 16,148 | 22,503 | -48 | -26 | 22,429 | ||||||||
Income/(loss) from continuing operations before taxes | 1,712 | 1,249 | 2,961 | 1,876 | -1,210 | 3,627 | ||||||||
Income tax expense | 620 | 679 | 1,299 | 1 | 105 | 1,405 | ||||||||
Income/(loss) from continuing operations | 1,092 | 570 | 1,662 | 1,875 | -1,315 | 2,222 | ||||||||
Income from discontinued operations, net of tax | 0 | 102 | 102 | 0 | 0 | 102 | ||||||||
Net income/(loss) | 1,092 | 672 | 1,764 | 1,875 | -1,315 | 2,324 | ||||||||
Net income attributable to noncontrolling interests | 406 | 39 | 445 | 0 | 4 | 449 | ||||||||
Net income/(loss) attributable to shareholders | 686 | 633 | 1,319 | 1,875 | -1,319 | 1,875 | ||||||||
of which from continuing operations | 686 | 531 | 1,217 | 1,875 | -1,319 | 1,773 | ||||||||
of which from discontinued operations | 0 | 102 | 102 | 0 | 0 | 102 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income | ||||||||||||||
in 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,092 | 672 | 1,764 | 1,875 | -1,315 | 2,324 | ||||||||
Gains/(losses) on cash flow hedges | 0 | -27 | -27 | 7 | 0 | -20 | ||||||||
Foreign currency translation | 2,238 | 46 | 2,284 | -1 | 4 | 2,287 | ||||||||
Unrealized gains/(losses) on securities | 0 | 21 | 21 | 0 | -9 | 12 | ||||||||
Actuarial gains/(losses) | -109 | 167 | 58 | 0 | -1,311 | -1,253 | ||||||||
Net prior service credit/(cost) | 14 | 0 | 14 | 0 | -77 | -63 | ||||||||
Other comprehensive income/(loss), net of tax | 2,143 | 207 | 2,350 | 6 | -1,393 | 963 | ||||||||
Comprehensive income/(loss) | 3,235 | 879 | 4,114 | 1,881 | -2,708 | 3,287 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 520 | 94 | 614 | 0 | -74 | 540 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 2,715 | 785 | 3,500 | 1,881 | -2,634 | 2,747 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 6,579 | 12,438 | 19,017 | 62 | 477 | 19,556 | ||||||||
Interest expense | -3,930 | -7,377 | -11,307 | -60 | -74 | -11,441 | ||||||||
Net interest income | 2,649 | 5,061 | 7,710 | 2 | 403 | 8,115 | ||||||||
Commissions and fees | 3,755 | 9,302 | 13,057 | 4 | 165 | 13,226 | ||||||||
Trading revenues | -516 | 3,271 | 2,755 | -23 | 7 | 2,739 | ||||||||
Other revenues | 1,529 | 263 | 1,792 | 2,288 | 2 | -2,304 | 1,776 | |||||||
Net revenues | 7,417 | 17,897 | 25,314 | 2,271 | -1,729 | 25,856 | ||||||||
Provision for credit losses | 4 | 89 | 93 | 0 | 74 | 167 | ||||||||
Compensation and benefits | 3,380 | 7,807 | 11,187 | 59 | 10 | 11,256 | ||||||||
General and administrative expenses | 2,843 | 5,811 | 8,654 | -135 | 80 | 8,599 | ||||||||
Commission expenses | 227 | 1,499 | 1,726 | 1 | 11 | 1,738 | ||||||||
Total other operating expenses | 3,070 | 7,310 | 10,380 | -134 | 91 | 10,337 | ||||||||
Total operating expenses | 6,450 | 15,117 | 21,567 | -75 | 101 | 21,593 | ||||||||
Income/(loss) from continuing operations before taxes | 963 | 2,691 | 3,654 | 2,346 | -1,904 | 4,096 | ||||||||
Income tax expense | 8 | 1,162 | 1,170 | 20 | 86 | 1,276 | ||||||||
Income/(loss) from continuing operations | 955 | 1,529 | 2,484 | 2,326 | -1,990 | 2,820 | ||||||||
Income from discontinued operations, net of tax | 66 | 79 | 145 | 0 | 0 | 145 | ||||||||
Net income/(loss) | 1,021 | 1,608 | 2,629 | 2,326 | -1,990 | 2,965 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 575 | 94 | 669 | 0 | -30 | 639 | ||||||||
Net income/(loss) attributable to shareholders | 446 | 1,514 | 1,960 | 2,326 | -1,960 | 2,326 | ||||||||
of which from continuing operations | 380 | 1,435 | 1,815 | 2,326 | -1,960 | 2,181 | ||||||||
of which from discontinued operations | 66 | 79 | 145 | 0 | 0 | 145 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income | ||||||||||||||
in 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,021 | 1,608 | 2,629 | 2,326 | -1,990 | 2,965 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 2 | 2 | 16 | 0 | 18 | ||||||||
Foreign currency translation | -668 | -1,566 | -2,234 | 0 | 1,213 | -1,021 | ||||||||
Unrealized gains/(losses) on securities | -2 | -16 | -18 | 0 | -14 | -32 | ||||||||
Actuarial gains/(losses) | 138 | -181 | -43 | 0 | 1,087 | 1,044 | ||||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | -95 | -95 | ||||||||
Other comprehensive income/(loss), net of tax | -532 | -1,761 | -2,293 | 16 | 2,191 | -86 | ||||||||
Comprehensive income/(loss) | 489 | -153 | 336 | 2,342 | 201 | 2,879 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 471 | 163 | 634 | 0 | -109 | 525 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 18 | -316 | -298 | 2,342 | 310 | 2,354 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 2012 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 7,625 | 13,914 | 21,539 | 81 | 470 | 22,090 | ||||||||
Interest expense | -4,540 | -10,217 | -14,757 | -79 | -111 | -14,947 | ||||||||
Net interest income | 3,085 | 3,697 | 6,782 | 2 | 359 | 7,143 | ||||||||
Commissions and fees | 3,934 | 8,609 | 12,543 | -12 | 193 | 12,724 | ||||||||
Trading revenues | 1,470 | -307 | 1,163 | 1 | 32 | 1,196 | ||||||||
Other revenues | -37 | 2,525 | 2,488 | 1,319 | 2 | -1,259 | 2,548 | |||||||
Net revenues | 8,452 | 14,524 | 22,976 | 1,310 | -675 | 23,611 | ||||||||
Provision for credit losses | -5 | 93 | 88 | 0 | 82 | 170 | ||||||||
Compensation and benefits | 3,601 | 8,618 | 12,219 | 56 | 28 | 12,303 | ||||||||
General and administrative expenses | 2,132 | 5,073 | 7,205 | -101 | 142 | 7,246 | ||||||||
Commission expenses | 252 | 1,433 | 1,685 | 1 | 16 | 1,702 | ||||||||
Total other operating expenses | 2,384 | 6,506 | 8,890 | -100 | 158 | 8,948 | ||||||||
Total operating expenses | 5,985 | 15,124 | 21,109 | -44 | 186 | 21,251 | ||||||||
Income/(loss) from continuing operations before taxes | 2,472 | -693 | 1,779 | 1,354 | -943 | 2,190 | ||||||||
Income tax expense/(benefit) | 1,251 | -886 | 365 | 5 | 95 | 465 | ||||||||
Income/(loss) from continuing operations | 1,221 | 193 | 1,414 | 1,349 | -1,038 | 1,725 | ||||||||
Income/(loss) from discontinued operations, net of tax | 17 | -57 | -40 | 0 | 0 | -40 | ||||||||
Net income/(loss) | 1,238 | 136 | 1,374 | 1,349 | -1,038 | 1,685 | ||||||||
Net income attributable to noncontrolling interests | 281 | 52 | 333 | 0 | 3 | 336 | ||||||||
Net income/(loss) attributable to shareholders | 957 | 84 | 1,041 | 1,349 | -1,041 | 1,349 | ||||||||
of which from continuing operations | 940 | 141 | 1,081 | 1,349 | -1,041 | 1,389 | ||||||||
of which from discontinued operations | 17 | -57 | -40 | 0 | 0 | -40 | ||||||||
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 | ||||||||||||||
in 2012 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,238 | 136 | 1,374 | 1,349 | -1,038 | 1,685 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 7 | 7 | 30 | 0 | 37 | ||||||||
Foreign currency translation | -567 | -685 | -1,252 | 1 | 137 | -1,114 | ||||||||
Unrealized gains/(losses) on securities | 2 | -45 | -43 | 0 | 28 | -15 | ||||||||
Actuarial gains/(losses) | 20 | 39 | 59 | 0 | -109 | -50 | ||||||||
Net prior service credit/(cost) | -2 | 1 | -1 | 0 | 249 | 248 | ||||||||
Other comprehensive income/(loss), net of tax | -547 | -683 | -1,230 | 31 | 305 | -894 | ||||||||
Comprehensive income/(loss) | 691 | -547 | 144 | 1,380 | -733 | 791 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 186 | -91 | 95 | 0 | 116 | 211 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 505 | -456 | 49 | 1,380 | -849 | 580 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets | ||||||||||||||
end of 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,572 | 73,428 | 78,000 | 917 | 432 | 79,349 | ||||||||
Interest-bearing deposits with banks | 69 | 4,035 | 4,104 | 0 | -2,860 | 1,244 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 152,647 | 10,561 | 163,208 | 0 | 0 | 163,208 | ||||||||
Securities received as collateral | 26,754 | 100 | 26,854 | 0 | 0 | 26,854 | ||||||||
Trading assets | 74,980 | 166,333 | 241,313 | 0 | -182 | 241,131 | ||||||||
Investment securities | 3 | 2,376 | 2,379 | 3,981 | -3,569 | 2,791 | ||||||||
Other investments | 2,826 | 5,641 | 8,467 | 46,392 | -46,246 | 8,613 | ||||||||
Net loans | 20,664 | 235,264 | 255,928 | 350 | 16,273 | 272,551 | ||||||||
Premises and equipment | 892 | 3,549 | 4,441 | 0 | 200 | 4,641 | ||||||||
Goodwill | 731 | 7,035 | 7,766 | 0 | 878 | 8,644 | ||||||||
Other intangible assets | 115 | 134 | 249 | 0 | 0 | 249 | ||||||||
Brokerage receivables | 25,009 | 16,620 | 41,629 | 0 | 0 | 41,629 | ||||||||
Other assets | 24,738 | 45,773 | 70,511 | 221 | -174 | 70,558 | ||||||||
Total assets | 334,000 | 570,849 | 904,849 | 51,861 | -35,248 | 921,462 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 97 | 26,409 | 26,506 | 2,627 | -3,124 | 26,009 | ||||||||
Customer deposits | 1 | 357,568 | 357,569 | 0 | 11,489 | 369,058 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 120,817 | -50,698 | 70,119 | 0 | 0 | 70,119 | ||||||||
Obligation to return securities received as collateral | 26,754 | 100 | 26,854 | 0 | 0 | 26,854 | ||||||||
Trading liabilities | 13,133 | 59,534 | 72,667 | 0 | -12 | 72,655 | ||||||||
Short-term borrowings | 27,440 | -1,519 | 25,921 | 0 | 0 | 25,921 | ||||||||
Long-term debt | 67,776 | 105,171 | 172,947 | 4,930 | 21 | 177,898 | ||||||||
Brokerage payables | 44,029 | 12,948 | 56,977 | 0 | 0 | 56,977 | ||||||||
Other liabilities | 13,103 | 37,545 | 50,648 | 345 | -23 | 50,970 | ||||||||
Total liabilities | 313,150 | 547,058 | 860,208 | 7,902 | 8,351 | 876,461 | ||||||||
Total shareholders' equity | 19,693 | 23,202 | 42,895 | 43,959 | -42,895 | 43,959 | ||||||||
Noncontrolling interests | 1,157 | 589 | 1,746 | 0 | -704 | 1,042 | ||||||||
Total equity | 20,850 | 23,791 | 44,641 | 43,959 | -43,599 | 45,001 | ||||||||
Total liabilities and equity | 334,000 | 570,849 | 904,849 | 51,861 | -35,248 | 921,462 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets (continued) | ||||||||||||||
end of 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,965 | 63,116 | 68,081 | 795 | -184 | 68,692 | ||||||||
Interest-bearing deposits with banks | 81 | 3,304 | 3,385 | 0 | -1,870 | 1,515 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 127,153 | 32,860 | 160,013 | 0 | 9 | 160,022 | ||||||||
Securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading assets | 73,582 | 156,156 | 229,738 | 0 | -325 | 229,413 | ||||||||
Investment securities | 2 | 1,625 | 1,627 | 1,481 | -121 | 2,987 | ||||||||
Other investments | 4,522 | 5,685 | 10,207 | 42,570 | -42,448 | 10,329 | ||||||||
Net loans | 20,464 | 210,693 | 231,157 | 3,185 | 12,712 | 247,054 | ||||||||
Premises and equipment | 891 | 4,004 | 4,895 | 0 | 196 | 5,091 | ||||||||
Goodwill | 658 | 6,463 | 7,121 | 0 | 878 | 7,999 | ||||||||
Other intangible assets | 78 | 132 | 210 | 0 | 0 | 210 | ||||||||
Brokerage receivables | 25,667 | 26,377 | 52,044 | 0 | 1 | 52,045 | ||||||||
Other assets | 18,120 | 43,447 | 61,567 | 243 | 1,255 | 63,065 | ||||||||
Assets of discontinued operations held-for-sale | 11 | 1,573 | 1,584 | 0 | 0 | 1,584 | ||||||||
Total assets | 299,673 | 554,756 | 854,429 | 48,274 | -29,897 | 872,806 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 251 | 22,896 | 23,147 | 3,242 | -3,281 | 23,108 | ||||||||
Customer deposits | 1 | 321,677 | 321,678 | 0 | 11,411 | 333,089 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 98,600 | -4,568 | 94,032 | 0 | 0 | 94,032 | ||||||||
Obligation to return securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading liabilities | 14,304 | 62,508 | 76,812 | 0 | -177 | 76,635 | ||||||||
Short-term borrowings | 42,842 | -22,649 | 20,193 | 0 | 0 | 20,193 | ||||||||
Long-term debt | 31,909 | 94,832 | 126,741 | 2,784 | 517 | 130,042 | ||||||||
Brokerage payables | 55,749 | 17,405 | 73,154 | 0 | 0 | 73,154 | ||||||||
Other liabilities | 11,310 | 39,790 | 51,100 | 84 | 263 | 51,447 | ||||||||
Liabilities of discontinued operations held-for-sale | 19 | 1,121 | 1,140 | 0 | 0 | 1,140 | ||||||||
Total liabilities | 278,464 | 532,333 | 810,797 | 6,110 | 8,733 | 825,640 | ||||||||
Total shareholders' equity | 18,059 | 21,408 | 39,467 | 42,164 | -39,467 | 42,164 | ||||||||
Noncontrolling interests | 3,150 | 1,015 | 4,165 | 0 | 837 | 5,002 | ||||||||
Total equity | 21,209 | 22,423 | 43,632 | 42,164 | -38,630 | 47,166 | ||||||||
Total liabilities and equity | 299,673 | 554,756 | 854,429 | 48,274 | -29,897 | 872,806 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||
in 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | -12,175 | -6,025 | -18,200 | 609 | 2 | -29 | -17,620 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -7,105 | 6,378 | -727 | 0 | 1,002 | 275 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -10,390 | 22,067 | 11,677 | 0 | 8 | 11,685 | ||||||||
Purchase of investment securities | 0 | -1,060 | -1,060 | -2,217 | 2,217 | -1,060 | ||||||||
Proceeds from sale of investment securities | 0 | 118 | 118 | 0 | 812 | 930 | ||||||||
Maturities of investment securities | 0 | 187 | 187 | 0 | 153 | 340 | ||||||||
Investments in subsidiaries and other investments | -643 | -585 | -1,228 | -1,352 | 1,316 | -1,264 | ||||||||
Proceeds from sale of other investments | 1,218 | 301 | 1,519 | 3 | 31 | 1,553 | ||||||||
(Increase)/decrease in loans | 9,061 | -32,751 | -23,690 | 2,482 | -2,396 | -23,604 | ||||||||
Proceeds from sales of loans | 0 | 1,255 | 1,255 | 0 | 0 | 1,255 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -317 | -726 | -1,043 | 0 | -13 | -1,056 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 1 | 1 | 0 | 0 | 1 | ||||||||
Other, net | -11 | 612 | 601 | -10 | 15 | 606 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | -8,187 | -4,203 | -12,390 | -1,094 | 3,145 | -10,339 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | -168 | 27,305 | 27,137 | -669 | -428 | 26,040 | ||||||||
Increase/(decrease) in short-term borrowings | 14,532 | -11,023 | 3,509 | 0 | 0 | 3,509 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 2,999 | -34,000 | -31,001 | 0 | 0 | -31,001 | ||||||||
Issuances of long-term debt | 6,607 | 67,543 | 74,150 | 2,217 | -2,208 | 74,159 | ||||||||
Repayments of long-term debt | -2,559 | -35,312 | -37,871 | 0 | 1,400 | -36,471 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 297 | 0 | 297 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 0 | 9,394 | 9,394 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -742 | -9,455 | -10,197 | ||||||||
Dividends paid | -1,128 | 1,044 | -84 | -1,125 | -43 | -1,252 | ||||||||
Other, net | -791 | 303 | -488 | 609 | -1,313 | -1,192 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | 19,492 | 15,860 | 35,352 | 587 | -2,653 | 33,286 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | 485 | 5,132 | 5,617 | 20 | 153 | 5,790 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | -8 | -452 | -460 | 0 | 0 | -460 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | -393 | 10,312 | 9,919 | 122 | 616 | 10,657 | ||||||||
Cash and due from banks at beginning of period | 4,965 | 63,116 | 68,081 | 795 | -184 | 68,692 | ||||||||
Cash and due from banks at end of period | 4,572 | 73,428 | 78,000 | 917 | 432 | 79,349 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 150 million and CHF 113 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Condensed consolidating statements of cash flows (continued) | ||||||||||||||
in 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | 6,078 | 15,939 | 22,017 | 400 | 2 | -343 | 22,074 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -1 | 444 | 443 | 0 | 95 | 538 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -594 | 17,714 | 17,120 | 0 | 0 | 17,120 | ||||||||
Purchase of investment securities | 0 | -676 | -676 | -1,402 | 1,401 | -677 | ||||||||
Proceeds from sale of investment securities | 23 | 153 | 176 | 0 | 0 | 176 | ||||||||
Maturities of investment securities | 0 | 673 | 673 | 0 | 159 | 832 | ||||||||
Investments in subsidiaries and other investments | 232 | -1,570 | -1,338 | -2,458 | 2,004 | -1,792 | ||||||||
Proceeds from sale of other investments | 2,139 | 1,026 | 3,165 | 481 | 91 | 3,737 | ||||||||
(Increase)/decrease in loans | 3,562 | -12,139 | -8,577 | 1,228 | -1,777 | -9,126 | ||||||||
Proceeds from sales of loans | 0 | 1,483 | 1,483 | 0 | 0 | 1,483 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -238 | -657 | -895 | 0 | -8 | -903 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 9 | 9 | 0 | 0 | 9 | ||||||||
Other, net | -87 | 202 | 115 | 0 | 7 | 122 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | 5,036 | 6,662 | 11,698 | -2,151 | 1,972 | 11,519 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 95 | 22,535 | 22,630 | -500 | 333 | 22,463 | ||||||||
Increase/(decrease) in short-term borrowings | 22,124 | -16,122 | 6,002 | 0 | 0 | 6,002 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -29,400 | -6,947 | -36,347 | 0 | 0 | -36,347 | ||||||||
Issuances of long-term debt | 687 | 37,227 | 37,914 | 2,292 | -1,116 | 39,090 | ||||||||
Repayments of long-term debt | -4,219 | -50,997 | -55,216 | 0 | 81 | -55,135 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 976 | 0 | 976 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 58 | 9,706 | 9,764 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -217 | -9,985 | -10,202 | ||||||||
Dividends paid | -178 | -305 | -483 | -154 | 73 | -564 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 0 | 0 | 1 | -1 | 0 | ||||||||
Other, net | -165 | 901 | 736 | 75 | -1,279 | -468 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | -11,056 | -13,708 | -24,764 | 2,531 | -2,188 | -24,421 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | -74 | -1,145 | -1,219 | -4 | 7 | -1,216 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | 0 | -1,027 | -1,027 | 0 | 0 | -1,027 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | -16 | 6,721 | 6,705 | 776 | -552 | 6,929 | ||||||||
Cash and due from banks at beginning of period | 4,981 | 56,395 | 61,376 | 19 | 368 | 61,763 | ||||||||
Cash and due from banks at end of period | 4,965 | 63,116 | 68,081 | 795 | -184 | 68,692 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 161 million and CHF 208 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Condensed consolidating statements of cash flows (continued) | ||||||||||||||
in 2012 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | -4,354 | -7,863 | -12,217 | 357 | 2 | -808 | -12,668 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -2 | 317 | 315 | 0 | -131 | 184 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 22,780 | 24,153 | 46,933 | 0 | 19 | 46,952 | ||||||||
Purchase of investment securities | 0 | -276 | -276 | 0 | -204 | -480 | ||||||||
Proceeds from sale of investment securities | 0 | 936 | 936 | 0 | 0 | 936 | ||||||||
Maturities of investment securities | 0 | 1,442 | 1,442 | 0 | 184 | 1,626 | ||||||||
Investments in subsidiaries and other investments | -84 | -1,832 | -1,916 | -3,584 | 3,461 | -2,039 | ||||||||
Proceeds from sale of other investments | 1,922 | 996 | 2,918 | 110 | 76 | 3,104 | ||||||||
(Increase)/decrease in loans | 1,994 | -11,564 | -9,570 | 1,154 | -2,606 | -11,022 | ||||||||
Proceeds from sales of loans | 0 | 1,090 | 1,090 | 0 | 0 | 1,090 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -364 | -863 | -1,227 | 0 | -15 | -1,242 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 16 | 10 | 26 | 0 | 0 | 26 | ||||||||
Other, net | 235 | 3,441 | 3,676 | 28 | -21 | 3,683 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | 26,497 | 17,850 | 44,347 | -2,292 | 763 | 42,818 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 78 | -14,083 | -14,005 | -1,015 | 2,453 | -12,567 | ||||||||
Increase/(decrease) in short-term borrowings | 5,508 | -17,151 | -11,643 | 0 | 3,803 | -7,840 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -20,167 | -19,791 | -39,958 | 0 | 0 | -39,958 | ||||||||
Issuances of long-term debt | 1,625 | 35,610 | 37,235 | 10 | 1,160 | 38,405 | ||||||||
Repayments of long-term debt | -6,996 | -48,405 | -55,401 | -1,149 | 614 | -55,936 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 1,930 | 0 | 1,930 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 367 | 7,988 | 8,355 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -495 | -8,364 | -8,859 | ||||||||
Dividends paid | 0 | -321 | -321 | -944 | -31 | -1,296 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 42 | 42 | 0 | -42 | 0 | ||||||||
Other, net | -1,749 | 5,352 | 3,603 | 3,180 | -6,389 | 394 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | -21,701 | -58,747 | -80,448 | 1,884 | 1,192 | -77,372 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | -120 | -1,064 | -1,184 | 57 | -115 | -1,242 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | 6 | -352 | -346 | 0 | 0 | -346 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | 328 | -50,176 | -49,848 | 6 | 1,032 | -48,810 | ||||||||
Cash and due from banks at beginning of period | 4,653 | 106,571 | 111,224 | 13 | -664 | 110,573 | ||||||||
Cash and due from banks at end of period | 4,981 | 56,395 | 61,376 | 19 | 368 | 61,763 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 166 million and CHF 46 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Credit_Suisse_Group_parent_com
Credit Suisse Group parent company | 12 Months Ended |
Dec. 31, 2014 | |
Credit Suisse Group parent company | 41 Credit Suisse Group parent company |
> Refer to “Note 40 – Subsidiary guarantee information” for the condensed Credit Suisse Group parent company financial information. |
Significant_valuation_and_inco
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 12 Months Ended |
Dec. 31, 2014 | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 42 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) |
The Group’s consolidated financial statements have been prepared in accordance with US GAAP. | |
FINMA requires Swiss-domiciled banks which present their financial statements under either US GAAP or International Financial Reporting Standards (IFRS) to provide a narrative explanation of the major differences between Swiss GAAP banking law (true and fair view) and its primary accounting standard. | |
The principal provisions of the Banking Ordinance and the FINMA Circular 2008/2, “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 US GAAP, the Group does not consolidate certain entities that issue redeemable preferred securities. Under Swiss GAAP, these entities would continue to be consolidated as the Group holds 100% of the voting rights. | |
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. | |
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 income. | |
For issued structured products that include own debt and meet certain restrictive conditions, fair value measurement is applied on a case-by-case basis. 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. | |
Other issued structured products which are not in the scope of this interpretation or for which fair value accounting is not elected under Swiss GAAP but for which the fair value option is elected under US GAAP continue to be bifurcated for Swiss GAAP purposes. This means that the embedded derivative is carried at fair value and the host contract is accounted for at amortized cost. | |
Other non-trading assets measured at fair value | |
Under US GAAP, all of our mortgage servicing rights and most of our life settlement contracts are reported at fair value, with changes in value reported in the consolidated statements of operations. | |
Under Swiss GAAP, mortgage servicing rights and life settlement contracts are carried at the lower of cost or market. | |
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 20 years is acceptable. In addition, goodwill is tested for impairment. | |
Intangible assets with indefinite lives | |
Under US GAAP, intangible assets with indefinite lives are not amortized but are tested for impairment annually or more frequently if an event or change in circumstances indicates that the asset may be impaired. | |
Under Swiss GAAP, intangible assets with indefinite lives are amortized over a useful life, up to a maximum of five years. In addition, these assets are tested for impairment. | |
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. 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. | |
Loan origination fees | |
US GAAP requires the deferral of certain fees received upfront in connection with the loan origination for loans not held under the fair value option. | |
Under Swiss GAAP, only upfront payments or fees that are considered interest-related components are deferred (e.g., premiums and discounts). Fees received from the borrower which are considered service-related fees such as commitment fees, structuring fees and arrangement fees are immediately recognized in commission income. | |
Sale of financial instruments held at amortized cost | |
Under US GAAP, the gain or loss on sale or early redemption of a financial instrument is immediately recognized in the consolidated statements of operations. | |
Under Swiss GAAP, the gain or loss on sale or early redemption of an interest-related financial instrument held at amortized cost is deferred over the remaining original term of the financial instrument. | |
Extinguishment of own debt | |
Under US GAAP, repurchased or reacquired own debt instruments are extinguished and gains or losses from extinguishment are immediately recognized in other income. | |
Under Swiss GAAP, repurchased own debt is only extinguished if the respective securities are legally extinguished. Gains or losses from extinguishment of own debt that was accounted for at amortized cost are deferred and amortized over the original term of the repurchased instruments. For reacquired own debt instruments that are not legally extinguished, the repurchased own debt instruments are either held as financial investments at the lower of cost or market or as trading assets at fair value. The carrying value of the repurchased instruments is offset against the respective liability of own debt instruments issued. | |
Real estate held for investment | |
Under US GAAP, real estate held for investment is valued at cost less accumulated depreciation and any impairment. | |
Under Swiss GAAP, real estate held for investment that the Group intends to hold permanently is also valued at cost less accumulated depreciation and any other-than-temporary impairment. If the Group does not intend to hold real estate permanently, it is carried at the lower of cost or market. | |
Sale and leaseback transactions | |
Under US GAAP, gains from the sale of property subject to a sale and leaseback agreement are deferred and amortized over the leaseback period. | |
Under Swiss GAAP, gains from the sale of property subject to a sale and leaseback agreement are only deferred if the provisions of the leaseback contract indicate that the leaseback is a capital lease; if the leaseback contract meets the requirements of an operating lease, such gains are immediately recognized upon sale of the property. | |
Investments in securities | |
Available-for-sale securities | |
Under US GAAP, available-for-sale securities are valued at fair value. Unrealized gains and losses due to fluctuations in fair value (including foreign exchange) are not recorded in the consolidated statements of operations but included net of tax in AOCI, which is part of total shareholders’ equity. Declines in fair value below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations, except for amounts relating to factors other than credit loss on debt securities with no intent or requirement to sell that continue to be included in AOCI. The new cost basis will not be changed for subsequent recoveries in fair value. | |
Under Swiss GAAP, available-for-sale securities are accounted for at the lower of cost or market with valuation reductions and recoveries due to market fluctuations recorded in other ordinary expenses and income, respectively. Foreign exchange gains and losses are recognized in net trading income. | |
Non-marketable equity securities | |
Under US GAAP, non-marketable equity securities are valued at cost less other-than-temporary impairment or at fair value. | |
Under Swiss GAAP, non-marketable equity securities are carried at the lower of cost or market. | |
Impairments on held-to-maturity securities | |
Under US GAAP, declines in fair value of held-to-maturity securities below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations except for amounts relating to factors other than credit loss on debt securities held with no intent or requirement to sell that are included in AOCI. The impairment cannot be reversed in future periods. | |
Under Swiss GAAP, all impairments are recognized in the consolidated statements of income. Impairments recognized on held-to-maturity securities are reversed up to the amortized cost if the fair value of the instrument subsequently recovers. A reversal is recorded in the consolidated statements of income. | |
Trading positions | |
Under both US GAAP and Swiss GAAP, positions classified in the trading portfolio are valued at fair value. Under US GAAP, this classification is based on management’s intent concerning the specific instrument, whereas under Swiss GAAP, the prevailing criteria is the active management of the specific instrument in the context of a documented trading strategy. | |
Derivatives used for cash flow hedges | |
Under US GAAP, the effective portion of a cash flow hedge is reported in AOCI. | |
Under Swiss GAAP, the effective portion of a cash flow hedge is recorded in the compensation account in other assets or other liabilities. | |
Security collateral received in securities lending transactions | |
Under US GAAP, security collateral received in securities lending transactions are recorded as assets and a corresponding liability to return the collateral is recognized. | |
Under Swiss GAAP, security collateral received and the obligation to return collateral of securities lending transactions are not recognized on the balance sheet. | |
Derecognition of financial instruments | |
Under US GAAP, financial instruments are only derecognized if the transaction meets certain criteria. | |
Under Swiss GAAP, a financial instrument is derecognized when the economic control has been transferred from the seller to the buyer. | |
Discontinued operations | |
Under US GAAP, the assets and liabilities of an operation held-for-sale are separated from the ordinary captions of the consolidated balance sheets and are reported as discontinued operations measured at the lower of the carrying value or fair value less cost to sell. Accordingly, income and expense from discontinued operations are reported in a separate line item of the consolidated statements of operations. | |
Under Swiss GAAP, these positions remain in their initial balance sheet captions until disposed of and continue to be valued according to the respective captions. | |
Extraordinary income and expenses | |
Unlike US GAAP, Swiss GAAP does report certain expenses or revenues as extraordinary. Extraordinary income and expenses are reported net of tax. | |
Reserves for general banking risks | |
US GAAP does not allow general unallocated provisions. | |
Under Swiss GAAP, reserves for general banking risks are recorded as a separate component between liabilities and shareholders’ equity. Reserves for general banking risks are established or released through extraordinary expense and extraordinary income, respectively, or result from the reallocation of provisions which are no longer economically required. | |
Loan commitments | |
Under US GAAP, the Group includes unused credit facilities that can be revoked at its sole discretion upon notice to the client in loan commitments. | |
Under Swiss GAAP, credit facilities that can be revoked at the Group’s sole discretion are only disclosed if the notice period exceeds six weeks. | |
Bank | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 38 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) |
> Refer to “Note 42 – Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view)” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Risk_assessment
Risk assessment | 12 Months Ended |
Dec. 31, 2014 | |
Risk assessment | 43 Risk assessment |
In accordance with the Swiss Code of Obligations the following disclosure provides information regarding the risk assessment process, which was in place for the reporting period and followed by the Board of Directors. | |
The primary objectives of risk management are to protect the financial strength and reputation of the Group, while ensuring that capital is well deployed to support business activities and grow shareholder value. The risk management organization reflects the specific nature of the various risks in order to ensure that risks are managed within set limits in a transparent and timely manner. | |
The Board of Directors is responsible for the strategic direction, supervision and control of the Group and for defining its overall tolerance for risk in the form of a risk appetite statement and overall risk limits. The Board of Directors has delegated certain responsibilities regarding risk management and oversight to the Risk Committee, the Audit Committee and to the Executive Board. | |
The Risk Committee is responsible for assisting the Board in fulfilling its oversight responsibilities by providing guidance regarding risk governance and the development of the risk profile and capital adequacy, including the regular review of major risk exposures and overall risk limits. In addition to its other responsibilities, such as reviewing the quarterly and annual financial statements and the performance of internal and external auditors, the Audit Committee reviews management’s report on internal control over financial reporting (SOX 404), the annual report on the internal control system and the annual compliance report. | |
Within the Executive Board of the Group, the Chief Risk Officer (CRO) is responsible for providing risk management oversight and for establishing an organizational basis to manage and report on all risk management matters. The Capital Allocation & Risk Management Committee (CARMC), the Valuation Risk Management Committee, the Risk Processes & Standards Committee and the Reputational Risk & Sustainability Committee have been established at senior management level to further support the risk management function. CARMC is comprised of at least five members of the Executive Board and senior management appointed by the CEO and operates rotating through the following three cycles: (i) asset & liability management including capital, funding and liquidity; (ii) market & credit risks; and (iii) internal control systems including operational risks, legal and compliance issues and internal control matters. CARMC may delegate its authority to set and approve certain limits for position risk, funding, liquidity and capital to the CRO or divisional risk management committees. Divisional and legal entity risk management committees review risk, legal and compliance and internal control matters specific to the divisions and individual legal entities, respectively. | |
During the reporting period, the Board of Directors received the quarterly risk reports from the CRO and the annual internal control system and compliance reports from the office of the General Counsel, which formed the basis of the Board of Directors’ risk reviews. Additional risk information was provided at each meeting of the Risk Committee and at most Board meetings. The Board of Directors, assisted by its Risk and Audit Committees, performed a systematic risk assessment in accordance with established policies and procedures. | |
Bank | |
Risk assessment | 39 Risk assessment |
During the reporting period the Board of Directors and its Risk Committee performed risk assessments in accordance with established policies and procedures. | |
The governance of the Bank and the Group, including risk governance, is fully aligned. Both the Board of Directors and the Executive Board are comprised of the same individuals. | |
> Refer to “Note 43 – Risk assessment” in V – Consolidated financial statements – Credit Suisse Group for information in accordance with the Swiss Code of Obligations on the risk assessment process followed by the Board of Directors. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
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, as well as various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. | |
Principles of consolidation | Principles of consolidation |
The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Group’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. The Group consolidates limited partnerships in cases where it is the general partner or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs where the Group is the primary beneficiary in accordance with Accounting Standards Codification (ASC) Topic 810 – Consolidation. The effects of material intercompany transactions and balances have been eliminated. | |
Where a Group subsidiary is a separate legal entity and determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Group subsidiary are not consolidated and are carried at fair value. | |
Group entities that qualify as broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers do not consolidate investments in voting interest entities that would otherwise qualify for consolidation when the investment is held on a temporary basis for trading purposes. In addition, subsidiaries that are strategic components of a broker-dealers’ operations are consolidated regardless of holding intent. | |
Foreign currency translation | Foreign currency translation |
Transactions denominated in currencies other than the functional currency of the related entity are recorded by remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. | |
For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than Swiss francs are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated using the weighted average foreign exchange rate for the year. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. | |
Fair value measurement and option | Fair value measurement and option |
The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial acquisition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. | |
> Refer to “Fair value option” in Note 34 – Financial instruments for further information. | |
Cash and due from banks | Cash and due from banks |
Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. | |
Reverse repurchase and repurchase agreements | Reverse repurchase and repurchase agreements |
Purchases of securities under resale agreements (>>>reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (>>>repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. | |
Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on some of its agreements. | |
Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. | |
Securities lending and borrowing transactions | Securities lending and borrowing transactions |
Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. | |
Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. In the case where the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. | |
Transfers of financial assets | Transfers of financial assets |
The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. | |
> Refer to “Note 33 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. | |
Trading assets and liabilities | Trading assets and liabilities |
Trading assets and liabilities include debt and equity securities, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. | |
Derivatives | |
Freestanding >>>derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. | |
Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. | |
The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for >>>over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. | |
Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: | |
(i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); | |
(ii) the derivative expires or is sold, terminated or exercised; | |
(iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or | |
(iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. | |
For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. | |
When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. | |
For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. | |
When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. | |
For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. | |
Investment securities | Investment securities |
Investment securities include debt securities classified as held-to-maturity and debt and marketable equity securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. | |
Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. | |
Debt and equity securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. | |
Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. | |
Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. | |
Recognition of an impairment on equity securities is recorded in the consolidated statements of operations if a decline in fair value below the cost basis of an investment is considered other-than-temporary. The Group generally considers unrealized losses on equity securities to be other-than-temporary if the fair value has been below cost for more than six months or by more than 20%. | |
Recognition of an impairment for debt or equity securities establishes a new cost basis, which is not adjusted for subsequent recoveries. | |
Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. | |
Other investments | Other investments |
Other investments include equity method investments and non-marketable equity securities such as private equity, hedge funds, and restricted stock investments, certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, and real estate held for investment. | |
Equity method investments are investments where the Group has the ability to significantly influence the operating and financial policies of an investee. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s share of the profit or loss, as well as any impairment on the investee, if applicable, are reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. | |
The Group’s other non-marketable equity securities are carried at cost less other-than-temporary impairment or at fair value if elected under the fair value option. Non-marketable equity securities held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. | |
Equity method investments and non-marketable equity securities held by broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. | |
Real estate held for investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. These assets are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. | |
In connection with the life finance business, the Group invests in single premium immediate annuities (SPIA), which are carried at fair value with the related fair value changes reported in trading revenues. The life finance business also invests in life settlement contracts. | |
Loans | Loans |
Loans held-to-maturity | |
Loans, which the Group intends to hold until maturity, are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. | |
Loans are divided in two portfolio segments, “consumer” and “corporate & institutional”. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate & institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions and governments and public institutions. | |
Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. | |
In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. | |
> Refer to “Note 18 – Loans, allowance for loan losses and credit quality” for further information. | |
Allowance for loan losses on loans held-to-maturity | |
The allowance for loan losses is comprised of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). | |
The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. | |
The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For certain non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. | |
A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loans balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectibility and a provision is established as necessary. | |
A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectibility and additional provisions are established as required. | |
Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. | |
Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. | |
Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. | |
Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. | |
The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. | |
Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other amounts received. | |
> Refer to “Impaired loans” in Note 18 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. | |
Loans held-for-sale | |
Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Gains and losses on loans held-for-sale are recorded in other revenues. | |
Purchased impaired loans | |
Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. | |
Loans held at fair value under the fair value option | |
Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. | |
Premises and equipment | Premises and equipment |
Premises are carried at cost less accumulated depreciation and are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. Alterations and improvements to rented premises are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which is not to exceed ten years. Other tangible fixed assets such as computers, machinery, furnishings, vehicles, other equipment and building improvements are depreciated using the straight-line method over their estimated useful lives, generally three to ten years. | |
The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliably measured. The Group depreciates capitalized software costs on a straight-line basis over the estimated useful life of the software, generally not exceeding three years, taking into consideration the effects of obsolescence, technology, competition and other economic factors. | |
The Group reflects finance leasing activities for which it is the lessee by recording an asset in premises and equipment and a corresponding liability in other liabilities at an amount equal to the smaller of the present value of the minimum lease payments or fair value, and the leased asset is depreciated over the shorter of the asset’s estimated useful life or the lease term. | |
Goodwill and other intangible assets | Goodwill and other intangible assets |
Goodwill arises on the acquisition of subsidiaries and equity method investments. It is measured as the excess of the fair value of the consideration transferred, the fair value of any noncontrolling interest in the acquiree and the fair value of any previously held equity interest in the acquired subsidiary, over the net of the acquisition-date fair values of the identifiable assets acquired and the liabilities assumed. Goodwill is not amortized; instead it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Goodwill is allocated to the Group’s reporting units for the purposes of the impairment test. | |
Other intangible assets may be acquired individually or as part of a group of assets assumed in a business combination. Other intangible assets include but are not limited to: patents, licenses, copyrights, trademarks, branch networks, mortgage servicing rights, customer base and deposit relationships. Acquired intangible assets are initially measured at the amount of cash disbursed or the fair value of other assets distributed. Other intangible assets that have a finite useful life are amortized over that period. Other intangible assets acquired after January 1, 2002, that are determined to have an indefinite useful life, are not amortized; instead they are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the indefinite intangible asset may be impaired. Mortgage servicing rights are included in non-amortizing other intangible assets and are carried at fair value, with changes in fair value recognized through earnings in the period in which they occur. Mortgage servicing rights represent the right to perform specified mortgage servicing activities on behalf of third parties. Mortgage servicing rights are either purchased from third parties or retained upon sale of acquired or originated loans. | |
Recognition of an impairment on tangible fixed assets and other intangible assets | Recognition of an impairment on tangible fixed assets and finite intangible assets |
The Group evaluates premises and equipment and finite intangible assets for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the asset is considered not to be recoverable, an impairment is recorded in general and administrative expenses to the extent the fair value of the asset is less than its carrying amount. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. | |
Income taxes | Income taxes |
Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities at the dates of the consolidated balance sheets and their respective tax bases. Deferred tax assets and liabilities are computed using currently enacted tax rates and are recorded in other assets and other liabilities, respectively. Income tax expense or benefit is recorded in income tax expense/(benefit), except to the extent the tax effect relates to transactions recorded directly in total shareholders’ equity. Deferred tax assets are reduced by a valuation allowance, if necessary, to the amount that management believes will more likely than not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates in the period in which changes are approved by the relevant authority. Deferred tax assets and liabilities are presented on a net basis for the same tax-paying component within the same tax jurisdiction. | |
The Group follows the guidance in ASC Topic 740 – Income Taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Group determines whether it is more likely than not that an income tax position will be sustained upon examination based on the technical merits of the position. Sustainable income tax positions are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each such sustainable income tax position is measured at the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. | |
Life settlement contracts | Life settlement contracts |
Life settlement contracts are initially recognized at the transaction price and subsequently carried at fair value unless the Group elects to apply the investment method. The contracts that are not accounted for under the investment method are carried at fair value and are recorded in trading assets. | |
Under the investment method, the contracts are initially recognized at the transaction price plus any directly related external costs and are recorded in other investments. Subsequently, all continuing premium payments made are capitalized unless the aggregated carrying value exceeds fair value, in which case an impairment allowance is established so that the carrying value does not exceed fair value. | |
Brokerage receivables and brokerage payables | Brokerage receivables and brokerage payables |
The Group recognizes receivables and payables from transactions in financial instruments purchased from and sold to customers, banks, and broker-dealers. The Group is exposed to risk of loss resulting from the inability of counterparties to pay for or deliver financial instruments purchased or sold, in which case the Group would have to sell or purchase, respectively, these financial instruments at prevailing market prices. To the extent an exchange or clearing organization acts as counterparty to a transaction, credit risk is generally considered to be limited. The Group establishes credit limits for each customer and requires them to maintain margin collateral in compliance with applicable regulatory and internal guidelines. In order to conduct trades with an exchange or a third-party bank, the Group is required to maintain a margin. This is usually in the form of cash and deposited in a separate margin account with the exchange or broker. If available information indicates that it is probable that a brokerage receivable is impaired, an allowance is established. Write-offs of brokerage receivables occur if the outstanding amounts are considered uncollectible. | |
Other assets - Derivatives used for hedging | Other assets |
Derivative instruments used for hedging | |
Derivative instruments are carried at fair value. The fair values of derivative instruments held for hedging are included as other assets or other liabilities in the consolidated balance sheets. The accounting treatment used for changes in fair value of hedging derivatives depends on the designation of the derivative as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation. Changes in fair value representing hedge ineffectiveness are reported in trading revenues. | |
Long-term debt | Long-term debt |
Total long-term debt is comprised of debt issuances which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign currency denominated fixed and variable rate bonds. | |
The Group actively manages the interest rate risk on vanilla debt through the use of derivative contracts, primarily interest rate and currency swaps. In particular, fixed rate debt is hedged with receive-fixed, pay-floating interest rate swaps. The Group elected to fair value this fixed rate debt upon implementation of the fair value option on January 1, 2007, with changes in fair value recognized as a component of trading revenues. The Group did not elect to apply the fair value option to fixed-rate debt issued by the Group since January 1, 2008 and instead applies hedge accounting per the guidance of ASC Topic 815 – Derivatives and Hedging. | |
The Group’s long-term debt also includes various equity-linked and other indexed instruments with embedded derivative features, whose payments and redemption values are linked to commodities, stocks, indices, currencies or other assets. The Group elected to account for substantially all of these instruments at fair value. Changes in the fair value of these instruments are recognized as a component of trading revenues. | |
Other liabilities | Other liabilities |
Guarantees | |
In cases where the Group acts as a guarantor, the Group recognizes in other liabilities, at the inception of a guarantee, a liability for the fair value of the obligations undertaken in issuing such a guarantee, including its ongoing obligation to perform over the term of the guarantee in the event that certain events or conditions occur. | |
Pensions and other post-retirement benefits | |
The Group uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. | |
Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Group management. Among others, assumptions have to be made with regard to discount rates, expected return on plan assets and salary increases. | |
The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yields of high-quality corporate bonds currently available and are expected to be available during the period to maturity of the pension benefits. In countries where no deep market in high-quality corporate bonds exists, the estimate is based on governmental bonds adjusted to include a risk premium reflecting the additional risk for corporate bonds. | |
The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. | |
Health care cost trend rates are determined by reviewing external data and the Group’s own historical trends for health care costs. Salary increases are determined by reviewing external data and considering internal projections. | |
The funded status of the Group’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. | |
Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. | |
The Group records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. | |
Share-based compensation | Share-based compensation |
For all share-based awards granted to employees and existing awards modified on or after January 1, 2005, compensation expense is measured at grant date or modification date based on the fair value of the number of awards for which the requisite service is expected to be rendered and is recognized in the consolidated statements of operations over the required service period on a straight-line basis. For all outstanding unvested share-based awards as of January 1, 2005, compensation expense is measured based on the original grant date fair value of the award and is recognized over the remaining requisite service period of each award on a straight-line basis. | |
The Group uses the tax law ordering approach to determine the portion of the total tax expense that relates to windfall tax benefits that are to be recorded in additional paid-in capital. In addition, it elected to use the practical transition option in determining the amount of windfall tax benefits recorded in additional paid-in capital arising on awards that were fully vested prior to January 1, 2005. | |
Compensation expense for share-based awards that vest in annual installments (graded vesting), which only contain a service condition that affects vesting, is recognized on a straight-line basis over the service period for the entire award. However, if such awards contain a performance condition, then each installment is expensed as if it were a separate award (“front-loaded” expense recognition). Furthermore, recognition of compensation expense is accelerated to the date an employee becomes eligible for retirement. For awards granted to employees eligible for retirement prior to January 1, 2005, the Group’s policy is to record compensation expense over the requisite service period. | |
Certain share-based awards also contain a performance condition, where the number of shares the employee is to receive is dependent on the performance (e.g., net income or return on equity (ROE)) of the Group or a division of the Group. If the employee is also required to provide the service stipulated in the award terms, the amount of compensation expense attributed to the incremental additional units expected to be received at vesting due to this performance condition is estimated on the grant date and subsequent changes in this estimate are recorded in the consolidated statements of operations over the remaining service period. | |
When awards contain market conditions, where the number of shares the employee receives varies based on changes in the Group share price, the incremental amount of extra shares the employee is expected to receive due to the market condition is estimated on the grant date and the total compensation expense is not adjusted thereafter for changes in the Group share price. | |
Certain employees own non-substantive equity interests in the form of carried interests in private equity funds managed by the Group. Expenses recognized under these ownership interests are reflected in the consolidated statements of operations in compensation and benefits. | |
The Group has certain option plans outstanding, primarily related to 1999 and prior years, which include a cash settlement feature. For those plans, liability award accounting is applied until settlement of the awards. | |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on own shares |
The Group may buy and sell own shares, own bonds and financial instruments on own shares within its normal trading and market-making activities. In addition, the Group may hold its own shares to satisfy commitments arising from employee share-based compensation awards. Own shares are recorded at cost and reported as treasury shares, resulting in a reduction to total shareholders’ equity. Financial instruments on own shares are recorded as assets or liabilities or as equity when the criteria for equity classification are met. Dividends received by subsidiaries on own shares and unrealized and realized gains and losses on own shares classified in total shareholders’ equity are excluded from the consolidated statements of operations. | |
Any holdings of bonds issued by any Group entity are eliminated in the consolidated financial statements. | |
Net interest income | Net interest income |
Interest income and interest expense arising from interest-bearing assets and liabilities other than those carried at fair value or the lower of cost or market are accrued, and any related net deferred premiums, discounts, origination fees or costs are amortized as an adjustment to the yield over the life of the related asset and liability. Interest from debt securities and dividends on equity securities carried as trading assets and trading liabilities are recorded in interest and dividend income. | |
> Refer to Loans for further information on interest on loans. | |
Commissions and fees | Commissions and fees |
Fee revenue is recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, the price is fixed or determinable and collectibility is reasonably assured. Fee income can be divided into two broad categories: income earned from services that are provided over a certain period of time, for which customers are generally billed on an annual or semi-annual basis, and income earned from providing transaction-type services. Fees earned from services that are provided over a certain period of time are recognized ratably over the service period. Fees earned from providing transaction-type services are recognized when the service has been completed. Performance-linked fees or fee components are recognized at any contractual measurement date when the contractually agreed thresholds are met. | |
Revenues from underwriting and fees from mergers and acquisitions (M&A) and other corporate finance advisory services are recorded at the time the underlying transactions are substantially completed and there are no other contingencies associated with the fees. | |
Transaction-related expenses are deferred until the related revenue is recognized, assuming they are deemed direct and incremental; otherwise, they are expensed as incurred. Underwriting fees are reported net of related expenses. Expenses associated with financial advisory services are recorded in operating expenses unless reimbursed by the client. | |
In circumstances where the Group contracts to provide multiple products, services or rights to a counterparty, an evaluation is made as to whether separate revenue recognition events have occurred. This evaluation considers the stand-alone value of items already delivered and if there is a right of return or warranties on delivered items and services, and the probability of delivery of remaining undelivered items or services. This evaluation is made on a transaction-by-transaction basis. | |
If the criteria noted are met, then the transaction is considered a multiple-deliverable arrangement where revenue recognition is determined separately for each deliverable. The consideration received on the total arrangement is allocated to the multiple deliverables based on the selling price of each deliverable. The selling price used for each deliverable will be based on vendor-specific objective evidence if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific objective evidence or third-party evidence is available. | |
Taxes collected from customers and remitted to governmental authorities are accounted for on a net basis. | |
Bank | |
Basis of presentation | The accompanying consolidated financial statements of Credit Suisse AG (the Bank), a Swiss bank subsidiary of Credit Suisse Group AG (the Group), are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Bank ends on December 31. |
In the fourth quarter of 2014, as part of an announced program to evolve the Bank’s legal entity structure to meet developing and future regulatory requirements and regulation of the US Federal Reserve on establishing Intermediate Holding Companies in the US for non-US banks, several existing legal entities were re-parented as subsidiaries of Credit Suisse (USA), Inc. In the consolidated financial statements of the Bank, prior periods have been restated to conform to the current presentation to reflect the impact of these transactions. | |
In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the >>>fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities, as well as various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. | |
> Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. | |
Pensions and other post-retirement benefits | Pensions and other post-retirement benefits |
Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. | |
For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. | |
For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. | |
Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Bank management. For example, assumptions have to be made with regard to discount rates, expected return on plan assets and salary increases. | |
The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yields of high-quality corporate bonds currently available and are expected to be available during the period to maturity of the pension benefits. In countries where no deep market in high-quality corporate bonds exists, the estimate is based on governmental bonds adjusted to include a risk premium reflecting the additional risk for corporate bonds. | |
The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. | |
Health care cost trend rates are determined by reviewing external data and the Bank’s own historical trends for health care costs. Salary increases are determined by reviewing external data and considering internal projections. | |
The funded status of the Bank’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. | |
Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. | |
The Bank records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. | |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on Group shares |
The Bank’s shares are wholly-owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares), own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Discontinued_operations_Tables
Discontinued operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Assets held-for-sale | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Assets held-for-sale | |||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Cash | 960 | |||||||
Loans | 575 | |||||||
Other assets | 18 | |||||||
Total assets held-for-sale | 1,553 | |||||||
CFIG (CHF million) | ||||||||
Fees receivable | 8 | |||||||
Goodwill | 23 | |||||||
Total assets held-for-sale | 31 | |||||||
Group (CHF million) | ||||||||
Total assets held-for-sale | 1,584 | |||||||
Liabilities held-for-sale | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Liabilities held-for-sale | |||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Deposits | 1,118 | |||||||
Other liabilities | 22 | |||||||
Total liabilities held-for-sale | 1,140 | |||||||
Group (CHF million) | ||||||||
Total liabilities held-for-sale | 1,140 | |||||||
Income/(loss) from discontinued operations | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Income/(loss) from discontinued operations | |||||||
in | 2014 | 2013 | 2012 | |||||
Operations-related (CHF million) | ||||||||
Net revenues | 31 | 233 | 288 | |||||
of which German private banking business | 27 | 52 | 54 | |||||
of which ETF business | – | 29 | 53 | |||||
of which Strategic Partners | – | 33 | 60 | |||||
of which CFIG | 0 | 114 | 116 | |||||
Operating expenses | 35 | 158 | 296 | |||||
of which German private banking business | 33 | 71 | 108 | |||||
of which ETF business | – | 23 | 49 | |||||
of which Strategic Partners | – | 8 | 38 | |||||
of which CFIG | 0 | 51 | 88 | |||||
Income tax expense/(benefit) | 1 | 38 | 32 | |||||
of which German private banking business | 0 | -6 | 2 | |||||
of which ETF business | – | 5 | 2 | |||||
of which Strategic Partners | – | 10 | 15 | |||||
of which CFIG | 0 | 29 | 16 | |||||
Income/(loss), net of tax | -5 | 37 | -40 | |||||
of which German private banking business | -6 | -13 | -56 | |||||
of which ETF business | – | 1 | 2 | |||||
of which Strategic Partners | – | 15 | 7 | |||||
of which CFIG | 0 | 34 | 12 | |||||
Transaction-related (CHF million) | ||||||||
Gain on disposal | 200 | 237 | – | |||||
of which German private banking business | 109 | – | – | |||||
of which ETF business | – | 146 | – | |||||
of which Strategic Partners | – | 91 | – | |||||
of which CFIG | 91 | – | – | |||||
Operating expenses | 54 | 93 | – | |||||
of which German private banking business | 48 | – | – | |||||
of which ETF business | – | 11 | – | |||||
of which Strategic Partners | – | 22 | – | |||||
of which CFIG | 0 | 56 | – | |||||
Income tax expense/(benefit) | 39 | 36 | – | |||||
of which ETF business | – | 21 | – | |||||
of which Strategic Partners | – | 40 | – | |||||
of which CFIG | 42 | -24 | – | |||||
Income/(loss), net of tax | 107 | 108 | – | |||||
of which German private banking business | 61 | – | – | |||||
of which ETF business | – | 114 | – | |||||
of which Strategic Partners | – | 29 | – | |||||
of which CFIG | 49 | -32 | – | |||||
Discontinued operations – total (CHF million) | ||||||||
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 | |||||
of which German private banking business | 55 | -13 | -56 | |||||
of which ETF business | – | 115 | 2 | |||||
of which Strategic Partners | – | 44 | 7 | |||||
of which CFIG | 49 | 2 | 12 | |||||
Bank | Assets held-for-sale | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Assets held-for-sale | |||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Cash | 960 | |||||||
Loans | 575 | |||||||
Other assets | 18 | |||||||
Total assets held-for-sale | 1,553 | |||||||
CFIG (CHF million) | ||||||||
Fees receivable | 8 | |||||||
Goodwill | 23 | |||||||
Total assets held-for-sale | 31 | |||||||
Bank (CHF million) | ||||||||
Total assets held-for-sale | 1,584 | |||||||
Bank | Liabilities held-for-sale | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Liabilities held-for-sale | |||||||
end of | 2013 | |||||||
German private banking business (CHF million) | ||||||||
Deposits | 1,118 | |||||||
Other liabilities | 22 | |||||||
Total liabilities held-for-sale | 1,140 | |||||||
Bank (CHF million) | ||||||||
Total liabilities held-for-sale | 1,140 | |||||||
Bank | Income/(loss) from discontinued operations | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Income/(loss) from discontinued operations | |||||||
in | 2014 | 2013 | 2012 | |||||
Operations-related (CHF million) | ||||||||
Net revenues | 31 | 233 | 288 | |||||
of which German private banking business | 27 | 52 | 54 | |||||
of which ETF business | – | 29 | 53 | |||||
of which Strategic Partners | – | 33 | 60 | |||||
of which CFIG | 0 | 114 | 116 | |||||
Operating expenses | 35 | 158 | 296 | |||||
of which German private banking business | 33 | 71 | 108 | |||||
of which ETF business | – | 23 | 49 | |||||
of which Strategic Partners | – | 8 | 38 | |||||
of which CFIG | 0 | 51 | 88 | |||||
Income tax expense/(benefit) | 1 | 38 | 32 | |||||
of which German private banking business | 0 | -6 | 2 | |||||
of which ETF business | – | 5 | 2 | |||||
of which Strategic Partners | – | 10 | 15 | |||||
of which CFIG | 0 | 29 | 16 | |||||
Income/(loss), net of tax | -5 | 37 | -40 | |||||
of which German private banking business | -6 | -13 | -56 | |||||
of which ETF business | – | 1 | 2 | |||||
of which Strategic Partners | – | 15 | 7 | |||||
of which CFIG | 0 | 34 | 12 | |||||
Transaction-related (CHF million) | ||||||||
Gain on disposal | 200 | 237 | – | |||||
of which German private banking business | 109 | – | – | |||||
of which ETF business | – | 146 | – | |||||
of which Strategic Partners | – | 91 | – | |||||
of which CFIG | 91 | – | – | |||||
Operating expenses | 54 | 93 | – | |||||
of which German private banking business | 48 | – | – | |||||
of which ETF business | – | 11 | – | |||||
of which Strategic Partners | – | 22 | – | |||||
of which CFIG | 0 | 56 | – | |||||
Income tax expense/(benefit) | 39 | 36 | – | |||||
of which ETF business | – | 21 | – | |||||
of which Strategic Partners | – | 40 | – | |||||
of which CFIG | 42 | -24 | – | |||||
Income/(loss), net of tax | 107 | 108 | – | |||||
of which German private banking business | 61 | – | – | |||||
of which ETF business | – | 114 | – | |||||
of which Strategic Partners | – | 29 | – | |||||
of which CFIG | 49 | -32 | – | |||||
Discontinued operations – total (CHF million) | ||||||||
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 | |||||
of which German private banking business | 55 | -13 | -56 | |||||
of which ETF business | – | 115 | 2 | |||||
of which Strategic Partners | – | 44 | 7 | |||||
of which CFIG | 49 | 2 | 12 |
Segment_information_Tables
Segment information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) from continuing operations before taxes | |||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Private Banking & Wealth Management | 12,637 | 13,442 | 13,474 | |||||
Investment Banking | 12,515 | 12,565 | 12,558 | |||||
Corporate Center | 663 | -790 | -2,781 | |||||
Noncontrolling interests without SEI | 427 | 639 | 360 | |||||
Net revenues | 26,242 | 25,856 | 23,611 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Private Banking & Wealth Management | 2,088 | 3,240 | 3,775 | |||||
Investment Banking | 1,830 | 1,719 | 2,002 | |||||
Corporate Center | -686 | -1,455 | -3,889 | |||||
Noncontrolling interests without SEI | 395 | 592 | 302 | |||||
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 | |||||
Total assets | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Private Banking & Wealth Management | 345,949 | 316,491 | ||||||
Investment Banking | 529,044 | 519,712 | ||||||
Corporate Center | 45,248 | 32,979 | ||||||
Noncontrolling interests without SEI | 1,221 | 3,624 | ||||||
Total assets | 921,462 | 872,806 | ||||||
Beginning in the first quarter of 2013, segment assets exclude intra-group balances between the segments. | ||||||||
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) from continuing operations before taxes by geographic location | |||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Switzerland | 8,247 | 8,035 | 8,769 | |||||
EMEA | 4,358 | 4,744 | 3,243 | |||||
Americas | 11,097 | 10,810 | 9,763 | |||||
Asia Pacific | 2,540 | 2,267 | 1,836 | |||||
Net revenues | 26,242 | 25,856 | 23,611 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Switzerland | 401 | 642 | 1,680 | |||||
EMEA | -562 | 157 | -1,581 | |||||
Americas | 3,739 | 3,365 | 2,915 | |||||
Asia Pacific | 49 | -68 | -824 | |||||
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 | |||||
The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. | ||||||||
Total assets by geographic location | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Switzerland | 211,558 | 200,044 | ||||||
EMEA | 188,420 | 194,675 | ||||||
Americas | 428,253 | 398,198 | ||||||
Asia Pacific | 93,231 | 79,889 | ||||||
Total assets | 921,462 | 872,806 | ||||||
The designation of total assets by region is based upon customer domicile. | ||||||||
Bank | ||||||||
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) from continuing operations before taxes | |||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Private Banking & Wealth Management | 12,637 | 13,442 | 13,474 | |||||
Investment Banking | 12,515 | 12,565 | 12,558 | |||||
Adjustments 1, 2 | 437 | -693 | -3,056 | |||||
Net revenues | 25,589 | 25,314 | 22,976 | |||||
Income/(loss) before taxes (CHF million) | ||||||||
Private Banking & Wealth Management | 2,088 | 3,240 | 3,775 | |||||
Investment Banking | 1,830 | 1,719 | 2,002 | |||||
Adjustments 1, 3 | -957 | -1,305 | -3,998 | |||||
Income before taxes | 2,961 | 3,654 | 1,779 | |||||
1 | ||||||||
Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. | ||||||||
2 | ||||||||
Includes noncontrolling interest-related revenues of CHF 446 million, CHF 682 million and CHF 365 million in 2014, 2013 and 2012, respectively, from the consolidation of certain private equity funds and other entities in which the Bank does not have a significant economic interest in such revenues. | ||||||||
3 | ||||||||
Includes noncontrolling interest income of CHF 413 million, CHF 635 million and CHF 307 million in 2014, 2013 and 2012, respectively, from the consolidation of certain private equity funds and other entities in which the Bank does not have a significant economic interest in such income. | ||||||||
Total assets | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Private Banking & Wealth Management | 345,949 | 316,491 | ||||||
Investment Banking | 529,044 | 519,712 | ||||||
Adjustments 1 | 29,856 | 18,226 | ||||||
Total assets | 904,849 | 854,429 | ||||||
1 | ||||||||
Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. | ||||||||
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) from continuing operations before taxes by geographic location | |||||||
in | 2014 | 2013 | 2012 | |||||
Net revenues (CHF million) | ||||||||
Switzerland | 7,585 | 7,479 | 7,968 | |||||
EMEA | 4,301 | 4,797 | 3,444 | |||||
Americas | 11,173 | 10,831 | 9,740 | |||||
Asia Pacific | 2,530 | 2,207 | 1,824 | |||||
Net revenues | 25,589 | 25,314 | 22,976 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Switzerland | -179 | 300 | 1,170 | |||||
EMEA | -621 | 195 | -1,374 | |||||
Americas | 3,723 | 3,301 | 2,820 | |||||
Asia Pacific | 38 | -142 | -837 | |||||
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 | |||||
The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. | ||||||||
Total assets by geographic location | ||||||||
end of | 2014 | 2013 | ||||||
Total assets (CHF million) | ||||||||
Switzerland | 195,512 | 181,584 | ||||||
EMEA | 187,921 | 194,825 | ||||||
Americas | 428,195 | 398,144 | ||||||
Asia Pacific | 93,221 | 79,876 | ||||||
Total assets | 904,849 | 854,429 | ||||||
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, 2014 | ||||||||
Net interest income | in | 2014 | 2013 | 2012 | ||||
Net interest income (CHF million) | ||||||||
Loans | 5,077 | 4,843 | 4,861 | |||||
Investment securities | 39 | 45 | 64 | |||||
Trading assets | 9,503 | 10,057 | 11,945 | |||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,317 | 2,517 | 2,940 | |||||
Other | 2,125 | 2,094 | 2,280 | |||||
Interest and dividend income | 19,061 | 19,556 | 22,090 | |||||
Deposits | -1,045 | -978 | -1,345 | |||||
Short-term borrowings | -119 | -132 | -184 | |||||
Trading liabilities | -3,938 | -5,083 | -6,833 | |||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -1,042 | -1,156 | -1,677 | |||||
Long-term debt | -3,594 | -3,846 | -4,632 | |||||
Other | -289 | -246 | -276 | |||||
Interest expense | -10,027 | -11,441 | -14,947 | |||||
Net interest income | 9,034 | 8,115 | 7,143 | |||||
Bank | ||||||||
Net interest income | in | 2014 | 2013 | 2012 | ||||
Net interest income (CHF million) | ||||||||
Loans | 4,606 | 4,319 | 4,314 | |||||
Investment securities | 27 | 28 | 52 | |||||
Trading assets | 9,507 | 10,058 | 11,949 | |||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,317 | 2,517 | 2,940 | |||||
Other | 2,128 | 2,095 | 2,284 | |||||
Interest and dividend income | 18,585 | 19,017 | 21,539 | |||||
Deposits | -1,035 | -958 | -1,322 | |||||
Short-term borrowings | -119 | -67 | -71 | |||||
Trading liabilities | -3,938 | -5,083 | -6,833 | |||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -1,042 | -1,155 | -1,676 | |||||
Long-term debt | -3,484 | -3,796 | -4,579 | |||||
Other | -290 | -248 | -276 | |||||
Interest expense | -9,908 | -11,307 | -14,757 | |||||
Net interest income | 8,677 | 7,710 | 6,782 |
Commissions_and_fees_Tables
Commissions and fees (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commissions and fees | in | 2014 | 2013 | 2012 | ||||
Commissions and fees (CHF million) | ||||||||
Lending business | 1,752 | 1,814 | 1,513 | |||||
Investment and portfolio management | 3,734 | 3,944 | 3,715 | |||||
Other securities business | 94 | 106 | 110 | |||||
Fiduciary business | 3,828 | 4,050 | 3,825 | |||||
Underwriting | 1,878 | 1,647 | 1,561 | |||||
Brokerage | 3,696 | 3,933 | 3,686 | |||||
Underwriting and brokerage | 5,574 | 5,580 | 5,247 | |||||
Other services | 1,897 | 1,782 | 2,139 | |||||
Commissions and fees | 13,051 | 13,226 | 12,724 | |||||
Bank | ||||||||
Commissions and fees | in | 2014 | 2013 | 2012 | ||||
Commissions and fees (CHF million) | ||||||||
Lending business | 1,711 | 1,774 | 1,474 | |||||
Investment and portfolio management | 3,630 | 3,854 | 3,624 | |||||
Other securities business | 94 | 101 | 136 | |||||
Fiduciary business | 3,724 | 3,955 | 3,760 | |||||
Underwriting | 1,911 | 1,681 | 1,561 | |||||
Brokerage | 3,669 | 3,901 | 3,654 | |||||
Underwriting and brokerage | 5,580 | 5,582 | 5,215 | |||||
Other services | 1,872 | 1,746 | 2,094 | |||||
Commissions and fees | 12,887 | 13,057 | 12,543 |
Trading_revenues_Tables
Trading revenues (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Trading revenues | in | 2014 | 2013 | 2012 | ||||
Trading revenues (CHF million) | ||||||||
Interest rate products | 5,888 | 1,025 | 2,707 | |||||
Foreign exchange products | -4,398 | 1,203 | 559 | |||||
Equity/index-related products | 275 | 956 | 140 | |||||
Credit products | 265 | -879 | -3,306 | |||||
Commodity, emission and energy products | -228 | 340 | 198 | |||||
Other products | 224 | 94 | 898 | |||||
Trading revenues | 2,026 | 2,739 | 1,196 | |||||
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 | 2014 | 2013 | 2012 | ||||
Trading revenues (CHF million) | ||||||||
Interest rate products | 5,661 | 1,048 | 2,705 | |||||
Foreign exchange products | -4,405 | 1,201 | 557 | |||||
Equity/index-related products | 273 | 952 | 112 | |||||
Credit products | 265 | -879 | -3,306 | |||||
Commodity, emission and energy products | -228 | 340 | 198 | |||||
Other products | 224 | 93 | 897 | |||||
Total | 1,790 | 2,755 | 1,163 | |||||
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, 2014 | ||||||||
Other revenues | in | 2014 | 2013 | 2012 | ||||
Other revenues (CHF million) | ||||||||
Noncontrolling interests without SEI | 436 | 658 | 336 | |||||
Loans held-for-sale | -4 | -5 | -37 | |||||
Long-lived assets held-for-sale | 392 | 30 | 458 | |||||
Equity method investments | 252 | 251 | 150 | |||||
Other investments | 312 | 315 | 749 | |||||
Other | 743 | 527 | 892 | |||||
Other revenues | 2,131 | 1,776 | 2,548 | |||||
Bank | ||||||||
Other revenues | in | 2014 | 2013 | 2012 | ||||
Other revenues (CHF million) | ||||||||
Noncontrolling interests without significant economic interest | 451 | 695 | 333 | |||||
Loans held-for-sale | -4 | -5 | -37 | |||||
Long-lived assets held-for-sale | 391 | 30 | 456 | |||||
Equity method investments | 239 | 240 | 134 | |||||
Other investments | 276 | 255 | 752 | |||||
Other | 882 | 577 | 850 | |||||
Other revenues | 2,235 | 1,792 | 2,488 |
Provision_for_credit_losses_Ta
Provision for credit losses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Provision for credit losses | in | 2014 | 2013 | 2012 | ||||
Provision for credit losses (CHF million) | ||||||||
Provision for loan losses | 145 | 166 | 159 | |||||
Provision for lending-related and other exposures | 41 | 1 | 11 | |||||
Provision for credit losses | 186 | 167 | 170 | |||||
Bank | ||||||||
Provision for credit losses | in | 2014 | 2013 | 2012 | ||||
Provision for credit losses (CHF million) | ||||||||
Provision for loan losses | 85 | 91 | 77 | |||||
Provision for lending-related and other exposures | 40 | 2 | 11 | |||||
Provision for credit losses | 125 | 93 | 88 |
Compensation_and_benefits_Tabl
Compensation and benefits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Compensation and benefits | in | 2014 | 2013 | 2012 | ||||
Compensation and benefits (CHF million) | ||||||||
Salaries and variable compensation | 9,884 | 9,678 | 10,717 | |||||
Social security | 793 | 778 | 769 | |||||
Other 1 | 657 | 800 | 817 | |||||
Compensation and benefits 2 | 11,334 | 11,256 | 12,303 | |||||
1 | ||||||||
Includes pension and other post-retirement expense of CHF 361 million, CHF 490 million and CHF 532 million in 2014, 2013 and 2012, respectively. | ||||||||
2 | ||||||||
Includes severance and other compensation expense relating to headcount reductions of CHF 275 million, CHF 216 million and CHF 456 million in 2014, 2013 and 2012, respectively. | ||||||||
Bank | ||||||||
Compensation and benefits | in | 2014 | 2013 | 2012 | ||||
Compensation and benefits (CHF million) | ||||||||
Salaries and variable compensation | 9,685 | 9,455 | 10,440 | |||||
Social security | 775 | 763 | 751 | |||||
Other 1 | 922 | 969 | 1,028 | |||||
Compensation and benefits 2 | 11,382 | 11,187 | 12,219 | |||||
1 | ||||||||
Includes pension and other post-retirement expense of CHF 624 million, CHF 658 million and CHF 747 million in 2014, 2013 and 2012, respectively. | ||||||||
2 | ||||||||
Includes severance and other compensation expense relating to headcount reductions of CHF 274 million, CHF 216 million and CHF 427 million in 2014, 2013 and 2012, respectively. | ||||||||
> Refer to “Note 11 – Compensation and benefits” in V – Consolidated financial statements – Credit Suisse Group for further information. |
General_and_administrative_exp1
General and administrative expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
General and administrative expenses | in | 2014 | 2013 | 2012 | ||||
General and administrative expenses (CHF million) | ||||||||
Occupancy expenses | 1,177 | 1,186 | 1,220 | |||||
IT, machinery, etc. | 1,446 | 1,517 | 1,469 | |||||
Provisions and losses | 2,783 | 2,136 | 694 | |||||
Travel and entertainment | 353 | 355 | 394 | |||||
Professional services | 2,381 | 1,952 | 1,919 | |||||
Goodwill impairment | 0 | 12 | 0 | |||||
Amortization and impairment of other intangible assets | 24 | 25 | 36 | |||||
Other | 1,370 | 1,416 | 1,514 | |||||
General and administrative expenses | 9,534 | 8,599 | 7,246 | |||||
Bank | ||||||||
General and administrative expenses | in | 2014 | 2013 | 2012 | ||||
General and administrative expenses (CHF million) | ||||||||
Occupancy expenses | 1,161 | 1,168 | 1,191 | |||||
IT, machinery, etc. | 1,436 | 1,508 | 1,456 | |||||
Provisions and losses | 2,782 | 2,136 | 682 | |||||
Travel and entertainment | 339 | 342 | 380 | |||||
Professional services | 2,338 | 1,912 | 1,868 | |||||
Goodwill impairment | 0 | 12 | 0 | |||||
Amortization and impairment of other intangible assets | 24 | 25 | 28 | |||||
Other | 1,493 | 1,551 | 1,600 | |||||
General and administrative expenses | 9,573 | 8,654 | 7,205 |
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings per share | in | 2014 | 2013 | 2012 | ||||
Basic net income attributable to shareholders (CHF million) | ||||||||
Income from continuing operations | 1,773 | 2,181 | 1,389 | |||||
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 | |||||
Net income attributable to shareholders | 1,875 | 2,326 | 1,349 | |||||
Preferred securities dividends | -53 | -236 | -231 | |||||
Net income attributable to shareholders for basic earnings per share | 1,822 | 2,090 | 1,118 | |||||
Available for common shares | 1,742 | 1,868 | 1,044 | |||||
Available for unvested share-based payment awards | 80 | 152 | 66 | |||||
Available for mandatory convertible securities 1 | – | 70 | 8 | |||||
Diluted net income attributable to shareholders (CHF million) | ||||||||
Net income attributable to shareholders for basic earnings per share | 1,822 | 2,090 | 1,118 | |||||
Income impact of assumed conversion on contracts that may be settled in shares or cash 2 | – | – | – | |||||
Net income attributable to shareholders for diluted earnings per share | 1,822 | 2,090 | 1,118 | |||||
Available for common shares | 1,742 | 1,868 | 1,044 | |||||
Available for unvested share-based payment awards | 80 | 152 | 66 | |||||
Available for mandatory convertible securities 1 | – | 70 | 8 | |||||
Weighted-average shares outstanding (million) | ||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 1,616.40 | 1,532.90 | 1,320.40 | |||||
Dilutive contracts that may be settled in shares or cash 3 | – | – | – | |||||
Dilutive share options and warrants | 0.8 | 1.4 | 4.9 | |||||
Dilutive share awards | 12.2 | 1.2 | 1.8 | |||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 4 | 1,629.40 | 1,535.50 | 1,327.10 | |||||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 72.7 | 125 | 97.3 | |||||
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 | – | 63 | 97.1 | |||||
Basic earnings per share available for common shares (CHF) | ||||||||
Basic earnings per share from continuing operations | 1.02 | 1.14 | 0.82 | |||||
Basic earnings/(loss) per share from discontinued operations | 0.06 | 0.08 | -0.03 | |||||
Basic earnings per share available for common shares | 1.08 | 1.22 | 0.79 | |||||
Diluted earnings per share available for common shares (CHF) | ||||||||
Diluted earnings per share from continuing operations | 1.01 | 1.14 | 0.82 | |||||
Diluted earnings/(loss) per share from discontinued operations | 0.06 | 0.08 | -0.03 | |||||
Diluted earnings per share available for common shares | 1.07 | 1.22 | 0.79 | |||||
1 | ||||||||
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013. | ||||||||
2 | ||||||||
Reflects changes in the fair value of the PAF2 units which are reflected in the net profit of the Group until the awards are finally settled. In the first quarter of 2014, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. Fair value of the PAF2 units which were reflected in the net profit of the Group were not adjusted for 2013 and 2012, respectively, as the effect would be antidilutive. | ||||||||
3 | ||||||||
Reflects weighted-average shares outstanding on PAF2 units. In the first quarter of 2014, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. Weighted-average shares on PAF2 units for 2013 and 2012, respectively, were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. | ||||||||
4 | ||||||||
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 8.9 million, 35.9 million and 50.3 million for 2014, 2013 and 2012, respectively. |
Securities_borrowed_lent_and_s1
Securities borrowed, lent and subject to repurchase agreements (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Securities borrowed, lent and subject to repurchase agreements | end of | 2014 | 2013 | |||
Securities borrowed or purchased under agreements to resell (CHF million) | ||||||
Central bank funds sold and securities purchased under resale agreements | 100,169 | 100,244 | ||||
Deposits paid for securities borrowed | 63,039 | 59,778 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,022 | ||||
Securities lent or sold under agreements to repurchase (CHF million) | ||||||
Central bank funds purchased and securities sold under repurchase agreements | 60,752 | 86,828 | ||||
Deposits received for securities lent | 9,367 | 7,204 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 | ||||
Bank | ||||||
Securities borrowed, lent and subject to repurchase agreements | end of | 2014 | 2013 | |||
Securities borrowed or purchased under agreements to resell (CHF million) | ||||||
Central bank funds sold and securities purchased under resale agreements | 100,169 | 100,235 | ||||
Deposits paid for securities borrowed | 63,039 | 59,778 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,013 | ||||
Securities lent or sold under agreements to repurchase (CHF million) | ||||||
Central bank funds purchased and securities sold under repurchase agreements | 60,752 | 86,828 | ||||
Deposits received for securities lent | 9,367 | 7,204 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 |
Trading_assets_and_liabilities1
Trading assets and liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Trading assets and liabilities | end of | 2014 | 2013 | |||
Trading assets (CHF million) | ||||||
Debt securities | 94,391 | 110,116 | ||||
Equity securities | 94,294 | 76,695 | ||||
Derivative instruments 1 | 38,012 | 31,603 | ||||
Other | 14,434 | 10,999 | ||||
Trading assets | 241,131 | 229,413 | ||||
Trading liabilities (CHF million) | ||||||
Short positions | 35,784 | 40,161 | ||||
Derivative instruments 1 | 36,871 | 36,474 | ||||
Trading liabilities | 72,655 | 76,635 | ||||
1 | ||||||
Amounts shown net of cash collateral receivables and payables. | ||||||
Cash collateral receivables and payables | Cash collateral on derivative instruments | |||||
end of | 2014 | 2013 | ||||
Cash collateral – netted (CHF million) 1 | ||||||
Cash collateral paid | 33,404 | 23,870 | ||||
Cash collateral received | 28,147 | 20,500 | ||||
Cash collateral – not netted (CHF million) 2 | ||||||
Cash collateral paid | 10,905 | 8,359 | ||||
Cash collateral received | 17,043 | 11,663 | ||||
1 | ||||||
Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. | ||||||
2 | ||||||
Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. | ||||||
Bank | ||||||
Trading assets and liabilities | end of | 2014 | 2013 | |||
Trading assets (CHF million) | ||||||
Debt securities | 94,405 | 110,115 | ||||
Equity securities | 94,493 | 76,835 | ||||
Derivative instruments 1 | 37,979 | 31,788 | ||||
Other | 14,436 | 11,000 | ||||
Trading assets | 241,313 | 229,738 | ||||
Trading liabilities (CHF million) | ||||||
Short positions | 35,799 | 40,162 | ||||
Derivative instruments 1 | 36,868 | 36,650 | ||||
Trading liabilities | 72,667 | 76,812 | ||||
1 | ||||||
Amounts shown net of cash collateral receivables and payables. | ||||||
Cash collateral receivables and payables | Cash collateral on derivative instruments | |||||
end of | 2014 | 2013 | ||||
Cash collateral – netted (CHF million) 1 | ||||||
Cash collateral paid | 33,716 | 23,870 | ||||
Cash collateral received | 28,505 | 20,586 | ||||
Cash collateral – not netted (CHF million) 2 | ||||||
Cash collateral paid | 10,909 | 8,359 | ||||
Cash collateral received | 16,776 | 11,664 | ||||
1 | ||||||
Recorded as cash collateral netting on derivative instruments in Note 25 – Offsetting of financial assets and financial liabilities. | ||||||
2 | ||||||
Recorded as cash collateral on derivative instruments in Note 21 – Other assets and other liabilities. |
Investment_securities_Tables
Investment securities (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Investment securities | end of | 2014 | 2013 | |||||||||||||||
Investment securities (CHF million) | ||||||||||||||||||
Securities available-for-sale | 2,791 | 2,987 | ||||||||||||||||
Total investment securities | 2,791 | 2,987 | ||||||||||||||||
Investment securities by type | Investment securities by type | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||
Amortized | unrealized | unrealized | Fair | Amortized | unrealized | unrealized | Fair | |||||||||||
cost | gains | losses | value | cost | gains | losses | value | |||||||||||
Investment securities by type (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 286 | 18 | 0 | 304 | 389 | 15 | 2 | 402 | ||||||||||
Debt securities issued by foreign governments | 2,020 | 47 | 1 | 2,066 | 1,350 | 39 | 1 | 1,388 | ||||||||||
Corporate debt securities | 313 | 0 | 0 | 313 | 590 | 16 | 0 | 606 | ||||||||||
Collateralized debt obligations | 0 | 0 | 0 | 0 | 480 | 11 | 1 | 490 | ||||||||||
Debt securities available-for-sale | 2,619 | 65 | 1 | 2,683 | 2,809 | 81 | 4 | 2,886 | ||||||||||
Banks, trust and insurance companies | 73 | 25 | 0 | 98 | 74 | 18 | 0 | 92 | ||||||||||
Industry and all other | 10 | 0 | 0 | 10 | 9 | 0 | 0 | 9 | ||||||||||
Equity securities available-for-sale | 83 | 25 | 0 | 108 | 83 | 18 | 0 | 101 | ||||||||||
Securities available-for-sale | 2,702 | 90 | 1 | 2,791 | 2,892 | 99 | 4 | 2,987 | ||||||||||
Gross unrealized losses on investment securities and the related fair value | Gross unrealized losses on investment securities and the related fair value | |||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||
end of | Gross | Gross | Gross | |||||||||||||||
Fair | unrealized | Fair | unrealized | Fair | unrealized | |||||||||||||
value | losses | value | losses | value | losses | |||||||||||||
2014 (CHF million) | ||||||||||||||||||
Debt securities issued by foreign governments | 49 | 1 | 0 | 0 | 49 | 1 | ||||||||||||
Debt securities available-for-sale | 49 | 1 | 0 | 0 | 49 | 1 | ||||||||||||
2013 (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 168 | 2 | 0 | 0 | 168 | 2 | ||||||||||||
Debt securities issued by foreign governments | 109 | 1 | 0 | 0 | 109 | 1 | ||||||||||||
Collateralized debt obligations | 10 | 1 | 0 | 0 | 10 | 1 | ||||||||||||
Debt securities available-for-sale | 287 | 4 | 0 | 0 | 287 | 4 | ||||||||||||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | in | 2014 | 2013 | 2012 | ||||||||||||||
Debt | Equity | Debt | Equity | Debt | Equity | |||||||||||||
securities | securities | securities | securities | securities | securities | |||||||||||||
Additional information (CHF million) | ||||||||||||||||||
Proceeds from sales | 915 | 15 | 163 | 13 | 294 | 642 | ||||||||||||
Realized gains | 17 | 1 | 7 | 1 | 14 | 294 | ||||||||||||
Realized losses | -1 | 0 | 0 | 0 | -2 | 0 | ||||||||||||
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities | |||||||||||||||||
Debt securities | ||||||||||||||||||
available-for-sale | ||||||||||||||||||
end of | Average | |||||||||||||||||
Amortized | Fair | yield | ||||||||||||||||
cost | value | (in %) | ||||||||||||||||
2014 (CHF million) | ||||||||||||||||||
Due within 1 year | 874 | 884 | 2.23 | |||||||||||||||
Due from 1 to 5 years | 1,531 | 1,569 | 0.87 | |||||||||||||||
Due from 5 to 10 years | 206 | 221 | 1.3 | |||||||||||||||
Due after 10 years | 8 | 9 | 2 | |||||||||||||||
Total debt securities | 2,619 | 2,683 | 1.36 | |||||||||||||||
Bank | ||||||||||||||||||
Investment securities | end of | 2014 | 2013 | |||||||||||||||
Investment securities (CHF million) | ||||||||||||||||||
Securities available-for-sale | 2,379 | 1,627 | ||||||||||||||||
Total investment securities | 2,379 | 1,627 | ||||||||||||||||
Investment securities by type | Investment securities by type | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
end of | Gross | Gross | Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | Amortized | unrealized | unrealized | Fair | |||||||||||
cost | gains | losses | value | cost | gains | losses | value | |||||||||||
2014 (CHF million) | ||||||||||||||||||
Debt securities issued by foreign governments | 1,919 | 43 | 0 | 1,962 | 1,136 | 29 | 1 | 1,164 | ||||||||||
Corporate debt securities | 309 | 0 | 0 | 309 | 262 | 0 | 0 | 262 | ||||||||||
Collateralized debt obligations | 0 | 0 | 0 | 0 | 100 | 0 | 0 | 100 | ||||||||||
Debt securities available-for-sale | 2,228 | 43 | 0 | 2,271 | 1,498 | 29 | 1 | 1,526 | ||||||||||
Banks, trust and insurance companies | 72 | 25 | 0 | 97 | 74 | 18 | 0 | 92 | ||||||||||
Industry and all other | 11 | 0 | 0 | 11 | 9 | 0 | 0 | 9 | ||||||||||
Equity securities available-for-sale | 83 | 25 | 0 | 108 | 83 | 18 | 0 | 101 | ||||||||||
Securities available-for-sale | 2,311 | 68 | 0 | 2,379 | 1,581 | 47 | 1 | 1,627 | ||||||||||
Gross unrealized losses on investment securities and the related fair value | Gross unrealized losses on investment securities and the related fair value | |||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||
end of | Gross | Gross | Gross | |||||||||||||||
Fair | unrealized | Fair | unrealized | Fair | unrealized | |||||||||||||
value | losses | value | losses | value | losses | |||||||||||||
2013 (CHF million) | ||||||||||||||||||
Debt securities issued by foreign governments | 89 | 1 | 0 | 0 | 89 | 1 | ||||||||||||
Debt securities available-for-sale | 89 | 1 | 0 | 0 | 89 | 1 | ||||||||||||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
in | Debt | Equity | Debt | Equity | Debt | Equity | ||||||||||||
securities | securities | securities | securities | securities | securities | |||||||||||||
Additional information (CHF million) | ||||||||||||||||||
Proceeds from sales | 103 | 15 | 163 | 13 | 294 | 642 | ||||||||||||
Realized gains | 0 | 1 | 7 | 1 | 14 | 294 | ||||||||||||
Realized losses | 0 | 0 | 0 | 0 | -2 | 0 | ||||||||||||
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities | |||||||||||||||||
Debt securities | ||||||||||||||||||
available-for-sale | ||||||||||||||||||
end of | Average | |||||||||||||||||
Amortized | Fair | yield | ||||||||||||||||
cost | value | (in %) | ||||||||||||||||
2014 (CHF million) | ||||||||||||||||||
Due within 1 year | 850 | 859 | 2.22 | |||||||||||||||
Due from 1 to 5 years | 1,378 | 1,412 | 0.75 | |||||||||||||||
Total debt securities | 2,228 | 2,271 | 1.31 |
Other_investments_Tables
Other investments (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other investments | end of | 2014 | 2013 | |||
Other investments (CHF million) | ||||||
Equity method investments 1 | 3,453 | 2,043 | ||||
Non-marketable equity securities 1, 2 | 2,717 | 6,032 | ||||
Real estate held for investment | 547 | 600 | ||||
Life finance instruments 3 | 1,896 | 1,654 | ||||
Total other investments | 8,613 | 10,329 | ||||
1 | ||||||
As a result of the prospective adoption of ASU 2013-8, CHF 1,033 million of non-marketable equity securities were reclassified to equity method investments for which the fair value option was elected on January 1, 2014. | ||||||
2 | ||||||
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. | ||||||
3 | ||||||
Includes life settlement contracts at investment method and SPIA contracts. | ||||||
Bank | ||||||
Other investments | end of | 2014 | 2013 | |||
Other investments (CHF million) | ||||||
Equity method investments 1 | 3,397 | 2,008 | ||||
Non-marketable equity securities 1, 2 | 2,667 | 5,988 | ||||
Real estate held for investment | 507 | 557 | ||||
Life finance instruments 3 | 1,896 | 1,654 | ||||
Total other investments | 8,467 | 10,207 | ||||
1 | ||||||
As a result of the prospective adoption of ASU 2013-8, CHF 1,033 million of non-marketable equity securities were reclassified to equity method investments for which the fair value option was elected on January 1, 2014. | ||||||
2 | ||||||
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. | ||||||
3 | ||||||
Includes life settlement contracts at investment method and SPIA contracts. |
Loans_allowance_for_loan_losse1
Loans, allowance for loan losses and credit quality (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Loans | Loans | |||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||
Mortgages | 98,802 | 94,978 | ||||||||||||||||||
Loans collateralized by securities | 39,818 | 31,565 | ||||||||||||||||||
Consumer finance | 4,323 | 5,938 | ||||||||||||||||||
Consumer | 142,943 | 132,481 | ||||||||||||||||||
Real estate | 29,198 | 27,312 | ||||||||||||||||||
Commercial and industrial loans | 75,046 | 63,334 | ||||||||||||||||||
Financial institutions | 22,343 | 21,840 | ||||||||||||||||||
Governments and public institutions | 3,891 | 3,047 | ||||||||||||||||||
Corporate & institutional | 130,478 | 115,533 | ||||||||||||||||||
Gross loans | 273,421 | 248,014 | ||||||||||||||||||
of which held at amortized cost | 250,508 | 228,557 | ||||||||||||||||||
of which held at fair value | 22,913 | 19,457 | ||||||||||||||||||
Net (unearned income)/deferred expenses | -112 | -91 | ||||||||||||||||||
Allowance for loan losses | -758 | -869 | ||||||||||||||||||
Net loans | 272,551 | 247,054 | ||||||||||||||||||
Gross loans by location (CHF million) | ||||||||||||||||||||
Switzerland | 155,767 | 151,992 | ||||||||||||||||||
Foreign | 117,654 | 96,022 | ||||||||||||||||||
Gross loans | 273,421 | 248,014 | ||||||||||||||||||
Impaired loan portfolio (CHF million) | ||||||||||||||||||||
Non-performing loans | 753 | 862 | ||||||||||||||||||
Non-interest-earning loans | 279 | 281 | ||||||||||||||||||
Total non-performing and non-interest-earning loans | 1,032 | 1,143 | ||||||||||||||||||
Restructured loans | 171 | 6 | ||||||||||||||||||
Potential problem loans | 187 | 340 | ||||||||||||||||||
Total other impaired loans | 358 | 346 | ||||||||||||||||||
Gross impaired loans | 1,390 | 1,489 | ||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||
Balance at beginning of period | 267 | 602 | 869 | 288 | 634 | 922 | 289 | 621 | 910 | |||||||||||
Changes in scope of consolidation | 0 | 0 | 0 | 0 | -1 | -1 | -18 | 0 | -18 | |||||||||||
Net movements recognized in statements of operations | 66 | 79 | 145 | 76 | 90 | 166 | 95 | 64 | 159 | |||||||||||
Gross write-offs | -108 | -241 | -349 | -123 | -163 | -286 | -105 | -96 | -201 | |||||||||||
Recoveries | 17 | 24 | 41 | 24 | 30 | 54 | 22 | 22 | 44 | |||||||||||
Net write-offs | -91 | -217 | -308 | -99 | -133 | -232 | -83 | -74 | -157 | |||||||||||
Provisions for interest | 1 | 19 | 20 | 5 | 21 | 26 | 8 | 21 | 29 | |||||||||||
Foreign currency translation impact and other adjustments, net | 8 | 24 | 32 | -3 | -9 | -12 | -3 | 2 | -1 | |||||||||||
Balance at end of period | 251 | 507 | 758 | 267 | 602 | 869 | 288 | 634 | 922 | |||||||||||
of which individually evaluated for impairment | 202 | 338 | 540 | 217 | 437 | 654 | 239 | 457 | 696 | |||||||||||
of which collectively evaluated for impairment | 49 | 169 | 218 | 50 | 165 | 215 | 49 | 177 | 226 | |||||||||||
Gross loans held at amortized cost (CHF million) | ||||||||||||||||||||
Balance at end of period | 142,926 | 107,582 | 250,508 | 132,470 | 96,087 | 228,557 | 126,124 | 97,080 | 223,204 | |||||||||||
of which individually evaluated for impairment 1 | 582 | 808 | 1,390 | 569 | 920 | 1,489 | 661 | 1,068 | 1,729 | |||||||||||
of which collectively evaluated for impairment | 142,344 | 106,774 | 249,118 | 131,901 | 95,167 | 227,068 | 125,463 | 96,012 | 221,475 | |||||||||||
1 | ||||||||||||||||||||
Represents gross impaired loans both with and without a specific allowance. | ||||||||||||||||||||
Purchases, reclassifications and sales | Purchases, reclassifications and sales | |||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||
Purchases 1 | 181 | 4,127 | 4,308 | 0 | 4,611 | 4,611 | 348 | 4,605 | 4,953 | |||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 397 | 397 | 0 | 275 | 275 | 0 | 216 | 216 | |||||||||||
Reclassifications to loans held-for-sale 3 | 1,055 | 806 | 1,861 | 0 | 996 | 996 | 0 | 1,323 | 1,323 | |||||||||||
Sales 3 | 0 | 272 | 272 | 0 | 698 | 698 | 0 | 1,058 | 1,058 | |||||||||||
1 | ||||||||||||||||||||
Includes drawdowns under purchased loan commitments. | ||||||||||||||||||||
2 | ||||||||||||||||||||
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. | ||||||||||||||||||||
3 | ||||||||||||||||||||
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. | ||||||||||||||||||||
Gross loans held at amortized cost by internal counterparty rating | Gross loans held at amortized cost by internal counterparty rating | |||||||||||||||||||
Investment | Non-investment | |||||||||||||||||||
grade | grade | |||||||||||||||||||
end of | Ratings | Ratings | Rating D | Total | ||||||||||||||||
AAA to BBB | BB to C | |||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 82,360 | 16,249 | 193 | 98,802 | ||||||||||||||||
Loans collateralized by securities | 37,426 | 2,306 | 86 | 39,818 | ||||||||||||||||
Consumer finance | 1,717 | 2,348 | 241 | 4,306 | ||||||||||||||||
Consumer | 121,503 | 20,903 | 520 | 142,926 | ||||||||||||||||
Real estate | 20,883 | 7,224 | 68 | 28,175 | ||||||||||||||||
Commercial and industrial loans | 31,362 | 31,473 | 541 | 63,376 | ||||||||||||||||
Financial institutions | 11,893 | 2,624 | 106 | 14,623 | ||||||||||||||||
Governments and public institutions | 992 | 416 | 0 | 1,408 | ||||||||||||||||
Corporate & institutional | 65,130 | 41,737 | 715 | 107,582 | ||||||||||||||||
Gross loans held at amortized cost | 186,633 | 62,640 | 1,235 | 250,508 | ||||||||||||||||
Value of collateral 1 | 174,338 | 50,631 | 650 | 225,619 | ||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 76,990 | 17,779 | 209 | 94,978 | ||||||||||||||||
Loans collateralized by securities | 29,242 | 2,229 | 94 | 31,565 | ||||||||||||||||
Consumer finance | 2,741 | 2,938 | 248 | 5,927 | ||||||||||||||||
Consumer | 108,973 | 22,946 | 551 | 132,470 | ||||||||||||||||
Real estate | 19,574 | 7,220 | 72 | 26,866 | ||||||||||||||||
Commercial and industrial loans | 24,056 | 26,996 | 671 | 51,723 | ||||||||||||||||
Financial institutions | 12,691 | 3,231 | 112 | 16,034 | ||||||||||||||||
Governments and public institutions | 1,020 | 444 | 0 | 1,464 | ||||||||||||||||
Corporate & institutional | 57,341 | 37,891 | 855 | 96,087 | ||||||||||||||||
Gross loans held at amortized cost | 166,314 | 60,837 | 1,406 | 228,557 | ||||||||||||||||
Value of collateral 1 | 152,756 | 48,861 | 616 | 202,233 | ||||||||||||||||
1 | ||||||||||||||||||||
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan. | ||||||||||||||||||||
Gross loans held at amortized cost - aging analysis | Gross loans held at amortized cost – aging analysis | |||||||||||||||||||
Current | Past due | |||||||||||||||||||
end of | More | Total | Total | |||||||||||||||||
Up to | 31–60 | 61–90 | than | |||||||||||||||||
30 days | days | days | 90 days | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 98,519 | 99 | 14 | 9 | 161 | 283 | 98,802 | |||||||||||||
Loans collateralized by securities | 39,648 | 81 | 1 | 1 | 87 | 170 | 39,818 | |||||||||||||
Consumer finance | 3,784 | 231 | 60 | 46 | 185 | 522 | 4,306 | |||||||||||||
Consumer | 141,951 | 411 | 75 | 56 | 433 | 975 | 142,926 | |||||||||||||
Real estate | 28,084 | 24 | 1 | 4 | 62 | 91 | 28,175 | |||||||||||||
Commercial and industrial loans | 62,305 | 719 | 20 | 39 | 293 | 1,071 | 63,376 | |||||||||||||
Financial institutions | 14,459 | 41 | 0 | 0 | 123 | 164 | 14,623 | |||||||||||||
Governments and public institutions | 1,383 | 25 | 0 | 0 | 0 | 25 | 1,408 | |||||||||||||
Corporate & institutional | 106,231 | 809 | 21 | 43 | 478 | 1,351 | 107,582 | |||||||||||||
Gross loans held at amortized cost | 248,182 | 1,220 | 96 | 99 | 911 | 2,326 | 250,508 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 94,657 | 103 | 26 | 25 | 167 | 321 | 94,978 | |||||||||||||
Loans collateralized by securities | 31,365 | 95 | 2 | 12 | 91 | 200 | 31,565 | |||||||||||||
Consumer finance | 5,218 | 377 | 93 | 55 | 184 | 709 | 5,927 | |||||||||||||
Consumer | 131,240 | 575 | 121 | 92 | 442 | 1,230 | 132,470 | |||||||||||||
Real estate | 26,774 | 19 | 2 | 2 | 69 | 92 | 26,866 | |||||||||||||
Commercial and industrial loans | 50,879 | 343 | 77 | 74 | 350 | 844 | 51,723 | |||||||||||||
Financial institutions | 15,841 | 87 | 2 | 1 | 103 | 193 | 16,034 | |||||||||||||
Governments and public institutions | 1,459 | 5 | 0 | 0 | 0 | 5 | 1,464 | |||||||||||||
Corporate & institutional | 94,953 | 454 | 81 | 77 | 522 | 1,134 | 96,087 | |||||||||||||
Gross loans held at amortized cost | 226,193 | 1,029 | 202 | 169 | 964 | 2,364 | 228,557 | |||||||||||||
Gross impaired loans by category | Gross impaired loans by category | |||||||||||||||||||
Non-performing and | Other impaired loans | |||||||||||||||||||
non-interest-earning loans | ||||||||||||||||||||
end of | Non- | Total | Total | Total | ||||||||||||||||
Non- | interest- | Restruc- | Potential | |||||||||||||||||
performing | earning | tured | problem | |||||||||||||||||
loans | loans | loans | loans | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 189 | 19 | 208 | 4 | 39 | 43 | 251 | |||||||||||||
Loans collateralized by securities | 11 | 75 | 86 | 0 | 2 | 2 | 88 | |||||||||||||
Consumer finance | 225 | 17 | 242 | 0 | 1 | 1 | 243 | |||||||||||||
Consumer | 425 | 111 | 536 | 4 | 42 | 46 | 582 | |||||||||||||
Real estate | 50 | 16 | 66 | 0 | 9 | 9 | 75 | |||||||||||||
Commercial and industrial loans | 190 | 116 | 306 | 167 | 133 | 300 | 606 | |||||||||||||
Financial institutions | 88 | 36 | 124 | 0 | 3 | 3 | 127 | |||||||||||||
Corporate & institutional | 328 | 168 | 496 | 167 | 145 | 312 | 808 | |||||||||||||
Gross impaired loans | 753 | 279 | 1,032 | 171 | 187 | 358 | 1,390 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 167 | 13 | 180 | 0 | 45 | 45 | 225 | |||||||||||||
Loans collateralized by securities | 20 | 71 | 91 | 0 | 4 | 4 | 95 | |||||||||||||
Consumer finance | 244 | 5 | 249 | 0 | 0 | 0 | 249 | |||||||||||||
Consumer | 431 | 89 | 520 | 0 | 49 | 49 | 569 | |||||||||||||
Real estate | 53 | 15 | 68 | 0 | 5 | 5 | 73 | |||||||||||||
Commercial and industrial loans | 307 | 144 | 451 | 6 | 258 | 264 | 715 | |||||||||||||
Financial institutions | 71 | 33 | 104 | 0 | 28 | 28 | 132 | |||||||||||||
Corporate & institutional | 431 | 192 | 623 | 6 | 291 | 297 | 920 | |||||||||||||
Gross impaired loans | 862 | 281 | 1,143 | 6 | 340 | 346 | 1,489 | |||||||||||||
Gross impaired loan detail | Gross impaired loan details | |||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Unpaid | Associated | Unpaid | Associated | |||||||||||||||||
Recorded | principal | specific | Recorded | principal | specific | |||||||||||||||
investment | balance | allowance | investment | balance | allowance | |||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 205 | 194 | 27 | 207 | 197 | 28 | ||||||||||||||
Loans collateralized by securities | 63 | 60 | 53 | 67 | 63 | 55 | ||||||||||||||
Consumer finance | 236 | 217 | 122 | 231 | 211 | 134 | ||||||||||||||
Consumer | 504 | 471 | 202 | 505 | 471 | 217 | ||||||||||||||
Real estate | 68 | 64 | 7 | 71 | 65 | 15 | ||||||||||||||
Commercial and industrial loans | 599 | 570 | 259 | 705 | 656 | 340 | ||||||||||||||
Financial institutions | 126 | 120 | 72 | 131 | 127 | 82 | ||||||||||||||
Corporate & institutional | 793 | 754 | 338 | 907 | 848 | 437 | ||||||||||||||
Gross impaired loans with a specific allowance | 1,297 | 1,225 | 540 | 1,412 | 1,319 | 654 | ||||||||||||||
Mortgages | 46 | 46 | – | 18 | 18 | – | ||||||||||||||
Loans collateralized by securities | 25 | 25 | – | 28 | 28 | – | ||||||||||||||
Consumer finance | 7 | 7 | – | 18 | 18 | – | ||||||||||||||
Consumer | 78 | 78 | – | 64 | 64 | – | ||||||||||||||
Real estate | 7 | 7 | – | 2 | 2 | – | ||||||||||||||
Commercial and industrial loans | 7 | 7 | – | 10 | 10 | – | ||||||||||||||
Financial institutions | 1 | 1 | – | 1 | 1 | – | ||||||||||||||
Corporate & institutional | 15 | 15 | – | 13 | 13 | – | ||||||||||||||
Gross impaired loans without specific allowance | 93 | 93 | – | 77 | 77 | – | ||||||||||||||
Gross impaired loans | 1,390 | 1,318 | 540 | 1,489 | 1,396 | 654 | ||||||||||||||
of which consumer | 582 | 549 | 202 | 569 | 535 | 217 | ||||||||||||||
of which corporate & institutional | 808 | 769 | 338 | 920 | 861 | 437 | ||||||||||||||
Gross impaired loan details (continued) | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||
income | income | income | ||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | Average | Interest | recognized | ||||||||||||
recorded | income | on a | recorded | income | on a | recorded | income | on a | ||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | investment | recognized | cash basis | ||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 205 | 1 | 1 | 204 | 1 | 1 | 217 | 1 | 1 | |||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 70 | 2 | 2 | 68 | 1 | 0 | |||||||||||
Consumer finance | 237 | 1 | 1 | 256 | 0 | 0 | 277 | 3 | 3 | |||||||||||
Consumer | 507 | 2 | 2 | 530 | 3 | 3 | 562 | 5 | 4 | |||||||||||
Real estate | 75 | 0 | 0 | 72 | 1 | 1 | 58 | 0 | 0 | |||||||||||
Commercial and industrial loans | 667 | 3 | 2 | 748 | 5 | 5 | 620 | 3 | 2 | |||||||||||
Financial institutions | 127 | 0 | 0 | 136 | 0 | 0 | 201 | 2 | 2 | |||||||||||
Governments and public institutions | 5 | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | |||||||||||
Corporate & institutional | 874 | 3 | 2 | 956 | 6 | 6 | 885 | 5 | 4 | |||||||||||
Gross impaired loans with a specific allowance | 1,381 | 5 | 4 | 1,486 | 9 | 9 | 1,447 | 10 | 8 | |||||||||||
Mortgages | 36 | 0 | 0 | 26 | 0 | 0 | 40 | 0 | 0 | |||||||||||
Loans collateralized by securities | 29 | 0 | 0 | 27 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Consumer finance | 21 | 0 | 0 | 22 | 0 | 0 | 41 | 0 | 0 | |||||||||||
Consumer | 86 | 0 | 0 | 75 | 0 | 0 | 89 | 0 | 0 | |||||||||||
Real estate | 9 | 0 | 0 | 11 | 0 | 0 | 13 | 0 | 0 | |||||||||||
Commercial and industrial loans | 18 | 0 | 0 | 59 | 0 | 0 | 215 | 3 | 3 | |||||||||||
Financial institutions | 0 | 0 | 0 | 2 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Corporate & institutional | 27 | 0 | 0 | 72 | 0 | 0 | 236 | 3 | 3 | |||||||||||
Gross impaired loans without specific allowance | 113 | 0 | 0 | 147 | 0 | 0 | 325 | 3 | 3 | |||||||||||
Gross impaired loans | 1,494 | 5 | 4 | 1,633 | 9 | 9 | 1,772 | 13 | 11 | |||||||||||
of which consumer | 593 | 2 | 2 | 605 | 3 | 3 | 651 | 5 | 4 | |||||||||||
of which corporate & institutional | 901 | 3 | 2 | 1,028 | 6 | 6 | 1,121 | 8 | 7 | |||||||||||
Restructured loans held at amortized cost | Restructured loans held at amortized cost | |||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||
investment – | investment – | investment – | investment – | investment – | investment – | |||||||||||||||
Number of | pre- | post- | Number of | pre- | post- | Number of | pre- | post- | ||||||||||||
contracts | modification | modification | contracts | modification | modification | contracts | modification | modification | ||||||||||||
Restructured loans (CHF million) | ||||||||||||||||||||
Mortgages | 1 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Consumer finance | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | |||||||||||
Commercial and industrial loans | 10 | 290 | 238 | 5 | 27 | 25 | 0 | 0 | 0 | |||||||||||
Total | 11 | 294 | 242 | 6 | 28 | 25 | 0 | 0 | 0 | |||||||||||
Bank | ||||||||||||||||||||
Loans | end of | 2014 | 2013 | |||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||
Mortgages | 84,527 | 81,115 | ||||||||||||||||||
Loans collateralized by securities | 39,712 | 31,472 | ||||||||||||||||||
Consumer finance | 1,582 | 3,025 | ||||||||||||||||||
Consumer | 125,821 | 115,612 | ||||||||||||||||||
Real estate | 26,279 | 24,673 | ||||||||||||||||||
Commercial and industrial loans | 72,191 | 60,375 | ||||||||||||||||||
Financial institutions | 28,654 | 28,473 | ||||||||||||||||||
Governments and public institutions | 3,746 | 2,864 | ||||||||||||||||||
Corporate & institutional | 130,870 | 116,385 | ||||||||||||||||||
Gross loans | 256,691 | 231,997 | ||||||||||||||||||
of which held at amortized cost | 233,778 | 212,540 | ||||||||||||||||||
of which held at fair value | 22,913 | 19,457 | ||||||||||||||||||
Net (unearned income)/deferred expenses | -166 | -149 | ||||||||||||||||||
Allowance for loan losses | -597 | -691 | ||||||||||||||||||
Net loans | 255,928 | 231,157 | ||||||||||||||||||
Gross loans by location (CHF million) | ||||||||||||||||||||
Switzerland | 139,211 | 135,813 | ||||||||||||||||||
Foreign | 117,480 | 96,184 | ||||||||||||||||||
Gross loans | 256,691 | 231,997 | ||||||||||||||||||
Impaired loan portfolio (CHF million) | ||||||||||||||||||||
Non-performing loans | 564 | 659 | ||||||||||||||||||
Non-interest-earning loans | 257 | 255 | ||||||||||||||||||
Total non-performing and non-interest-earning loans | 821 | 914 | ||||||||||||||||||
Restructured loans | 171 | 6 | ||||||||||||||||||
Potential problem loans | 140 | 274 | ||||||||||||||||||
Total other impaired loans | 311 | 280 | ||||||||||||||||||
Gross impaired loans | 1,132 | 1,194 | ||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Consumer | Corporate | Total | Consumer | Corporate | Total | Consumer | Corporate | Total | ||||||||||||
& | & | & | ||||||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||
Balance at beginning of period | 134 | 557 | 691 | 143 | 578 | 721 | 159 | 563 | 722 | |||||||||||
Changes in scope of consolidation | 0 | 0 | 0 | 0 | -1 | -1 | -18 | 0 | -18 | |||||||||||
Net movements recognized in statements of operations | 7 | 78 | 85 | 7 | 84 | 91 | 26 | 51 | 77 | |||||||||||
Gross write-offs | -35 | -232 | -267 | -38 | -147 | -185 | -42 | -80 | -122 | |||||||||||
Recoveries | 12 | 24 | 36 | 20 | 30 | 50 | 19 | 20 | 39 | |||||||||||
Net write-offs | -23 | -208 | -231 | -18 | -117 | -135 | -23 | -60 | -83 | |||||||||||
Provisions for interest | 3 | 19 | 22 | 5 | 20 | 25 | 4 | 20 | 24 | |||||||||||
Foreign currency translation impact and other adjustments, net | 10 | 20 | 30 | -3 | -7 | -10 | -5 | 4 | -1 | |||||||||||
Balance at end of period | 131 | 466 | 597 | 134 | 557 | 691 | 143 | 578 | 721 | |||||||||||
of which individually evaluated for impairment | 104 | 309 | 413 | 104 | 407 | 511 | 116 | 416 | 532 | |||||||||||
of which collectively evaluated for impairment | 27 | 157 | 184 | 30 | 150 | 180 | 27 | 162 | 189 | |||||||||||
Gross loans held at amortized cost (CHF million) | ||||||||||||||||||||
Balance at end of period | 125,804 | 107,974 | 233,778 | 115,601 | 96,939 | 212,540 | 109,495 | 98,118 | 207,613 | |||||||||||
of which individually evaluated for impairment 1 | 393 | 739 | 1,132 | 354 | 840 | 1,194 | 422 | 976 | 1,398 | |||||||||||
of which collectively evaluated for impairment | 125,411 | 107,235 | 232,646 | 115,247 | 96,099 | 211,346 | 109,073 | 97,142 | 206,215 | |||||||||||
1 | ||||||||||||||||||||
Represents gross impaired loans both with and without a specific allowance. | ||||||||||||||||||||
Purchases, reclassifications and sales | Purchases, reclassifications and sales | |||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Consumer | Corporate | Total | Consumer | Corporate | Total | Consumer | Corporate | Total | ||||||||||||
& | & | & | ||||||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||
Purchases 1 | 181 | 4,127 | 4,308 | 0 | 4,611 | 4,611 | 348 | 4,605 | 4,953 | |||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 397 | 397 | 0 | 275 | 275 | 0 | 216 | 216 | |||||||||||
Reclassifications to loans held-for-sale 3 | 1,055 | 806 | 1,861 | 0 | 996 | 996 | 0 | 1,323 | 1,323 | |||||||||||
Sales 3 | 0 | 272 | 272 | 0 | 698 | 698 | 0 | 1,058 | 1,058 | |||||||||||
1 | ||||||||||||||||||||
Includes drawdowns under purchased loan commitments. | ||||||||||||||||||||
2 | ||||||||||||||||||||
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. | ||||||||||||||||||||
3 | ||||||||||||||||||||
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. | ||||||||||||||||||||
Gross loans held at amortized cost by internal counterparty rating | Gross loans held at amortized cost by internal counterparty rating | |||||||||||||||||||
Investment | Non-investment | |||||||||||||||||||
grade | grade | |||||||||||||||||||
end of | Ratings | Ratings | Rating D | Total | ||||||||||||||||
AAA to BBB | BB to C | |||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 72,844 | 11,527 | 156 | 84,527 | ||||||||||||||||
Loans collateralized by securities | 37,338 | 2,288 | 86 | 39,712 | ||||||||||||||||
Consumer finance | 1,235 | 235 | 95 | 1,565 | ||||||||||||||||
Consumer | 111,417 | 14,050 | 337 | 125,804 | ||||||||||||||||
Real estate | 19,169 | 6,020 | 67 | 25,256 | ||||||||||||||||
Commercial and industrial loans | 30,156 | 29,890 | 475 | 60,521 | ||||||||||||||||
Financial institutions | 18,209 | 2,619 | 106 | 20,934 | ||||||||||||||||
Governments and public institutions | 850 | 413 | 0 | 1,263 | ||||||||||||||||
Corporate & institutional | 68,384 | 38,942 | 648 | 107,974 | ||||||||||||||||
Gross loans held at amortized cost | 179,801 | 52,992 | 985 | 233,778 | ||||||||||||||||
Value of collateral 1 | 162,598 | 43,141 | 564 | 206,303 | ||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 68,132 | 12,820 | 163 | 81,115 | ||||||||||||||||
Loans collateralized by securities | 29,180 | 2,198 | 94 | 31,472 | ||||||||||||||||
Consumer finance | 2,575 | 354 | 85 | 3,014 | ||||||||||||||||
Consumer | 99,887 | 15,372 | 342 | 115,601 | ||||||||||||||||
Real estate | 18,148 | 6,010 | 69 | 24,227 | ||||||||||||||||
Commercial and industrial loans | 22,863 | 25,306 | 596 | 48,765 | ||||||||||||||||
Financial institutions | 19,327 | 3,227 | 112 | 22,666 | ||||||||||||||||
Governments and public institutions | 839 | 442 | 0 | 1,281 | ||||||||||||||||
Corporate & institutional | 61,177 | 34,985 | 777 | 96,939 | ||||||||||||||||
Gross loans held at amortized cost | 161,064 | 50,357 | 1,119 | 212,540 | ||||||||||||||||
Value of collateral 1 | 141,338 | 40,850 | 514 | 182,702 | ||||||||||||||||
1 | ||||||||||||||||||||
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan. | ||||||||||||||||||||
Gross loans held at amortized cost - aging analysis | Gross loans held at amortized cost – aging analysis | |||||||||||||||||||
Current | Past due | |||||||||||||||||||
end of | More | Total | Total | |||||||||||||||||
Up to | 31-60 | 61-90 | than | |||||||||||||||||
30 days | days | days | 90 days | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 84,269 | 97 | 13 | 8 | 140 | 258 | 84,527 | |||||||||||||
Loans collateralized by securities | 39,542 | 81 | 1 | 1 | 87 | 170 | 39,712 | |||||||||||||
Consumer finance | 1,372 | 123 | 7 | 23 | 40 | 193 | 1,565 | |||||||||||||
Consumer | 125,183 | 301 | 21 | 32 | 267 | 621 | 125,804 | |||||||||||||
Real estate | 25,167 | 23 | 1 | 4 | 61 | 89 | 25,256 | |||||||||||||
Commercial and industrial loans | 59,555 | 659 | 15 | 37 | 255 | 966 | 60,521 | |||||||||||||
Financial institutions | 20,771 | 41 | 0 | 0 | 122 | 163 | 20,934 | |||||||||||||
Governments and public institutions | 1,238 | 25 | 0 | 0 | 0 | 25 | 1,263 | |||||||||||||
Corporate & institutional | 106,731 | 748 | 16 | 41 | 438 | 1,243 | 107,974 | |||||||||||||
Gross loans held at amortized cost | 231,914 | 1,049 | 37 | 73 | 705 | 1,864 | 233,778 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 80,823 | 103 | 25 | 24 | 140 | 292 | 81,115 | |||||||||||||
Loans collateralized by securities | 31,272 | 95 | 2 | 12 | 91 | 200 | 31,472 | |||||||||||||
Consumer finance | 2,650 | 277 | 38 | 28 | 21 | 364 | 3,014 | |||||||||||||
Consumer | 114,745 | 475 | 65 | 64 | 252 | 856 | 115,601 | |||||||||||||
Real estate | 24,139 | 18 | 2 | 1 | 67 | 88 | 24,227 | |||||||||||||
Commercial and industrial loans | 48,035 | 272 | 73 | 72 | 313 | 730 | 48,765 | |||||||||||||
Financial institutions | 22,477 | 84 | 2 | 1 | 102 | 189 | 22,666 | |||||||||||||
Governments and public institutions | 1,276 | 5 | 0 | 0 | 0 | 5 | 1,281 | |||||||||||||
Corporate & institutional | 95,927 | 379 | 77 | 74 | 482 | 1,012 | 96,939 | |||||||||||||
Gross loans held at amortized cost | 210,672 | 854 | 142 | 138 | 734 | 1,868 | 212,540 | |||||||||||||
Gross impaired loans by category | Gross impaired loans by category | |||||||||||||||||||
Non-performing and | Other impaired loans | |||||||||||||||||||
non-interest earning loans | ||||||||||||||||||||
end of | Non- | Total | Total | Total | ||||||||||||||||
Non- | interest- | Restruc- | Potential | |||||||||||||||||
performing | earning | tured | problem | |||||||||||||||||
loans | loans | loans | loans | |||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Mortgages | 166 | 17 | 183 | 4 | 23 | 27 | 210 | |||||||||||||
Loans collateralized by securities | 11 | 75 | 86 | 0 | 2 | 2 | 88 | |||||||||||||
Consumer finance | 78 | 17 | 95 | 0 | 0 | 0 | 95 | |||||||||||||
Consumer | 255 | 109 | 364 | 4 | 25 | 29 | 393 | |||||||||||||
Real estate | 49 | 15 | 64 | 0 | 9 | 9 | 73 | |||||||||||||
Commercial and industrial loans | 172 | 98 | 270 | 167 | 103 | 270 | 540 | |||||||||||||
Financial institutions | 88 | 35 | 123 | 0 | 3 | 3 | 126 | |||||||||||||
Corporate & institutional | 309 | 148 | 457 | 167 | 115 | 282 | 739 | |||||||||||||
Gross impaired loans | 564 | 257 | 821 | 171 | 140 | 311 | 1,132 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Mortgages | 144 | 7 | 151 | 0 | 21 | 21 | 172 | |||||||||||||
Loans collateralized by securities | 20 | 71 | 91 | 0 | 5 | 5 | 96 | |||||||||||||
Consumer finance | 81 | 5 | 86 | 0 | 0 | 0 | 86 | |||||||||||||
Consumer | 245 | 83 | 328 | 0 | 26 | 26 | 354 | |||||||||||||
Real estate | 52 | 13 | 65 | 0 | 5 | 5 | 70 | |||||||||||||
Commercial and industrial loans | 291 | 126 | 417 | 6 | 215 | 221 | 638 | |||||||||||||
Financial institutions | 71 | 33 | 104 | 0 | 28 | 28 | 132 | |||||||||||||
Corporate & institutional | 414 | 172 | 586 | 6 | 248 | 254 | 840 | |||||||||||||
Gross impaired loans | 659 | 255 | 914 | 6 | 274 | 280 | 1,194 | |||||||||||||
Gross impaired loan detail | Gross impaired loan details | |||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Unpaid | Associated | Unpaid | Associated | |||||||||||||||||
Recorded | principal | specific | Recorded | principal | specific | |||||||||||||||
investment | balance | allowance | investment | balance | allowance | |||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 166 | 154 | 19 | 162 | 153 | 16 | ||||||||||||||
Loans collateralized by securities | 63 | 60 | 53 | 67 | 63 | 54 | ||||||||||||||
Consumer finance | 88 | 87 | 32 | 68 | 67 | 34 | ||||||||||||||
Consumer | 317 | 301 | 104 | 297 | 283 | 104 | ||||||||||||||
Real estate | 65 | 62 | 7 | 68 | 63 | 13 | ||||||||||||||
Commercial and industrial loans | 533 | 507 | 230 | 629 | 584 | 312 | ||||||||||||||
Financial institutions | 125 | 120 | 72 | 131 | 127 | 82 | ||||||||||||||
Corporate & institutional | 723 | 689 | 309 | 828 | 774 | 407 | ||||||||||||||
Gross impaired loans with a specific allowance | 1,040 | 990 | 413 | 1,125 | 1,057 | 511 | ||||||||||||||
Mortgages | 44 | 43 | – | 10 | 10 | – | ||||||||||||||
Loans collateralized by securities | 25 | 25 | – | 29 | 29 | – | ||||||||||||||
Consumer finance | 7 | 7 | – | 18 | 18 | – | ||||||||||||||
Consumer | 76 | 75 | – | 57 | 57 | – | ||||||||||||||
Real estate | 8 | 7 | – | 2 | 2 | – | ||||||||||||||
Commercial and industrial loans | 7 | 7 | – | 9 | 9 | – | ||||||||||||||
Financial institutions | 1 | 1 | – | 1 | 1 | – | ||||||||||||||
Corporate & institutional | 16 | 15 | – | 12 | 12 | – | ||||||||||||||
Gross impaired loans without specific allowance | 92 | 90 | – | 69 | 69 | – | ||||||||||||||
Gross impaired loans | 1,132 | 1,080 | 413 | 1,194 | 1,126 | 511 | ||||||||||||||
of which consumer | 393 | 376 | 104 | 354 | 340 | 104 | ||||||||||||||
of which corporate & institutional | 739 | 704 | 309 | 840 | 786 | 407 | ||||||||||||||
Gross impaired loan details (continued) | ||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||
income | income | income | ||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | Average | Interest | recognized | ||||||||||||
recorded | income | on a | recorded | income | on a | recorded | income | on a | ||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | investment | recognized | cash basis | ||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||
Mortgages | 163 | 1 | 1 | 154 | 1 | 1 | 152 | 1 | 1 | |||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 70 | 2 | 2 | 68 | 1 | 0 | |||||||||||
Consumer finance | 81 | 1 | 1 | 87 | 0 | 0 | 117 | 3 | 3 | |||||||||||
Consumer | 309 | 2 | 2 | 311 | 3 | 3 | 337 | 5 | 4 | |||||||||||
Real estate | 74 | 0 | 0 | 67 | 1 | 1 | 43 | 0 | 0 | |||||||||||
Commercial and industrial loans | 597 | 3 | 2 | 669 | 5 | 5 | 556 | 3 | 2 | |||||||||||
Financial institutions | 127 | 0 | 0 | 136 | 0 | 0 | 191 | 2 | 2 | |||||||||||
Governments and public institutions | 5 | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | |||||||||||
Corporate & institutional | 803 | 3 | 2 | 872 | 6 | 6 | 796 | 5 | 4 | |||||||||||
Gross impaired loans with a specific allowance | 1,112 | 5 | 4 | 1,183 | 9 | 9 | 1,133 | 10 | 8 | |||||||||||
Mortgages | 30 | 0 | 0 | 19 | 0 | 0 | 27 | 0 | 0 | |||||||||||
Loans collateralized by securities | 29 | 0 | 0 | 27 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Consumer finance | 21 | 0 | 0 | 22 | 0 | 0 | 41 | 0 | 0 | |||||||||||
Consumer | 80 | 0 | 0 | 68 | 0 | 0 | 76 | 0 | 0 | |||||||||||
Real estate | 9 | 0 | 0 | 11 | 0 | 0 | 12 | 0 | 0 | |||||||||||
Commercial and industrial loans | 17 | 0 | 0 | 58 | 0 | 0 | 199 | 3 | 3 | |||||||||||
Financial institutions | 0 | 0 | 0 | 2 | 0 | 0 | 8 | 0 | 0 | |||||||||||
Corporate & institutional | 26 | 0 | 0 | 71 | 0 | 0 | 219 | 3 | 3 | |||||||||||
Gross impaired loans without specific allowance | 106 | 0 | 0 | 139 | 0 | 0 | 295 | 3 | 3 | |||||||||||
Gross impaired loans | 1,218 | 5 | 4 | 1,322 | 9 | 9 | 1,428 | 13 | 11 | |||||||||||
of which consumer | 389 | 2 | 2 | 379 | 3 | 3 | 413 | 5 | 4 | |||||||||||
of which corporate & institutional | 829 | 3 | 2 | 943 | 6 | 6 | 1,015 | 8 | 7 | |||||||||||
Restructured loans held at amortized cost | Restructured loans held at amortized cost | |||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||
Recorded | Recorded | Recorded | Recorded | Recorded | Recorded | |||||||||||||||
investment – | investment – | investment – | investment – | investment – | investment – | |||||||||||||||
Number of | pre- | post- | Number of | pre- | post- | Number of | pre- | post- | ||||||||||||
contracts | modification | modification | contracts | modification | modification | contracts | modification | modification | ||||||||||||
Restructured loans (CHF million) | ||||||||||||||||||||
Mortgages | 1 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Consumer finance | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | |||||||||||
Commercial and industrial loans | 10 | 290 | 238 | 5 | 27 | 25 | 0 | 0 | 0 | |||||||||||
Total | 11 | 294 | 242 | 6 | 28 | 25 | 0 | 0 | 0 |
Premises_and_equipment_Tables
Premises and equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Premises and equipment | end of | 2014 | 2013 | |||||
Premises and equipment (CHF million) | ||||||||
Buildings and improvements | 2,303 | 2,415 | ||||||
Land | 420 | 491 | ||||||
Leasehold improvements | 2,180 | 2,043 | ||||||
Software | 6,484 | 5,740 | ||||||
Equipment | 2,390 | 2,370 | ||||||
Premises and equipment | 13,777 | 13,059 | ||||||
Accumulated depreciation | -9,136 | -7,968 | ||||||
Total premises and equipment, net | 4,641 | 5,091 | ||||||
Depreciation and impairment | Depreciation and impairment | |||||||
in | 2014 | 2013 | 2012 | |||||
CHF million | ||||||||
Depreciation | 1,232 | 1,236 | 1,229 | |||||
Impairment | 23 | 65 | 17 | |||||
Bank | ||||||||
Premises and equipment | end of | 2014 | 2013 | |||||
Premises and equipment (CHF million) | ||||||||
Buildings and improvements | 2,087 | 2,201 | ||||||
Land | 396 | 466 | ||||||
Leasehold improvements | 2,162 | 2,031 | ||||||
Software | 6,476 | 5,734 | ||||||
Equipment | 2,304 | 2,288 | ||||||
Premises and equipment | 13,425 | 12,720 | ||||||
Accumulated depreciation | -8,984 | -7,825 | ||||||
Total premises and equipment, net | 4,441 | 4,895 | ||||||
Depreciation and impairment | Depreciation and impairment | |||||||
in | 2014 | 2013 | 2012 | |||||
CHF million | ||||||||
Depreciation | 1,224 | 1,227 | 1,218 | |||||
Impairment | 23 | 65 | 17 |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Goodwill | 2014 | 2013 | ||||||||||||
Private | Private | |||||||||||||
Banking & | Credit | Banking & | Credit | |||||||||||
Wealth | Investment | Suisse | Wealth | Investment | Suisse | |||||||||
Management | Banking | Group | Management | Banking | Group | |||||||||
Gross amount of goodwill (CHF million) | ||||||||||||||
Balance at beginning of period | 2,176 | 5,917 | 8,093 | 2,409 | 6,062 | 8,471 | ||||||||
Goodwill acquired during the year | 22 | 0 | 22 | 3 | 0 | 3 | ||||||||
Discontinued operations | 0 | 0 | 0 | -127 | 0 | -127 | ||||||||
Foreign currency translation impact | 162 | 499 | 661 | -73 | -141 | -214 | ||||||||
Other | -34 | -4 | -38 | -36 | -4 | -40 | ||||||||
Balance at end of period | 2,326 | 6,412 | 8,738 | 2,176 | 5,917 | 8,093 | ||||||||
Accumulated impairment (CHF million) | ||||||||||||||
Balance at beginning of period | 12 | 82 | 94 | 0 | 82 | 82 | ||||||||
Impairment losses | 0 | 0 | 0 | 12 | 0 | 12 | ||||||||
Balance at end of period | 12 | 82 | 94 | 12 | 82 | 94 | ||||||||
Net book value (CHF million) | ||||||||||||||
Net book value | 2,314 | 6,330 | 8,644 | 2,164 | 5,835 | 7,999 | ||||||||
Bank | ||||||||||||||
Goodwill | end of | 2014 | 2013 | |||||||||||
Private | Private | |||||||||||||
Banking & | Credit | Banking & | Credit | |||||||||||
Wealth | Investment | Suisse | Wealth | Investment | Suisse | |||||||||
Management | Banking | (Bank) | Management | Banking | (Bank) | |||||||||
Gross amount of goodwill (CHF million) | ||||||||||||||
Balance at beginning of period | 1,978 | 5,237 | 7,215 | 2,210 | 5,382 | 7,592 | ||||||||
Goodwill acquired during the year | 22 | 0 | 22 | 3 | 0 | 3 | ||||||||
Discontinued operations | 0 | 0 | 0 | -127 | 0 | -127 | ||||||||
Foreign currency translation impact | 162 | 499 | 661 | -72 | -141 | -213 | ||||||||
Other | -34 | -4 | -38 | -36 | -4 | -40 | ||||||||
Balance at end of period | 2,128 | 5,732 | 7,860 | 1,978 | 5,237 | 7,215 | ||||||||
Accumulated impairment (CHF million) | ||||||||||||||
Balance at beginning of period | 12 | 82 | 94 | 0 | 82 | 82 | ||||||||
Impairment losses | 0 | 0 | 0 | 12 | 0 | 12 | ||||||||
Balance at end of period | 12 | 82 | 94 | 12 | 82 | 94 | ||||||||
Net book value (CHF million) | ||||||||||||||
Net book value | 2,116 | 5,650 | 7,766 | 1,966 | 5,155 | 7,121 |
Other_intangible_assets_Tables
Other intangible assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Other intangible assets | end of | 2014 | 2013 | |||||||||||
Accumu- | Accumu- | |||||||||||||
Gross | lated | Net | Gross | lated | Net | |||||||||
carrying | amorti- | carrying | carrying | amorti- | carrying | |||||||||
amount | zation | amount | amount | zation | amount | |||||||||
Other intangible assets (CHF million) | ||||||||||||||
Trade names/trademarks | 27 | -24 | 3 | 25 | -21 | 4 | ||||||||
Client relationships | 201 | -92 | 109 | 222 | -106 | 116 | ||||||||
Other | 11 | -3 | 8 | 7 | -1 | 6 | ||||||||
Total amortizing other intangible assets | 239 | -119 | 120 | 254 | -128 | 126 | ||||||||
Non-amortizing other intangible assets | 129 | – | 129 | 84 | – | 84 | ||||||||
of which mortgage servicing rights, at fair value | 70 | – | 70 | 42 | – | 42 | ||||||||
Total other intangible assets | 368 | -119 | 249 | 338 | -128 | 210 | ||||||||
Additional information | Additional information | |||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Aggregate amortization and impairment (CHF million) | ||||||||||||||
Aggregate amortization | 22 | 24 | 28 | |||||||||||
Impairment | 1 | 8 | 7 | |||||||||||
of which related to discontinued operations | 0 | 7 | 0 | |||||||||||
Estimated amortization | Estimated amortization | |||||||||||||
Estimated amortization (CHF million) | ||||||||||||||
2015 | 23 | |||||||||||||
2016 | 22 | |||||||||||||
2017 | 22 | |||||||||||||
2018 | 22 | |||||||||||||
2019 | 5 | |||||||||||||
Bank | ||||||||||||||
Other intangible assets | end of | 2014 | 2013 | |||||||||||
Accumu- | Accumu- | |||||||||||||
Gross | lated | Net | Gross | lated | Net | |||||||||
carrying | amorti- | carrying | carrying | amorti- | carrying | |||||||||
amount | zation | amount | amount | zation | amount | |||||||||
Other intangible assets (CHF million) | ||||||||||||||
Trade names/trademarks | 27 | -24 | 3 | 25 | -21 | 4 | ||||||||
Client relationships | 201 | -92 | 109 | 222 | -106 | 116 | ||||||||
Other | 11 | -3 | 8 | 7 | -1 | 6 | ||||||||
Total amortizing other intangible assets | 239 | -119 | 120 | 254 | -128 | 126 | ||||||||
Non-amortizing other intangible assets | 129 | – | 129 | 84 | – | 84 | ||||||||
of which mortgage servicing rights, at fair value | 70 | – | 70 | 42 | – | 42 | ||||||||
Total other intangible assets | 368 | -119 | 249 | 338 | -128 | 210 | ||||||||
Additional information | Additional information | |||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Aggregate amortization and impairment (CHF million) | ||||||||||||||
Aggregate amortization | 22 | 24 | 28 | |||||||||||
Impairment | 1 | 8 | 0 | |||||||||||
of which related to discontinued operations | 0 | 7 | 0 | |||||||||||
Estimated amortization | Estimated amortization | |||||||||||||
Estimated amortization (CHF million) | ||||||||||||||
2015 | 23 | |||||||||||||
2016 | 22 | |||||||||||||
2017 | 22 | |||||||||||||
2018 | 22 | |||||||||||||
2019 | 5 |
Other_assets_and_other_liabili1
Other assets and other liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other assets and other liabilities | end of | 2014 | 2013 | |||
Other assets (CHF million) | ||||||
Cash collateral on derivative instruments | 10,905 | 8,359 | ||||
Cash collateral on non-derivative transactions | 3,238 | 1,412 | ||||
Derivative instruments used for hedging | 1,539 | 2,062 | ||||
Assets held-for-sale | 26,544 | 19,306 | ||||
of which loans 1 | 25,911 | 18,914 | ||||
of which real estate | 535 | 392 | ||||
of which long-lived assets | 98 | 0 | ||||
Assets held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees receivable | 6,237 | 4,859 | ||||
Deferred tax assets | 6,077 | 6,185 | ||||
Prepaid expenses | 517 | 552 | ||||
Failed purchases | 3,138 | 2,365 | ||||
Other | 6,713 | 6,729 | ||||
Other assets | 70,558 | 63,065 | ||||
Other liabilities (CHF million) | ||||||
Cash collateral on derivative instruments | 17,043 | 11,663 | ||||
Cash collateral on non-derivative transactions | 797 | 955 | ||||
Derivative instruments used for hedging | 469 | 384 | ||||
Provisions | 1,358 | 2,641 | ||||
of which off-balance sheet risk | 103 | 60 | ||||
Liabilities held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees payable | 6,531 | 5,641 | ||||
Current tax liabilities | 821 | 864 | ||||
Deferred tax liabilities | 47 | 394 | ||||
Failed sales | 1,313 | 2,396 | ||||
Other | 16,941 | 15,273 | ||||
Other liabilities | 50,970 | 51,447 | ||||
1 | ||||||
Included as of December 31, 2014 and 2013 were CHF 1,103 million and CHF 1,778 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 226 million and CHF 769 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. | ||||||
Bank | ||||||
Other assets and other liabilities | end of | 2014 | 2013 | |||
Other assets (CHF million) | ||||||
Cash collateral on derivative instruments | 10,909 | 8,359 | ||||
Cash collateral on non-derivative transactions | 3,238 | 1,412 | ||||
Derivative instruments used for hedging | 1,539 | 2,062 | ||||
Assets held-for-sale | 26,544 | 19,306 | ||||
of which loans 1 | 25,911 | 18,914 | ||||
of which real estate | 535 | 392 | ||||
of which long-lived assets | 98 | 0 | ||||
Assets held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees receivable | 6,229 | 4,838 | ||||
Deferred tax assets | 6,064 | 6,176 | ||||
Prepaid expenses | 511 | 568 | ||||
Failed purchases | 3,138 | 2,365 | ||||
Other | 6,689 | 5,245 | ||||
Other assets | 70,511 | 61,567 | ||||
Other liabilities (CHF million) | ||||||
Cash collateral on derivative instruments | 16,776 | 11,664 | ||||
Cash collateral on non-derivative transactions | 797 | 955 | ||||
Derivative instruments used for hedging | 469 | 384 | ||||
Provisions 2 | 1,347 | 2,630 | ||||
of which off-balance sheet risk | 102 | 59 | ||||
Liabilities held for separate accounts | 5,650 | 11,236 | ||||
Interest and fees payable | 6,465 | 5,576 | ||||
Current tax liabilities | 782 | 820 | ||||
Deferred tax liabilities | 33 | 80 | ||||
Failed sales | 1,313 | 2,396 | ||||
Other | 17,016 | 15,359 | ||||
Other liabilities | 50,648 | 51,100 | ||||
1 | ||||||
Included as of December 31, 2014 and 2013 were CHF 1,103 million and CHF 1,778 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 226 million and CHF 769 million, respectively, in loans held in trusts, which are consolidated as a result of failed sales under US GAAP. | ||||||
2 | ||||||
Includes provisions for bridge commitments. |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Deposits | end of | 2014 | 2013 | |||||||||||
Switzer- | Foreign | Total | Switzer- | Foreign | Total | |||||||||
land | land | |||||||||||||
Deposits (CHF million) | ||||||||||||||
Non-interest-bearing demand deposits | 5,943 | 4,581 | 10,524 | 4,738 | 4,335 | 9,073 | ||||||||
Interest-bearing demand deposits | 135,424 | 31,984 | 167,408 | 141,078 | 26,294 | 167,372 | ||||||||
Savings deposits | 77,498 | 29 | 77,527 | 63,583 | 26 | 63,609 | ||||||||
Time deposits | 17,650 | 121,958 | 139,608 | 1 | 15,358 | 100,785 | 116,143 | 1 | ||||||
Total deposits | 236,515 | 158,552 | 395,067 | 2 | 224,757 | 131,440 | 356,197 | 2 | ||||||
of which due to banks | – | – | 26,009 | – | – | 23,108 | ||||||||
of which customer deposits | – | – | 369,058 | – | – | 333,089 | ||||||||
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 139,493 million and CHF 116,106 million as of December 31, 2014 and 2013, 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, 2014 and 2013 were CHF 11 million and CHF 18 million, respectively, of overdrawn deposits reclassified as loans. | ||||||||||||||
Bank | ||||||||||||||
Deposits | end of | 2014 | 2013 | |||||||||||
Switzer- | Foreign | Total | Switzer- | Foreign | Total | |||||||||
land | land | |||||||||||||
Deposits (CHF million) | ||||||||||||||
Non-interest-bearing demand deposits | 5,941 | 4,582 | 10,523 | 4,735 | 4,336 | 9,071 | ||||||||
Interest-bearing demand deposits | 131,858 | 32,297 | 164,155 | 137,274 | 26,996 | 164,270 | ||||||||
Savings deposits | 69,204 | 29 | 69,233 | 55,637 | 26 | 55,663 | ||||||||
Time deposits | 18,187 | 121,977 | 140,164 | 1 | 14,655 | 101,166 | 115,821 | 1 | ||||||
Total deposits | 225,190 | 158,885 | 384,075 | 2 | 212,301 | 132,524 | 344,825 | 2 | ||||||
of which due to banks | – | – | 26,506 | – | – | 23,147 | ||||||||
of which customer deposits | – | – | 357,569 | – | – | 321,678 | ||||||||
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 140,057 million and CHF 115,792 million as of December 31, 2014 and 2013, 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, 2014 and 2013 were CHF 10 million and CHF 18 million, respectively, of overdrawn deposits reclassified as loans. |
Longterm_debt_Tables
Long-term debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Long-term debt | end of | 2014 | 2013 | |||||||||||||||||||||||||||
Long-term debt (CHF million) | ||||||||||||||||||||||||||||||
Senior | 139,267 | 96,048 | ||||||||||||||||||||||||||||
Subordinated | 25,179 | 21,002 | ||||||||||||||||||||||||||||
Non-recourse liabilities from consolidated VIEs | 13,452 | 12,992 | ||||||||||||||||||||||||||||
Long-term debt | 177,898 | 130,042 | ||||||||||||||||||||||||||||
of which reported at fair value | 81,166 | 63,369 | ||||||||||||||||||||||||||||
of which structured notes | 50,469 | 34,815 | ||||||||||||||||||||||||||||
Schedule of Structured notes | Structured notes by product | |||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||||
Structured notes (CHF million) | ||||||||||||||||||||||||||||||
Equity | 35,309 | 22,605 | ||||||||||||||||||||||||||||
Fixed income | 8,321 | 6,455 | ||||||||||||||||||||||||||||
Credit | 5,244 | 5,016 | ||||||||||||||||||||||||||||
Other | 1,595 | 739 | ||||||||||||||||||||||||||||
Total structured notes | 50,469 | 34,815 | ||||||||||||||||||||||||||||
Long-term debt by maturities | Long-term debt by maturities | |||||||||||||||||||||||||||||
end of | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Group parent company (CHF million) | ||||||||||||||||||||||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||
Fixed rate | 31 | 0 | 0 | 290 | 0 | 4,609 | 4,930 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 8.5 | – | – | 6 | – | 6.3 | – | 7.5 | – | |||||||||||||||||||||
Subtotal – Group parent company | 31 | 0 | 0 | 290 | 0 | 4,609 | 4,930 | |||||||||||||||||||||||
Subsidiaries (CHF million) | ||||||||||||||||||||||||||||||
Senior debt | ||||||||||||||||||||||||||||||
Fixed rate | 13,774 | 4,656 | 13,402 | 4,298 | 14,948 | 19,589 | 70,667 | |||||||||||||||||||||||
Variable rate | 14,694 | 15,656 | 8,405 | 5,904 | 9,873 | 14,068 | 68,600 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 12.6 | 0.2 | – | 12.6 | 0.1 | – | 12.4 | 0.4 | – | 3.8 | 0 | – | 7.3 | 0 | – | 8.2 | – | |||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||
Fixed rate | 417 | 0 | 175 | 10,055 | 0 | 9,297 | 19,944 | |||||||||||||||||||||||
Variable rate | 76 | 0 | 50 | 0 | 179 | 0 | 305 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0.6 | – | 10.3 | – | 0.9 | – | 7 | 0.1 | – | 13.2 | 0.3 | 0.1 | – | 8.5 | – | |||||||||||||||
Non-recourse liabilities from consolidated VIEs | ||||||||||||||||||||||||||||||
Fixed rate | 442 | 84 | 16 | 0 | 0 | 154 | 696 | |||||||||||||||||||||||
Variable rate | 201 | 110 | 141 | 0 | 46 | 12,258 | 12,756 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 13.2 | 0 | – | 5.4 | 4 | – | 0 | – | 3 | 0 | – | 10.8 | – | |||||||||||||||
Subtotal – Subsidiaries | 29,604 | 20,506 | 22,189 | 20,257 | 25,046 | 55,366 | 172,968 | |||||||||||||||||||||||
Total long-term debt | 29,635 | 20,506 | 22,189 | 20,547 | 25,046 | 59,975 | 177,898 | |||||||||||||||||||||||
of which structured notes | 10,542 | 10,240 | 5,534 | 5,881 | 6,048 | 12,224 | 50,469 | |||||||||||||||||||||||
The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. | ||||||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||||
Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. | ||||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||
Long-term debt | end of | 2014 | 2013 | |||||||||||||||||||||||||||
Long-term debt (CHF million) | ||||||||||||||||||||||||||||||
Senior | 135,196 | 91,384 | ||||||||||||||||||||||||||||
Subordinated | 24,299 | 22,365 | ||||||||||||||||||||||||||||
Non-recourse liabilities from consolidated VIEs | 13,452 | 12,992 | ||||||||||||||||||||||||||||
Long-term debt | 172,947 | 126,741 | ||||||||||||||||||||||||||||
of which reported at fair value | 80,260 | 62,462 | ||||||||||||||||||||||||||||
of which structured notes | 50,469 | 34,817 | ||||||||||||||||||||||||||||
Schedule of Structured notes | Structured notes by product | |||||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||||
Structured notes (CHF million) | ||||||||||||||||||||||||||||||
Equity | 35,309 | 22,607 | ||||||||||||||||||||||||||||
Fixed income | 8,321 | 6,455 | ||||||||||||||||||||||||||||
Credit | 5,244 | 5,016 | ||||||||||||||||||||||||||||
Other | 1,595 | 739 | ||||||||||||||||||||||||||||
Total structured notes | 50,469 | 34,817 | ||||||||||||||||||||||||||||
Long-term debt by maturities | Long-term debt by maturities | |||||||||||||||||||||||||||||
end of | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Long-term debt (CHF million) | ||||||||||||||||||||||||||||||
Senior debt | ||||||||||||||||||||||||||||||
Fixed rate | 13,298 | 4,130 | 12,846 | 3,944 | 14,600 | 17,780 | 66,598 | |||||||||||||||||||||||
Variable rate | 14,694 | 15,656 | 8,404 | 5,904 | 9,873 | 14,067 | 68,598 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 12.6 | 0.2 | – | 12.6 | 0.1 | – | 12.4 | 0.4 | – | 3.8 | 0 | – | 7.3 | 0 | – | 8.2 | – | |||||||||||
Subordinated debt | ||||||||||||||||||||||||||||||
Fixed rate | 447 | 1 | 175 | 10,349 | 0 | 12,992 | 23,964 | |||||||||||||||||||||||
Variable rate | 76 | 30 | 50 | 0 | 179 | 0 | 335 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0.6 | – | 10.3 | 0.3 | 0.9 | – | 7 | 0.1 | – | 13.2 | 0.3 | 0.1 | – | 8.5 | – | |||||||||||||||
Non-recourse liabilities from consolidated VIEs | ||||||||||||||||||||||||||||||
Fixed rate | 442 | 84 | 16 | 0 | 0 | 154 | 696 | |||||||||||||||||||||||
Variable rate | 201 | 110 | 141 | 0 | 46 | 12,258 | 12,756 | |||||||||||||||||||||||
Interest rates (range in %) 1 | 0 | – | 13.2 | 0 | – | 5.4 | 4 | – | 0 | – | 3 | 0 | – | 10.8 | – | |||||||||||||||
Total long-term debt | 29,158 | 20,011 | 21,632 | 20,197 | 24,698 | 57,251 | 172,947 | |||||||||||||||||||||||
of which structured notes | 10,542 | 10,240 | 5,534 | 5,881 | 6,048 | 12,224 | 50,469 | |||||||||||||||||||||||
The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. | ||||||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||||
Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. |
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | |||||||||||||
Unrealized | Accumu- | |||||||||||||
Gains/ | gains/ | Net prior | lated other | |||||||||||
(losses) | Cumulative | (losses) | Actuarial | service | compre- | |||||||||
on cash | translation | on | gains/ | credit/ | hensive | |||||||||
flow hedges | adjustments | securities | (losses) | (cost) | income | |||||||||
2014 (CHF million) | ||||||||||||||
Balance at beginning of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
Increase/(decrease) | -11 | 2,196 | 25 | -1,440 | 20 | 790 | ||||||||
Increase/(decrease) due to equity method investments | 4 | 0 | 0 | 0 | 0 | 4 | ||||||||
Reclassification adjustments, included in net income | -13 | 0 | -13 | 187 | -83 | 78 | ||||||||
Total increase/(decrease) | -20 | 2,196 | 12 | -1,253 | -63 | 872 | ||||||||
Balance at end of period | -31 | -11,478 | 64 | -4,010 | 452 | -15,003 | ||||||||
2013 (CHF million) | ||||||||||||||
Balance at beginning of period | -29 | -12,767 | 84 | -3,801 | 610 | -15,903 | ||||||||
Increase/(decrease) | 6 | -991 | -27 | 750 | 0 | -262 | ||||||||
Increase/(decrease) due to equity method investments | 13 | 0 | 0 | 0 | 0 | 13 | ||||||||
Reclassification adjustments, included in net income | -1 | 84 | -5 | 294 | -95 | 277 | ||||||||
Total increase/(decrease) | 18 | -907 | -32 | 1,044 | -95 | 28 | ||||||||
Balance at end of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
2012 (CHF million) | ||||||||||||||
Balance at beginning of period | -66 | -11,778 | 99 | -3,751 | 362 | -15,134 | ||||||||
Increase/(decrease) | 7 | -1,040 | 227 | -291 | 319 | -778 | ||||||||
Increase/(decrease) due to equity method investments | 30 | 0 | 0 | 0 | 0 | 30 | ||||||||
Reclassification adjustments, included in net income | 0 | 51 | -242 | 241 | -71 | -21 | ||||||||
Total increase/(decrease) | 37 | -989 | -15 | -50 | 248 | -769 | ||||||||
Balance at end of period | -29 | -12,767 | 84 | -3,801 | 610 | -15,903 | ||||||||
Refer to "Note 27 - Tax" and "Note 30 - Pension and other post-retirement benefit" for income tax expense/(benefit) on the movements of accumulated other comprehensive income. | ||||||||||||||
Details on significant reclassification adjustments | Details of significant reclassification adjustments | |||||||||||||
in | 2014 | 2013 | ||||||||||||
Reclassification adjustments, included in net income (CHF million) | ||||||||||||||
Cumulative translation adjustments | ||||||||||||||
Sale of subsidiaries | 0 | 84 | 1 | |||||||||||
Actuarial gains/(losses) | ||||||||||||||
Amortization of recognized actuarial losses 2 | 243 | 390 | ||||||||||||
Tax expense/(benefit) | -56 | -96 | ||||||||||||
Net of tax | 187 | 294 | ||||||||||||
Net prior service credit/(cost) | ||||||||||||||
Amortization of recognized prior service credit/(cost) 2 | -108 | -120 | ||||||||||||
Tax expense/(benefit) | 25 | 25 | ||||||||||||
Net of tax | -83 | -95 | ||||||||||||
1 | ||||||||||||||
Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. | ||||||||||||||
2 | ||||||||||||||
These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. | ||||||||||||||
Additional share information | Additional share information | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Common shares issued | ||||||||||||||
Balance at beginning of period | 1,596,119,349 | 1,320,829,922 | 1,224,333,062 | |||||||||||
Issuance of common shares | 11,049,598 | 275,289,427 | 96,496,860 | |||||||||||
of which MACCS settlement | 0 | 199,964,015 | 0 | |||||||||||
of which share-based compensation | 11,049,598 | 37,773,125 | 38,812,660 | |||||||||||
Balance at end of period | 1,607,168,947 | 1,596,119,349 | 1,320,829,922 | |||||||||||
Treasury shares | ||||||||||||||
Balance at beginning of period | -5,183,154 | -27,036,831 | -4,010,074 | |||||||||||
Sale of treasury shares | 357,696,773 | 401,126,114 | 394,686,376 | |||||||||||
of which MACCS settlement | 0 | 33,488,655 | 0 | |||||||||||
Repurchase of treasury shares | -386,266,557 | -385,369,391 | -423,704,092 | |||||||||||
Share-based compensation | 26,086,280 | 6,096,954 | 5,990,959 | |||||||||||
Balance at end of period | -7,666,658 | -5,183,154 | -27,036,831 | |||||||||||
Common shares outstanding | ||||||||||||||
Balance at end of period | 1,599,502,289 | 1 | 1,590,936,195 | 2 | 1,293,793,091 | |||||||||
1 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
2 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
Bank | ||||||||||||||
Accumulated other comprehensive income | Unrealized | Accumu- | ||||||||||||
Gains/ | gains/ | Net prior | lated other | |||||||||||
(losses) | Cumulative | (losses) | Actuarial | service | compre- | |||||||||
on cash | translation | on | gains/ | credit/ | hensive | |||||||||
flow hedges | adjustments | securities | (losses) | (cost) | income | |||||||||
2014 (CHF million) | ||||||||||||||
Balance at beginning of period | 9 | -13,738 | 35 | -714 | 3 | -14,405 | ||||||||
Increase/(decrease) | -11 | 2,115 | 21 | 14 | 20 | 2,159 | ||||||||
Reclassification adjustments, included in net income | -16 | 0 | 0 | 44 | -6 | 22 | ||||||||
Total increase/(decrease) | -27 | 2,115 | 21 | 58 | 14 | 2,181 | ||||||||
Balance at end of period | -18 | -11,623 | 56 | -656 | 17 | -12,224 | ||||||||
2013 (CHF million) | ||||||||||||||
Balance at beginning of period | 7 | -11,540 | 53 | -670 | 3 | -12,147 | ||||||||
Increase/(decrease) | 6 | -2,281 | -13 | -102 | 0 | -2,390 | ||||||||
Reclassification adjustments, included in net income | -4 | 83 | -5 | 58 | 0 | 132 | ||||||||
Total increase/(decrease) | 2 | -2,198 | -18 | -44 | 0 | -2,258 | ||||||||
Balance at end of period | 9 | -13,738 | 35 | -714 | 3 | -14,405 | ||||||||
2012 (CHF million) | ||||||||||||||
Balance at beginning of period | 0 | -10,526 | 96 | -729 | 4 | -11,155 | ||||||||
Increase/(decrease) | 7 | -1,058 | 199 | 3 | 0 | -849 | ||||||||
Reclassification adjustments, included in net income | 0 | 44 | -242 | 56 | -1 | -143 | ||||||||
Total increase/(decrease) | 7 | -1,014 | -43 | 59 | -1 | -992 | ||||||||
Balance at end of period | 7 | -11,540 | 53 | -670 | 3 | -12,147 | ||||||||
Details on significant reclassification adjustments | Details of significant reclassification adjustments | |||||||||||||
in | 2014 | 2013 | ||||||||||||
Reclassification adjustments, included in net income (CHF million) | ||||||||||||||
Cumulative translation adjustments | ||||||||||||||
Sale of subsidiaries | 0 | 83 | 1 | |||||||||||
Actuarial gains/(losses) | ||||||||||||||
Amortization of recognized actuarial losses 2 | 62 | 92 | ||||||||||||
Tax expense/(benefit) | -18 | -34 | ||||||||||||
Net of tax | 44 | 58 | ||||||||||||
1 | ||||||||||||||
Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. | ||||||||||||||
2 | ||||||||||||||
These components are included in the computation of total benefit costs. Refer to "Note 29 – Pension and other post-retirement benefits" for further information. |
Offsetting_of_financial_assets1
Offsetting of financial assets and financial liabilities (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Offsetting of derivatives | Offsetting of derivatives | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||
assets | liabilities | assets | liabilities | |||||||||||||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
OTC-cleared | 257.7 | 250 | 265.4 | 262.1 | ||||||||||||||
OTC | 213.6 | 210.4 | 183 | 178.1 | ||||||||||||||
Exchange-traded | 0.1 | 0 | 0.3 | 0 | ||||||||||||||
Interest rate products | 471.4 | 460.4 | 448.7 | 440.2 | ||||||||||||||
OTC | 86.9 | 99 | 58.5 | 68.2 | ||||||||||||||
Exchange-traded | 0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||||
Foreign exchange products | 87 | 99.2 | 58.6 | 68.4 | ||||||||||||||
OTC | 14.8 | 15 | 15.5 | 18.6 | ||||||||||||||
Exchange-traded | 12.4 | 14 | 14.8 | 15.1 | ||||||||||||||
Equity/index-related products | 27.2 | 29 | 30.3 | 33.7 | ||||||||||||||
OTC-cleared | 6.3 | 6.1 | 5.2 | 5.1 | ||||||||||||||
OTC | 20 | 19.5 | 20.8 | 21.2 | ||||||||||||||
Credit derivatives | 26.3 | 25.6 | 26 | 26.3 | ||||||||||||||
OTC-cleared | 0 | 0 | 0 | 0 | ||||||||||||||
OTC | 8.6 | 8.8 | 4.4 | 4 | ||||||||||||||
Exchange-traded | 0.4 | 0.3 | 0.5 | 0.8 | ||||||||||||||
Other products | 9 | 9.1 | 4.9 | 4.8 | ||||||||||||||
OTC-cleared | 264 | 256.1 | 270.6 | 267.2 | ||||||||||||||
OTC | 343.9 | 352.7 | 282.2 | 290.1 | ||||||||||||||
Exchange-traded | 13 | 14.5 | 15.7 | 16.1 | ||||||||||||||
Total gross derivatives subject to enforceable master netting agreements | 620.9 | 623.3 | 568.5 | 573.4 | ||||||||||||||
Offsetting (CHF billion) | ||||||||||||||||||
OTC-cleared | -261.7 | -255.8 | -269.1 | -267 | ||||||||||||||
OTC | -316.4 | -326.1 | -260.7 | -265.7 | ||||||||||||||
Exchange-traded | -11.9 | -13.1 | -15.1 | -15.1 | ||||||||||||||
Offsetting | -590 | -595 | -544.9 | -547.8 | ||||||||||||||
of which counterparty netting | -561.6 | -561.6 | -523.9 | -523.9 | ||||||||||||||
of which cash collateral netting | -28.4 | -33.4 | -21 | -23.9 | ||||||||||||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | ||||||||||||||||||
OTC-cleared | 2.3 | 0.3 | 1.5 | 0.2 | ||||||||||||||
OTC | 27.5 | 26.6 | 21.5 | 24.4 | ||||||||||||||
Exchange-traded | 1.1 | 1.4 | 0.6 | 1 | ||||||||||||||
Total net derivatives subject to enforceable master netting agreements | 30.9 | 28.3 | 23.6 | 25.6 | ||||||||||||||
Total derivatives not subject to enforceable master netting agreements 1 | 8.6 | 9.1 | 10.1 | 11.3 | ||||||||||||||
Total net derivatives presented in the consolidated balance sheets | 39.5 | 37.4 | 33.7 | 36.9 | ||||||||||||||
of which recorded in trading assets and trading liabilities | 38 | 36.9 | 31.6 | 36.5 | ||||||||||||||
of which recorded in other assets and other liabilities | 1.5 | 0.5 | 2.1 | 0.4 | ||||||||||||||
1 | ||||||||||||||||||
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. | ||||||||||||||||||
Offsetting of securities purchased under resale agreements and securities borrowing transactions | Offsetting of securities purchased under resale agreements and securities borrowing transactions | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | ||||||||||||||||||
Securities purchased under resale agreements | 119.3 | -28 | 91.3 | 112 | -25.1 | 86.9 | ||||||||||||
Securities borrowing transactions | 27.8 | -6.9 | 20.9 | 22.7 | -1.7 | 21 | ||||||||||||
Total subject to enforceable master netting agreements | 147.1 | -34.9 | 112.2 | 134.7 | -26.8 | 107.9 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 51 | – | 51 | 52.1 | – | 52.1 | ||||||||||||
Total | 198.1 | -34.9 | 163.2 | 2 | 186.8 | -26.8 | 160 | 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 104,283 million and CHF 96,587 million of the total net amount as of December 31, 2014 and 2013, respectively, are reported at fair value. | ||||||||||||||||||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Offsetting of securities sold under repurchase agreements and securities lending transactions | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | ||||||||||||||||||
Securities sold under repurchase agreements | 69.9 | -31.9 | 38 | 86.5 | -26.8 | 59.7 | ||||||||||||
Securities lending transactions | 10.8 | -3 | 7.8 | 6.6 | 0 | 6.6 | ||||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 0 | 18.8 | 18.5 | 0 | 18.5 | ||||||||||||
Total subject to enforceable master netting agreements | 99.5 | -34.9 | 64.6 | 111.6 | -26.8 | 84.8 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 32.4 | – | 32.4 | 32 | – | 32 | ||||||||||||
Total | 131.9 | -34.9 | 97 | 143.6 | -26.8 | 116.8 | ||||||||||||
of which securities sold under repurchase agreements and securities lending transactions | 105 | -34.9 | 70.1 | 2 | 120.8 | -26.8 | 94 | 2 | ||||||||||
of which obligation to return securities received as collateral, at fair value | 26.9 | 0 | 26.9 | 22.8 | 0 | 22.8 | ||||||||||||
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 54,732 million and CHF 76,104 million of the total net amount as of December 31, 2014 and 2013, respectively, are reported at fair value. | ||||||||||||||||||
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Net | 1 | Cash | 1 | Net | 1 | Cash | 1 | |||||||||||
collateral | collateral | |||||||||||||||||
Financial | received/ | Net | Financial | received/ | Net | |||||||||||||
instruments | pledged | exposure | instruments | pledged | exposure | |||||||||||||
Financial assets subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 30.9 | 6.5 | 0.1 | 24.3 | 23.6 | 4.9 | 0.1 | 18.6 | ||||||||||
Securities purchased under resale agreements | 91.3 | 91.3 | 0 | 0 | 86.9 | 86.9 | 0 | 0 | ||||||||||
Securities borrowing transactions | 20.9 | 20.3 | 0 | 0.6 | 21 | 20.2 | 0 | 0.8 | ||||||||||
Total financial assets subject to enforceable master netting agreements | 143.1 | 118.1 | 0.1 | 24.9 | 131.5 | 112 | 0.1 | 19.4 | ||||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 28.3 | 8.5 | 0 | 19.8 | 25.6 | 9.9 | 0 | 15.7 | ||||||||||
Securities sold under repurchase agreements | 38 | 38 | 0 | 0 | 59.7 | 59.7 | 0 | 0 | ||||||||||
Securities lending transactions | 7.8 | 7.6 | 0 | 0.2 | 6.6 | 6.2 | 0 | 0.4 | ||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 18.1 | 0 | 0.7 | 18.5 | 17.5 | 0 | 1 | ||||||||||
Total financial liabilities subject to enforceable master netting agreements | 92.9 | 72.2 | 0 | 20.7 | 110.4 | 93.3 | 0 | 17.1 | ||||||||||
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 | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||
assets | liabilities | assets | liabilities | |||||||||||||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
OTC-cleared | 257.8 | 250.1 | 265.3 | 262 | ||||||||||||||
OTC | 213.6 | 210.3 | 183.1 | 178 | ||||||||||||||
Exchange-traded | 0.1 | 0 | 0.1 | 0.2 | ||||||||||||||
Interest rate products | 471.5 | 460.4 | 448.5 | 440.2 | ||||||||||||||
OTC | 86.9 | 99 | 58.5 | 68.2 | ||||||||||||||
Exchange-traded | 0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||||
Foreign exchange products | 87 | 99.2 | 58.6 | 68.4 | ||||||||||||||
OTC | 14.8 | 15.3 | 15.5 | 18.6 | ||||||||||||||
Exchange-traded | 12.4 | 14 | 14.8 | 15.1 | ||||||||||||||
Equity/index-related products | 27.2 | 29.3 | 30.3 | 33.7 | ||||||||||||||
OTC-cleared | 6.3 | 6.1 | 5.2 | 5.1 | ||||||||||||||
OTC | 20 | 19.5 | 20.8 | 21.2 | ||||||||||||||
Credit derivatives | 26.3 | 25.6 | 26 | 26.3 | ||||||||||||||
OTC | 8.6 | 8.7 | 4.4 | 4.1 | ||||||||||||||
Exchange-traded | 0.4 | 0.4 | 0.6 | 0.5 | ||||||||||||||
Other products | 9 | 9.1 | 5 | 4.6 | ||||||||||||||
OTC-cleared | 264.1 | 256.2 | 270.5 | 267.1 | ||||||||||||||
OTC | 343.9 | 352.8 | 282.3 | 290.1 | ||||||||||||||
Exchange-traded | 13 | 14.6 | 15.6 | 16 | ||||||||||||||
Total gross derivatives subject to enforceable master netting agreements | 621 | 623.6 | 568.4 | 573.2 | ||||||||||||||
Offsetting (CHF billion) | ||||||||||||||||||
OTC-cleared | -261.7 | -255.8 | -269.1 | -267 | ||||||||||||||
OTC | -316.7 | -326.4 | -260.6 | -265.5 | ||||||||||||||
Exchange-traded | -11.9 | -13.1 | -15.1 | -15.1 | ||||||||||||||
Offsetting | -590.3 | -595.3 | -544.8 | -547.6 | ||||||||||||||
of which counterparty netting | -561.6 | -561.6 | -523.7 | -523.7 | ||||||||||||||
of which cash collateral netting | -28.7 | -33.7 | -21.1 | -23.9 | ||||||||||||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | ||||||||||||||||||
OTC-cleared | 2.4 | 0.4 | 1.4 | 0.1 | ||||||||||||||
OTC | 27.2 | 26.4 | 21.7 | 24.6 | ||||||||||||||
Exchange-traded | 1.1 | 1.5 | 0.5 | 0.9 | ||||||||||||||
Total net derivatives subject to enforceable master netting agreements | 30.7 | 28.3 | 23.6 | 25.6 | ||||||||||||||
Total derivatives not subject to enforceable master netting agreements 1 | 8.8 | 9.1 | 10.3 | 11.4 | ||||||||||||||
Total net derivatives presented in the consolidated balance sheets | 39.5 | 37.4 | 33.9 | 37 | ||||||||||||||
of which recorded in trading assets and trading liabilities | 38 | 36.9 | 31.8 | 36.6 | ||||||||||||||
of which recorded in other assets and other liabilities | 1.5 | 0.5 | 2.1 | 0.4 | ||||||||||||||
1 | ||||||||||||||||||
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. | ||||||||||||||||||
Offsetting of securities purchased under resale agreements and securities borrowing transactions | Offsetting of securities purchased under resale agreements and securities borrowing transactions | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | ||||||||||||||||||
Securities purchased under resale agreements | 119.3 | -28 | 91.3 | 112 | -25.1 | 86.9 | ||||||||||||
Securities borrowing transactions | 27.8 | -6.9 | 20.9 | 22.7 | -1.7 | 21 | ||||||||||||
Total subject to enforceable master netting agreements | 147.1 | -34.9 | 112.2 | 134.7 | -26.8 | 107.9 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 51 | – | 51 | 52.1 | – | 52.1 | ||||||||||||
Total | 198.1 | -34.9 | 163.2 | 2 | 186.8 | -26.8 | 160 | 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 104,283 million and CHF 96,587 million of the total net amount as of December 31, 2014 and December 31, 2013, respectively, are reported at fair value. | ||||||||||||||||||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Offsetting of securities sold under repurchase agreements and securities lending transactions | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | ||||||||||||||||||
Securities sold under repurchase agreements | 69.9 | -31.9 | 38 | 86.5 | -26.8 | 59.7 | ||||||||||||
Securities lending transactions | 10.8 | -3 | 7.8 | 6.6 | 0 | 6.6 | ||||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 0 | 18.8 | 18.5 | 0 | 18.5 | ||||||||||||
Total subject to enforceable master netting agreements | 99.5 | -34.9 | 64.6 | 111.6 | -26.8 | 84.8 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 32.4 | – | 32.4 | 32 | – | 32 | ||||||||||||
Total | 131.9 | -34.9 | 97 | 143.6 | -26.8 | 116.8 | ||||||||||||
of which securities sold under repurchase agreements and securities lending transactions | 105 | -34.9 | 70.1 | 2 | 120.8 | -26.8 | 94 | 2 | ||||||||||
of which obligation to return securities received as collateral, at fair value | 26.9 | 0 | 26.9 | 22.8 | 0 | 22.8 | ||||||||||||
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 54,732 million and CHF 76,104 million of the total net amount as of December 31, 2014 and December 31, 2013, respectively, are reported at fair value. | ||||||||||||||||||
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets | |||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||
Net | 1 | Cash | 1 | Net | 1 | Cash | 1 | |||||||||||
collateral | collateral | |||||||||||||||||
Financial | received/ | Net | Financial | received/ | Net | |||||||||||||
instruments | pledged | exposure | instruments | pledged | exposure | |||||||||||||
Financial assets subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 30.7 | 6.5 | 0.1 | 24.1 | 23.6 | 4.9 | 0.1 | 18.6 | ||||||||||
Securities purchased under resale agreements | 91.3 | 91.3 | 0 | 0 | 86.9 | 86.9 | 0 | 0 | ||||||||||
Securities borrowing transactions | 20.9 | 20.3 | 0 | 0.6 | 21 | 20.2 | 0 | 0.8 | ||||||||||
Total financial assets subject to enforceable master netting agreements | 142.9 | 118.1 | 0.1 | 24.7 | 131.5 | 112 | 0.1 | 19.4 | ||||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 28.3 | 8.5 | 0 | 19.8 | 25.6 | 9.9 | 0 | 15.7 | ||||||||||
Securities sold under repurchase agreements | 38 | 38 | 0 | 0 | 59.7 | 59.7 | 0 | 0 | ||||||||||
Securities lending transactions | 7.8 | 7.6 | 0 | 0.2 | 6.6 | 6.2 | 0 | 0.4 | ||||||||||
Obligation to return securities received as collateral, at fair value | 18.8 | 18.1 | 0 | 0.7 | 18.5 | 17.5 | 0 | 1 | ||||||||||
Total financial liabilities subject to enforceable master netting agreements | 92.9 | 72.2 | 0 | 20.7 | 110.4 | 93.3 | 0 | 17.1 | ||||||||||
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, 2014 | ||||||||
Details of current and deferred taxes | Details of current and deferred taxes | |||||||
in | 2014 | 2013 | 2012 | |||||
Current and deferred taxes (CHF million) | ||||||||
Switzerland | 99 | 12 | 140 | |||||
Foreign | 622 | 569 | 580 | |||||
Current income tax expense | 721 | 581 | 720 | |||||
Switzerland | -321 | 22 | -123 | |||||
Foreign | 1,005 | 673 | -132 | |||||
Deferred income tax expense/(benefit) | 684 | 695 | -255 | |||||
Income tax expense | 1,405 | 1,276 | 465 | |||||
Income tax expense on discontinued operations | 40 | 75 | 31 | |||||
Income tax expense/(benefit) reported in shareholders' equity related to: | ||||||||
Gains/(losses) on cash flow hedges | 4 | 1 | 0 | |||||
Cumulative translation adjustment | -117 | 44 | -12 | |||||
Unrealized gains/(losses) on securities | 5 | -12 | 6 | |||||
Actuarial gains/(losses) | -375 | 388 | 1 | |||||
Net prior service credit/(cost) | -11 | -25 | 63 | |||||
Share-based compensation and treasury shares | 71 | 0 | -50 | |||||
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate | |||||||
in | 2014 | 2013 | 2012 | |||||
Income from continuing operations before taxes (CHF million) | ||||||||
Switzerland | 401 | 642 | 1,680 | |||||
Foreign | 3,226 | 3,454 | 510 | |||||
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 | |||||
Reconciliation of taxes computed at the Swiss statutory rate (CHF million) | ||||||||
Income tax expense computed at the statutory tax rate of 22% | 798 | 901 | 482 | |||||
Increase/(decrease) in income taxes resulting from | ||||||||
Foreign tax rate differential | 314 | 189 | 242 | |||||
Non-deductible amortization of other intangible assets and goodwill impairment | 6 | 25 | 2 | |||||
Other non-deductible expenses | 666 | 492 | 393 | |||||
Additional taxable income | 4 | 2 | 11 | |||||
Lower taxed income | -272 | -381 | -422 | |||||
Income taxable to noncontrolling interests | -163 | -252 | -117 | |||||
Changes in tax law and rates | 151 | 184 | 182 | |||||
Changes in deferred tax valuation allowance | 1,064 | 385 | 13 | |||||
Change in recognition of outside basis difference | -450 | 0 | 0 | |||||
Tax deductible impairments of Swiss subsidiary investments | -555 | -268 | -161 | |||||
Other | -158 | -1 | -160 | |||||
Income tax expense | 1,405 | 1,276 | 465 | |||||
Details of the tax effect of temporary differences | Details of the tax effect of temporary differences | |||||||
end of | 2014 | 2013 | ||||||
Tax effect of temporary differences (CHF million) | ||||||||
Compensation and benefits | 2,373 | 2,113 | ||||||
Loans | 231 | 363 | ||||||
Investment securities | 882 | 1,651 | ||||||
Provisions | 1,658 | 1,874 | ||||||
Derivatives | 121 | 143 | ||||||
Real estate | 277 | 240 | ||||||
Net operating loss carry-forwards | 6,232 | 4,433 | ||||||
Other | 99 | 189 | ||||||
Gross deferred tax assets before valuation allowance | 11,873 | 11,006 | ||||||
Less valuation allowance | -4,107 | -2,705 | ||||||
Gross deferred tax assets net of valuation allowance | 7,766 | 8,301 | ||||||
Compensation and benefits | -164 | -422 | ||||||
Loans | -40 | -109 | ||||||
Investment securities | -619 | -1,099 | ||||||
Provisions | -448 | -397 | ||||||
Business combinations | -1 | 0 | ||||||
Derivatives | -168 | -193 | ||||||
Leasing | -23 | -53 | ||||||
Real estate | -62 | -76 | ||||||
Other | -211 | -161 | ||||||
Gross deferred tax liabilities | -1,736 | -2,510 | ||||||
Net deferred tax assets | 6,030 | 5,791 | ||||||
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards | |||||||
end of 2014 | Total | |||||||
Net operating loss carry-forwards (CHF million) | ||||||||
Due to expire within 1 year | 48 | |||||||
Due to expire within 2 to 5 years | 12,881 | |||||||
Due to expire within 6 to 10 years | 2,431 | |||||||
Due to expire within 11 to 20 years | 3,756 | |||||||
Amount due to expire | 19,116 | |||||||
Amount not due to expire | 15,475 | |||||||
Total net operating loss carry-forwards | 34,591 | |||||||
Movements in the valuation allowance | Movements in the valuation allowance | |||||||
in | 2014 | 2013 | 2012 | |||||
Movements in the valuation allowance (CHF million) | ||||||||
Balance at beginning of period | 2,705 | 2,554 | 2,690 | |||||
Net changes | 1,402 | 151 | -136 | |||||
Balance at end of period | 4,107 | 2,705 | 2,554 | |||||
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation | |||||||
in | 2014 | 2013 | 2012 | |||||
Tax benefits associated with share-based compensation (CHF million) | ||||||||
Tax benefits recorded in the consolidated statements of operations 1 | 505 | 483 | 597 | |||||
Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital | -70 | -24 | 41 | |||||
Tax benefits in respect of tax on dividend equivalent payments | 1 | 22 | 12 | |||||
1 | ||||||||
Calculated at the statutory tax rate before valuation allowance considerations. | ||||||||
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | |||||||
2014 | 2013 | 2012 | ||||||
Movements in gross unrecognized tax benefits (CHF million) | ||||||||
Balance at beginning of period | 423 | 420 | 373 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 2 | 4 | 33 | |||||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | -47 | -8 | -58 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 39 | 46 | 39 | |||||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | -10 | 0 | -4 | |||||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -24 | -5 | -43 | |||||
Other (including foreign currency translation) | 6 | -34 | 80 | |||||
Balance at end of period | 389 | 423 | 420 | |||||
of which, if recognized, would affect the effective tax rate | 389 | 417 | 414 | |||||
Interest and penalties | Interest and penalties | |||||||
in | 2014 | 2013 | 2012 | |||||
Interest and penalties (CHF million) | ||||||||
Interest and penalties recognized in the consolidated statements of operations | 16 | 7 | -13 | |||||
Interest and penalties recognized in the consolidated balance sheets | 86 | 69 | 69 | |||||
Bank | ||||||||
Details of current and deferred taxes | Details of current and deferred taxes | |||||||
in | 2014 | 2013 | 2012 | |||||
Current and deferred taxes (CHF million) | ||||||||
Switzerland | 56 | -52 | 85 | |||||
Foreign | 624 | 564 | 581 | |||||
Current income tax expense | 680 | 512 | 666 | |||||
Switzerland | -384 | -15 | -121 | |||||
Foreign | 1,003 | 673 | -180 | |||||
Deferred income tax expense/(benefit) | 619 | 658 | -301 | |||||
Income tax expense | 1,299 | 1,170 | 365 | |||||
Income tax expense/(benefit) on discontinued operations | 40 | 75 | 31 | |||||
Income tax expense/(benefit) reported in shareholder's equity related to: | ||||||||
Gains/(losses) on cash flow hedges | 4 | 1 | 0 | |||||
Cumulative translation adjustment | -117 | 44 | -12 | |||||
Unrealized gains/(losses) on securities | 7 | -8 | -1 | |||||
Actuarial gains/(losses) | -27 | 99 | 30 | |||||
Net prior service cost | 9 | 0 | -2 | |||||
Share-based compensation and treasury shares | 68 | 1 | -53 | |||||
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate | |||||||
in | 2014 | 2013 | 2012 | |||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||
Switzerland | -179 | 300 | 1,170 | |||||
Foreign | 3,140 | 3,354 | 609 | |||||
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 | |||||
Reconciliation of taxes computed at the Swiss statutory rate (CHF million) | ||||||||
Income tax expense computed at the statutory tax rate of 22% | 651 | 804 | 391 | |||||
Increase/(decrease) in income taxes resulting from | ||||||||
Foreign tax rate differential | 347 | 248 | 67 | |||||
Non-deductible amortization of other intangible assets and goodwill impairment | 6 | 25 | 0 | |||||
Other non-deductible expenses | 666 | 493 | 382 | |||||
Additional taxable income | 2 | -5 | 6 | |||||
Lower taxed income | -265 | -374 | -413 | |||||
Income taxable to noncontrolling interests | -173 | -297 | 57 | |||||
Changes in tax law and rates | 151 | 184 | 182 | |||||
Changes in deferred tax valuation allowance | 1,071 | 381 | 10 | |||||
Change in recognition of outside basis difference | -450 | 0 | 0 | |||||
Tax deductible impairments of Swiss subsidiary investments | -555 | -268 | -161 | |||||
Other | -152 | -21 | -156 | |||||
Income tax expense | 1,299 | 1,170 | 365 | |||||
Details of the tax effect of temporary differences | Details of the tax effect of temporary differences | |||||||
end of | 2014 | 2013 | ||||||
Tax effect of temporary differences (CHF million) | ||||||||
Compensation and benefits | 2,361 | 2,106 | ||||||
Loans | 231 | 363 | ||||||
Investment securities | 882 | 1,651 | ||||||
Provisions | 1,658 | 1,874 | ||||||
Derivatives | 119 | 136 | ||||||
Real estate | 277 | 240 | ||||||
Net operating loss carry-forwards | 6,232 | 4,432 | ||||||
Other | 95 | 186 | ||||||
Gross deferred tax assets before valuation allowance | 11,855 | 10,988 | ||||||
Less valuation allowance | -4,107 | -2,704 | ||||||
Gross deferred tax assets net of valuation allowance | 7,748 | 8,284 | ||||||
Compensation and benefits | -164 | -120 | ||||||
Loans | -40 | -109 | ||||||
Investment securities | -611 | -1,089 | ||||||
Provisions | -447 | -396 | ||||||
Business combinations | -1 | 0 | ||||||
Derivatives | -168 | -193 | ||||||
Leasing | -23 | -53 | ||||||
Real estate | -62 | -75 | ||||||
Other | -201 | -153 | ||||||
Gross deferred tax liabilities | -1,717 | -2,188 | ||||||
Net deferred tax assets | 6,031 | 6,096 | ||||||
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards | |||||||
end of 2014 | Total | |||||||
Net operating loss carry-forwards (CHF million) | ||||||||
Due to expire within 1 year | 48 | |||||||
Due to expire within 2 to 5 years | 12,881 | |||||||
Due to expire within 6 to 10 years | 2,428 | |||||||
Due to expire within 11 to 20 years | 3,756 | |||||||
Amount due to expire | 19,113 | |||||||
Amount not due to expire | 15,475 | |||||||
Total net operating loss carry-forwards | 34,588 | |||||||
Movements in the valuation allowance | Movements in the valuation allowance | |||||||
in | 2014 | 2013 | 2012 | |||||
Movements in the valuation allowance (CHF million) | ||||||||
Balance at beginning of period | 2,704 | 2,550 | 2,689 | |||||
Net changes | 1,403 | 154 | -139 | |||||
Balance at end of period | 4,107 | 2,704 | 2,550 | |||||
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation | |||||||
in | 2014 | 2013 | 2012 | |||||
Tax benefits associated with share-based compensation (CHF million) | ||||||||
Tax benefits recorded in the consolidated statements of operations 1 | 506 | 481 | 596 | |||||
Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital | -69 | -24 | 30 | |||||
Tax benefits in respect of tax on dividend equivalent payments | 1 | 22 | 12 | |||||
1 | ||||||||
Calculated at the statutory tax rate before valuation allowance considerations. | ||||||||
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | |||||||
in | 2014 | 2013 | 2012 | |||||
Movements in gross unrecognized tax benefits (CHF million) | ||||||||
Balance at beginning of period | 416 | 416 | 370 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 2 | 4 | 33 | |||||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | -47 | -8 | -58 | |||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 37 | 43 | 38 | |||||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | -10 | 0 | -4 | |||||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -24 | -5 | -43 | |||||
Other (including foreign currency translation) | 8 | -34 | 80 | |||||
Balance at end of period | 382 | 416 | 416 | |||||
of which, if recognized, would affect the effective tax rate | 382 | 410 | 410 | |||||
Interest and penalties | Interest and penalties | |||||||
in | 2014 | 2013 | 2012 | |||||
Interest and penalties (CHF million) | ||||||||
Interest and penalties recognized in the consolidated statements of operations | 21 | 6 | -13 | |||||
Interest and penalties recognized in the consolidated balance sheets | 85 | 64 | 64 |
Employee_deferred_compensation1
Employee deferred compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Deferred compensation expense | Deferred compensation expense | |||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Deferred compensation expense (CHF million) | ||||||||||||||
Share awards | 939 | 814 | 786 | |||||||||||
Performance share awards | 611 | 590 | 366 | |||||||||||
Contingent Capital Awards | 214 | – | – | |||||||||||
Capital Opportunity Facility awards | 13 | – | – | |||||||||||
Plus Bond awards 1 | 36 | 37 | – | |||||||||||
2011 Partner Asset Facility awards 2 | 7 | 77 | 677 | |||||||||||
Adjustable Performance Plan share awards 3 | 0 | 31 | 74 | |||||||||||
Adjustable Performance Plan cash awards 3 | 0 | 4 | 286 | |||||||||||
Restricted Cash Awards | 92 | 145 | 165 | |||||||||||
Scaled Incentive Share Units 3 | -3 | 41 | 97 | |||||||||||
Incentive Share Units 4 | 0 | -3 | 62 | |||||||||||
2008 Partner Asset Facility awards 5 | 87 | 93 | 173 | |||||||||||
Other cash awards | 404 | 434 | 362 | |||||||||||
Discontinued operations | -8 | -21 | -23 | |||||||||||
Total deferred compensation expense | 2,392 | 2,242 | 3,025 | |||||||||||
Total shares delivered (million) | ||||||||||||||
Total shares delivered | 37.1 | 33.7 | 31.6 | |||||||||||
1 | ||||||||||||||
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. | ||||||||||||||
2 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. | ||||||||||||||
3 | ||||||||||||||
Includes forfeitures and downward adjustments according to the plan terms and conditions. | ||||||||||||||
4 | ||||||||||||||
Includes forfeitures. | ||||||||||||||
5 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. | ||||||||||||||
Additional information | Estimated unrecognized deferred compensation | |||||||||||||
end of | 2014 | |||||||||||||
Estimated unrecognized compensation expense (CHF million) | ||||||||||||||
Share awards | 762 | |||||||||||||
Performance share awards | 231 | |||||||||||||
Contingent Capital Awards | 210 | |||||||||||||
Capital Opportunity Facility awards | 5 | |||||||||||||
Plus Bond awards | 4 | |||||||||||||
Restricted Cash Awards | 41 | |||||||||||||
Other cash awards | 166 | |||||||||||||
Total | 1,419 | |||||||||||||
Aggregate remaining weighted-average requisite service period (years) | ||||||||||||||
Aggregate remaining weighted-average requisite service period | 1.3 | |||||||||||||
Does not include the estimated unrecognized compensation expense relating to grants made in 2015 for 2014. | ||||||||||||||
Stock compensation plan | Share awards | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Share award activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||
Number of | average | Number of | average | Number of | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Share awards | ||||||||||||||
Balance at beginning of period | 72.9 | 30.09 | 55.8 | 34.28 | 48.1 | 41.91 | ||||||||
Granted | 37.6 | 27.6 | 40.4 | 26.43 | 25.1 | 23.44 | ||||||||
Settled | -29.5 | 30.43 | -20 | 34.09 | -14.9 | 40.2 | ||||||||
Forfeited | -3.9 | 32.2 | -3.3 | 31.8 | -2.5 | 37.36 | ||||||||
Balance at end of period | 77.1 | 28.64 | 72.9 | 30.09 | 55.8 | 34.28 | ||||||||
of which vested | 6.2 | – | 5.8 | – | 3.9 | – | ||||||||
of which unvested | 70.9 | – | 67.1 | – | 51.9 | – | ||||||||
Stock compensation plan | Adjustable Performance Plan share awards | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Adjustable Performance Plan share award activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Number of | Number of | Number of | ||||||||||||
APP share | APP share | APP share | ||||||||||||
awards | awards | awards | ||||||||||||
in million | in million | in million | ||||||||||||
Adjustable Performance Plan share awards | ||||||||||||||
Balance at beginning of period | 14.5 | 30.8 | – | |||||||||||
Granted | 0.8 | 1 | 1.2 | 1 | 31 | |||||||||
Settled | -7.6 | -17.2 | 0 | |||||||||||
Forfeited | -0.4 | -0.3 | -0.2 | |||||||||||
Balance at end of period | 7.3 | 14.5 | 30.8 | |||||||||||
of which vested | 1.1 | 1.2 | 0.3 | |||||||||||
of which unvested | 6.2 | 13.3 | 30.5 | |||||||||||
1 | ||||||||||||||
Represents additional units earned in the first quarter of 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. | ||||||||||||||
Stock compensation plan | Scaled Incentive Share Unit (SISU) | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Scaled Incentive Share Unit activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
SISU awards (million) | ||||||||||||||
Balance at beginning of period | 4.7 | 9.6 | 14.7 | |||||||||||
Settled | -4.6 | -4.8 | -4.9 | |||||||||||
Forfeited | -0.1 | -0.1 | -0.2 | |||||||||||
Balance at end of period | 0 | 4.7 | 9.6 | |||||||||||
of which vested | 0 | 1.2 | 1.7 | |||||||||||
of which unvested | 0 | 3.5 | 7.9 | |||||||||||
Stock compensation plan | Incentive Share Unit (ISU) | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Incentive Share Unit activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
ISU awards (million) | ||||||||||||||
Balance at beginning of period | 1.2 | 3.6 | 13.3 | |||||||||||
Settled | -0.1 | -1.8 | -8.8 | |||||||||||
Forfeited | -0.5 | -0.6 | -0.9 | |||||||||||
Balance at end of period | 0.6 | 1.2 | 3.6 | |||||||||||
of which vested | 0.1 | 0.1 | 0.4 | |||||||||||
of which unvested | 0.5 | 1.1 | 3.2 | |||||||||||
Performance shares | Performance share awards | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Performance Share award activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | |||||||||
performance | average | performance | average | performance | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Performance share awards | ||||||||||||||
Balance at beginning of period | 41.4 | 25.51 | 23.3 | 23.9 | – | – | ||||||||
Granted | 24.3 | 28.13 | 26.6 | 26.44 | 23.7 | 23.9 | ||||||||
Settled | -16 | 25.27 | -7.6 | 23.9 | 0 | 0 | ||||||||
Forfeited | -1.5 | 26.28 | -0.9 | 24.92 | -0.4 | 23.9 | ||||||||
Balance at end of period | 48.2 | 26.89 | 41.4 | 25.51 | 23.3 | 23.9 | ||||||||
of which vested | 3.3 | – | 2.7 | – | 0.9 | – | ||||||||
of which unvested | 44.9 | – | 38.7 | – | 22.4 | – | ||||||||
Bank | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Deferred compensation expense | Deferred compensation expense | |||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||
Deferred compensation expense (CHF million) | ||||||||||||||
Share awards | 935 | 806 | 773 | |||||||||||
Performance share awards | 610 | 580 | 362 | |||||||||||
Contingent Capital Awards | 213 | – | – | |||||||||||
Capital Opportunity Facility awards | 13 | – | – | |||||||||||
Plus Bond awards 1 | 36 | 37 | – | |||||||||||
2011 Partner Asset Facility awards 2 | 7 | 77 | 675 | |||||||||||
Adjustable Performance Plan share awards 3 | 0 | 30 | 71 | |||||||||||
Adjustable Performance Plan cash awards 3 | 0 | 4 | 281 | |||||||||||
Restricted Cash Awards | 92 | 145 | 165 | |||||||||||
Scaled Incentive Share Units 3 | -3 | 38 | 95 | |||||||||||
Incentive Share Units 4 | 0 | -3 | 62 | |||||||||||
2008 Partner Asset Facility awards 5 | 87 | 93 | 173 | |||||||||||
Other cash awards | 394 | 430 | 363 | |||||||||||
Discontinued operations | -8 | -21 | -23 | |||||||||||
Total deferred compensation expense | 2,376 | 2,216 | 2,997 | |||||||||||
Total shares delivered (million) | ||||||||||||||
Total shares delivered | 36.5 | 32.6 | 30.9 | |||||||||||
1 | ||||||||||||||
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. | ||||||||||||||
2 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. | ||||||||||||||
3 | ||||||||||||||
Including forfeitures and downward adjustments according to the plan terms and conditions. | ||||||||||||||
4 | ||||||||||||||
Includes forfeitures. | ||||||||||||||
5 | ||||||||||||||
Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. | ||||||||||||||
Additional information | Estimated unrecognized deferred compensation | |||||||||||||
end of | 2014 | |||||||||||||
Estimated unrecognized compensation expense (CHF million) | ||||||||||||||
Share awards | 759 | |||||||||||||
Performance share awards | 229 | |||||||||||||
Contingent Capital Awards | 210 | |||||||||||||
Capital Opportunity Facility awards | 5 | |||||||||||||
Plus Bond awards | 4 | |||||||||||||
Restricted Cash Awards | 41 | |||||||||||||
Other cash awards | 158 | |||||||||||||
Total | 1,406 | |||||||||||||
Aggregate remaining weighted-average requisite service period (years) | ||||||||||||||
Aggregate remaining weighted-average requisite service period | 1.3 | |||||||||||||
Does not include the estimated unrecognized compensation expense relating to grants made in 2015 for 2014. | ||||||||||||||
Bank | Stock compensation plan | Share awards | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Share award activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||
Number of | average | Number of | average | Number of | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Share awards | ||||||||||||||
Balance at beginning of period | 72.2 | 30.07 | 55.1 | 34.27 | 47.6 | 41.91 | ||||||||
Granted | 37.3 | 27.6 | 40 | 26.43 | 24.5 | 23.39 | ||||||||
Settled | -29.1 | 30.41 | -19.6 | 34.12 | -14.6 | 40.43 | ||||||||
Forfeited | -3.9 | 32.24 | -3.3 | 32.04 | -2.4 | 36.96 | ||||||||
Balance at end of period | 76.5 | 28.63 | 72.2 | 30.07 | 55.1 | 34.27 | ||||||||
of which vested | 6.1 | – | 5.8 | – | 3.9 | – | ||||||||
of which unvested | 70.4 | – | 66.4 | – | 51.2 | – | ||||||||
Bank | Stock compensation plan | Adjustable Performance Plan share awards | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Adjustable Performance Plan share award activities | |||||||||||||
Number of APP share | ||||||||||||||
awards in million | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Adjustable Performance Plan share awards | ||||||||||||||
Balance at beginning of period | 14 | 29.7 | – | |||||||||||
Granted | 0.8 | 1 | 1.1 | 1 | 29.9 | |||||||||
Settled | -7.3 | -16.5 | 0 | |||||||||||
Forfeited | -0.4 | -0.3 | -0.2 | |||||||||||
Balance at end of period | 7.1 | 14 | 29.7 | |||||||||||
of which vested | 1.1 | 1.2 | 0.3 | |||||||||||
of which unvested | 6 | 12.8 | 29.4 | |||||||||||
1 | ||||||||||||||
Represents additional units earned in the first quarter of 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. | ||||||||||||||
Bank | Stock compensation plan | Scaled Incentive Share Unit (SISU) | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Scaled Incentive Share Unit activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
SISU awards (million) | ||||||||||||||
Balance at beginning of period | 4.6 | 9.4 | 14.4 | |||||||||||
Settled | -4.5 | -4.7 | -4.8 | |||||||||||
Forfeited | -0.1 | -0.1 | -0.2 | |||||||||||
Balance at end of period | 0 | 4.6 | 9.4 | |||||||||||
of which vested | 0 | 1.2 | 1.7 | |||||||||||
of which unvested | 0 | 3.4 | 7.7 | |||||||||||
Bank | Stock compensation plan | Incentive Share Unit (ISU) | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Incentive Share Unit activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
ISU awards (million) | ||||||||||||||
Balance at beginning of period | 1.2 | 3.6 | 13.2 | |||||||||||
Settled | -0.1 | -1.8 | -8.7 | |||||||||||
Forfeited | -0.5 | -0.6 | -0.9 | |||||||||||
Balance at end of period | 0.6 | 1.2 | 3.6 | |||||||||||
of which vested | 0.1 | 0.1 | 0.4 | |||||||||||
of which unvested | 0.5 | 1.1 | 3.2 | |||||||||||
Bank | Performance shares | Performance share awards | ||||||||||||||
Share-based compensation disclosures | ||||||||||||||
Share-based award activities | Performance share award activities | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | |||||||||
performance | average | performance | average | performance | average | |||||||||
share | grant-date | share | grant-date | share | grant-date | |||||||||
awards | fair value | awards | fair value | awards | fair value | |||||||||
in million | in CHF | in million | in CHF | in million | in CHF | |||||||||
Performance share awards | ||||||||||||||
Balance at beginning of period | 40.7 | 25.51 | 22.9 | 23.9 | – | – | ||||||||
Granted | 24 | 28.13 | 26.2 | 26.44 | 23.3 | 23.9 | ||||||||
Settled | -15.8 | 25.27 | -7.5 | 23.9 | 0 | 0 | ||||||||
Forfeited | -1.4 | 26.28 | -0.9 | 24.92 | -0.4 | 23.9 | ||||||||
Balance at end of period | 47.5 | 26.89 | 40.7 | 25.51 | 22.9 | 23.9 | ||||||||
of which vested | 3.2 | – | 2.7 | 0.9 | – | |||||||||
of which unvested | 44.3 | – | 38 | 22 | – |
Related_parties_Tables
Related parties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Executive Board and Board of Directors loans | in | 2014 | 2013 | 2012 | ||||
Loans to members of the Executive Board (CHF million) | ||||||||
Balance at beginning of period | 10 | 1 | 8 | 22 | ||||
Additions | 3 | 4 | 3 | |||||
Reductions | -8 | -2 | -17 | |||||
Balance at end of period | 5 | 1 | 10 | 8 | ||||
Loans to members of the Board of Directors (CHF million) | ||||||||
Balance at beginning of period | 55 | 2 | 41 | 34 | ||||
Additions | 6 | 16 | 12 | |||||
Reductions | -45 | -2 | -5 | |||||
Balance at end of period | 16 | 2 | 55 | 41 | ||||
1 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was four and three , respectively. | ||||||||
2 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was five and three , respectively. | ||||||||
Loans outstanding made by the Group or any subsidiaries to equity method investees | Loans outstanding made by the Group or any subsidiaries to equity method investees | |||||||
in | 2014 | 2013 | 2012 | |||||
Loans outstanding made by the Group or any subsidiaries to equity method investees (CHF million) | ||||||||
Balance at beginning of period | 10 | 12 | 13 | |||||
Net borrowings/(repayments) | 3 | -2 | -1 | |||||
Balance at end of period | 13 | 10 | 12 | |||||
Bank | ||||||||
Executive Board and Board of Directors loans | Executive Board and Board of Directors loans | |||||||
2014 | 2013 | 2012 | ||||||
Loans to members of the Executive Board (CHF million) | ||||||||
Balance at beginning of period | 10 | 1 | 8 | 22 | ||||
Additions | 3 | 4 | 3 | |||||
Reductions | -8 | -2 | -17 | |||||
Balance at end of period | 5 | 1 | 10 | 8 | ||||
Loans to members of the Board of Directors (CHF million) | ||||||||
Balance at beginning of period | 55 | 2 | 41 | 33 | ||||
Additions | 6 | 16 | 13 | |||||
Reductions | -45 | -2 | -5 | |||||
Balance at end of period | 16 | 2 | 55 | 41 | ||||
1 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was four and two , respectively. | ||||||||
2 | ||||||||
The number of individuals with outstanding loans at the beginning and the end of the year was five and three , respectively. | ||||||||
Related party assets and liabilities | Related party assets and liabilities | |||||||
end of | 2014 | 2013 | ||||||
Assets (CHF million) | ||||||||
Cash and due from banks | 2 | 0 | ||||||
Interest-bearing deposits with banks | 2,862 | 1,870 | ||||||
Trading assets | 220 | 159 | ||||||
Net loans | 6,453 | 6,770 | ||||||
Other assets | 27 | 28 | ||||||
Total assets | 9,564 | 8,827 | ||||||
Liabilities (CHF million) | ||||||||
Due to banks/customer deposits | 1,916 | 2,329 | ||||||
Trading liabilities | 15 | 12 | ||||||
Long-term debt | 4,042 | 3,791 | ||||||
Other liabilities | 224 | 199 | ||||||
Total liabilities | 6,197 | 6,331 | ||||||
Related party revenues and expenses | Related party revenues and expenses | |||||||
in | 2014 | 2013 | 2012 | |||||
Revenues (CHF million) | ||||||||
Interest and dividend income | 70 | 45 | 50 | |||||
Interest expense | -223 | -55 | -76 | |||||
Net interest income | -153 | -10 | -26 | |||||
Commissions and fees | -11 | -21 | 1 | |||||
Other revenues | 178 | 172 | 174 | |||||
Net revenues | 14 | 141 | 149 | |||||
Expenses (CHF million) | ||||||||
Total operating expenses | 165 | 288 | 271 | |||||
Related party guarantees | Related party guarantees | |||||||
end of | 2014 | 2013 | ||||||
Guarantees (CHF million) | ||||||||
Credit guarantees and similar instruments | 1 | 0 | ||||||
Performance guarantees and similar instruments | 1 | 1 | ||||||
Total guarantees | 2 | 1 |
Pension_and_other_postretireme1
Pension and other post-retirement benefits (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Components of total pension costs | Components of total benefit costs | |||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Switzerland | International | International | ||||||||||||||||||
in | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||
Total benefit costs (CHF million) | ||||||||||||||||||||
Service costs on benefit obligation | 253 | 347 | 347 | 19 | 24 | 30 | 0 | 0 | 1 | |||||||||||
Interest costs on benefit obligation | 338 | 304 | 378 | 134 | 122 | 127 | 7 | 8 | 8 | |||||||||||
Expected return on plan assets | -547 | -575 | -617 | -178 | -161 | -164 | 0 | 0 | 0 | |||||||||||
Amortization of recognized prior service cost/(credit) | -88 | -92 | -52 | 0 | 0 | -1 | -9 | 0 | -2 | |||||||||||
Amortization of recognized actuarial losses/(gains) | 137 | 258 | 144 | 52 | 79 | 74 | 9 | 13 | 13 | |||||||||||
Net periodic benefit costs | 93 | 242 | 200 | 27 | 64 | 66 | 7 | 21 | 20 | |||||||||||
Settlement losses/(gains) | 44 | 40 | 90 | -2 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Curtailment losses/(gains) | -9 | -28 | -35 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Special termination benefits | 17 | 19 | 19 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Total benefit costs | 145 | 273 | 274 | 25 | 64 | 66 | 7 | 21 | 20 | |||||||||||
Obligations and funded status of the plans | Obligations and funded status of the plans | |||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Switzerland | International | International | ||||||||||||||||||
in / end of | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
PBO (CHF million) 1 | ||||||||||||||||||||
Beginning of the measurement period | 13,473 | 14,296 | 2,843 | 2,773 | 168 | 180 | ||||||||||||||
Plan participant contributions | 200 | 209 | 0 | 0 | 0 | 0 | ||||||||||||||
Service cost | 253 | 347 | 19 | 24 | 0 | 0 | ||||||||||||||
Interest cost | 338 | 304 | 134 | 122 | 7 | 8 | ||||||||||||||
Plan amendments | 0 | 0 | 0 | 0 | -32 | 0 | ||||||||||||||
Settlements | -169 | -208 | -4 | -4 | 0 | 0 | ||||||||||||||
Curtailments | -16 | -5 | 0 | -2 | 0 | 0 | ||||||||||||||
Special termination benefits | 17 | 19 | 1 | 1 | 0 | 0 | ||||||||||||||
Actuarial losses/(gains) | 2,280 | -736 | 463 | 69 | 25 | -8 | ||||||||||||||
Benefit payments | -715 | -753 | -109 | -97 | -8 | -8 | ||||||||||||||
Exchange rate losses/(gains) | 0 | 0 | 192 | -43 | 18 | -4 | ||||||||||||||
End of the measurement period | 15,661 | 13,473 | 3,539 | 2,843 | 178 | 168 | ||||||||||||||
Fair value of plan assets (CHF million) | ||||||||||||||||||||
Beginning of the measurement period | 14,912 | 14,340 | 3,007 | 2,893 | 0 | 0 | ||||||||||||||
Actual return on plan assets | 970 | 913 | 637 | 183 | 0 | 0 | ||||||||||||||
Employer contributions | 437 | 411 | 135 | 67 | 8 | 8 | ||||||||||||||
Plan participant contributions | 200 | 209 | 0 | 0 | 0 | 0 | ||||||||||||||
Settlements | -169 | -208 | -2 | -4 | 0 | 0 | ||||||||||||||
Benefit payments | -715 | -753 | -109 | -97 | -8 | -8 | ||||||||||||||
Exchange rate gains/(losses) | 0 | 0 | 208 | -35 | 0 | 0 | ||||||||||||||
End of the measurement period | 15,635 | 14,912 | 3,876 | 3,007 | 0 | 0 | ||||||||||||||
Funded status recognized (CHF million) | ||||||||||||||||||||
Funded status of the plan – overfunded/(underfunded) | -26 | 1,439 | 337 | 164 | -178 | -168 | ||||||||||||||
Funded status recognized in the consolidated balance sheet as of December 31 | -26 | 1,439 | 337 | 164 | -178 | -168 | ||||||||||||||
Total amount recognized (CHF million) | ||||||||||||||||||||
Noncurrent assets | 0 | 1,439 | 822 | 520 | 0 | 0 | ||||||||||||||
Current liabilities | 0 | 0 | -8 | -8 | -10 | -8 | ||||||||||||||
Noncurrent liabilities | -26 | 0 | -477 | -348 | -168 | -160 | ||||||||||||||
Total amount recognized in the consolidated balance sheet as of December 31 | -26 | 1,439 | 337 | 164 | -178 | -168 | ||||||||||||||
ABO (CHF million) 2 | ||||||||||||||||||||
End of the measurement period | 15,110 | 13,043 | 3,469 | 2,785 | 178 | 168 | ||||||||||||||
1 | ||||||||||||||||||||
Including estimated future salary increases. | ||||||||||||||||||||
2 | ||||||||||||||||||||
Excluding estimated future salary increases. | ||||||||||||||||||||
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets | |||||||||||||||||||
PBO exceeds fair value of plan assets | 1 | ABO exceeds fair value of plan assets | 1 | |||||||||||||||||
Switzerland | International | Switzerland | International | |||||||||||||||||
31-Dec | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
CHF million | ||||||||||||||||||||
PBO | 15,661 | 0 | 1,671 | 1,334 | 0 | 0 | 1,655 | 1,319 | ||||||||||||
ABO | 15,110 | 0 | 1,637 | 1,307 | 0 | 0 | 1,627 | 1,298 | ||||||||||||
Fair value of plan assets | 15,635 | 0 | 1,187 | 978 | 0 | 0 | 1,173 | 964 | ||||||||||||
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 | Total | ||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
end of | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amounts recognized in AOCI (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -3,960 | -2,717 | -50 | -40 | -4,010 | -2,757 | ||||||||||||||
Prior service credit/(cost) | 435 | 512 | 17 | 3 | 452 | 515 | ||||||||||||||
Total | -3,525 | -2,205 | -33 | -37 | -3,558 | -2,242 | ||||||||||||||
Amounts recognized in other comprehensive income | Amounts recognized in other comprehensive income | |||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
in | Gross | Tax | Net | Gross | Tax | Net | Total net | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -1,861 | 424 | -1,437 | -25 | 9 | -16 | -1,453 | |||||||||||||
Prior service credit/(cost) | 0 | 0 | 0 | 32 | -12 | 20 | 20 | |||||||||||||
Amortization of actuarial losses/(gains) | 189 | -43 | 146 | 9 | -3 | 6 | 152 | |||||||||||||
Amortization of prior service cost/(credit) | -88 | 18 | -70 | -9 | 3 | -6 | -76 | |||||||||||||
Immediate recognition due to curtailment/settlement | 51 | -10 | 41 | 0 | 0 | 0 | 41 | |||||||||||||
Total amounts recognized in other comprehensive income | -1,709 | 389 | -1,320 | 7 | -3 | 4 | -1,316 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | 1,027 | -288 | 1 | 739 | 8 | -3 | 5 | 744 | ||||||||||||
Amortization of actuarial losses/(gains) | 337 | -83 | 254 | 13 | -5 | 8 | 262 | |||||||||||||
Amortization of prior service cost/(credit) | -92 | 20 | -72 | 0 | 0 | 0 | -72 | |||||||||||||
Immediate recognition due to curtailment/settlement | 18 | -3 | 15 | 0 | 0 | 0 | 15 | |||||||||||||
Total amounts recognized in other comprehensive income | 1,290 | -354 | 936 | 21 | -8 | 13 | 949 | |||||||||||||
1 | ||||||||||||||||||||
Includes the impact from the valuation allowance recognized on deferred tax assets on one of the Group's entities in the UK, offsetting the tax benefit of CHF 37 million attributable to the UK pension plan. | ||||||||||||||||||||
Amounts in AOCI, net of tax, expected to be amortized in 2012 | Amounts in AOCI, net of tax, expected to be amortized in 2015 | |||||||||||||||||||
in 2015 | Defined benefit | Other post-retirement | ||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
CHF million | ||||||||||||||||||||
Amortization of actuarial losses/(gains) | 335 | 8 | ||||||||||||||||||
Amortization of prior service cost/(credit) | -68 | -13 | ||||||||||||||||||
Total | 267 | -5 | ||||||||||||||||||
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 | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Switzerland | International | International | ||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||
Net periodic benefit cost (%) | ||||||||||||||||||||
Discount rate | 2.6 | 2.2 | 2.8 | 4.71 | 4.47 | 4.78 | 5.1 | 4.3 | 4.7 | |||||||||||
Salary increases | 1.2 | 1.2 | 1.4 | 4.31 | 4.02 | 4.03 | – | – | – | |||||||||||
Expected long-term rate of return on plan assets | 3.75 | 4 | 4.25 | 6.16 | 6.18 | 6.43 | – | – | – | |||||||||||
Benefit obligation (%) | ||||||||||||||||||||
Discount rate | 1.25 | 2.6 | 2.2 | 3.82 | 4.71 | 4.47 | 4.2 | 5.1 | 4.3 | |||||||||||
Salary increases | 1 | 1.2 | 1.2 | 4.19 | 4.31 | 4.02 | – | – | – | |||||||||||
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity | |||||||||||||||||||
in / end of | 2014 | 2013 | 2012 | |||||||||||||||||
Health care cost trend rate (%) | ||||||||||||||||||||
Annual weighted-average health care cost trend rate 1 | 8 | 8 | 9 | |||||||||||||||||
Increase/(decrease) in post-retirement expenses (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 0.2 | 1.3 | 1.4 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -0.3 | -1 | -1.1 | |||||||||||||||||
Increase/(decrease) in post-retirement benefit obligation (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 5 | 23 | 27 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -4 | -19 | -22 | |||||||||||||||||
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 2021. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis | |||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Plan assets at fair value (CHF million) | ||||||||||||||||||||
Cash and cash equivalents | 2,983 | 0 | 0 | 2,983 | 3,335 | 35 | 0 | 3,370 | ||||||||||||
Debt securities | 421 | 2,939 | 0 | 3,360 | 415 | 2,978 | 0 | 3,393 | ||||||||||||
of which governments | 338 | 0 | 0 | 338 | 395 | 0 | 0 | 395 | ||||||||||||
of which corporates | 83 | 2,939 | 0 | 3,022 | 20 | 2,978 | 0 | 2,998 | ||||||||||||
Equity securities | 2,545 | 2,222 | 0 | 4,767 | 2,224 | 2,321 | 0 | 4,545 | ||||||||||||
Real estate | 0 | 534 | 1,146 | 1,680 | 0 | 564 | 1,125 | 1,689 | ||||||||||||
of which direct | 0 | 0 | 1,146 | 1,146 | 0 | 0 | 1,123 | 1,123 | ||||||||||||
of which indirect | 0 | 534 | 0 | 534 | 0 | 564 | 2 | 566 | ||||||||||||
Alternative investments | 508 | 87 | 2,250 | 2,845 | 0 | 1,178 | 737 | 1,915 | ||||||||||||
of which private equity | 0 | 0 | 692 | 692 | 0 | 0 | 607 | 607 | ||||||||||||
of which hedge funds | 0 | 0 | 953 | 953 | 0 | 1,086 | 0 | 1,086 | ||||||||||||
of which other | 508 | 87 | 605 | 1,200 | 0 | 92 | 1 | 130 | 222 | |||||||||||
Switzerland | 6,457 | 5,782 | 3,396 | 15,635 | 5,974 | 7,076 | 1,862 | 14,912 | ||||||||||||
Cash and cash equivalents | 191 | 88 | 0 | 279 | 66 | 333 | 0 | 399 | ||||||||||||
Debt securities | 189 | 1,590 | 267 | 2,046 | 335 | 1,017 | 177 | 1,529 | ||||||||||||
of which governments | 8 | 562 | 0 | 570 | 335 | 30 | 0 | 365 | ||||||||||||
of which corporates | 181 | 1,028 | 267 | 1,476 | 0 | 987 | 177 | 1,164 | ||||||||||||
Equity securities | 216 | 666 | 0 | 882 | 172 | 441 | 0 | 613 | ||||||||||||
Real estate – indirect | 0 | 0 | 117 | 117 | 0 | 0 | 94 | 94 | ||||||||||||
Alternative investments | 0 | 386 | 58 | 444 | -23 | 290 | 7 | 274 | ||||||||||||
of which hedge funds | 0 | 111 | 58 | 169 | 0 | 264 | 3 | 267 | ||||||||||||
of which other | 0 | 275 | 0 | 275 | -23 | 1 | 26 | 1 | 4 | 7 | ||||||||||
Other investments | 0 | 108 | 0 | 108 | 0 | 98 | 0 | 98 | ||||||||||||
International | 596 | 2,838 | 442 | 3,876 | 550 | 2,179 | 278 | 3,007 | ||||||||||||
Total plan assets at fair value | 7,053 | 8,620 | 3,838 | 19,511 | 6,524 | 9,255 | 2,140 | 17,919 | ||||||||||||
1 | ||||||||||||||||||||
Primarily related to derivative instruments. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 | |||||||||||||||||||
Actual return | ||||||||||||||||||||
on plan assets | ||||||||||||||||||||
On assets | Foreign | |||||||||||||||||||
Balance at | still held at | On assets | Purchases, | currency | Balance | |||||||||||||||
beginning | Transfers | Transfers | reporting | sold during | sales, | translation | at end | |||||||||||||
of period | in | out | date | the period | settlements | impact | of period | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 177 | 2 | 0 | -13 | 17 | 65 | 19 | 267 | ||||||||||||
Real estate | 1,219 | 0 | -2 | 32 | 0 | 3 | 11 | 1,263 | ||||||||||||
of which direct | 1,123 | 0 | 0 | 23 | 0 | 0 | 0 | 1,146 | ||||||||||||
of which indirect | 96 | 0 | -2 | 9 | 0 | 3 | 11 | 117 | ||||||||||||
Alternative investments | 744 | 1,378 | -5 | 79 | -1 | 112 | 1 | 2,308 | ||||||||||||
of which private equity | 607 | 0 | -1 | 40 | 0 | 46 | 0 | 692 | ||||||||||||
of which hedge funds | 3 | 953 | 0 | -10 | -1 | 65 | 1 | 1,011 | ||||||||||||
of which other | 134 | 425 | -4 | 49 | 0 | 1 | 0 | 605 | ||||||||||||
Total plan assets at fair value | 2,140 | 1,380 | -7 | 98 | 16 | 180 | 31 | 3,838 | ||||||||||||
of which Switzerland | 1,862 | 1,378 | -2 | 111 | 0 | 47 | 0 | 3,396 | ||||||||||||
of which International | 278 | 2 | -5 | -13 | 16 | 133 | 31 | 442 | ||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 71 | 1 | -1 | 5 | 0 | 103 | -2 | 177 | ||||||||||||
Real estate | 1,169 | 0 | 0 | 52 | 0 | 0 | -2 | 1,219 | ||||||||||||
of which direct | 1,078 | 0 | 0 | 45 | 0 | 0 | 0 | 1,123 | ||||||||||||
of which indirect | 91 | 0 | 0 | 7 | 0 | 0 | -2 | 96 | ||||||||||||
Alternative investments | 696 | 149 | -147 | 37 | 7 | 15 | -13 | 744 | ||||||||||||
of which private equity | 666 | 0 | -147 | 45 | 1 | 47 | -5 | 607 | ||||||||||||
of which hedge funds | 30 | 2 | 0 | -3 | 2 | -27 | -1 | 3 | ||||||||||||
of which other | 0 | 147 | 0 | -5 | 4 | -5 | -7 | 134 | ||||||||||||
Total plan assets at fair value | 1,936 | 150 | -148 | 94 | 7 | 118 | -17 | 2,140 | ||||||||||||
of which Switzerland | 1,742 | 147 | -147 | 87 | 0 | 42 | -9 | 1,862 | ||||||||||||
of which International | 194 | 3 | -1 | 7 | 7 | 76 | -8 | 278 | ||||||||||||
Weighted-average plan asset allocation as of the measurement date | Weighted-average plan asset allocation | |||||||||||||||||||
Switzerland | International | |||||||||||||||||||
31-Dec | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Weighted-average plan asset allocation (%) | ||||||||||||||||||||
Cash and cash equivalents | 19.1 | 22.6 | 7.2 | 13.3 | ||||||||||||||||
Debt securities | 21.5 | 22.8 | 52.7 | 50.7 | ||||||||||||||||
Equity securities | 30.5 | 30.4 | 22.8 | 20.4 | ||||||||||||||||
Real estate | 10.7 | 11.3 | 3 | 3.1 | ||||||||||||||||
Alternative investments | 18.2 | 12.9 | 11.5 | 9.2 | ||||||||||||||||
Insurance | 0 | 0 | 2.8 | 3.3 | ||||||||||||||||
Total | 100 | 100 | 100 | 100 | ||||||||||||||||
Weighted-average target plan asset allocation to be applied prospectively | Weighted-average target plan asset allocation for 2015 | |||||||||||||||||||
Switzerland | International | |||||||||||||||||||
2015 (%) | ||||||||||||||||||||
Cash and cash equivalents | 10 | 0.3 | ||||||||||||||||||
Debt securities | 35 | 59.4 | ||||||||||||||||||
Equity securities | 30 | 24.3 | ||||||||||||||||||
Real estate | 12 | 2.8 | ||||||||||||||||||
Alternative investments | 13 | 10.4 | ||||||||||||||||||
Insurance | 0 | 2.8 | ||||||||||||||||||
Total | 100 | 100 | ||||||||||||||||||
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments for defined benefit plans | |||||||||||||||||||
Defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Estimated future benefit payments (CHF million) | ||||||||||||||||||||
2015 | 1,206 | 10 | ||||||||||||||||||
2016 | 938 | 10 | ||||||||||||||||||
2017 | 911 | 11 | ||||||||||||||||||
2018 | 897 | 11 | ||||||||||||||||||
2019 | 938 | 12 | ||||||||||||||||||
For five years thereafter | 5,037 | 59 | ||||||||||||||||||
Bank | ||||||||||||||||||||
Components of total pension costs | Components of total benefit costs | |||||||||||||||||||
International single-employer | Other post-retirement | |||||||||||||||||||
defined benefit pension plans | defined benefit plans | |||||||||||||||||||
in | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Total benefit costs (CHF million) | ||||||||||||||||||||
Service costs on benefit obligation | 19 | 24 | 30 | 0 | 0 | 1 | ||||||||||||||
Interest costs on benefit obligation | 134 | 122 | 127 | 7 | 8 | 8 | ||||||||||||||
Expected return on plan assets | -178 | -161 | -164 | 0 | 0 | 0 | ||||||||||||||
Amortization of recognized prior service cost/(credit) | 0 | 0 | -1 | -9 | 0 | -2 | ||||||||||||||
Amortization of recognized actuarial losses/(gains) | 52 | 79 | 74 | 9 | 13 | 13 | ||||||||||||||
Net periodic benefit costs | 27 | 64 | 66 | 7 | 21 | 20 | ||||||||||||||
Settlement losses/(gains) | -2 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Total benefit costs | 25 | 64 | 66 | 7 | 21 | 20 | ||||||||||||||
Obligations and funded status of the plans | Obligations and funded status of the plans | |||||||||||||||||||
International | ||||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
in / end of | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
PBO (CHF million) 1 | ||||||||||||||||||||
Beginning of the measurement period | 2,843 | 2,773 | 168 | 180 | ||||||||||||||||
Service cost | 19 | 24 | 0 | 0 | ||||||||||||||||
Interest cost | 134 | 122 | 7 | 8 | ||||||||||||||||
Plan amendments | 0 | 0 | -32 | 0 | ||||||||||||||||
Settlements | -4 | -4 | 0 | 0 | ||||||||||||||||
Curtailments | 0 | -2 | 0 | 0 | ||||||||||||||||
Special termination benefits | 1 | 1 | 0 | 0 | ||||||||||||||||
Actuarial losses/(gains) | 463 | 69 | 25 | -8 | ||||||||||||||||
Benefit payments | -109 | -97 | -8 | -8 | ||||||||||||||||
Exchange rate losses/(gains) | 192 | -43 | 18 | -4 | ||||||||||||||||
End of the measurement period | 3,539 | 2,843 | 178 | 168 | ||||||||||||||||
Fair value of plan assets (CHF million) | ||||||||||||||||||||
Beginning of the measurement period | 3,007 | 2,893 | 0 | 0 | ||||||||||||||||
Actual return on plan assets | 637 | 183 | 0 | 0 | ||||||||||||||||
Employer contributions | 135 | 67 | 8 | 8 | ||||||||||||||||
Settlements | -2 | -4 | 0 | 0 | ||||||||||||||||
Benefit payments | -109 | -97 | -8 | -8 | ||||||||||||||||
Exchange rate gains/(losses) | 208 | -35 | 0 | 0 | ||||||||||||||||
End of the measurement period | 3,876 | 3,007 | 0 | 0 | ||||||||||||||||
Total funded status recognized (CHF million) | ||||||||||||||||||||
Funded status of the plan – over/(underfunded) | 337 | 164 | -178 | -168 | ||||||||||||||||
Funded status recognized in the consolidated balance sheet as of December 31 | 337 | 164 | -178 | -168 | ||||||||||||||||
Total amount recognized (CHF million) | ||||||||||||||||||||
Noncurrent assets | 822 | 520 | 0 | 0 | ||||||||||||||||
Current liabilities | -8 | -8 | -10 | -8 | ||||||||||||||||
Noncurrent liabilities | -477 | -348 | -168 | -160 | ||||||||||||||||
Total amount recognized in the consolidated balance sheet as of December 31 | 337 | 164 | -178 | -168 | ||||||||||||||||
ABO (CHF million) 2 | ||||||||||||||||||||
End of the measurement period | 3,469 | 2,785 | 178 | 168 | ||||||||||||||||
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 | |||||||||||||||||
of plan assets | of plan assets | |||||||||||||||||||
31-Dec | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
CHF million | ||||||||||||||||||||
PBO | 1,671 | 1,334 | 1,655 | 1,319 | ||||||||||||||||
ABO | 1,637 | 1,307 | 1,627 | 1,298 | ||||||||||||||||
Fair value of plan assets | 1,187 | 978 | 1,173 | 964 | ||||||||||||||||
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 | Total | |||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
end of | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amounts recognized in AOCI (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -606 | -674 | -50 | -40 | -656 | -714 | ||||||||||||||
Prior service credit/(cost) | 0 | 0 | 17 | 3 | 17 | 3 | ||||||||||||||
Total | -606 | -674 | -33 | -37 | -639 | -711 | ||||||||||||||
Amounts recognized in other comprehensive income | Amounts recognized in other comprehensive income | |||||||||||||||||||
International single-employer | Other post-retirement | |||||||||||||||||||
defined benefit pension plans | defined benefit plans | |||||||||||||||||||
in | Gross | Tax | Net | Gross | Tax | Net | Total net | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -5 | 35 | 30 | -25 | 9 | -16 | 14 | |||||||||||||
Prior service credit/(cost) | 0 | 0 | 0 | 32 | -12 | 20 | 20 | |||||||||||||
Amortization of actuarial losses/(gains) | 52 | -14 | 38 | 9 | -3 | 6 | 44 | |||||||||||||
Amortization of prior service cost/(credit) | 0 | 0 | 0 | -9 | 3 | -6 | -6 | |||||||||||||
Total amounts recognized in other comprehensive income | 47 | 21 | 68 | 7 | -3 | 4 | 72 | |||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Actuarial gains/(losses) | -47 | -62 | 1 | -109 | 8 | -3 | 5 | -104 | ||||||||||||
Amortization of actuarial losses/(gains) | 79 | -29 | 50 | 13 | -5 | 8 | 58 | |||||||||||||
Immediate recognition due to curtailment/settlement | 2 | 0 | 2 | 0 | 0 | 0 | 2 | |||||||||||||
Total amounts recognized in other comprehensive income | 34 | -91 | -57 | 21 | -8 | 13 | -44 | |||||||||||||
1 | ||||||||||||||||||||
Includes the impact from the valuation allowance recognized on deferred tax assets on one of the Bank's entities in the UK, offsetting the tax benefit of CHF 37 million attributable to the UK pension plan. | ||||||||||||||||||||
Amounts in AOCI, net of tax, expected to be amortized in 2012 | Amounts in AOCI, net of tax, expected to be amortized in 2015 | |||||||||||||||||||
in 2015 | International | |||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
CHF million | ||||||||||||||||||||
Amortization of actuarial losses/(gains) | 58 | 8 | ||||||||||||||||||
Amortization of prior service cost/(credit) | 0 | -13 | ||||||||||||||||||
Total | 58 | -5 | ||||||||||||||||||
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 | |||||||||||||||||||
defined benefit pension plans | defined benefit plans | |||||||||||||||||||
31-Dec | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Net periodic benefit cost (%) | ||||||||||||||||||||
Discount rate | 4.71 | 4.47 | 4.78 | 5.1 | 4.3 | 4.7 | ||||||||||||||
Salary increases | 4.31 | 4.02 | 4.03 | – | – | – | ||||||||||||||
Expected long-term rate of return on plan assets | 6.16 | 6.18 | 6.43 | – | – | – | ||||||||||||||
Benefit obligation (%) | ||||||||||||||||||||
Discount rate | 3.82 | 4.71 | 4.47 | 4.2 | 5.1 | 4.3 | ||||||||||||||
Salary increases | 4.19 | 4.31 | 4.02 | – | – | – | ||||||||||||||
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity | |||||||||||||||||||
in / end of | 2014 | 2013 | 2012 | |||||||||||||||||
Health care cost trend rate (%) | ||||||||||||||||||||
Annual weighted-average health care cost trend rate 1 | 8 | 8 | 9 | |||||||||||||||||
Increase/(decrease) in post-retirement expenses (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 0.2 | 1.3 | 1.4 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -0.3 | -1 | -1.1 | |||||||||||||||||
Increase/(decrease) in post-retirement benefit obligation (CHF million) | ||||||||||||||||||||
One percentage point increase in health care cost trend rates | 5 | 23 | 27 | |||||||||||||||||
One percentage point decrease in health care cost trend rates | -4 | -19 | -22 | |||||||||||||||||
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 2021. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis | |||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Plan assets at fair value (CHF million) | ||||||||||||||||||||
Cash and cash equivalents | 191 | 88 | 0 | 279 | 66 | 333 | 0 | 399 | ||||||||||||
Debt securities | 189 | 1,590 | 267 | 2,046 | 335 | 1,017 | 177 | 1,529 | ||||||||||||
of which governments | 8 | 562 | 0 | 570 | 335 | 30 | 0 | 365 | ||||||||||||
of which corporates | 181 | 1,028 | 267 | 1,476 | 0 | 987 | 177 | 1,164 | ||||||||||||
Equity securities | 216 | 666 | 0 | 882 | 172 | 441 | 0 | 613 | ||||||||||||
Real estate – indirect | 0 | 0 | 117 | 117 | 0 | 0 | 94 | 94 | ||||||||||||
Alternative investments | 0 | 386 | 58 | 444 | -23 | 290 | 7 | 274 | ||||||||||||
of which hedge funds | 0 | 111 | 58 | 169 | 0 | 264 | 3 | 267 | ||||||||||||
of which other | 0 | 275 | 0 | 275 | -23 | 1 | 26 | 1 | 4 | 7 | ||||||||||
Other investments | 0 | 108 | 0 | 108 | 0 | 98 | 0 | 98 | ||||||||||||
Total plan assets at fair value | 596 | 2,838 | 442 | 3,876 | 550 | 2,179 | 278 | 3,007 | ||||||||||||
1 | ||||||||||||||||||||
Primarily related to derivative instruments. | ||||||||||||||||||||
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 | |||||||||||||||||||
Actual return | ||||||||||||||||||||
on plan assets | ||||||||||||||||||||
On assets | Foreign | |||||||||||||||||||
Balance at | still held at | On assets | Purchases, | currency | Balance | |||||||||||||||
beginning | Transfers | Transfers | reporting | sold during | sales, | translation | at end | |||||||||||||
of period | in | out | date | the period | settlements | impact | of period | |||||||||||||
2014 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 177 | 2 | 0 | -13 | 17 | 65 | 19 | 267 | ||||||||||||
Real estate – indirect | 94 | 0 | 0 | 9 | 0 | 3 | 11 | 117 | ||||||||||||
Alternative investments | 7 | 0 | -4 | -10 | -1 | 65 | 1 | 58 | ||||||||||||
of which hedge funds | 3 | 0 | 0 | -10 | -1 | 65 | 1 | 58 | ||||||||||||
of which other | 4 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Total plan assets at fair value | 278 | 2 | -4 | -14 | 16 | 133 | 31 | 442 | ||||||||||||
2013 (CHF million) | ||||||||||||||||||||
Debt securities – corporates | 71 | 1 | -1 | 5 | 0 | 103 | -2 | 177 | ||||||||||||
Real estate – indirect | 89 | 0 | 0 | 7 | 0 | 0 | -2 | 94 | ||||||||||||
Alternative investments | 34 | 2 | 0 | -5 | 7 | -27 | -4 | 7 | ||||||||||||
of which private equity | 4 | 0 | 0 | -1 | 0 | -3 | 0 | 0 | ||||||||||||
of which hedge funds | 30 | 2 | 0 | -4 | 3 | -28 | 0 | 3 | ||||||||||||
of which other | 0 | 0 | 0 | 0 | 4 | 4 | -4 | 4 | ||||||||||||
Total plan assets at fair value | 194 | 3 | -1 | 7 | 7 | 76 | -8 | 278 | ||||||||||||
Weighted-average plan asset allocation as of the measurement date | Weighted-average plan asset allocation | |||||||||||||||||||
31-Dec | 2014 | 2013 | ||||||||||||||||||
Weighted-average plan asset allocation (%) | ||||||||||||||||||||
Cash and cash equivalents | 7.2 | 13.3 | ||||||||||||||||||
Debt securities | 52.7 | 50.7 | ||||||||||||||||||
Equity securities | 22.8 | 20.4 | ||||||||||||||||||
Real estate | 3 | 3.1 | ||||||||||||||||||
Alternative investments | 11.5 | 9.2 | ||||||||||||||||||
Insurance | 2.8 | 3.3 | ||||||||||||||||||
Total | 100 | 100 | ||||||||||||||||||
Weighted-average target plan asset allocation to be applied prospectively | Weighted-average target plan asset allocation for 2015 | |||||||||||||||||||
2015 (%) | ||||||||||||||||||||
Cash and cash equivalents | 0.3 | |||||||||||||||||||
Debt securities | 59.4 | |||||||||||||||||||
Equity securities | 24.3 | |||||||||||||||||||
Real estate | 2.8 | |||||||||||||||||||
Alternative investments | 10.4 | |||||||||||||||||||
Insurance | 2.8 | |||||||||||||||||||
Total | 100 | |||||||||||||||||||
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments for defined benefit plans | |||||||||||||||||||
International | ||||||||||||||||||||
single-employer | ||||||||||||||||||||
defined benefit | Other post-retirement | |||||||||||||||||||
pension plans | defined benefit plans | |||||||||||||||||||
Estimated future benefit payments (CHF million) | ||||||||||||||||||||
2015 | 79 | 10 | ||||||||||||||||||
2016 | 80 | 10 | ||||||||||||||||||
2017 | 86 | 11 | ||||||||||||||||||
2018 | 96 | 11 | ||||||||||||||||||
2019 | 109 | 12 | ||||||||||||||||||
For five years thereafter | 700 | 59 |
Derivatives_and_hedging_activi1
Derivatives and hedging activities (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Fair value of derivative instruments | Fair value of derivative instruments | |||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2014 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 11,940.20 | 5.3 | 5.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 26,379.00 | 398.6 | 391.9 | 51.1 | 2.6 | 1.3 | ||||||||||||||||
Options bought and sold (OTC) | 3,582.90 | 66.2 | 63.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 1,528.40 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 589.1 | 0.2 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 44,019.60 | 470.3 | 461.5 | 51.1 | 2.6 | 1.3 | ||||||||||||||||
Forwards | 2,132.90 | 32.2 | 33.4 | 14.2 | 0 | 0.3 | ||||||||||||||||
Swaps | 1,430.90 | 40 | 51 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 1,008.40 | 17.2 | 17.7 | 9.5 | 0 | 0.1 | ||||||||||||||||
Futures | 23.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 7.9 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,603.40 | 89.5 | 102.3 | 23.7 | 0 | 0.4 | ||||||||||||||||
Forwards | 4.2 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 289.3 | 6.2 | 6.7 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 236.8 | 10.8 | 9.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 46.4 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 370.9 | 12.7 | 14.3 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 947.6 | 30.4 | 31 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,287.50 | 27 | 26.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 17.8 | 0.9 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 44.4 | 6.7 | 6.6 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 44.6 | 1.7 | 1.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 13.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 2.1 | 0.4 | 0.4 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 122.2 | 9.7 | 9.7 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 50,980.30 | 626.9 | 630.7 | 74.8 | 2.6 | 1.7 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.1 billion, CHF 629.5 billion and CHF 632.4 billion, respectively, as of December 31, 2014. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value of derivative instruments (continued) | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2013 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 9,366.20 | 2.5 | 2.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 30,589.60 | 399.6 | 393.8 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Options bought and sold (OTC) | 3,889.50 | 44.3 | 44.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 830.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 705.9 | 0.3 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 45,382.00 | 446.7 | 441.5 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Forwards | 2,098.00 | 21.6 | 21.5 | 30.5 | 0.3 | 0.1 | ||||||||||||||||
Swaps | 1,382.10 | 28.9 | 39.2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 815.6 | 10.7 | 11.6 | 9.4 | 0 | 0 | ||||||||||||||||
Futures | 48.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 5.5 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,350.00 | 61.3 | 72.5 | 39.9 | 0.3 | 0.1 | ||||||||||||||||
Forwards | 4 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 236.1 | 5.4 | 7.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 225.3 | 12.2 | 12 | 0 | 0 | 0 | ||||||||||||||||
Futures | 50.6 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 416.2 | 17 | 17.2 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 932.2 | 35.3 | 37.2 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,483.30 | 26.8 | 27.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 19.2 | 0.7 | 1.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 45.4 | 2.9 | 2.5 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 35.2 | 1.1 | 1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 31.1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 48.9 | 0.7 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 179.8 | 5.4 | 5.5 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 52,327.30 | 575.5 | 583.9 | 108.4 | 3.1 | 0.8 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 52,435.7 billion, CHF 578.6 billion and CHF 584.7 billion, respectively, as of December 31, 2013. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value hedges | Fair value hedges | |||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in income on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | -231 | 437 | 834 | |||||||||||||||||||
Foreign exchange products | 3 | -9 | -13 | |||||||||||||||||||
Total | -228 | 428 | 821 | |||||||||||||||||||
Gains/(losses) recognized in income on hedged items (CHF million) | ||||||||||||||||||||||
Interest rate products | 227 | -435 | -878 | |||||||||||||||||||
Foreign exchange products | -3 | 9 | 13 | |||||||||||||||||||
Total | 224 | -426 | -865 | |||||||||||||||||||
Details of fair value hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -4 | 2 | -44 | |||||||||||||||||||
Represents gains/(losses) recognized in trading revenues. | ||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | |||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | 40 | 7 | 8 | |||||||||||||||||||
Foreign exchange products | -43 | 13 | 30 | |||||||||||||||||||
Total | -3 | 20 | 38 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Interest rate products 1 | 21 | 3 | 0 | |||||||||||||||||||
Foreign exchange products | -8 | 2 | -3 | 3 | 0 | |||||||||||||||||
Total | 13 | 0 | 0 | |||||||||||||||||||
Details of cash flow hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -1 | 1 | 0 | |||||||||||||||||||
1 | ||||||||||||||||||||||
Included in trading revenues. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Included in other revenues and total other operating expenses. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
Net investment hedges | Net investment hedges | |||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Foreign exchange products | -1,672 | 504 | -81 | |||||||||||||||||||
Total | -1,672 | 504 | -81 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Foreign exchange products 1 | 0 | 2 | 75 | |||||||||||||||||||
Total | 0 | 2 | 75 | |||||||||||||||||||
Represents gains/(losses) on effective portion. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
Credit protection sold/purchased | Credit protection sold/purchased | |||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
1 | Net credit | Fair value | 1 | Net credit | Fair value | |||||||||||||||||
Credit | Credit | protection | Other | of credit | Credit | Credit | protection | Other | of credit | |||||||||||||
protection | protection | (sold)/ | protection | protection | protection | protection | (sold)/ | protection | protection | |||||||||||||
sold | purchased | purchased | purchased | sold | sold | purchased | purchased | purchased | sold | |||||||||||||
Single-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -266.5 | 254 | -12.5 | 32.7 | 4.5 | -305.9 | 287.9 | -18 | 37.7 | 5.2 | ||||||||||||
Non-investment grade | -103.9 | 99.9 | -4 | 13.5 | 0.1 | -108.7 | 104.9 | -3.8 | 10.5 | 2.5 | ||||||||||||
Total single-name instruments | -370.4 | 353.9 | -16.5 | 46.2 | 4.6 | -414.6 | 392.8 | -21.8 | 48.2 | 7.7 | ||||||||||||
of which sovereign | -76.2 | 73 | -3.2 | 8.6 | -1.1 | -88.1 | 85 | -3.1 | 8.9 | -0.4 | ||||||||||||
of which non-sovereign | -294.2 | 280.9 | -13.3 | 37.6 | 5.7 | -326.5 | 307.8 | -18.7 | 39.3 | 8.1 | ||||||||||||
Multi-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -162.2 | 159.9 | -2.3 | 56.2 | 2.2 | -219.1 | 212.1 | -7 | 47.3 | 3.3 | ||||||||||||
Non-investment grade | -53.4 | 51.1 | 3 | -2.3 | 12.1 | 1 | -65 | 59 | 3 | -6 | 13.5 | 1.5 | ||||||||||
Total multi-name instruments | -215.6 | 211 | -4.6 | 68.3 | 3.2 | -284.1 | 271.1 | -13 | 60.8 | 4.8 | ||||||||||||
of which sovereign | -7.3 | 7.2 | -0.1 | 1.1 | 0 | -10.8 | 10.9 | 0.1 | 1.1 | 0 | ||||||||||||
of which non-sovereign | -208.3 | 203.8 | -4.5 | 67.2 | 3.2 | -273.3 | 260.2 | -13.1 | 59.7 | 4.8 | ||||||||||||
Total instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -428.7 | 413.9 | -14.8 | 88.9 | 6.7 | -525 | 500 | -25 | 85 | 8.5 | ||||||||||||
Non-investment grade | -157.3 | 151 | -6.3 | 25.6 | 1.1 | -173.7 | 163.9 | -9.8 | 24 | 4 | ||||||||||||
Total instruments | -586 | 564.9 | -21.1 | 114.5 | 7.8 | -698.7 | 663.9 | -34.8 | 109 | 12.5 | ||||||||||||
of which sovereign | -83.5 | 80.2 | -3.3 | 9.7 | -1.1 | -98.9 | 95.9 | -3 | 10 | -0.4 | ||||||||||||
of which non-sovereign | -502.5 | 484.7 | -17.8 | 104.8 | 8.9 | -599.8 | 568 | -31.8 | 99 | 12.9 | ||||||||||||
1 | ||||||||||||||||||||||
Represents credit protection purchased with identical underlyings and recoveries. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Based on internal ratings of BBB and above. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes the Clock Finance transaction. | ||||||||||||||||||||||
Contingent credit risk | Contingent credit risk | |||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Special | Total | Special | Total | |||||||||||||||||||
Bilateral | purpose | Accelerated | Bilateral | purpose | Accelerated | |||||||||||||||||
counterparties | entities | terminations | counterparties | entities | terminations | |||||||||||||||||
Contingent credit risk (CHF billion) | ||||||||||||||||||||||
Current net exposure | 14 | 0.8 | 0.3 | 15.1 | 11.7 | 1.1 | 0.1 | 12.9 | ||||||||||||||
Collateral posted | 12.2 | 0.9 | – | 13.1 | 10.6 | 1.2 | – | 11.8 | ||||||||||||||
Additional collateral required in a one-notch downgrade event | 0.7 | 0.5 | 0.1 | 1.3 | 0.6 | 0.8 | 0 | 1.4 | ||||||||||||||
Additional collateral required in a two-notch downgrade event | 2.2 | 0.8 | 0.2 | 3.2 | 2.3 | 1.1 | 0 | 3.4 | ||||||||||||||
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives | |||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Credit derivatives (CHF billion) | ||||||||||||||||||||||
Credit protection sold | 586 | 698.7 | ||||||||||||||||||||
Credit protection purchased | 564.9 | 663.9 | ||||||||||||||||||||
Other protection purchased | 114.5 | 109 | ||||||||||||||||||||
Other instruments 1 | 22.1 | 11.7 | ||||||||||||||||||||
Total credit derivatives | 1,287.50 | 1,483.30 | ||||||||||||||||||||
1 | ||||||||||||||||||||||
Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments. | ||||||||||||||||||||||
Maturity of credit protection sold | Maturity of credit protection sold | |||||||||||||||||||||
end of | Maturity | Maturity | Maturity | Total | ||||||||||||||||||
less | between | greater | ||||||||||||||||||||
than | 1 to 5 | than | ||||||||||||||||||||
1 year | years | 5 years | ||||||||||||||||||||
2014 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 78 | 253.9 | 38.5 | 370.4 | ||||||||||||||||||
Multi-name instruments | 31.2 | 134.3 | 50.1 | 215.6 | ||||||||||||||||||
Total instruments | 109.2 | 388.2 | 88.6 | 586 | ||||||||||||||||||
2013 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 91.2 | 281.4 | 42 | 414.6 | ||||||||||||||||||
Multi-name instruments | 19.2 | 208.2 | 56.7 | 284.1 | ||||||||||||||||||
Total instruments | 110.4 | 489.6 | 98.7 | 698.7 | ||||||||||||||||||
Bank | ||||||||||||||||||||||
Fair value of derivative instruments | Fair value of derivative instruments | |||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2014 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 11,940.20 | 5.3 | 5.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 26,382.00 | 398.7 | 392 | 46.5 | 2.5 | 1.1 | ||||||||||||||||
Options bought and sold (OTC) | 3,582.90 | 66.2 | 63.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 1,528.40 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 589.1 | 0.2 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 44,022.60 | 470.4 | 461.5 | 46.5 | 2.5 | 1.1 | ||||||||||||||||
Forwards | 2,133.50 | 32.2 | 33.4 | 14.2 | 0 | 0.3 | ||||||||||||||||
Swaps | 1,430.90 | 40 | 51 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 1,008.40 | 17.2 | 17.7 | 9.5 | 0 | 0.1 | ||||||||||||||||
Futures | 23.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 7.9 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,604.00 | 89.5 | 102.3 | 23.7 | 0 | 0.4 | ||||||||||||||||
Forwards | 4.2 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 289.3 | 6.2 | 6.7 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 237.7 | 11.1 | 10.4 | 0 | 0 | 0 | ||||||||||||||||
Futures | 46.4 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 370.9 | 12.7 | 14.3 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 948.5 | 30.7 | 31.5 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,287.50 | 27 | 26.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 17.8 | 0.9 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 44.4 | 6.7 | 6.6 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 44.6 | 1.7 | 1.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 13.3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 2.1 | 0.4 | 0.4 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 122.2 | 9.7 | 9.7 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 50,984.80 | 627.3 | 631.2 | 70.2 | 2.5 | 1.5 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.0 billion, CHF 629.8 billion and CHF 632.7 billion, respectively, as of December 31, 2014. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value of derivative instruments (continued) | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2013 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 9,366.20 | 2.5 | 2.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 30,593.60 | 399.6 | 393.6 | 63.7 | 2.7 | 0.6 | ||||||||||||||||
Options bought and sold (OTC) | 3,889.50 | 44.3 | 44.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 830.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 705.9 | 0.3 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 45,386.00 | 446.7 | 441.3 | 63.7 | 2.7 | 0.6 | ||||||||||||||||
Forwards | 2,098.60 | 21.6 | 21.5 | 30.5 | 0.3 | 0.1 | ||||||||||||||||
Swaps | 1,382.80 | 28.9 | 39.2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 815.6 | 10.7 | 11.6 | 9.4 | 0 | 0 | ||||||||||||||||
Futures | 48.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 5.5 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,351.30 | 61.3 | 72.5 | 39.9 | 0.3 | 0.1 | ||||||||||||||||
Forwards | 4 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 236.1 | 5.4 | 8 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 225.7 | 12.4 | 12.1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 50.6 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 416.2 | 17 | 17.2 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 932.6 | 35.5 | 37.4 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,483.30 | 26.8 | 27.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 19.2 | 0.7 | 1.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 45.5 | 2.9 | 2.5 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 35.1 | 1.1 | 1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 31.1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 48.9 | 0.7 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 179.8 | 5.4 | 5.5 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 52,333.00 | 575.7 | 583.9 | 103.6 | 3 | 0.7 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 52,436.6 billion, CHF 578.7 billion and CHF 584.6 billion, respectively, as of December 31, 2013. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value hedges | Fair value hedges | |||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in income on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | -142 | 378 | 849 | |||||||||||||||||||
Foreign exchange products | 3 | -9 | -13 | |||||||||||||||||||
Total | -139 | 369 | 836 | |||||||||||||||||||
Gains/(losses) recognized in income on hedged items (CHF million) | ||||||||||||||||||||||
Interest rate products | 136 | -375 | -894 | |||||||||||||||||||
Foreign exchange products | -3 | 9 | 13 | |||||||||||||||||||
Total | 133 | -366 | -881 | |||||||||||||||||||
Details of fair value hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -6 | 3 | -45 | |||||||||||||||||||
Represents gains/(losses) recognized in trading revenues. | ||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | |||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | 40 | 7 | 8 | |||||||||||||||||||
Foreign exchange products | -47 | 0 | 0 | |||||||||||||||||||
Total | -7 | 7 | 8 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Interest rate products 1 | 21 | 3 | 0 | |||||||||||||||||||
Foreign exchange products 2 | -5 | 0 | 0 | |||||||||||||||||||
Total | 16 | 3 | 0 | |||||||||||||||||||
Details of cash flow hedges (CHF million) | ||||||||||||||||||||||
Net gains on the ineffective portion 1 | -1 | 1 | 0 | |||||||||||||||||||
1 | ||||||||||||||||||||||
Included in trading revenues. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Included in total other operating expenses. | ||||||||||||||||||||||
Net investment hedges | Net investment hedges | |||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Foreign exchange products | -1,672 | 504 | -81 | |||||||||||||||||||
Total | -1,672 | 504 | -81 | |||||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Foreign exchange products 1 | 0 | 2 | 75 | |||||||||||||||||||
Total | 0 | 2 | 75 | |||||||||||||||||||
Represents gains/(losses) on effective portion. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
Credit protection sold/purchased | Credit protection sold/purchased | |||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
1 | Net credit | Fair value | 1 | Net credit | Fair value | |||||||||||||||||
Credit | Credit | protection | Other | of credit | Credit | Credit | protection | Other | of credit | |||||||||||||
protection | protection | (sold)/ | protection | protection | protection | protection | (sold)/ | protection | protection | |||||||||||||
sold | purchased | purchased | purchased | sold | sold | purchased | purchased | purchased | sold | |||||||||||||
Single-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -266.5 | 254 | -12.5 | 32.7 | 4.5 | -305.9 | 287.9 | -18 | 37.7 | 5.2 | ||||||||||||
Non-investment grade | -103.9 | 99.9 | -4 | 13.5 | 0.1 | -108.7 | 104.9 | -3.8 | 10.5 | 2.5 | ||||||||||||
Total single-name instruments | -370.4 | 353.9 | -16.5 | 46.2 | 4.6 | -414.6 | 392.8 | -21.8 | 48.2 | 7.7 | ||||||||||||
of which sovereign | -76.2 | 73 | -3.2 | 8.6 | -1.1 | -88.1 | 85 | -3.1 | 8.9 | -0.4 | ||||||||||||
of which non-sovereign | -294.2 | 280.9 | -13.3 | 37.6 | 5.7 | -326.5 | 307.8 | -18.7 | 39.3 | 8.1 | ||||||||||||
Multi-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -162.2 | 159.9 | -2.3 | 56.2 | 2.2 | -219.1 | 212.1 | -7 | 47.3 | 3.3 | ||||||||||||
Non-investment grade | -53.4 | 51.1 | 3 | -2.3 | 12.1 | 1 | -65 | 59 | 3 | -6 | 13.5 | 1.5 | ||||||||||
Total multi-name instruments | -215.6 | 211 | -4.6 | 68.3 | 3.2 | -284.1 | 271.1 | -13 | 60.8 | 4.8 | ||||||||||||
of which sovereign | -7.3 | 7.2 | -0.1 | 1.1 | 0 | -10.8 | 10.9 | 0.1 | 1.1 | 0 | ||||||||||||
of which non-sovereign | -208.3 | 203.8 | -4.5 | 67.2 | 3.2 | -273.3 | 260.2 | -13.1 | 59.7 | 4.8 | ||||||||||||
Total instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -428.7 | 413.9 | -14.8 | 88.9 | 6.7 | -525 | 500 | -25 | 85 | 8.5 | ||||||||||||
Non-investment grade | -157.3 | 151 | -6.3 | 25.6 | 1.1 | -173.7 | 163.9 | -9.8 | 24 | 4 | ||||||||||||
Total instruments | -586 | 564.9 | -21.1 | 114.5 | 7.8 | -698.7 | 663.9 | -34.8 | 109 | 12.5 | ||||||||||||
of which sovereign | -83.5 | 80.2 | -3.3 | 9.7 | -1.1 | -98.9 | 95.9 | -3 | 10 | -0.4 | ||||||||||||
of which non-sovereign | -502.5 | 484.7 | -17.8 | 104.8 | 8.9 | -599.8 | 568 | -31.8 | 99 | 12.9 | ||||||||||||
1 | ||||||||||||||||||||||
Represents credit protection purchased with identical underlyings and recoveries. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Based on internal ratings of BBB and above. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes the Clock Finance transaction. | ||||||||||||||||||||||
Contingent credit risk | Contingent credit risk | |||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Special | Total | Special | Total | |||||||||||||||||||
Bilateral | purpose | Accelerated | Bilateral | purpose | Accelerated | |||||||||||||||||
counterparties | entities | terminations | counterparties | entities | terminations | |||||||||||||||||
Contingent credit risk (CHF billion) | ||||||||||||||||||||||
Current net exposure | 14 | 0.8 | 0.3 | 15.1 | 11.7 | 1.1 | 0.1 | 12.9 | ||||||||||||||
Collateral posted | 12.2 | 0.9 | – | 13.1 | 10.6 | 1.2 | – | 11.8 | ||||||||||||||
Additional collateral required in a one-notch downgrade event | 0.7 | 0.5 | 0.1 | 1.3 | 0.6 | 0.8 | 0 | 1.4 | ||||||||||||||
Additional collateral required in a two-notch downgrade event | 2.2 | 0.8 | 0.2 | 3.2 | 2.3 | 1.1 | 0 | 3.4 | ||||||||||||||
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives | |||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||
Credit derivatives (CHF billion) | ||||||||||||||||||||||
Credit protection sold | 586 | 698.7 | ||||||||||||||||||||
Credit protection purchased | 564.9 | 663.9 | ||||||||||||||||||||
Other protection purchased | 114.5 | 109 | ||||||||||||||||||||
Other instruments 1 | 22.1 | 11.7 | ||||||||||||||||||||
Total credit derivatives | 1,287.50 | 1,483.30 | ||||||||||||||||||||
1 | ||||||||||||||||||||||
Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments. | ||||||||||||||||||||||
Maturity of credit protection sold | Maturity of credit protection sold | |||||||||||||||||||||
end of | Maturity | Maturity | Maturity | Total | ||||||||||||||||||
less | between | greater | ||||||||||||||||||||
than | 1 to 5 | than | ||||||||||||||||||||
1 year | years | 5 years | ||||||||||||||||||||
2014 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 78 | 253.9 | 38.5 | 370.4 | ||||||||||||||||||
Multi-name instruments | 31.2 | 134.3 | 50.1 | 215.6 | ||||||||||||||||||
Total instruments | 109.2 | 388.2 | 88.6 | 586 | ||||||||||||||||||
2013 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 91.2 | 281.4 | 42 | 414.6 | ||||||||||||||||||
Multi-name instruments | 19.2 | 208.2 | 56.7 | 284.1 | ||||||||||||||||||
Total instruments | 110.4 | 489.6 | 98.7 | 698.7 |
Guarantees_and_commitments_Tab
Guarantees and commitments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Guarantees | Guarantees | |||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Carrying | Collateral | |||||||||||
1 year | years | years | 5 years | amount | amount | value | received | |||||||||||
2014 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments | 2,495 | 733 | 257 | 601 | 4,086 | 3,846 | 30 | 1,657 | ||||||||||
Performance guarantees and similar instruments | 4,899 | 1,284 | 1,203 | 106 | 7,492 | 6,625 | 43 | 3,188 | ||||||||||
Securities lending indemnifications | 12,257 | 0 | 0 | 0 | 12,257 | 12,257 | 0 | 12,257 | ||||||||||
Derivatives 2 | 24,599 | 6,157 | 986 | 1,816 | 33,558 | 33,558 | 954 | – | 3 | |||||||||
Other guarantees | 3,592 | 791 | 233 | 397 | 5,013 | 5,007 | 44 | 2,805 | ||||||||||
Total guarantees | 47,842 | 8,965 | 2,679 | 2,920 | 62,406 | 61,293 | 1,071 | 19,907 | ||||||||||
2013 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments 4 | 2,688 | 621 | 336 | 569 | 4,214 | 4,066 | 14 | 2,333 | ||||||||||
Performance guarantees and similar instruments 4 | 4,910 | 1,985 | 1,007 | 144 | 8,046 | 7,125 | 107 | 3,312 | ||||||||||
Securities lending indemnifications | 11,479 | 0 | 0 | 0 | 11,479 | 11,479 | 0 | 11,479 | ||||||||||
Derivatives 2 | 18,247 | 9,544 | 1,959 | 1,900 | 31,650 | 31,650 | 715 | – | 3 | |||||||||
Other guarantees | 4,003 | 817 | 197 | 198 | 5,215 | 5,191 | 3 | 2,631 | ||||||||||
Total guarantees | 41,327 | 12,967 | 3,499 | 2,811 | 60,604 | 59,511 | 839 | 19,755 | ||||||||||
1 | ||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||
2 | ||||||||||||||||||
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. | ||||||||||||||||||
3 | ||||||||||||||||||
Collateral for derivatives accounted for as guarantees is not significant. | ||||||||||||||||||
4 | ||||||||||||||||||
Prior period has been corrected. | ||||||||||||||||||
Residential mortgage loans sold | Residential mortgage loans sold | |||||||||||||||||
January 1, 2004 to December 31, 2014 (USD billion) | ||||||||||||||||||
Government-sponsored enterprises | 8.2 | |||||||||||||||||
Private investors 1 | 26.2 | |||||||||||||||||
Non-agency securitizations | 137.3 | 2 | ||||||||||||||||
Total | 171.7 | |||||||||||||||||
1 | ||||||||||||||||||
Primarily banks. | ||||||||||||||||||
2 | ||||||||||||||||||
The outstanding balance of residential mortgage loans sold was USD 26.3 billion as of December 31, 2014. The difference of the total balance of mortgage loans sold and the outstanding balance as of December 31, 2014 was attributable to borrower payments of USD 91.5 billion and losses of USD 19.5 billion due to loan defaults. | ||||||||||||||||||
Residential mortgage loans sold - outstanding repurchase claims | Residential mortgage loans sold – outstanding repurchase claims | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Non- | Total | Non- | Total | |||||||||||||||
Government- | agency | Government- | agency | |||||||||||||||
sponsored | Private | securiti- | sponsored | Private | securiti- | |||||||||||||
enterprises | investors | zations | enterprises | investors | zations | |||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||
Balance at beginning of period | 77 | 420 | 83 | 580 | 67 | 464 | 1,395 | 1,926 | ||||||||||
New claims | 11 | 2 | 1,607 | 1,620 | 69 | 139 | 1,039 | 1,247 | ||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | -4 | -1 | -2 | -7 | 1 | |||||||||
Other settlements | -58 | -416 | -5 | -479 | 2 | -31 | -178 | -7 | -216 | 2 | ||||||||
Total claims settled | -58 | -416 | -5 | -479 | -35 | -179 | -9 | -223 | ||||||||||
Claims rescinded | -17 | 0 | 0 | -17 | -24 | -4 | 0 | -28 | ||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | -2 | -1,602 | -1,604 | 0 | 0 | -2,342 | 4 | -2,342 | |||||||||
Balance at end of period | 13 | 4 | 83 | 100 | 77 | 420 | 83 | 580 | ||||||||||
1 | ||||||||||||||||||
Settled at a repurchase price of USD 6 million. | ||||||||||||||||||
2 | ||||||||||||||||||
Settled at USD 66 million and USD 48 million in 2014 and 2013, respectively. | ||||||||||||||||||
3 | ||||||||||||||||||
Refer to "Note 38 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||
4 | ||||||||||||||||||
Transfers to arbitration and litigation disclosed in 2013 include portfolios of claims of approximately USD 0.3 billion for which formal legal proceedings had commenced in prior periods. | ||||||||||||||||||
Provisions for outstanding repurchase claims | Provisions for outstanding repurchase claims | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Provisions for outstanding repurchase claims (USD million) 1 | ||||||||||||||||||
Balance at beginning of period | 146 | 55 | ||||||||||||||||
Increase/(decrease) in provisions, net | -74 | 145 | ||||||||||||||||
Realized losses 2 | -66 | 3 | -54 | 4 | ||||||||||||||
Balance at end of period | 6 | 5 | 146 | 4 | ||||||||||||||
1 | ||||||||||||||||||
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 38 – Litigation" for further information. | ||||||||||||||||||
2 | ||||||||||||||||||
Includes indemnifications paid to resolve loan repurchase claims. | ||||||||||||||||||
3 | ||||||||||||||||||
Primarily related to private investors. | ||||||||||||||||||
4 | ||||||||||||||||||
Primarily related to government-sponsored enterprises and private investors. | ||||||||||||||||||
5 | ||||||||||||||||||
Related to non-agency securitizations. | ||||||||||||||||||
Lease commitments | Lease commitments | |||||||||||||||||
Lease commitments (CHF million) | ||||||||||||||||||
2015 | 572 | |||||||||||||||||
2016 | 533 | |||||||||||||||||
2017 | 498 | |||||||||||||||||
2018 | 478 | |||||||||||||||||
2019 | 454 | |||||||||||||||||
Thereafter | 3,941 | |||||||||||||||||
Future operating lease commitments | 6,476 | |||||||||||||||||
Less minimum non-cancellable sublease rentals | 231 | |||||||||||||||||
Total net future minimum lease commitments | 6,245 | |||||||||||||||||
Rental expenses for operating leases | Rental expense for operating leases | |||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||
Rental expense for operating leases (CHF million) | ||||||||||||||||||
Minimum rental expense | 572 | 642 | 631 | |||||||||||||||
Sublease rental income | -81 | -85 | -98 | |||||||||||||||
Total net expenses for operating leases | 491 | 557 | 533 | |||||||||||||||
Other commitments | Other commitments | |||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Collateral | ||||||||||||
1 year | years | years | 5 years | amount | amount | received | ||||||||||||
2014 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 4,722 | 11 | 1 | 0 | 4,734 | 4,575 | 2,769 | |||||||||||
Irrevocable loan commitments 2 | 30,023 | 32,781 | 46,490 | 10,996 | 120,290 | 115,502 | 56,959 | |||||||||||
Forward reverse repurchase agreements | 8,292 | 0 | 0 | 0 | 8,292 | 8,292 | 8,292 | |||||||||||
Other commitments | 736 | 768 | 43 | 223 | 1,770 | 1,770 | 0 | |||||||||||
Total other commitments | 43,773 | 33,560 | 46,534 | 11,219 | 135,086 | 130,139 | 68,020 | |||||||||||
2013 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 5,484 | 27 | 1 | 0 | 5,512 | 5,452 | 3,381 | |||||||||||
Irrevocable loan commitments 2 | 27,250 | 26,877 | 35,376 | 7,487 | 96,990 | 92,732 | 47,996 | |||||||||||
Forward reverse repurchase agreements | 26,893 | 0 | 0 | 0 | 26,893 | 26,893 | 26,893 | |||||||||||
Other commitments | 2,481 | 1,020 | 104 | 286 | 3,891 | 3,891 | 350 | |||||||||||
Total other commitments | 62,108 | 27,924 | 35,481 | 7,773 | 133,286 | 128,968 | 78,620 | |||||||||||
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 100,905 million and CHF 90,254 million of unused credit limits as of December 31, 2014 and 2013, respectively, which were revocable at the Group's sole discretion upon notice to the client. | ||||||||||||||||||
Bank | ||||||||||||||||||
Guarantees | Guarantees | |||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Carrying | Collateral | |||||||||||
1 year | years | years | 5 years | amount | amount | value | received | |||||||||||
2014 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments | 2,488 | 733 | 257 | 593 | 4,071 | 3,832 | 30 | 1,654 | ||||||||||
Performance guarantees and similar instruments | 4,798 | 1,219 | 1,178 | 97 | 7,292 | 6,425 | 40 | 3,155 | ||||||||||
Securities lending indemnifications | 12,257 | 0 | 0 | 0 | 12,257 | 12,257 | 0 | 12,257 | ||||||||||
Derivatives 2 | 24,599 | 6,157 | 981 | 1,815 | 33,552 | 33,552 | 954 | – | 3 | |||||||||
Other guarantees | 3,477 | 776 | 230 | 394 | 4,877 | 4,870 | 43 | 2,773 | ||||||||||
Total guarantees | 47,619 | 8,885 | 2,646 | 2,899 | 62,049 | 60,936 | 1,067 | 19,839 | ||||||||||
2013 (CHF million) | ||||||||||||||||||
Credit guarantees and similar instruments 4 | 2,682 | 621 | 336 | 569 | 4,208 | 4,060 | 14 | 2,330 | ||||||||||
Performance guarantees and similar instruments | 4,819 | 1,932 | 982 | 135 | 7,868 | 6,946 | 103 | 3,277 | ||||||||||
Securities lending indemnifications | 11,479 | 0 | 0 | 0 | 11,479 | 11,479 | 0 | 11,479 | ||||||||||
Derivatives 2 | 18,247 | 9,544 | 1,959 | 1,900 | 31,650 | 31,650 | 715 | – | 3 | |||||||||
Other guarantees | 3,894 | 811 | 193 | 193 | 5,091 | 5,068 | 3 | 2,606 | ||||||||||
Total guarantees | 41,121 | 12,908 | 3,470 | 2,797 | 60,296 | 59,203 | 835 | 19,692 | ||||||||||
1 | ||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||
2 | ||||||||||||||||||
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. | ||||||||||||||||||
3 | ||||||||||||||||||
Collateral for derivatives accounted for as guarantees is not significant. | ||||||||||||||||||
4 | ||||||||||||||||||
Prior period has been corrected. | ||||||||||||||||||
Residential mortgage loans sold | Residential mortgage loans sold | |||||||||||||||||
January 1, 2004 to December 31, 2014 (USD billion) | ||||||||||||||||||
Government-sponsored enterprises | 8.2 | |||||||||||||||||
Private investors 1 | 26.2 | |||||||||||||||||
Non-agency securitizations | 137.3 | 2 | ||||||||||||||||
Total | 171.7 | |||||||||||||||||
1 | ||||||||||||||||||
Primarily banks. | ||||||||||||||||||
2 | ||||||||||||||||||
The outstanding balance of residential mortgage loans sold was USD 26.3 billion as of December 31, 2014. The difference of the total balance of mortgage loans sold and the outstanding balance as of December 31, 2014 was attributable to borrower payments of USD 91.5 billion and losses of USD 19.5 billion due to loan defaults. | ||||||||||||||||||
Residential mortgage loans sold - outstanding repurchase claims | Residential mortgage loans sold – outstanding repurchase claims | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Non- | Total | Non- | Total | |||||||||||||||
Government- | agency | Government- | agency | |||||||||||||||
sponsored | Private | securiti- | sponsored | Private | securiti- | |||||||||||||
enterprises | investors | zations | enterprises | investors | zations | |||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||
Balance at beginning of period | 77 | 420 | 83 | 580 | 67 | 464 | 1,395 | 1,926 | ||||||||||
New claims | 11 | 2 | 1,607 | 1,620 | 69 | 139 | 1,039 | 1,247 | ||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | -4 | -1 | -2 | -7 | 1 | |||||||||
Other settlements | -58 | -416 | -5 | -479 | 2 | -31 | -178 | -7 | -216 | 2 | ||||||||
Total claims settled | -58 | -416 | -5 | -479 | -35 | -179 | -9 | -223 | ||||||||||
Claims rescinded | -17 | 0 | 0 | -17 | -24 | -4 | 0 | -28 | ||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | -2 | -1,602 | -1,604 | 0 | 0 | -2,342 | 4 | -2,342 | |||||||||
Balance at end of period | 13 | 4 | 83 | 100 | 77 | 420 | 83 | 580 | ||||||||||
1 | ||||||||||||||||||
Settled at a repurchase price of USD 6 million. | ||||||||||||||||||
2 | ||||||||||||||||||
Settled at USD 66 million and USD 48 million in 2014 and 2013, respectively. | ||||||||||||||||||
3 | ||||||||||||||||||
Refer to "Note 36 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||
4 | ||||||||||||||||||
Transfers to arbitration and litigation disclosed in 2013 include portfolios of claims of approximately USD 0.3 billion for which formal legal proceedings had commenced in prior periods. | ||||||||||||||||||
Provisions for outstanding repurchase claims | Provisions for outstanding repurchase claims | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Provisions for outstanding repurchase claims (USD million) 1 | ||||||||||||||||||
Balance at beginning of period | 146 | 55 | ||||||||||||||||
Increase/(decrease) in provisions, net | -74 | 145 | ||||||||||||||||
Realized losses 2 | -66 | 4 | -54 | 3 | ||||||||||||||
Balance at end of period | 6 | 5 | 146 | 3 | ||||||||||||||
1 | ||||||||||||||||||
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 36 – Litigation" for further information. | ||||||||||||||||||
2 | ||||||||||||||||||
Includes indemnifications paid to resolve loan repurchase claims. | ||||||||||||||||||
3 | ||||||||||||||||||
Primarily related to government-sponsored enterprises and private investors. | ||||||||||||||||||
4 | ||||||||||||||||||
Primarily related to private investors. | ||||||||||||||||||
5 | ||||||||||||||||||
Primarily related to non-agency securitizations. | ||||||||||||||||||
Lease commitments | Lease commitments | |||||||||||||||||
Lease commitments (CHF million) | ||||||||||||||||||
2015 | 571 | |||||||||||||||||
2016 | 532 | |||||||||||||||||
2017 | 497 | |||||||||||||||||
2018 | 478 | |||||||||||||||||
2019 | 454 | |||||||||||||||||
Thereafter | 3,940 | |||||||||||||||||
Future operating lease commitments | 6,472 | |||||||||||||||||
Less minimum non-cancellable sublease rentals | 231 | |||||||||||||||||
Total net future minimum lease commitments | 6,241 | |||||||||||||||||
Rental expenses for operating leases | Rental expense for operating leases | |||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||
Rental expense for operating leases (CHF million) | ||||||||||||||||||
Minimum rental expense | 572 | 642 | 629 | |||||||||||||||
Sublease rental income | -81 | -85 | -97 | |||||||||||||||
Total net expenses for operating leases | 491 | 557 | 532 | |||||||||||||||
Other commitments | Other commitments | |||||||||||||||||
end of | Maturity | Maturity | Maturity | Maturity | 1 | |||||||||||||
less | between | between | greater | Total | Total | |||||||||||||
than | 1 to 3 | 3 to 5 | than | gross | net | Collateral | ||||||||||||
1 year | years | years | 5 years | amount | amount | received | ||||||||||||
2014 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 4,717 | 11 | 1 | 0 | 4,729 | 4,570 | 2,769 | |||||||||||
Irrevocable loan commitments | 29,938 | 32,751 | 46,440 | 10,965 | 120,094 | 2 | 115,306 | 56,958 | ||||||||||
Forward reverse repurchase agreements | 8,292 | 0 | 0 | 0 | 8,292 | 8,292 | 8,292 | |||||||||||
Other commitments | 690 | 768 | 43 | 223 | 1,724 | 1,724 | 0 | |||||||||||
Total other commitments | 43,637 | 33,530 | 46,484 | 11,188 | 134,839 | 129,892 | 68,019 | |||||||||||
2013 (CHF million) | ||||||||||||||||||
Irrevocable commitments under documentary credits | 5,478 | 27 | 1 | 0 | 5,506 | 5,446 | 3,380 | |||||||||||
Irrevocable loan commitments | 27,154 | 26,852 | 35,326 | 7,483 | 96,815 | 2 | 92,557 | 47,995 | ||||||||||
Forward reverse repurchase agreements | 26,893 | 0 | 0 | 0 | 26,893 | 26,893 | 26,893 | |||||||||||
Other commitments | 2,436 | 1,020 | 103 | 286 | 3,845 | 3,845 | 351 | |||||||||||
Total other commitments | 61,961 | 27,899 | 35,430 | 7,769 | 133,059 | 128,741 | 78,619 | |||||||||||
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 97,608 million and CHF 87,161 million of unused credit limits as of December 31, 2014 and 2013, respectively, which were revocable at the Bank's sole discretion upon notice to the client. |
Transfers_of_financial_assets_1
Transfers of financial assets and variable interest entities (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Securitizations | Securitizations | |||||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Gains and cash flows (CHF million) | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Net gain 1 | 7 | 4 | 56 | |||||||||||||||||||||||
Proceeds from transfer of assets | 5,335 | 5,574 | 6,156 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 102 | 70 | 57 | |||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Net gain/(loss) 1 | 13 | -8 | 3 | |||||||||||||||||||||||
Proceeds from transfer of assets | 22,728 | 24,523 | 15,143 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral | -4 | -10 | -25 | |||||||||||||||||||||||
Servicing fees | 2 | 4 | 3 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 444 | 486 | 554 | |||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Net gain 1 | 29 | 15 | 83 | |||||||||||||||||||||||
Proceeds from transfer of assets | 1,819 | 915 | 591 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral 2 | 0 | -213 | -621 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 17 | 633 | 1,350 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral are the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. | ||||||||||||||||||||||||||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | |||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 41,216 | 37,308 | ||||||||||||||||||||||||
Total assets of SPE | 53,354 | 48,715 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 49,884 | 45,571 | ||||||||||||||||||||||||
Total assets of SPE | 50,017 | 48,741 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Principal amount outstanding | 26,176 | 27,854 | ||||||||||||||||||||||||
Total assets of SPE | 26,176 | 27,854 | ||||||||||||||||||||||||
Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | |||||||||||||||||||||||||
at time of transfer, in | 2014 | 2013 | 2012 | |||||||||||||||||||||||
CMBS | RMBS | CMBS | RMBS | CMBS | RMBS | |||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,341 | 4,023 | 633 | 2,993 | 761 | 2,219 | ||||||||||||||||||||
of which level 2 | 1,242 | 3,791 | 476 | 2,879 | 654 | 2,090 | ||||||||||||||||||||
of which level 3 | 100 | 232 | 156 | 114 | 107 | 129 | ||||||||||||||||||||
Weighted-average life, in years | 4.1 | 7.7 | 7.3 | 7.7 | 8.4 | 5 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 1.5 | – | 23 | – | 2 | 2 | – | 31 | – | 2 | 0.1 | – | 34.9 | |||||||||||
Cash flow discount rate (rate per annum), in % 3 | 1 | – | 11 | 1.9 | – | 17.8 | 1.6 | – | 11.6 | 0 | – | 45.9 | 0.8 | – | 10.7 | 0.1 | – | 25.7 | ||||||||
Expected credit losses (rate per annum), in % | 1 | – | 2.2 | 0.4 | – | 15.3 | 0 | – | 7.5 | 0 | – | 45.8 | 0.5 | – | 9 | 0 | – | 25.1 | ||||||||
Transfers of assets in which the Group does not have beneficial interests are not included in this table. | ||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | |||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CMBS | 1 | RMBS | Other asset- | 2 | CMBS | 1 | RMBS | Other asset- | 2 | |||||||||||||||||
backed | backed | |||||||||||||||||||||||||
financing | financing | |||||||||||||||||||||||||
activities | activities | |||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,168 | 2,394 | 212 | 1,132 | 2,354 | 284 | ||||||||||||||||||||
of which non-investment grade | 79 | 246 | 146 | 26 | 359 | 204 | ||||||||||||||||||||
Weighted-average life, in years | 5.6 | 7.8 | 3.6 | 6.5 | 8.6 | 3.7 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 1 | – | 36.6 | – | – | 1 | – | 23.5 | – | ||||||||||||||||
Impact on fair value from 10% adverse change | – | -29.2 | – | – | -26.6 | – | ||||||||||||||||||||
Impact on fair value from 20% adverse change | – | -56.4 | – | – | -48.6 | – | ||||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 1.6 | – | 22.3 | 1.7 | – | 44 | 0.3 | – | 21.2 | 1.1 | – | 37.1 | 1.7 | – | 22.4 | 1 | – | 23.1 | ||||||||
Impact on fair value from 10% adverse change | -14 | -43.8 | -1.2 | -25.5 | -65 | -2.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -27.4 | -85.3 | -2.4 | -50 | -124.9 | -4.9 | ||||||||||||||||||||
Expected credit losses (rate per annum), in % | 1 | – | 22.2 | 0 | – | 41.7 | 1.4 | – | 13.1 | 0.2 | – | 36.6 | 0.1 | – | 17.3 | 0.7 | – | 21 | ||||||||
Impact on fair value from 10% adverse change | -7.1 | -25.3 | -0.4 | -10.9 | -42.2 | -0.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -14 | -49.4 | -0.7 | -21.5 | -79.6 | -0.7 | ||||||||||||||||||||
1 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
CDOs within this category are generally structured to be protected from prepayment risk. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | |||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Other assets | 26 | 432 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -26 | -432 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Trading assets | 138 | 216 | ||||||||||||||||||||||||
Other assets | 252 | 157 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -390 | -373 | ||||||||||||||||||||||||
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Group was the primary beneficiary | |||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | CP | Securi- | Funds | Loans | Other | Total | |||||||||||||||||||
Conduit | tizations | |||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 1,122 | 0 | 16 | 187 | 109 | 59 | 1,493 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 660 | 0 | 0 | 0 | 0 | 660 | |||||||||||||||||||
Trading assets | 615 | 57 | 250 | 1,715 | 867 | 757 | 4,261 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 30 | 1,651 | 424 | 2,105 | |||||||||||||||||||
Net loans | 0 | 12 | 0 | 0 | 24 | 209 | 245 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 452 | 0 | 452 | |||||||||||||||||||
Other assets | 8,726 | 262 | 4,741 | 3 | 197 | 2,205 | 16,134 | |||||||||||||||||||
of which loans held-for-sale | 8,689 | 0 | 3,500 | 0 | 24 | 356 | 12,569 | |||||||||||||||||||
Total assets of consolidated VIEs | 10,463 | 991 | 5,007 | 1,935 | 3,300 | 3,654 | 25,350 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 3 | 3 | |||||||||||||||||||
Trading liabilities | 6 | 0 | 0 | 0 | 23 | 6 | 35 | |||||||||||||||||||
Short-term borrowings | 0 | 9,384 | 0 | 0 | 0 | 0 | 9,384 | |||||||||||||||||||
Long-term debt | 10,318 | 18 | 2,418 | 216 | 99 | 383 | 13,452 | |||||||||||||||||||
Other liabilities | 27 | 29 | 573 | 124 | 146 | 829 | 1,728 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 10,351 | 9,431 | 2,991 | 340 | 268 | 1,221 | 24,602 | |||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 702 | 1 | 2 | 100 | 87 | 60 | 952 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,959 | 0 | 0 | 0 | 0 | 1,959 | |||||||||||||||||||
Trading assets | 869 | 51 | 3 | 1,687 | 665 | 335 | 3,610 | |||||||||||||||||||
Investment securities | 0 | 100 | 0 | 0 | 0 | 0 | 100 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 0 | 1,491 | 492 | 1,983 | |||||||||||||||||||
Net loans | 0 | 2,012 | 885 | 0 | 779 | 531 | 4,207 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 447 | 66 | 513 | |||||||||||||||||||
Other assets | 7,516 | 1,473 | 3,353 | 0 | 308 | 1,680 | 14,330 | |||||||||||||||||||
of which loans held-for-sale | 7,479 | 0 | 3,093 | 0 | 56 | 0 | 10,628 | |||||||||||||||||||
Total assets of consolidated VIEs | 9,087 | 5,596 | 4,243 | 1,787 | 3,777 | 3,164 | 27,654 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 265 | 265 | |||||||||||||||||||
Trading liabilities | 9 | 0 | 0 | 0 | 8 | 76 | 93 | |||||||||||||||||||
Short-term borrowings | 0 | 4,280 | 0 | 7 | 0 | -1 | 4,286 | |||||||||||||||||||
Long-term debt | 9,067 | 17 | 3,187 | 179 | 93 | 449 | 12,992 | |||||||||||||||||||
Other liabilities | 34 | 16 | 67 | 2 | 153 | 438 | 710 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 9,110 | 4,313 | 3,254 | 188 | 254 | 1,227 | 18,346 | |||||||||||||||||||
Non-consolidated VIEs | Non-consolidated VIEs | |||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | Securi- | Funds | Loans | Other | Total | ||||||||||||||||||||
tizations | ||||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 179 | 5,009 | 1,201 | 494 | 625 | 7,508 | ||||||||||||||||||||
Net loans | 211 | 2,252 | 3,213 | 1,651 | 1,544 | 8,871 | ||||||||||||||||||||
Other assets | 0 | 4 | 20 | 0 | 189 | 213 | ||||||||||||||||||||
Total variable interest assets | 390 | 7,265 | 4,434 | 2,145 | 2,358 | 16,592 | ||||||||||||||||||||
Maximum exposure to loss | 752 | 12,775 | 4,589 | 7,326 | 2,358 | 27,800 | ||||||||||||||||||||
Non-consolidated VIE assets | 8,604 | 120,157 | 56,413 | 38,818 | 23,360 | 247,352 | ||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 183 | 4,920 | 979 | 725 | 713 | 7,520 | ||||||||||||||||||||
Net loans | 2 | 613 | 2,812 | 2,856 | 1,282 | 7,565 | ||||||||||||||||||||
Other assets | 0 | 0 | 47 | 0 | 6 | 53 | ||||||||||||||||||||
Total variable interest assets | 185 | 5,533 | 3,838 | 3,581 | 2,001 | 15,138 | ||||||||||||||||||||
Maximum exposure to loss | 186 | 7,496 | 4,026 | 7,433 | 2,090 | 21,231 | ||||||||||||||||||||
Non-consolidated VIE assets | 10,211 | 101,524 | 55,509 | 31,144 | 19,450 | 217,838 | ||||||||||||||||||||
Bank | ||||||||||||||||||||||||||
Securitizations | Securitizations | |||||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Gains and cash flows (CHF million) | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Net gain 1 | 7 | 4 | 56 | |||||||||||||||||||||||
Proceeds from transfer of assets | 5,335 | 5,574 | 6,156 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 102 | 70 | 57 | |||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Net gain/(loss) 1 | 13 | -8 | 3 | |||||||||||||||||||||||
Proceeds from transfer of assets | 22,728 | 24,523 | 15,143 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral | -4 | -10 | -25 | |||||||||||||||||||||||
Servicing fees | 2 | 4 | 3 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 444 | 486 | 554 | |||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Net gain 1 | 29 | 15 | 83 | |||||||||||||||||||||||
Proceeds from transfer of assets | 1,819 | 915 | 591 | |||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral 2 | 0 | -213 | -621 | |||||||||||||||||||||||
Cash received on interests that continue to be held | 17 | 633 | 1,350 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. | ||||||||||||||||||||||||||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | |||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 41,216 | 37,308 | ||||||||||||||||||||||||
Total assets of SPE | 53,354 | 48,715 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 49,884 | 45,571 | ||||||||||||||||||||||||
Total assets of SPE | 50,017 | 48,741 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Principal amount outstanding | 26,176 | 27,854 | ||||||||||||||||||||||||
Total assets of SPE | 26,176 | 27,854 | ||||||||||||||||||||||||
Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | |||||||||||||||||||||||||
at time of transfer, in | 2014 | 2013 | 2012 | |||||||||||||||||||||||
CMBS | RMBS | CMBS | RMBS | CMBS | RMBS | |||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,341 | 4,023 | 633 | 2,993 | 761 | 2,219 | ||||||||||||||||||||
of which level 2 | 1,242 | 3,791 | 476 | 2,879 | 654 | 2,090 | ||||||||||||||||||||
of which level 3 | 100 | 232 | 156 | 114 | 107 | 129 | ||||||||||||||||||||
Weighted-average life, in years | 4.1 | 7.7 | 7.3 | 7.7 | 8.4 | 5 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 1.5 | – | 23 | – | 2 | 2 | – | 31 | – | 2 | 0.1 | – | 34.9 | |||||||||||
Cash flow discount rate (rate per annum), in % 3 | 1 | – | 11 | 1.9 | – | 17.8 | 1.6 | – | 11.6 | 0 | – | 45.9 | 0.8 | – | 10.7 | 0.1 | – | 25.7 | ||||||||
Expected credit losses (rate per annum), in % | 1 | – | 2.2 | 0.4 | – | 15.3 | 0 | – | 7.5 | 0 | – | 45.8 | 0.5 | – | 9 | 0 | – | 25.1 | ||||||||
Transfers of assets in which the Bank does not have beneficial interests are not included in this table. | ||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | |||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CMBS | 1 | RMBS | Other asset- | 2 | CMBS | 1 | RMBS | Other asset- | 2 | |||||||||||||||||
backed | backed | |||||||||||||||||||||||||
financing | financing | |||||||||||||||||||||||||
activities | activities | |||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,168 | 2,394 | 212 | 1,132 | 2,354 | 284 | ||||||||||||||||||||
of which non-investment grade | 79 | 246 | 146 | 26 | 359 | 204 | ||||||||||||||||||||
Weighted-average life, in years | 5.6 | 7.8 | 3.6 | 6.5 | 8.6 | 3.7 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 1 | – | 36.6 | – | – | 1 | – | 23.5 | – | ||||||||||||||||
Impact on fair value from 10% adverse change | – | -29.2 | – | – | -26.6 | – | ||||||||||||||||||||
Impact on fair value from 20% adverse change | – | -56.4 | – | – | -48.6 | – | ||||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 1.6 | – | 22.3 | 1.7 | – | 44 | 0.3 | – | 21.2 | 1.1 | – | 37.1 | 1.7 | – | 22.4 | 1 | – | 23.1 | ||||||||
Impact on fair value from 10% adverse change | -14 | -43.8 | -1.2 | -25.5 | -65 | -2.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -27.4 | -85.3 | -2.4 | -50 | -124.9 | -4.9 | ||||||||||||||||||||
Expected credit losses (rate per annum), in % | 1 | – | 22.2 | 0 | – | 41.7 | 1.4 | – | 13.1 | 0.2 | – | 36.6 | 0.1 | – | 17.3 | 0.7 | – | 21 | ||||||||
Impact on fair value from 10% adverse change | -7.1 | -25.3 | -0.4 | -10.9 | -42.2 | -0.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -14 | -49.4 | -0.7 | -21.5 | -79.6 | -0.7 | ||||||||||||||||||||
1 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
CDOs within this category are generally structured to be protected from prepayment risk. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | |||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Other assets | 26 | 432 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -26 | -432 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Trading assets | 138 | 216 | ||||||||||||||||||||||||
Other assets | 252 | 157 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -390 | -373 | ||||||||||||||||||||||||
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Bank was the primary beneficiary | |||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | CP | Securi- | Funds | Loans | Other | Total | |||||||||||||||||||
Conduit | tizations | |||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 1,122 | 0 | 16 | 187 | 109 | 59 | 1,493 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 660 | 0 | 0 | 0 | 0 | 660 | |||||||||||||||||||
Trading assets | 615 | 57 | 250 | 1,715 | 867 | 757 | 4,261 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 30 | 1,651 | 424 | 2,105 | |||||||||||||||||||
Net loans | 0 | 12 | 0 | 0 | 24 | 209 | 245 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 422 | 0 | 422 | |||||||||||||||||||
Other assets | 8,726 | 262 | 4,741 | 3 | 195 | 2,205 | 16,132 | |||||||||||||||||||
of which loans held-for-sale | 8,689 | 0 | 3,500 | 0 | 24 | 356 | 12,569 | |||||||||||||||||||
Total assets of consolidated VIEs | 10,463 | 991 | 5,007 | 1,935 | 3,268 | 3,654 | 25,318 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 3 | 3 | |||||||||||||||||||
Trading liabilities | 6 | 0 | 0 | 0 | 23 | 6 | 35 | |||||||||||||||||||
Short-term borrowings | 0 | 9,384 | 0 | 0 | 0 | 0 | 9,384 | |||||||||||||||||||
Long-term debt | 10,318 | 18 | 2,418 | 216 | 99 | 383 | 13,452 | |||||||||||||||||||
Other liabilities | 27 | 29 | 573 | 124 | 146 | 828 | 1,727 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 10,351 | 9,431 | 2,991 | 340 | 268 | 1,220 | 24,601 | |||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 702 | 1 | 2 | 100 | 87 | 60 | 952 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,959 | 0 | 0 | 0 | 0 | 1,959 | |||||||||||||||||||
Trading assets | 869 | 51 | 3 | 1,687 | 665 | 335 | 3,610 | |||||||||||||||||||
Investment securities | 0 | 100 | 0 | 0 | 0 | 0 | 100 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 0 | 1,491 | 492 | 1,983 | |||||||||||||||||||
Net loans | 0 | 2,012 | 885 | 0 | 779 | 531 | 4,207 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 415 | 66 | 481 | |||||||||||||||||||
Other assets | 7,516 | 1,473 | 3,353 | 0 | 307 | 1,680 | 14,329 | |||||||||||||||||||
of which loans held-for-sale | 7,479 | 0 | 3,093 | 0 | 56 | 0 | 10,628 | |||||||||||||||||||
Total assets of consolidated VIEs | 9,087 | 5,596 | 4,243 | 1,787 | 3,744 | 3,164 | 27,621 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 265 | 265 | |||||||||||||||||||
Trading liabilities | 9 | 0 | 0 | 0 | 8 | 76 | 93 | |||||||||||||||||||
Short-term borrowings | 0 | 4,280 | 0 | 7 | 0 | -1 | 4,286 | |||||||||||||||||||
Long-term debt | 9,067 | 17 | 3,187 | 179 | 93 | 449 | 12,992 | |||||||||||||||||||
Other liabilities | 34 | 16 | 67 | 2 | 152 | 439 | 710 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 9,110 | 4,313 | 3,254 | 188 | 253 | 1,228 | 18,346 | |||||||||||||||||||
Non-consolidated VIEs | Non-consolidated VIEs | |||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | Securi- | Funds | Loans | Other | Total | ||||||||||||||||||||
tizations | ||||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 179 | 5,009 | 1,201 | 494 | 625 | 7,508 | ||||||||||||||||||||
Net loans | 211 | 2,252 | 3,113 | 1,651 | 1,544 | 8,771 | ||||||||||||||||||||
Other assets | 0 | 4 | 20 | 0 | 189 | 213 | ||||||||||||||||||||
Total variable interest assets | 390 | 7,265 | 4,334 | 2,145 | 2,358 | 16,492 | ||||||||||||||||||||
Maximum exposure to loss | 752 | 12,775 | 4,489 | 7,326 | 2,358 | 27,700 | ||||||||||||||||||||
Non-consolidated VIE assets | 8,604 | 120,157 | 56,413 | 38,818 | 12,170 | 236,162 | ||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 183 | 4,920 | 979 | 725 | 713 | 7,520 | ||||||||||||||||||||
Net loans | 2 | 613 | 2,712 | 2,856 | 1,282 | 7,465 | ||||||||||||||||||||
Other assets | 0 | 0 | 47 | 0 | 6 | 53 | ||||||||||||||||||||
Total variable interest assets | 185 | 5,533 | 3,738 | 3,581 | 2,001 | 15,038 | ||||||||||||||||||||
Maximum exposure to loss | 186 | 7,496 | 3,926 | 7,433 | 2,090 | 21,131 | ||||||||||||||||||||
Non-consolidated VIE assets | 10,211 | 101,524 | 55,509 | 31,144 | 8,525 | 206,913 |
Financial_instruments_Tables
Financial instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 304 | 0 | 0 | 304 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 104,206 | 77 | 0 | 104,283 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 31,937 | 57,989 | 4,465 | 0 | 94,391 | |||||||||||||||||||||||
of which foreign governments | 31,708 | 4,869 | 454 | 0 | 37,031 | |||||||||||||||||||||||
of which corporates | 28 | 22,493 | 1,435 | 0 | 23,956 | |||||||||||||||||||||||
of which RMBS | 0 | 22,150 | 612 | 0 | 22,762 | |||||||||||||||||||||||
of which CMBS | 0 | 5,293 | 257 | 0 | 5,550 | |||||||||||||||||||||||
of which CDO | 0 | 3,185 | 1,421 | 0 | 4,606 | |||||||||||||||||||||||
Equity | 86,333 | 6,395 | 1,566 | 0 | 94,294 | |||||||||||||||||||||||
Derivatives | 4,467 | 615,639 | 6,823 | -588,917 | 38,012 | |||||||||||||||||||||||
of which interest rate products | 1,616 | 466,890 | 1,803 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 118 | 89,101 | 301 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,711 | 26,644 | 1,063 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 24,451 | 2,569 | – | – | |||||||||||||||||||||||
Other | 2,986 | 7,122 | 4,326 | 0 | 14,434 | |||||||||||||||||||||||
Trading assets | 125,723 | 687,145 | 17,180 | -588,917 | 241,131 | |||||||||||||||||||||||
Debt | 2,368 | 315 | 0 | 0 | 2,683 | |||||||||||||||||||||||
of which foreign governments | 2,066 | 0 | 0 | 0 | 2,066 | |||||||||||||||||||||||
of which corporates | 0 | 313 | 0 | 0 | 313 | |||||||||||||||||||||||
Equity | 2 | 103 | 3 | 0 | 108 | |||||||||||||||||||||||
Investment securities | 2,370 | 418 | 3 | 0 | 2,791 | |||||||||||||||||||||||
Private equity | 0 | 0 | 1,286 | 0 | 1,286 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 585 | 0 | 585 | |||||||||||||||||||||||
Hedge funds | 0 | 219 | 314 | 0 | 533 | |||||||||||||||||||||||
of which debt funds | 0 | 181 | 302 | 0 | 483 | |||||||||||||||||||||||
Other equity investments | 77 | 75 | 1,849 | 0 | 2,001 | |||||||||||||||||||||||
of which private | 0 | 70 | 1,850 | 0 | 1,920 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,834 | 0 | 1,834 | |||||||||||||||||||||||
Other investments | 77 | 294 | 5,283 | 0 | 5,654 | |||||||||||||||||||||||
Loans | 0 | 13,560 | 9,353 | 0 | 22,913 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 5,816 | 5,853 | 0 | 11,669 | |||||||||||||||||||||||
of which financial institutions | 0 | 6,227 | 1,494 | 0 | 7,721 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 70 | 0 | 70 | |||||||||||||||||||||||
Other assets | 2,457 | 23,489 | 7,468 | -1,094 | 32,320 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 16,107 | 6,851 | 0 | 22,958 | |||||||||||||||||||||||
Total assets at fair value | 156,656 | 830,241 | 39,434 | -590,011 | 436,320 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -75 | -133 | -821 | 0 | -1,029 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -9,123 | -3,155 | 0 | -12,278 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 156,581 | 820,985 | 35,458 | -590,011 | 423,013 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 823 | 0 | 0 | 823 | |||||||||||||||||||||||
Customer deposits | 0 | 3,161 | 100 | 0 | 3,261 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 54,732 | 0 | 0 | 54,732 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 11,678 | 4,914 | 1 | 0 | 16,593 | |||||||||||||||||||||||
of which foreign governments | 11,530 | 757 | 0 | 0 | 12,287 | |||||||||||||||||||||||
of which corporates | 21 | 3,917 | 1 | 0 | 3,939 | |||||||||||||||||||||||
Equity | 19,060 | 122 | 2 | 0 | 19,184 | |||||||||||||||||||||||
Derivatives | 4,594 | 619,787 | 6,414 | -593,917 | 36,878 | |||||||||||||||||||||||
of which interest rate products | 1,585 | 458,894 | 1,202 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 234 | 101,461 | 560 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,744 | 26,746 | 1,466 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 23,479 | 2,760 | – | – | |||||||||||||||||||||||
Trading liabilities | 35,332 | 624,823 | 6,417 | -593,917 | 72,655 | |||||||||||||||||||||||
Short-term borrowings | 0 | 3,766 | 95 | 0 | 3,861 | |||||||||||||||||||||||
Long-term debt | 0 | 66,558 | 14,608 | 0 | 81,166 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 8,616 | 0 | 0 | 8,616 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 31,083 | 10,267 | 0 | 41,350 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 10,126 | 2,952 | 0 | 13,078 | |||||||||||||||||||||||
Other liabilities | 0 | 14,795 | 3,363 | -1,220 | 16,938 | |||||||||||||||||||||||
of which failed sales | 0 | 652 | 616 | 0 | 1,268 | |||||||||||||||||||||||
Total liabilities at fair value | 61,361 | 769,483 | 24,583 | -595,137 | 260,290 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 527 | 0 | 0 | 527 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 311 | 0 | 0 | 311 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 96,383 | 204 | 0 | 96,587 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 41,829 | 63,218 | 5,069 | 0 | 110,116 | |||||||||||||||||||||||
of which foreign governments | 40,199 | 6,980 | 230 | 0 | 47,409 | |||||||||||||||||||||||
of which corporates | 14 | 24,268 | 2,128 | 0 | 26,410 | |||||||||||||||||||||||
of which RMBS | 0 | 23,343 | 436 | 0 | 23,779 | |||||||||||||||||||||||
of which CMBS | 0 | 5,255 | 417 | 0 | 5,672 | |||||||||||||||||||||||
of which CDO | 0 | 3,305 | 1,567 | 0 | 4,872 | |||||||||||||||||||||||
Equity | 70,322 | 5,778 | 595 | 0 | 76,695 | |||||||||||||||||||||||
Derivatives | 6,610 | 563,649 | 5,217 | -543,873 | 31,603 | |||||||||||||||||||||||
of which interest rate products | 1,065 | 444,056 | 1,574 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 8 | 60,807 | 484 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 5,278 | 28,763 | 1,240 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,662 | 1,138 | – | – | |||||||||||||||||||||||
Other | 3,691 | 4,479 | 2,829 | 0 | 10,999 | |||||||||||||||||||||||
Trading assets | 122,452 | 637,124 | 13,710 | -543,873 | 229,413 | |||||||||||||||||||||||
Debt | 1,788 | 1,098 | 0 | 0 | 2,886 | |||||||||||||||||||||||
of which foreign governments | 1,386 | 2 | 0 | 0 | 1,388 | |||||||||||||||||||||||
of which corporates | 0 | 606 | 0 | 0 | 606 | |||||||||||||||||||||||
of which CDO | 0 | 490 | 0 | 0 | 490 | |||||||||||||||||||||||
Equity | 2 | 97 | 2 | 0 | 101 | |||||||||||||||||||||||
Investment securities | 1,790 | 1,195 | 2 | 0 | 2,987 | |||||||||||||||||||||||
Private equity | 0 | 0 | 3,345 | 0 | 3,345 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 2,236 | 0 | 2,236 | |||||||||||||||||||||||
Hedge funds | 0 | 289 | 392 | 0 | 681 | |||||||||||||||||||||||
of which debt funds | 0 | 174 | 329 | 0 | 503 | |||||||||||||||||||||||
Other equity investments | 283 | 55 | 1,632 | 0 | 1,970 | |||||||||||||||||||||||
of which private | 0 | 15 | 1,630 | 0 | 1,645 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,600 | 0 | 1,600 | |||||||||||||||||||||||
Other investments | 283 | 344 | 6,969 | 0 | 7,596 | |||||||||||||||||||||||
Loans | 0 | 11,459 | 7,998 | 0 | 19,457 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 6,302 | 5,309 | 0 | 11,611 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,484 | 1,322 | 0 | 5,806 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 42 | 0 | 42 | |||||||||||||||||||||||
Other assets | 4,861 | 21,530 | 6,159 | -1,032 | 31,518 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 12,770 | 5,615 | 0 | 18,385 | |||||||||||||||||||||||
Total assets at fair value | 150,484 | 770,575 | 35,084 | -544,905 | 411,238 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -246 | -149 | -2,781 | 0 | -3,176 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -8,996 | -2,458 | 0 | -11,454 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 150,238 | 761,430 | 29,845 | -544,905 | 396,608 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 1,450 | 0 | 0 | 1,450 | |||||||||||||||||||||||
Customer deposits | 0 | 3,197 | 55 | 0 | 3,252 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 75,990 | 114 | 0 | 76,104 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 19,037 | 5,311 | 2 | 0 | 24,350 | |||||||||||||||||||||||
of which foreign governments | 18,863 | 603 | 0 | 0 | 19,466 | |||||||||||||||||||||||
of which corporates | 1 | 4,130 | 2 | 0 | 4,133 | |||||||||||||||||||||||
Equity | 15,476 | 309 | 17 | 0 | 15,802 | |||||||||||||||||||||||
Derivatives | 5,879 | 572,444 | 5,545 | -547,385 | 36,483 | |||||||||||||||||||||||
of which interest rate products | 896 | 439,446 | 1,129 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 14 | 71,547 | 938 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 4,691 | 30,622 | 1,896 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,942 | 1,230 | – | – | |||||||||||||||||||||||
Trading liabilities | 40,392 | 578,064 | 5,564 | -547,385 | 76,635 | |||||||||||||||||||||||
Short-term borrowings | 0 | 5,888 | 165 | 0 | 6,053 | |||||||||||||||||||||||
Long-term debt | 0 | 53,589 | 9,780 | 0 | 63,369 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 9,081 | 0 | 0 | 9,081 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 20,679 | 6,217 | 0 | 26,896 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 9,509 | 2,552 | 0 | 12,061 | |||||||||||||||||||||||
Other liabilities | 0 | 19,511 | 2,861 | -399 | 21,973 | |||||||||||||||||||||||
of which failed sales | 0 | 638 | 1,143 | 0 | 1,781 | |||||||||||||||||||||||
Total liabilities at fair value | 61,490 | 739,391 | 18,539 | -547,784 | 271,636 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | Transfers between level 1 and level 2 | |||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Transfers | Transfers | Transfers | Transfers | |||||||||||||||||||||||||
to level 1 | out of level 1 | to level 1 | out of level 1 | |||||||||||||||||||||||||
out of level 2 | to level 2 | out of level 2 | to level 2 | |||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 1,108 | 533 | 499 | 92 | ||||||||||||||||||||||||
Equity | 513 | 391 | 437 | 183 | ||||||||||||||||||||||||
Derivatives | 5,785 | 500 | 5,090 | 2 | ||||||||||||||||||||||||
Trading assets | 7,406 | 1,424 | 6,026 | 277 | ||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Debt | 861 | 658 | 11 | 18 | ||||||||||||||||||||||||
Equity | 133 | 90 | 248 | 17 | ||||||||||||||||||||||||
Derivatives | 6,073 | 87 | 4,433 | 11 | ||||||||||||||||||||||||
Trading liabilities | 7,067 | 835 | 4,692 | 46 | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 | Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2014 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | 0 | -151 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 77 | |||||||||||||||
Debt | 5,069 | 1,260 | -3,018 | 5,554 | -5,435 | 0 | 0 | -60 | 535 | 0 | 0 | 560 | 4,465 | |||||||||||||||
of which corporates | 2,128 | 392 | -756 | 1,161 | -2,004 | 0 | 0 | -68 | 402 | 0 | 0 | 180 | 1,435 | |||||||||||||||
of which RMBS | 436 | 625 | -676 | 732 | -659 | 0 | 0 | 11 | 81 | 0 | 0 | 62 | 612 | |||||||||||||||
of which CMBS | 417 | 105 | -392 | 415 | -282 | 0 | 0 | 0 | -58 | 0 | 0 | 52 | 257 | |||||||||||||||
of which CDO | 1,567 | 112 | -697 | 2,593 | -2,402 | 0 | 0 | -8 | 61 | 0 | 0 | 195 | 1,421 | |||||||||||||||
Equity | 595 | 939 | -469 | 727 | -554 | 0 | 0 | 35 | 196 | 0 | 0 | 97 | 1,566 | |||||||||||||||
Derivatives | 5,217 | 2,156 | -1,168 | 0 | 0 | 2,330 | -3,334 | 110 | 941 | 0 | 0 | 571 | 6,823 | |||||||||||||||
of which interest rate products | 1,574 | 70 | -40 | 0 | 0 | 197 | -574 | 13 | 393 | 0 | 0 | 170 | 1,803 | |||||||||||||||
of which equity/index-related products | 1,240 | 132 | -534 | 0 | 0 | 405 | -417 | 120 | -26 | 0 | 0 | 143 | 1,063 | |||||||||||||||
of which credit derivatives | 1,138 | 1,891 | -575 | 0 | 0 | 536 | -899 | -28 | 379 | 0 | 0 | 127 | 2,569 | |||||||||||||||
Other | 2,829 | 863 | -878 | 4,168 | -3,288 | 0 | -201 | 17 | 404 | 0 | 0 | 412 | 4,326 | |||||||||||||||
Trading assets | 13,710 | 5,218 | -5,533 | 10,449 | -9,277 | 2,330 | -3,535 | 102 | 2,076 | 0 | 0 | 1,640 | 17,180 | |||||||||||||||
Investment securities | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |||||||||||||||
Equity | 5,369 | 2 | -22 | 774 | -3,551 | 0 | 0 | 0 | 22 | 0 | 531 | 324 | 3,449 | |||||||||||||||
Life finance instruments | 1,600 | 0 | 0 | 204 | -333 | 0 | 0 | 0 | 179 | 0 | 0 | 184 | 1,834 | |||||||||||||||
Other investments | 6,969 | 2 | -22 | 978 | -3,884 | 0 | 0 | 0 | 201 | 0 | 531 | 508 | 5,283 | |||||||||||||||
Loans | 7,998 | 500 | -601 | 1,024 | -2,012 | 4,878 | -3,168 | 3 | -173 | 0 | -2 | 906 | 9,353 | |||||||||||||||
of which commercial and industrial loans | 5,309 | 253 | -349 | 368 | -1,098 | 3,346 | -2,428 | 1 | -118 | 0 | -4 | 573 | 5,853 | |||||||||||||||
of which financial institutions | 1,322 | 156 | -163 | 16 | -422 | 943 | -482 | 0 | -33 | 0 | 5 | 152 | 1,494 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | 0 | 0 | 29 | 0 | 0 | 0 | 0 | -7 | 0 | 0 | 6 | 70 | |||||||||||||||
Other assets | 6,159 | 3,165 | -3,205 | 7,852 | -6,713 | 845 | -1,448 | 165 | -5 | 0 | 0 | 653 | 7,468 | |||||||||||||||
of which loans held-for-sale 2 | 5,615 | 3,154 | -3,174 | 7,486 | -6,382 | 845 | -1,448 | 169 | -2 | 0 | -1 | 589 | 6,851 | |||||||||||||||
Total assets at fair value | 35,084 | 8,885 | -9,512 | 20,332 | -21,886 | 8,053 | -8,151 | 270 | 2,092 | 0 | 529 | 3,738 | 39,434 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 55 | 0 | 0 | 0 | 0 | 45 | -19 | 0 | 16 | 0 | 0 | 3 | 100 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | 0 | -127 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 0 | |||||||||||||||
Trading liabilities | 5,564 | 2,471 | -1,655 | 36 | -39 | 1,526 | -2,778 | 251 | 469 | 0 | 0 | 572 | 6,417 | |||||||||||||||
of which interest rate derivatives | 1,129 | 56 | -109 | 0 | 0 | 72 | -499 | 1 | 429 | 0 | 0 | 123 | 1,202 | |||||||||||||||
of which foreign exchange derivatives | 938 | 0 | -2 | 0 | 0 | 5 | -239 | -4 | -205 | 0 | 0 | 67 | 560 | |||||||||||||||
of which equity/index-related derivatives | 1,896 | 478 | -941 | 0 | 0 | 656 | -890 | 273 | -201 | 0 | 0 | 195 | 1,466 | |||||||||||||||
of which credit derivatives | 1,230 | 1,906 | -587 | 0 | 0 | 473 | -885 | -16 | 496 | 0 | 0 | 143 | 2,760 | |||||||||||||||
Short-term borrowings | 165 | 67 | -74 | 0 | 0 | 382 | -456 | -3 | 0 | 0 | 0 | 14 | 95 | |||||||||||||||
Long-term debt | 9,780 | 2,441 | -3,475 | 0 | 0 | 8,432 | -3,870 | 144 | -338 | 0 | 0 | 1,494 | 14,608 | |||||||||||||||
of which structured notes over two years | 6,217 | 1,468 | -1,931 | 0 | 0 | 5,930 | -2,027 | -6 | -406 | 0 | 0 | 1,022 | 10,267 | |||||||||||||||
of which non-recourse liabilities | 2,552 | 924 | -1,007 | 0 | 0 | 1,170 | -1,153 | 155 | 10 | 0 | 0 | 301 | 2,952 | |||||||||||||||
Other liabilities | 2,861 | 121 | -133 | 530 | -1,215 | 649 | -233 | 11 | 114 | 3 | 361 | 294 | 3,363 | |||||||||||||||
of which failed sales | 1,143 | 76 | -50 | 292 | -949 | 0 | 0 | 0 | 29 | 0 | -2 | 77 | 616 | |||||||||||||||
Total liabilities at fair value | 18,539 | 5,100 | -5,464 | 566 | -1,254 | 11,034 | -7,356 | 403 | 261 | 3 | 361 | 2,390 | 24,583 | |||||||||||||||
Net assets/(liabilities) at fair value | 16,545 | 3,785 | -4,048 | 19,766 | -20,632 | -2,981 | -795 | -133 | 1,831 | -3 | 168 | 1,348 | 14,851 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Includes unrealized losses recorded in trading revenues of CHF (22) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2013 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 | 0 | 0 | 362 | -153 | 0 | 4 | 0 | 0 | -9 | 204 | |||||||||||||||
Debt | 5,888 | 1,418 | -1,977 | 6,363 | -7,043 | 0 | 0 | 165 | 465 | 0 | 0 | -210 | 5,069 | |||||||||||||||
of which corporates | 3,192 | 571 | -552 | 1,759 | -3,022 | 0 | 0 | 109 | 157 | 0 | 0 | -86 | 2,128 | |||||||||||||||
of which RMBS | 724 | 467 | -690 | 1,012 | -1,162 | 0 | 0 | 11 | 91 | 0 | 0 | -17 | 436 | |||||||||||||||
of which CMBS | 1,023 | 86 | -310 | 497 | -866 | 0 | 0 | -4 | 15 | 0 | 0 | -24 | 417 | |||||||||||||||
of which CDO | 447 | 55 | -357 | 3,072 | -1,810 | 0 | 0 | 36 | 197 | 0 | 0 | -73 | 1,567 | |||||||||||||||
Equity | 485 | 303 | -237 | 405 | -431 | 0 | 0 | 20 | 68 | -1 | 0 | -17 | 595 | |||||||||||||||
Derivatives | 6,650 | 1,442 | -2,208 | 0 | 0 | 1,766 | -2,446 | 230 | -53 | 0 | 0 | -164 | 5,217 | |||||||||||||||
of which interest rate products | 1,859 | 244 | -363 | 0 | 0 | 279 | -663 | 8 | 249 | 0 | 0 | -39 | 1,574 | |||||||||||||||
of which equity/index-related products | 1,920 | 223 | -1,020 | 0 | 0 | 207 | -538 | 184 | 330 | 0 | 0 | -66 | 1,240 | |||||||||||||||
of which credit derivatives | 1,294 | 923 | -633 | 0 | 0 | 627 | -631 | 38 | -461 | 0 | 0 | -19 | 1,138 | |||||||||||||||
Other | 2,486 | 288 | -487 | 3,266 | -2,656 | 0 | -65 | 8 | 83 | 0 | 0 | -94 | 2,829 | |||||||||||||||
Trading assets | 15,509 | 3,451 | -4,909 | 10,034 | -10,130 | 1,766 | -2,511 | 423 | 563 | -1 | 0 | -485 | 13,710 | |||||||||||||||
Investment securities | 170 | 0 | -230 | 165 | -82 | 0 | 0 | 0 | 9 | 0 | 0 | -30 | 2 | |||||||||||||||
Equity | 6,366 | 106 | -63 | 1,526 | -3,220 | 0 | 0 | 0 | -3 | 0 | 791 | -134 | 5,369 | |||||||||||||||
Life finance instruments | 1,818 | 0 | 0 | 189 | -365 | 0 | 0 | 0 | 1 | 0 | 0 | -43 | 1,600 | |||||||||||||||
Other investments | 8,184 | 106 | -63 | 1,715 | -3,585 | 0 | 0 | 0 | -2 | 0 | 791 | -177 | 6,969 | |||||||||||||||
Loans | 6,619 | 320 | -1,561 | 800 | -1,673 | 6,767 | -2,920 | 0 | -21 | 0 | 0 | -333 | 7,998 | |||||||||||||||
of which commercial and industrial loans | 4,778 | 305 | -315 | 727 | -1,280 | 3,541 | -2,171 | 1 | -85 | 0 | 0 | -192 | 5,309 | |||||||||||||||
of which financial institutions | 1,530 | 15 | -6 | 71 | -207 | 651 | -650 | 0 | -48 | 0 | 0 | -34 | 1,322 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 43 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | -12 | -1 | 42 | |||||||||||||||
Other assets | 5,164 | 3,552 | -2,998 | 4,781 | -4,213 | 1,034 | -1,148 | 5 | 199 | 0 | 0 | -217 | 6,159 | |||||||||||||||
of which loans held-for-sale | 4,463 | 3,539 | -2,918 | 4,456 | -3,964 | 1,034 | -1,147 | 5 | 348 | 0 | 0 | -201 | 5,615 | |||||||||||||||
Total assets at fair value | 35,689 | 7,429 | -9,761 | 17,507 | -19,683 | 9,929 | -6,732 | 428 | 752 | -1 | 779 | -1,252 | 35,084 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 25 | 0 | 0 | 0 | 0 | 51 | -3 | 0 | -13 | 0 | 0 | -5 | 55 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 | 0 | 0 | 119 | 0 | 0 | 0 | 0 | 0 | -5 | 114 | |||||||||||||||
Trading liabilities | 5,356 | 1,503 | -1,537 | 66 | -197 | 1,561 | -2,556 | 235 | 1,302 | 0 | 0 | -169 | 5,564 | |||||||||||||||
of which interest rate derivatives | 1,357 | 75 | -134 | 0 | 0 | 107 | -508 | 10 | 254 | 0 | 0 | -32 | 1,129 | |||||||||||||||
of which foreign exchange derivatives | 1,648 | 13 | -21 | 0 | 0 | 15 | -662 | -16 | -21 | 0 | 0 | -18 | 938 | |||||||||||||||
of which equity/index-related derivatives | 1,003 | 360 | -676 | 0 | 0 | 632 | -380 | 210 | 831 | 0 | 0 | -84 | 1,896 | |||||||||||||||
of which credit derivatives | 819 | 1,001 | -590 | 0 | 0 | 655 | -856 | 39 | 186 | 0 | 0 | -24 | 1,230 | |||||||||||||||
Short-term borrowings | 124 | 43 | -99 | 0 | 0 | 318 | -216 | 0 | 3 | 0 | 0 | -8 | 165 | |||||||||||||||
Long-term debt | 10,098 | 2,322 | -2,375 | 0 | 0 | 5,006 | -5,330 | 25 | 321 | 0 | -1 | -286 | 9,780 | |||||||||||||||
of which structured notes over two years | 6,189 | 453 | -1,226 | 0 | 0 | 3,602 | -2,534 | -18 | -36 | 0 | -1 | -212 | 6,217 | |||||||||||||||
of which non-recourse liabilities | 2,551 | 1,836 | -670 | 0 | 0 | 818 | -2,128 | 24 | 151 | 0 | 0 | -30 | 2,552 | |||||||||||||||
Other liabilities | 2,848 | 227 | -149 | 213 | -393 | 10 | -86 | -17 | 70 | 26 | 217 | -105 | 2,861 | |||||||||||||||
of which failed sales | 1,160 | 176 | -82 | 154 | -308 | 0 | 0 | 0 | 72 | 0 | 0 | -29 | 1,143 | |||||||||||||||
Total liabilities at fair value | 18,451 | 4,095 | -4,160 | 279 | -590 | 7,065 | -8,191 | 243 | 1,683 | 26 | 216 | -578 | 18,539 | |||||||||||||||
Net assets/(liabilities) at fair value | 17,238 | 3,334 | -5,601 | 17,228 | -19,093 | 2,864 | 1,459 | 185 | -931 | -27 | 563 | -674 | 16,545 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | |||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Trading | Other | Total | Trading | Other | Total | |||||||||||||||||||||||
revenues | revenues | revenues | revenues | revenues | revenues | |||||||||||||||||||||||
Gains and losses on assets and liabilities (CHF million) | ||||||||||||||||||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | 1,698 | 165 | 1,863 | 1 | -746 | 536 | -210 | 1 | ||||||||||||||||||||
Whereof: | ||||||||||||||||||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -834 | 18 | -816 | -2,850 | 414 | -2,436 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets and liabilities at fair value | Quantitative information about level 3 assets at fair value | |||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77 | Discounted cash flow | Funding spread, in bp | 350 | 350 | 350 | ||||||||||||||||||||||
Debt | 4,465 | |||||||||||||||||||||||||||
of which corporates | 1,435 | |||||||||||||||||||||||||||
of which | 201 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which | 180 | Market comparable | Price, in % | 0 | 124 | 67 | ||||||||||||||||||||||
of which | 1,051 | Discounted cash flow | Credit spread, in bp | 9 | 1,644 | 361 | ||||||||||||||||||||||
of which RMBS | 612 | Discounted cash flow | Discount rate, in % | 1 | 31 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 29 | 8 | |||||||||||||||||||||||||
Default rate, in % | 1 | 19 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 50 | |||||||||||||||||||||||||
of which CMBS | 257 | Discounted cash flow | Capitalization rate, in % | 7 | 10 | 8 | ||||||||||||||||||||||
Discount rate, in % | 0 | 28 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 12 | |||||||||||||||||||||||||
Default rate, in % | 0 | 21 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 35 | 3 | |||||||||||||||||||||||||
of which CDO | 1,421 | |||||||||||||||||||||||||||
of which | 89 | Vendor price | Price, in % | 0 | 100 | 95 | ||||||||||||||||||||||
of which | 286 | Discounted cash flow | Discount rate, in % | 3 | 23 | 7 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 17 | |||||||||||||||||||||||||
Default rate, in % | 0 | 7 | 2 | |||||||||||||||||||||||||
Loss severity, in % | 3 | 100 | 35 | |||||||||||||||||||||||||
of which | 837 | Market comparable | Price, in % | 93 | 196 | 191 | ||||||||||||||||||||||
Equity | 1,566 | |||||||||||||||||||||||||||
of which | 765 | Market comparable | EBITDA multiple | 3 | 13 | 9 | ||||||||||||||||||||||
Price, in % | 1 | 163 | 51 | |||||||||||||||||||||||||
of which | 26 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Derivatives | 6,823 | |||||||||||||||||||||||||||
of which interest rate products | 1,803 | Option model | Correlation, in % | 9 | 100 | 76 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 24 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 3 | -1 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 10 | ||||||||||||||||||||||||
Credit spread, in bp | 229 | 1,218 | 1,046 | |||||||||||||||||||||||||
of which equity/index-related products | 1,063 | Option model | Correlation, in % | -88 | 97 | 8 | ||||||||||||||||||||||
Volatility, in % | 0 | 276 | 27 | |||||||||||||||||||||||||
of which credit derivatives | 2,569 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 614 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 20 | |||||||||||||||||||||||||
Discount rate, in % | 1 | 38 | 18 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 46 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 9 | 4 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 106 | 80 | |||||||||||||||||||||||||
Other | 4,326 | |||||||||||||||||||||||||||
of which | 3,493 | Market comparable | Price, in % | 0 | 104 | 50 | ||||||||||||||||||||||
of which | 770 | Discounted cash flow | Market implied life expectancy, in years | 3 | 20 | 9 | ||||||||||||||||||||||
Trading assets | 17,180 | |||||||||||||||||||||||||||
Investment securities | 3 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 1,286 | – | 3 | – | 3 | – | 3 | – | 3 | – | 3 | |||||||||||||||||
Hedge funds | 314 | – | 3 | – | 3 | – | 3 | – | 3 | – | 3 | |||||||||||||||||
Other equity investments | 1,849 | |||||||||||||||||||||||||||
of which private | 1,850 | |||||||||||||||||||||||||||
of which | 337 | Discounted cash flow | Contingent probability, in % | 69 | 69 | 69 | ||||||||||||||||||||||
of which | 1,051 | – | 3 | – | 3 | – | 3 | – | 3 | – | 3 | |||||||||||||||||
Life finance instruments | 1,834 | Discounted cash flow | Market implied life expectancy, in years | 2 | 21 | 8 | ||||||||||||||||||||||
Other investments | 5,283 | |||||||||||||||||||||||||||
Loans | 9,353 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,853 | |||||||||||||||||||||||||||
of which | 5,011 | Discounted cash flow | Credit spread, in bp | 34 | 2,528 | 462 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 100 | 68 | |||||||||||||||||||||||||
of which | 650 | Market comparable | Price, in % | 0 | 100 | 82 | ||||||||||||||||||||||
of which financial institutions | 1,494 | Discounted cash flow | Credit spread, in bp | 60 | 813 | 304 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 70 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 7,468 | |||||||||||||||||||||||||||
of which loans held-for-sale | 6,851 | |||||||||||||||||||||||||||
of which | 2,654 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 1,321 | Discounted cash flow | Credit spread, in bp | 146 | 2,047 | 334 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 39 | 30 | |||||||||||||||||||||||||
of which | 2,430 | Market comparable | Price, in % | 0 | 100 | 67 | ||||||||||||||||||||||
Total level 3 assets at fair value | 39,434 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | Discounted cash flow | Funding spread, in bp | 90 | 350 | 178 | ||||||||||||||||||||||
Debt | 5,069 | |||||||||||||||||||||||||||
of which corporates | 2,128 | |||||||||||||||||||||||||||
of which | 129 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which | 592 | Market comparable | Price, in % | 0 | 112 | 91 | ||||||||||||||||||||||
of which | 807 | Discounted cash flow | Credit spread, in bp | 22 | 957 | 348 | ||||||||||||||||||||||
of which RMBS | 436 | Discounted cash flow | Discount rate, in % | 2 | 33 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 27 | 7 | |||||||||||||||||||||||||
Default rate, in % | 0 | 25 | 5 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 48 | |||||||||||||||||||||||||
of which CMBS | 417 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | 9 | ||||||||||||||||||||||
Discount rate, in % | 1 | 30 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 18 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 40 | 3 | |||||||||||||||||||||||||
of which CDO | 1,567 | |||||||||||||||||||||||||||
of which | 118 | Vendor price | Price, in % | 0 | 100 | 94 | ||||||||||||||||||||||
of which | 278 | Discounted cash flow | Discount rate, in % | 2 | 24 | 6 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 7 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 25 | 100 | 68 | |||||||||||||||||||||||||
of which | 423 | Market comparable | Price, in % | 85 | 101 | 98 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Equity | 595 | |||||||||||||||||||||||||||
of which | 270 | Market comparable | EBITDA multiple | 3 | 12 | 7 | ||||||||||||||||||||||
of which | 35 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,217 | |||||||||||||||||||||||||||
of which interest rate products | 1,574 | Option model | Correlation, in % | 15 | 100 | 82 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 24 | |||||||||||||||||||||||||
Volatility, in % | 2 | 31 | 6 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 95 | 2,054 | 218 | |||||||||||||||||||||||||
of which equity/index-related products | 1,240 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
of which credit derivatives | 1,138 | Discounted cash flow | Credit spread, in bp | 1 | 2,054 | 298 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 25 | |||||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 16 | 6 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 59 | |||||||||||||||||||||||||
Correlation, in % | 34 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 5 | |||||||||||||||||||||||||
Other | 2,829 | |||||||||||||||||||||||||||
of which | 2,139 | Market comparable | Price, in % | 0 | 146 | 34 | ||||||||||||||||||||||
of which | 589 | Discounted cash flow | Market implied life expectancy, in years | 3 | 19 | 9 | ||||||||||||||||||||||
Trading assets | 13,710 | |||||||||||||||||||||||||||
Investment securities | 2 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 3,345 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 392 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,632 | |||||||||||||||||||||||||||
of which private | 1,630 | |||||||||||||||||||||||||||
of which | 384 | Discounted cash flow | Credit spread, in bp | 897 | 3,175 | 1,207 | ||||||||||||||||||||||
Contingent probability, in % | 59 | 59 | 59 | |||||||||||||||||||||||||
of which | 813 | Market comparable | EBITDA multiple | 1 | 10 | 8 | ||||||||||||||||||||||
Life finance instruments | 1,600 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 9 | ||||||||||||||||||||||
Other investments | 6,969 | |||||||||||||||||||||||||||
Loans | 7,998 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,309 | |||||||||||||||||||||||||||
of which | 4,526 | Discounted cash flow | Credit spread, in bp | 50 | 2,488 | 504 | ||||||||||||||||||||||
of which | 326 | Market comparable | Price, in % | 0 | 100 | 69 | ||||||||||||||||||||||
of which financial institutions | 1,322 | Discounted cash flow | Credit spread, in bp | 98 | 884 | 302 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 6,159 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,615 | |||||||||||||||||||||||||||
of which | 1,954 | Vendor price | Price, in % | 0 | 160 | 99 | ||||||||||||||||||||||
of which | 1,042 | Discounted cash flow | Credit spread, in bp | 75 | 2,389 | 467 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 0 | |||||||||||||||||||||||||
of which | 2,420 | Market comparable | Price, in % | 0 | 105 | 59 | ||||||||||||||||||||||
Total level 3 assets at fair value | 35,084 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 100 | – | – | – | – | – | ||||||||||||||||||||||
Trading liabilities | 6,417 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,202 | Option model | Basis spread, in bp | -11 | 85 | 44 | ||||||||||||||||||||||
Correlation, in % | 9 | 100 | 78 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 9 | ||||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 21 | |||||||||||||||||||||||||
Gap risk, in % | 3 | 20 | 20 | 20 | ||||||||||||||||||||||||
of which foreign exchange derivatives | 560 | Option model | Correlation, in % | -10 | 70 | 50 | ||||||||||||||||||||||
Prepayment rate, in % | 22 | 33 | 28 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,466 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Skew, in % | 44 | 260 | 110 | |||||||||||||||||||||||||
Volatility, in % | 1 | 276 | 27 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which credit derivatives | 2,760 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 508 | ||||||||||||||||||||||
Discount rate, in % | 2 | 34 | 17 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 28 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 9 | 94 | 57 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 82 | 64 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 12 | 4 | |||||||||||||||||||||||||
Short-term borrowings | 95 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 14,608 | |||||||||||||||||||||||||||
of which structured notes over two years | 10,267 | |||||||||||||||||||||||||||
of which | 8,002 | Option model | Correlation, in % | -88 | 99 | 18 | ||||||||||||||||||||||
Volatility, in % | 4 | 276 | 30 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
Gap risk, in % | 3 | 0 | 3 | 0 | ||||||||||||||||||||||||
of which | 515 | Discounted cash flow | Credit spread, in bp | 228 | 597 | 455 | ||||||||||||||||||||||
of which non-recourse liabilities | 2,952 | |||||||||||||||||||||||||||
of which | 2,766 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 90 | Market comparable | Price, in % | 0 | 100 | 7 | ||||||||||||||||||||||
Other liabilities | 3,363 | |||||||||||||||||||||||||||
of which failed sales | 616 | |||||||||||||||||||||||||||
of which | 450 | Market comparable | Price, in % | 0 | 103 | 63 | ||||||||||||||||||||||
of which | 124 | Discounted cash flow | Credit spread, in bp | 852 | 1,286 | 912 | ||||||||||||||||||||||
Recovery rate, in % | 39 | 39 | 39 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 24,583 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 55 | – | – | – | – | – | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | Discounted cash flow | Funding spread, in bp | 90 | 90 | 90 | ||||||||||||||||||||||
Trading liabilities | 5,564 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,129 | Option model | Basis spread, in bp | -5 | 148 | 74 | ||||||||||||||||||||||
Correlation, in % | 17 | 99 | 62 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 6 | ||||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 23 | |||||||||||||||||||||||||
of which foreign exchange derivatives | 938 | Option model | Correlation, in % | -10 | 70 | 48 | ||||||||||||||||||||||
Prepayment rate, in % | 19 | 31 | 25 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,896 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Skew, in % | 79 | 152 | 118 | |||||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which credit derivatives | 1,230 | Discounted cash flow | Credit spread, in bp | 1 | 2,052 | 252 | ||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 6 | |||||||||||||||||||||||||
Recovery rate, in % | 14 | 77 | 43 | |||||||||||||||||||||||||
Loss severity, in % | 6 | 100 | 62 | |||||||||||||||||||||||||
Correlation, in % | 34 | 98 | 55 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 2 | |||||||||||||||||||||||||
Short-term borrowings | 165 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 9,780 | |||||||||||||||||||||||||||
of which structured notes over two years | 6,217 | Option model | Correlation, in % | -83 | 99 | 16 | ||||||||||||||||||||||
Volatility, in % | 5 | 252 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
Gap risk, in % | 4 | 0 | 5 | 0 | ||||||||||||||||||||||||
of which non-recourse liabilities | 2,552 | |||||||||||||||||||||||||||
of which | 2,105 | Vendor price | Price, in % | 0 | 217 | 104 | ||||||||||||||||||||||
of which | 301 | Market comparable | Price, in % | 0 | 93 | 13 | ||||||||||||||||||||||
Other liabilities | 2,861 | |||||||||||||||||||||||||||
of which failed sales | 1,143 | |||||||||||||||||||||||||||
of which | 829 | Market comparable | Price, in % | 0 | 100 | 63 | ||||||||||||||||||||||
of which | 195 | Discounted cash flow | Credit spread, in bp | 813 | 1,362 | 1,185 | ||||||||||||||||||||||
Recovery rate, in % | 23 | 23 | 23 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,539 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions | |||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Redeemable | Unfunded | Redeemable | Unfunded | |||||||||||||||||||||||||
Non- | Total | commit- | Non- | Total | commit- | |||||||||||||||||||||||
redeemable | fair value | ments | redeemable | fair value | ments | |||||||||||||||||||||||
Fair value and unfunded commitments (CHF million) | ||||||||||||||||||||||||||||
Debt funds | 7 | 106 | 113 | 0 | 1 | 18 | 19 | 0 | ||||||||||||||||||||
Equity funds | 102 | 1,842 | 1 | 1,944 | 0 | 28 | 3,096 | 2 | 3,124 | 0 | ||||||||||||||||||
Equity funds sold short | 0 | -42 | -42 | 0 | 0 | -17 | -17 | 0 | ||||||||||||||||||||
Total funds held in trading assets and liabilities | 109 | 1,906 | 2,015 | 0 | 29 | 3,097 | 3,126 | 0 | ||||||||||||||||||||
Debt funds | 296 | 187 | 483 | 1 | 320 | 183 | 503 | 6 | ||||||||||||||||||||
Equity funds | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 0 | ||||||||||||||||||||
Others | 0 | 50 | 50 | 0 | 0 | 153 | 153 | 31 | ||||||||||||||||||||
Hedge funds | 296 | 237 | 3 | 533 | 1 | 320 | 361 | 4 | 681 | 37 | ||||||||||||||||||
Debt funds | 17 | 0 | 17 | 15 | 53 | 0 | 53 | 2 | ||||||||||||||||||||
Equity funds | 585 | 0 | 585 | 123 | 2,236 | 0 | 2,236 | 464 | ||||||||||||||||||||
Real estate funds | 302 | 0 | 302 | 98 | 350 | 0 | 350 | 110 | ||||||||||||||||||||
Others | 382 | 0 | 382 | 158 | 706 | 0 | 706 | 250 | ||||||||||||||||||||
Private equities | 1,286 | 0 | 1,286 | 394 | 3,345 | 0 | 3,345 | 826 | ||||||||||||||||||||
Equity method investments | 378 | 43 | 421 | 0 | 349 | 0 | 349 | 0 | ||||||||||||||||||||
Total funds held in other investments | 1,960 | 280 | 2,240 | 395 | 4,014 | 361 | 4,375 | 863 | ||||||||||||||||||||
Total fair value | 2,069 | 5 | 2,186 | 6 | 4,255 | 395 | 7 | 4,043 | 5 | 3,458 | 6 | 7,501 | 863 | 7 | ||||||||||||||
1 | ||||||||||||||||||||||||||||
42 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days , 28 % is redeemable on an annual basis with a notice period of more than 60 days , 16 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 14 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
87 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , and 11 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||
Includes CHF 612 million and CHF 1,819 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||
Includes CHF 138 million and CHF 107 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||
Includes CHF 185 million and CHF 405 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | Nonrecurring fair value changes | |||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) | ||||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis | 1.4 | 0.3 | ||||||||||||||||||||||||||
of which level 2 | 1.2 | 0 | ||||||||||||||||||||||||||
of which level 3 | 0.2 | 0.3 | ||||||||||||||||||||||||||
Difference between the aggregate fair value and the aggregate unpaid principal balances on loans and financial instruments | Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments | |||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Aggregate | Aggregate | Difference | Aggregate | Aggregate | Difference | |||||||||||||||||||||||
fair | unpaid | fair | unpaid | |||||||||||||||||||||||||
value | principal | value | principal | |||||||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||||||
Non-interest-earning loans | 1,147 | 3,816 | -2,669 | 956 | 3,262 | -2,306 | ||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 0 | 0 | 311 | 307 | 4 | ||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 104,027 | 256 | 96,587 | 96,217 | 370 | ||||||||||||||||||||||
Loans | 22,913 | 23,782 | -869 | 19,457 | 19,653 | -196 | ||||||||||||||||||||||
Other assets 1 | 26,088 | 33,091 | -7,003 | 20,749 | 25,756 | -5,007 | ||||||||||||||||||||||
Due to banks and customer deposits | -914 | -873 | -41 | -690 | -680 | -10 | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,732 | -54,661 | -71 | -76,104 | -76,012 | -92 | ||||||||||||||||||||||
Short-term borrowings | -3,861 | -3,918 | 57 | -6,053 | -5,896 | -157 | ||||||||||||||||||||||
Long-term debt | -81,166 | -81,322 | 156 | -63,369 | -62,991 | -378 | ||||||||||||||||||||||
Other liabilities | -1,268 | -2,767 | 1,499 | -1,780 | -3,285 | 1,505 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily loans held-for-sale. | ||||||||||||||||||||||||||||
Gains and losses on financial instruments | Gains and losses on financial instruments | |||||||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Net | Net | Net | ||||||||||||||||||||||||||
gains/ | gains/ | gains/ | ||||||||||||||||||||||||||
(losses) | (losses) | (losses) | ||||||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 0 | -13 | 2 | ||||||||||||||||||||||||
of which related to credit risk | 0 | 0 | -13 | |||||||||||||||||||||||||
Interest-bearing deposits with banks | 8 | 1 | 10 | 1 | 12 | 1 | ||||||||||||||||||||||
of which related to credit risk | -2 | -3 | 3 | |||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 913 | 1 | 1,143 | 1 | 1,183 | 1 | ||||||||||||||||||||||
Other trading assets | 0 | 0 | 10 | 2 | ||||||||||||||||||||||||
Other investments | 370 | 3 | 126 | 3 | 144 | 3 | ||||||||||||||||||||||
of which related to credit risk | 5 | 11 | 34 | |||||||||||||||||||||||||
Loans | 10 | 2 | 1,470 | 1 | 925 | 1 | ||||||||||||||||||||||
of which related to credit risk | -151 | 26 | 318 | |||||||||||||||||||||||||
Other assets | 1,302 | 1 | 2,058 | 1 | 2,641 | 1 | ||||||||||||||||||||||
of which related to credit risk | 387 | 604 | 355 | |||||||||||||||||||||||||
Due to banks and customer deposits | -59 | 2 | 0 | -22 | 1 | |||||||||||||||||||||||
of which related to credit risk | -17 | -5 | 8 | |||||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 205 | 2 | -67 | 1 | -114 | 1 | ||||||||||||||||||||||
Short-term borrowings | 152 | 2 | -256 | 2 | -350 | 2 | ||||||||||||||||||||||
Long-term debt | 858 | 2 | -2,759 | 2 | -7,905 | 2 | ||||||||||||||||||||||
of which related to credit risk 4 | 599 | -384 | -2,552 | |||||||||||||||||||||||||
Other liabilities | -169 | 2 | 441 | 2 | 826 | 2 | ||||||||||||||||||||||
of which related to credit risk | -156 | 112 | 912 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily recognized in net interest income. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily recognized in trading revenues. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Primarily recognized in other revenues. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF 336 million and CHF 261 million in 2014, respectively, CHF (268) million and CHF (111) million in 2013, respectively, and CHF (1,663) million and CHF (931) million in 2012, respectively. | ||||||||||||||||||||||||||||
Carrying value and estimated fair values of financial instruments | Carrying value and fair value of financial instruments not carried at fair value | |||||||||||||||||||||||||||
Carrying | Fair value | |||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 0 | 58,925 | 0 | 58,925 | |||||||||||||||||||||||
Loans | 245,866 | 0 | 248,969 | 3,678 | 252,647 | |||||||||||||||||||||||
Other financial assets 1 | 148,473 | 80,520 | 66,714 | 1,579 | 148,813 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 390,984 | 217,482 | 173,501 | 0 | 390,983 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 0 | 15,387 | 0 | 15,387 | |||||||||||||||||||||||
Short-term borrowings | 22,061 | 0 | 22,064 | 0 | 22,064 | |||||||||||||||||||||||
Long-term debt | 96,732 | 0 | 97,105 | 1,201 | 98,306 | |||||||||||||||||||||||
Other financial liabilities 2 | 85,066 | 15 | 84,336 | 586 | 84,937 | |||||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 63,435 | 0 | 62,891 | 544 | 63,435 | |||||||||||||||||||||||
Loans | 223,902 | 0 | 225,641 | 3,940 | 229,581 | |||||||||||||||||||||||
Other financial assets 1 | 142,656 | 72,134 | 69,310 | 1,568 | 143,012 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 351,476 | 212,418 | 138,980 | 9 | 351,407 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 17,928 | 0 | 17,928 | 0 | 17,928 | |||||||||||||||||||||||
Short-term borrowings | 14,140 | 0 | 14,148 | 0 | 14,148 | |||||||||||||||||||||||
Long-term debt | 66,673 | 0 | 64,043 | 3,774 | 67,817 | |||||||||||||||||||||||
Other financial liabilities 2 | 96,611 | 1,129 | 94,414 | 1,085 | 96,628 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. | ||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 304 | 0 | 0 | 304 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 104,206 | 77 | 0 | 104,283 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 31,937 | 58,003 | 4,465 | 0 | 94,405 | |||||||||||||||||||||||
of which foreign governments | 31,708 | 4,869 | 454 | 0 | 37,031 | |||||||||||||||||||||||
of which corporates | 28 | 22,507 | 1,435 | 0 | 23,970 | |||||||||||||||||||||||
of which RMBS | 0 | 22,150 | 612 | 0 | 22,762 | |||||||||||||||||||||||
of which CMBS | 0 | 5,293 | 257 | 0 | 5,550 | |||||||||||||||||||||||
of which CDO | 0 | 3,185 | 1,421 | 0 | 4,606 | |||||||||||||||||||||||
Equity | 86,532 | 6,395 | 1,566 | 0 | 94,493 | |||||||||||||||||||||||
Derivatives | 4,467 | 616,012 | 6,823 | -589,323 | 37,979 | |||||||||||||||||||||||
of which interest rate products | 1,616 | 467,002 | 1,803 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 118 | 89,102 | 301 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,711 | 26,904 | 1,063 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 24,451 | 2,569 | – | – | |||||||||||||||||||||||
Other | 2,987 | 7,123 | 4,326 | 0 | 14,436 | |||||||||||||||||||||||
Trading assets | 125,923 | 687,533 | 17,180 | -589,323 | 241,313 | |||||||||||||||||||||||
Debt | 1,962 | 309 | 0 | 0 | 2,271 | |||||||||||||||||||||||
of which foreign governments | 1,962 | 0 | 0 | 0 | 1,962 | |||||||||||||||||||||||
of which corporates | 0 | 309 | 0 | 0 | 309 | |||||||||||||||||||||||
Equity | 2 | 103 | 3 | 0 | 108 | |||||||||||||||||||||||
Investment securities | 1,964 | 412 | 3 | 0 | 2,379 | |||||||||||||||||||||||
Private equity | 0 | 0 | 1,268 | 0 | 1,268 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 567 | 0 | 567 | |||||||||||||||||||||||
Hedge funds | 0 | 219 | 314 | 0 | 533 | |||||||||||||||||||||||
of which debt funds | 0 | 181 | 302 | 0 | 483 | |||||||||||||||||||||||
Other equity investments | 77 | 75 | 1,855 | 0 | 2,007 | |||||||||||||||||||||||
of which private | 0 | 70 | 1,855 | 0 | 1,925 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,834 | 0 | 1,834 | |||||||||||||||||||||||
Other investments | 77 | 294 | 5,271 | 0 | 5,642 | |||||||||||||||||||||||
Loans | 0 | 13,560 | 9,353 | 0 | 22,913 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 5,816 | 5,853 | 0 | 11,669 | |||||||||||||||||||||||
of which financial institutions | 0 | 6,227 | 1,494 | 0 | 7,721 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 70 | 0 | 70 | |||||||||||||||||||||||
Other assets | 2,457 | 23,371 | 7,468 | -975 | 32,321 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 16,107 | 6,851 | 0 | 22,958 | |||||||||||||||||||||||
Total assets at fair value | 156,450 | 830,505 | 39,422 | -590,298 | 436,079 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -75 | -133 | -821 | 0 | -1,029 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -9,123 | -3,155 | 0 | -12,278 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 156,375 | 821,249 | 35,446 | -590,298 | 422,772 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2014 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 832 | 0 | 0 | 832 | |||||||||||||||||||||||
Customer deposits | 0 | 3,151 | 100 | 0 | 3,251 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 54,732 | 0 | 0 | 54,732 | |||||||||||||||||||||||
Debt | 121 | 781 | 0 | 0 | 902 | |||||||||||||||||||||||
of which corporates | 0 | 745 | 0 | 0 | 745 | |||||||||||||||||||||||
Equity | 25,908 | 44 | 0 | 0 | 25,952 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 26,029 | 825 | 0 | 0 | 26,854 | |||||||||||||||||||||||
Debt | 11,678 | 4,914 | 1 | 0 | 16,593 | |||||||||||||||||||||||
of which foreign governments | 11,530 | 757 | 0 | 0 | 12,287 | |||||||||||||||||||||||
of which corporates | 21 | 3,917 | 1 | 0 | 3,939 | |||||||||||||||||||||||
Equity | 19,075 | 122 | 2 | 0 | 19,199 | |||||||||||||||||||||||
Derivatives | 4,594 | 620,144 | 6,414 | -594,277 | 36,875 | |||||||||||||||||||||||
of which interest rate products | 1,585 | 458,730 | 1,202 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 234 | 101,461 | 560 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 2,744 | 27,266 | 1,466 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 23,479 | 2,760 | – | – | |||||||||||||||||||||||
Trading liabilities | 35,347 | 625,180 | 6,417 | -594,277 | 72,667 | |||||||||||||||||||||||
Short-term borrowings | 0 | 3,766 | 95 | 0 | 3,861 | |||||||||||||||||||||||
Long-term debt | 0 | 65,652 | 14,608 | 0 | 80,260 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 8,616 | 0 | 0 | 8,616 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 31,083 | 10,267 | 0 | 41,350 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 10,126 | 2,952 | 0 | 13,078 | |||||||||||||||||||||||
Other liabilities | 0 | 14,601 | 3,358 | -1,026 | 16,933 | |||||||||||||||||||||||
of which failed sales | 0 | 652 | 616 | 0 | 1,268 | |||||||||||||||||||||||
Total liabilities at fair value | 61,376 | 768,739 | 24,578 | -595,303 | 259,390 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 527 | 0 | 0 | 527 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 311 | 0 | 0 | 311 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 96,383 | 204 | 0 | 96,587 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 41,829 | 63,217 | 5,069 | 0 | 110,115 | |||||||||||||||||||||||
of which foreign governments | 40,199 | 6,980 | 230 | 0 | 47,409 | |||||||||||||||||||||||
of which corporates | 14 | 24,267 | 2,128 | 0 | 26,409 | |||||||||||||||||||||||
of which RMBS | 0 | 23,343 | 436 | 0 | 23,779 | |||||||||||||||||||||||
of which CMBS | 0 | 5,255 | 417 | 0 | 5,672 | |||||||||||||||||||||||
of which CDO | 0 | 3,305 | 1,567 | 0 | 4,872 | |||||||||||||||||||||||
Equity | 70,463 | 5,777 | 595 | 0 | 76,835 | |||||||||||||||||||||||
Derivatives | 6,610 | 563,957 | 5,217 | -543,996 | 31,788 | |||||||||||||||||||||||
of which interest rate products | 1,065 | 444,207 | 1,574 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 8 | 60,846 | 484 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 5,278 | 28,941 | 1,240 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,662 | 1,138 | – | – | |||||||||||||||||||||||
Other | 3,690 | 4,481 | 2,829 | 0 | 11,000 | |||||||||||||||||||||||
Trading assets | 122,592 | 637,432 | 13,710 | -543,996 | 229,738 | |||||||||||||||||||||||
Debt | 1,164 | 362 | 0 | 0 | 1,526 | |||||||||||||||||||||||
of which foreign governments | 1,162 | 2 | 0 | 0 | 1,164 | |||||||||||||||||||||||
of which corporates | 0 | 262 | 0 | 0 | 262 | |||||||||||||||||||||||
of which CDO | 0 | 100 | 0 | 0 | 100 | |||||||||||||||||||||||
Equity | 1 | 98 | 2 | 0 | 101 | |||||||||||||||||||||||
Investment securities | 1,165 | 460 | 2 | 0 | 1,627 | |||||||||||||||||||||||
Private equity | 0 | 0 | 3,339 | 0 | 3,339 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 2,230 | 0 | 2,230 | |||||||||||||||||||||||
Hedge funds | 0 | 289 | 392 | 0 | 681 | |||||||||||||||||||||||
of which debt funds | 0 | 174 | 329 | 0 | 503 | |||||||||||||||||||||||
Other equity investments | 283 | 55 | 1,632 | 0 | 1,970 | |||||||||||||||||||||||
of which private | 0 | 15 | 1,631 | 0 | 1,646 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,600 | 0 | 1,600 | |||||||||||||||||||||||
Other investments | 283 | 344 | 6,963 | 0 | 7,590 | |||||||||||||||||||||||
Loans | 0 | 11,459 | 7,998 | 0 | 19,457 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 6,302 | 5,309 | 0 | 11,611 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,484 | 1,322 | 0 | 5,806 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 42 | 0 | 42 | |||||||||||||||||||||||
Other assets | 4,861 | 21,426 | 6,159 | -928 | 31,518 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 12,770 | 5,615 | 0 | 18,385 | |||||||||||||||||||||||
Total assets at fair value | 149,999 | 770,044 | 35,078 | -544,924 | 410,197 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -246 | -149 | -2,781 | 0 | -3,176 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -8,996 | -2,458 | 0 | -11,454 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 149,753 | 760,899 | 29,839 | -544,924 | 395,567 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2013 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 1,460 | 0 | 0 | 1,460 | |||||||||||||||||||||||
Customer deposits | 0 | 3,186 | 55 | 0 | 3,241 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 75,990 | 114 | 0 | 76,104 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 19,037 | 5,312 | 2 | 0 | 24,351 | |||||||||||||||||||||||
of which foreign governments | 18,863 | 603 | 0 | 0 | 19,466 | |||||||||||||||||||||||
of which corporates | 1 | 4,134 | 2 | 0 | 4,137 | |||||||||||||||||||||||
Equity | 15,476 | 309 | 17 | 0 | 15,802 | |||||||||||||||||||||||
Derivatives | 5,879 | 572,658 | 5,545 | -547,423 | 36,659 | |||||||||||||||||||||||
of which interest rate products | 896 | 439,502 | 1,129 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 14 | 71,588 | 938 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 4,691 | 30,800 | 1,896 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,942 | 1,230 | – | – | |||||||||||||||||||||||
Trading liabilities | 40,392 | 578,279 | 5,564 | -547,423 | 76,812 | |||||||||||||||||||||||
Short-term borrowings | 0 | 5,888 | 165 | 0 | 6,053 | |||||||||||||||||||||||
Long-term debt | 0 | 52,682 | 9,780 | 0 | 62,462 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 9,081 | 0 | 0 | 9,081 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 20,680 | 6,217 | 0 | 26,897 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 9,509 | 2,552 | 0 | 12,061 | |||||||||||||||||||||||
Other liabilities | 0 | 19,386 | 2,859 | -274 | 21,971 | |||||||||||||||||||||||
of which failed sales | 0 | 638 | 1,143 | 0 | 1,781 | |||||||||||||||||||||||
Total liabilities at fair value | 61,490 | 738,573 | 18,537 | -547,697 | 270,903 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | Transfers between level 1 and level 2 | |||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Transfers | Transfers | Transfers | Transfers | |||||||||||||||||||||||||
to level 1 | out of level 1 | to level 1 | out of level 1 | |||||||||||||||||||||||||
out of level 2 | to level 2 | out of level 2 | to level 2 | |||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 1,108 | 533 | 499 | 92 | ||||||||||||||||||||||||
Equity | 513 | 391 | 437 | 183 | ||||||||||||||||||||||||
Derivatives | 5,785 | 500 | 5,090 | 2 | ||||||||||||||||||||||||
Trading assets | 7,406 | 1,424 | 6,026 | 277 | ||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Debt | 861 | 658 | 11 | 18 | ||||||||||||||||||||||||
Equity | 133 | 90 | 248 | 17 | ||||||||||||||||||||||||
Derivatives | 6,073 | 87 | 4,433 | 11 | ||||||||||||||||||||||||
Trading liabilities | 7,067 | 835 | 4,692 | 46 | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 | Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2014 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | 0 | -151 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 77 | |||||||||||||||
Debt | 5,069 | 1,260 | -3,018 | 5,554 | -5,435 | 0 | 0 | -60 | 535 | 0 | 0 | 560 | 4,465 | |||||||||||||||
of which corporates | 2,128 | 392 | -756 | 1,161 | -2,004 | 0 | 0 | -68 | 402 | 0 | 0 | 180 | 1,435 | |||||||||||||||
of which RMBS | 436 | 625 | -676 | 732 | -659 | 0 | 0 | 11 | 81 | 0 | 0 | 62 | 612 | |||||||||||||||
of which CMBS | 417 | 105 | -392 | 415 | -282 | 0 | 0 | 0 | -58 | 0 | 0 | 52 | 257 | |||||||||||||||
of which CDO | 1,567 | 112 | -697 | 2,593 | -2,402 | 0 | 0 | -8 | 61 | 0 | 0 | 195 | 1,421 | |||||||||||||||
Equity | 595 | 939 | -469 | 727 | -554 | 0 | 0 | 35 | 196 | 0 | 0 | 97 | 1,566 | |||||||||||||||
Derivatives | 5,217 | 2,156 | -1,168 | 0 | 0 | 2,330 | -3,334 | 110 | 941 | 0 | 0 | 571 | 6,823 | |||||||||||||||
of which interest rate products | 1,574 | 70 | -40 | 0 | 0 | 197 | -574 | 13 | 393 | 0 | 0 | 170 | 1,803 | |||||||||||||||
of which equity/index-related products | 1,240 | 132 | -534 | 0 | 0 | 405 | -417 | 120 | -26 | 0 | 0 | 143 | 1,063 | |||||||||||||||
of which credit derivatives | 1,138 | 1,891 | -575 | 0 | 0 | 536 | -899 | -28 | 379 | 0 | 0 | 127 | 2,569 | |||||||||||||||
Other | 2,829 | 863 | -878 | 4,168 | -3,288 | 0 | -201 | 17 | 404 | 0 | 0 | 412 | 4,326 | |||||||||||||||
Trading assets | 13,710 | 5,218 | -5,533 | 10,449 | -9,277 | 2,330 | -3,535 | 102 | 2,076 | 0 | 0 | 1,640 | 17,180 | |||||||||||||||
Investment securities | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |||||||||||||||
Equity | 5,363 | 2 | -22 | 727 | -3,512 | 0 | 0 | 0 | 22 | 0 | 534 | 323 | 3,437 | |||||||||||||||
Life finance instruments | 1,600 | 0 | 0 | 204 | -333 | 0 | 0 | 0 | 179 | 0 | 0 | 184 | 1,834 | |||||||||||||||
Other investments | 6,963 | 2 | -22 | 931 | -3,845 | 0 | 0 | 0 | 201 | 0 | 534 | 507 | 5,271 | |||||||||||||||
Loans | 7,998 | 500 | -601 | 1,024 | -2,012 | 4,878 | -3,168 | 3 | -173 | 0 | -2 | 906 | 9,353 | |||||||||||||||
of which commercial and industrial loans | 5,309 | 253 | -349 | 368 | -1,098 | 3,346 | -2,428 | 1 | -118 | 0 | -4 | 573 | 5,853 | |||||||||||||||
of which financial institutions | 1,322 | 156 | -163 | 16 | -422 | 943 | -482 | 0 | -33 | 0 | 5 | 152 | 1,494 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | 0 | 0 | 29 | 0 | 0 | 0 | 0 | -7 | 0 | 0 | 6 | 70 | |||||||||||||||
Other assets | 6,159 | 3,165 | -3,205 | 7,852 | -6,713 | 845 | -1,448 | 165 | -5 | 0 | 0 | 653 | 7,468 | |||||||||||||||
of which loans held-for-sale 2 | 5,615 | 3,154 | -3,174 | 7,486 | -6,382 | 845 | -1,448 | 169 | -2 | 0 | -1 | 589 | 6,851 | |||||||||||||||
Total assets at fair value | 35,078 | 8,885 | -9,512 | 20,285 | -21,847 | 8,053 | -8,151 | 270 | 2,092 | 0 | 532 | 3,737 | 39,422 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 55 | 0 | 0 | 0 | 0 | 45 | -19 | 0 | 16 | 0 | 0 | 3 | 100 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | 0 | -127 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 0 | |||||||||||||||
Trading liabilities | 5,564 | 2,471 | -1,655 | 36 | -39 | 1,526 | -2,778 | 251 | 469 | 0 | 0 | 572 | 6,417 | |||||||||||||||
of which interest rate derivatives | 1,129 | 56 | -109 | 0 | 0 | 72 | -499 | 1 | 429 | 0 | 0 | 123 | 1,202 | |||||||||||||||
of which foreign exchange derivatives | 938 | 0 | -2 | 0 | 0 | 5 | -239 | -4 | -205 | 0 | 0 | 67 | 560 | |||||||||||||||
of which equity/index-related derivatives | 1,896 | 478 | -941 | 0 | 0 | 656 | -890 | 273 | -201 | 0 | 0 | 195 | 1,466 | |||||||||||||||
of which credit derivatives | 1,230 | 1,906 | -587 | 0 | 0 | 473 | -885 | -16 | 496 | 0 | 0 | 143 | 2,760 | |||||||||||||||
Short-term borrowings | 165 | 67 | -74 | 0 | 0 | 382 | -456 | -3 | 0 | 0 | 0 | 14 | 95 | |||||||||||||||
Long-term debt | 9,780 | 2,441 | -3,475 | 0 | 0 | 8,432 | -3,870 | 144 | -338 | 0 | 0 | 1,494 | 14,608 | |||||||||||||||
of which structured notes over two years | 6,217 | 1,468 | -1,931 | 0 | 0 | 5,930 | -2,027 | -6 | -406 | 0 | 0 | 1,022 | 10,267 | |||||||||||||||
of which non-recourse liabilities | 2,552 | 924 | -1,007 | 0 | 0 | 1,170 | -1,153 | 155 | 10 | 0 | 0 | 301 | 2,952 | |||||||||||||||
Other liabilities | 2,859 | 121 | -133 | 530 | -1,215 | 647 | -233 | 11 | 114 | 3 | 359 | 295 | 3,358 | |||||||||||||||
of which failed sales | 1,143 | 76 | -50 | 292 | -949 | 0 | 0 | 0 | 29 | 0 | -2 | 77 | 616 | |||||||||||||||
Total liabilities at fair value | 18,537 | 5,100 | -5,464 | 566 | -1,254 | 11,032 | -7,356 | 403 | 261 | 3 | 359 | 2,391 | 24,578 | |||||||||||||||
Net assets/(liabilities) at fair value | 16,541 | 3,785 | -4,048 | 19,719 | -20,593 | -2,979 | -795 | -133 | 1,831 | -3 | 173 | 1,346 | 14,844 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Includes unrealized losses recorded in trading revenues of CHF (22) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
2013 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 | 0 | 0 | 362 | -153 | 0 | 4 | 0 | 0 | -9 | 204 | |||||||||||||||
Debt | 5,830 | 1,418 | -1,977 | 6,363 | -6,984 | 0 | 0 | 165 | 465 | 0 | 0 | -211 | 5,069 | |||||||||||||||
of which corporates | 3,192 | 571 | -552 | 1,759 | -3,022 | 0 | 0 | 109 | 157 | 0 | 0 | -86 | 2,128 | |||||||||||||||
of which RMBS | 724 | 467 | -690 | 1,012 | -1,162 | 0 | 0 | 11 | 91 | 0 | 0 | -17 | 436 | |||||||||||||||
of which CMBS | 1,023 | 86 | -310 | 497 | -866 | 0 | 0 | -4 | 15 | 0 | 0 | -24 | 417 | |||||||||||||||
of which CDO | 447 | 55 | -357 | 3,072 | -1,810 | 0 | 0 | 36 | 197 | 0 | 0 | -73 | 1,567 | |||||||||||||||
Equity | 485 | 303 | -237 | 405 | -431 | 0 | 0 | 20 | 68 | -1 | 0 | -17 | 595 | |||||||||||||||
Derivatives | 6,650 | 1,442 | -2,208 | 0 | 0 | 1,766 | -2,446 | 230 | -53 | 0 | 0 | -164 | 5,217 | |||||||||||||||
of which interest rate products | 1,859 | 244 | -363 | 0 | 0 | 279 | -663 | 8 | 249 | 0 | 0 | -39 | 1,574 | |||||||||||||||
of which equity/index-related products | 1,920 | 223 | -1,020 | 0 | 0 | 207 | -538 | 184 | 330 | 0 | 0 | -66 | 1,240 | |||||||||||||||
of which credit derivatives | 1,294 | 923 | -633 | 0 | 0 | 627 | -631 | 38 | -461 | 0 | 0 | -19 | 1,138 | |||||||||||||||
Other | 2,486 | 288 | -487 | 3,266 | -2,656 | 0 | -65 | 8 | 83 | 0 | 0 | -94 | 2,829 | |||||||||||||||
Trading assets | 15,451 | 3,451 | -4,909 | 10,034 | -10,071 | 1,766 | -2,511 | 423 | 563 | -1 | 0 | -486 | 13,710 | |||||||||||||||
Investment securities | 170 | 0 | -230 | 165 | -82 | 0 | 0 | 0 | 9 | 0 | 0 | -30 | 2 | |||||||||||||||
Equity | 6,264 | 106 | -63 | 1,081 | -2,649 | 0 | 0 | 0 | -3 | 0 | 776 | -149 | 5,363 | |||||||||||||||
Life finance instruments | 1,818 | 0 | 0 | 189 | -365 | 0 | 0 | 0 | 1 | 0 | 0 | -43 | 1,600 | |||||||||||||||
Other investments | 8,082 | 106 | -63 | 1,270 | -3,014 | 0 | 0 | 0 | -2 | 0 | 776 | -192 | 6,963 | |||||||||||||||
Loans | 6,619 | 320 | -1,561 | 800 | -1,673 | 6,767 | -2,920 | 0 | -21 | 0 | 0 | -333 | 7,998 | |||||||||||||||
of which commercial and industrial loans | 4,778 | 305 | -315 | 727 | -1,280 | 3,541 | -2,171 | 1 | -85 | 0 | 0 | -192 | 5,309 | |||||||||||||||
of which financial institutions | 1,530 | 15 | -6 | 71 | -207 | 651 | -650 | 0 | -48 | 0 | 0 | -34 | 1,322 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 43 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | -12 | -1 | 42 | |||||||||||||||
Other assets | 5,164 | 3,552 | -2,998 | 4,781 | -4,213 | 1,034 | -1,148 | 5 | 199 | 0 | 0 | -217 | 6,159 | |||||||||||||||
of which loans held-for-sale | 4,463 | 3,539 | -2,918 | 4,456 | -3,964 | 1,034 | -1,147 | 5 | 348 | 0 | 0 | -201 | 5,615 | |||||||||||||||
Total assets at fair value | 35,529 | 7,429 | -9,761 | 17,062 | -19,053 | 9,929 | -6,732 | 428 | 752 | -1 | 764 | -1,268 | 35,078 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 25 | 0 | 0 | 0 | 0 | 51 | -3 | 0 | -13 | 0 | 0 | -5 | 55 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 | 0 | 0 | 119 | 0 | 0 | 0 | 0 | 0 | -5 | 114 | |||||||||||||||
Trading liabilities | 5,356 | 1,503 | -1,537 | 66 | -197 | 1,561 | -2,556 | 235 | 1,302 | 0 | 0 | -169 | 5,564 | |||||||||||||||
of which interest rate derivatives | 1,357 | 75 | -134 | 0 | 0 | 107 | -508 | 10 | 254 | 0 | 0 | -32 | 1,129 | |||||||||||||||
of which foreign exchange derivatives | 1,648 | 13 | -21 | 0 | 0 | 15 | -662 | -16 | -21 | 0 | 0 | -18 | 938 | |||||||||||||||
of which equity/index-related derivatives | 1,003 | 360 | -676 | 0 | 0 | 632 | -380 | 210 | 831 | 0 | 0 | -84 | 1,896 | |||||||||||||||
of which credit derivatives | 819 | 1,001 | -590 | 0 | 0 | 655 | -856 | 39 | 186 | 0 | 0 | -24 | 1,230 | |||||||||||||||
Short-term borrowings | 124 | 43 | -99 | 0 | 0 | 318 | -216 | 0 | 3 | 0 | 0 | -8 | 165 | |||||||||||||||
Long-term debt | 10,098 | 2,322 | -2,375 | 0 | 0 | 5,006 | -5,330 | 25 | 321 | 0 | -1 | -286 | 9,780 | |||||||||||||||
of which structured notes over two years | 6,189 | 453 | -1,226 | 0 | 0 | 3,602 | -2,534 | -18 | -36 | 0 | -1 | -212 | 6,217 | |||||||||||||||
of which non-recourse liabilities | 2,551 | 1,836 | -670 | 0 | 0 | 818 | -2,128 | 24 | 151 | 0 | 0 | -30 | 2,552 | |||||||||||||||
Other liabilities | 2,847 | 227 | -149 | 213 | -393 | 10 | -86 | -17 | 70 | 26 | 217 | -106 | 2,859 | |||||||||||||||
of which failed sales | 1,160 | 176 | -82 | 154 | -308 | 0 | 0 | 0 | 72 | 0 | 0 | -29 | 1,143 | |||||||||||||||
Total liabilities at fair value | 18,450 | 4,095 | -4,160 | 279 | -590 | 7,065 | -8,191 | 243 | 1,683 | 26 | 216 | -579 | 18,537 | |||||||||||||||
Net assets/(liabilities) at fair value | 17,079 | 3,334 | -5,601 | 16,783 | -18,463 | 2,864 | 1,459 | 185 | -931 | -27 | 548 | -689 | 16,541 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | |||||||||||||||||||||||||||
in | 2014 | 2013 | ||||||||||||||||||||||||||
Trading | Other | Total | Trading | Other | Total | |||||||||||||||||||||||
revenues | revenues | revenues | revenues | revenues | revenues | |||||||||||||||||||||||
Gains and losses on assets and liabilities (CHF million) | ||||||||||||||||||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | 1,698 | 170 | 1,868 | 1 | -746 | 521 | -225 | 1 | ||||||||||||||||||||
Whereof: | ||||||||||||||||||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -834 | 23 | -811 | -2,852 | 245 | -2,607 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets and liabilities at fair value | Quantitative information about level 3 assets at fair value | |||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77 | Discounted cash flow | Funding spread, in bp | 350 | 350 | 350 | ||||||||||||||||||||||
Debt | 4,465 | |||||||||||||||||||||||||||
of which corporates | 1,435 | |||||||||||||||||||||||||||
of which | 201 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which | 180 | Market comparable | Price, in % | 0 | 124 | 67 | ||||||||||||||||||||||
of which | 1,051 | Discounted cash flow | Credit spread, in bp | 9 | 1,644 | 361 | ||||||||||||||||||||||
of which RMBS | 612 | Discounted cash flow | Discount rate, in % | 1 | 31 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 29 | 8 | |||||||||||||||||||||||||
Default rate, in % | 1 | 19 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 50 | |||||||||||||||||||||||||
of which CMBS | 257 | Discounted cash flow | Capitalization rate, in % | 7 | 10 | 8 | ||||||||||||||||||||||
Discount rate, in % | 0 | 28 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 12 | |||||||||||||||||||||||||
Default rate, in % | 0 | 21 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 35 | 3 | |||||||||||||||||||||||||
of which CDO | 1,421 | |||||||||||||||||||||||||||
of which | 89 | Vendor price | Price, in % | 0 | 100 | 95 | ||||||||||||||||||||||
of which | 286 | Discounted cash flow | Discount rate, in % | 3 | 23 | 7 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 17 | |||||||||||||||||||||||||
Default rate, in % | 0 | 7 | 2 | |||||||||||||||||||||||||
Loss severity, in % | 3 | 100 | 35 | |||||||||||||||||||||||||
of which | 837 | Market comparable | Price, in % | 93 | 196 | 191 | ||||||||||||||||||||||
Equity | 1,566 | |||||||||||||||||||||||||||
of which | 765 | Market comparable | EBITDA multiple | 3 | 13 | 9 | ||||||||||||||||||||||
Price, in % | 1 | 163 | 51 | |||||||||||||||||||||||||
of which | 26 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 6,823 | |||||||||||||||||||||||||||
of which interest rate products | 1,803 | Option model | Correlation, in % | 9 | 100 | 76 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 24 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 3 | -1 | |||||||||||||||||||||||||
Mean reversion, in % | 3 | 5 | 10 | 10 | ||||||||||||||||||||||||
Credit spread, in bp | 229 | 1,218 | 1,046 | |||||||||||||||||||||||||
of which equity/index-related products | 1,063 | Option model | Correlation, in % | -88 | 97 | 8 | ||||||||||||||||||||||
Volatility, in % | 0 | 276 | 27 | |||||||||||||||||||||||||
of which credit derivatives | 2,569 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 614 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 20 | |||||||||||||||||||||||||
Discount rate, in % | 1 | 38 | 18 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 46 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 9 | 4 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 106 | 80 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Other | 4,326 | |||||||||||||||||||||||||||
of which | 3,493 | Market comparable | Price, in % | 0 | 104 | 50 | ||||||||||||||||||||||
of which | 770 | Discounted cash flow | Market implied life expectancy, in years | 3 | 20 | 9 | ||||||||||||||||||||||
Trading assets | 17,180 | |||||||||||||||||||||||||||
Investment securities | 3 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 1,268 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 314 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,855 | |||||||||||||||||||||||||||
of which private | 1,855 | |||||||||||||||||||||||||||
of which | 337 | Discounted cash flow | Contingent probability, in % | 69 | 69 | 69 | ||||||||||||||||||||||
of which | 1,051 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Life finance instruments | 1,834 | Discounted cash flow | Market implied life expectancy, in years | 2 | 21 | 8 | ||||||||||||||||||||||
Other investments | 5,271 | |||||||||||||||||||||||||||
Loans | 9,353 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,853 | |||||||||||||||||||||||||||
of which | 5,011 | Discounted cash flow | Credit spread, in bp | 34 | 2,528 | 462 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 100 | 68 | |||||||||||||||||||||||||
of which | 650 | Market comparable | Price, in % | 0 | 100 | 82 | ||||||||||||||||||||||
of which financial institutions | 1,494 | Discounted cash flow | Credit spread, in bp | 60 | 813 | 304 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 70 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 7,468 | |||||||||||||||||||||||||||
of which loans held-for-sale | 6,851 | |||||||||||||||||||||||||||
of which | 2,654 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 1,321 | Discounted cash flow | Credit spread, in bp | 146 | 2,047 | 334 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 39 | 30 | |||||||||||||||||||||||||
of which | 2,430 | Market comparable | Price, in % | 0 | 100 | 67 | ||||||||||||||||||||||
Total level 3 assets at fair value | 39,422 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | Discounted cash flow | Funding spread, in bp | 90 | 350 | 178 | ||||||||||||||||||||||
Debt | 5,069 | |||||||||||||||||||||||||||
of which corporates | 2,128 | |||||||||||||||||||||||||||
of which | 129 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which | 592 | Market comparable | Price, in % | 0 | 112 | 91 | ||||||||||||||||||||||
of which | 807 | Discounted cash flow | Credit spread, in bp | 22 | 957 | 348 | ||||||||||||||||||||||
of which RMBS | 436 | Discounted cash flow | Discount rate, in % | 2 | 33 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 27 | 7 | |||||||||||||||||||||||||
Default rate, in % | 0 | 25 | 5 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 48 | |||||||||||||||||||||||||
of which CMBS | 417 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | 9 | ||||||||||||||||||||||
Discount rate, in % | 1 | 30 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 18 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 40 | 3 | |||||||||||||||||||||||||
of which CDO | 1,567 | |||||||||||||||||||||||||||
of which | 118 | Vendor price | Price, in % | 0 | 100 | 94 | ||||||||||||||||||||||
of which | 278 | Discounted cash flow | Discount rate, in % | 2 | 24 | 6 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 7 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 25 | 100 | 68 | |||||||||||||||||||||||||
of which | 423 | Market comparable | Price, in % | 85 | 101 | 98 | ||||||||||||||||||||||
Equity | 595 | |||||||||||||||||||||||||||
of which | 270 | Market comparable | EBITDA multiple | 3 | 12 | 7 | ||||||||||||||||||||||
of which | 35 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,217 | |||||||||||||||||||||||||||
of which interest rate products | 1,574 | Option model | Correlation, in % | 15 | 100 | 82 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 24 | |||||||||||||||||||||||||
Volatility, in % | 2 | 31 | 6 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 95 | 2,054 | 218 | |||||||||||||||||||||||||
of which equity/index-related products | 1,240 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
of which credit derivatives | 1,138 | Discounted cash flow | Credit spread, in bp | 1 | 2,054 | 298 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 25 | |||||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 16 | 6 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 59 | |||||||||||||||||||||||||
Correlation, in % | 34 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 5 | |||||||||||||||||||||||||
Other | 2,829 | |||||||||||||||||||||||||||
of which | 2,139 | Market comparable | Price, in % | 0 | 146 | 34 | ||||||||||||||||||||||
of which | 589 | Discounted cash flow | Market implied life expectancy, in years | 3 | 19 | 9 | ||||||||||||||||||||||
Trading assets | 13,710 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Investment securities | 2 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 3,339 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 392 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,632 | |||||||||||||||||||||||||||
of which private | 1,631 | |||||||||||||||||||||||||||
of which | 384 | Discounted cash flow | Credit spread, in bp | 897 | 3,175 | 1,207 | ||||||||||||||||||||||
Contingent probability, in % | 59 | 59 | 59 | |||||||||||||||||||||||||
of which | 813 | Market comparable | EBITDA multiple | 1 | 10 | 8 | ||||||||||||||||||||||
Life finance instruments | 1,600 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 9 | ||||||||||||||||||||||
Other investments | 6,963 | |||||||||||||||||||||||||||
Loans | 7,998 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,309 | |||||||||||||||||||||||||||
of which | 4,526 | Discounted cash flow | Credit spread, in bp | 50 | 2,488 | 504 | ||||||||||||||||||||||
of which | 326 | Market comparable | Price, in % | 0 | 100 | 69 | ||||||||||||||||||||||
of which financial institutions | 1,322 | Discounted cash flow | Credit spread, in bp | 98 | 884 | 302 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | – | – | – | – | |||||||||||||||||||||||
Other assets | 6,159 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,615 | |||||||||||||||||||||||||||
of which | 1,954 | Vendor price | Price, in % | 0 | 160 | 99 | ||||||||||||||||||||||
of which | 1,042 | Discounted cash flow | Credit spread, in bp | 75 | 2,389 | 467 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 0 | |||||||||||||||||||||||||
of which | 2,420 | Market comparable | Price, in % | 0 | 105 | 59 | ||||||||||||||||||||||
Total level 3 assets at fair value | 35,078 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value | ||||||||||||||||||||||||||||
end of 2014 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 100 | – | – | – | – | – | ||||||||||||||||||||||
Trading liabilities | 6,417 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,202 | Option model | Basis spread, in bp | -11 | 85 | 44 | ||||||||||||||||||||||
Correlation, in % | 9 | 100 | 78 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 9 | ||||||||||||||||||||||||
Prepayment rate, in % | 0 | 33 | 21 | |||||||||||||||||||||||||
Gap risk, in % | 3 | 20 | 20 | 20 | ||||||||||||||||||||||||
of which foreign exchange derivatives | 560 | Option model | Correlation, in % | -10 | 70 | 50 | ||||||||||||||||||||||
Prepayment rate, in % | 22 | 33 | 28 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,466 | Option model | Correlation, in % | -88 | 97 | 17 | ||||||||||||||||||||||
Skew, in % | 44 | 260 | 110 | |||||||||||||||||||||||||
Volatility, in % | 1 | 276 | 27 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
of which credit derivatives | 2,760 | Discounted cash flow | Credit spread, in bp | 1 | 6,087 | 508 | ||||||||||||||||||||||
Discount rate, in % | 2 | 34 | 17 | |||||||||||||||||||||||||
Default rate, in % | 1 | 43 | 7 | |||||||||||||||||||||||||
Recovery rate, in % | 0 | 75 | 28 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 65 | |||||||||||||||||||||||||
Correlation, in % | 9 | 94 | 57 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 82 | 64 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 12 | 4 | |||||||||||||||||||||||||
Short-term borrowings | 95 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 14,608 | |||||||||||||||||||||||||||
of which structured notes over two years | 10,267 | |||||||||||||||||||||||||||
of which | 8,002 | Option model | Correlation, in % | -88 | 99 | 18 | ||||||||||||||||||||||
Volatility, in % | 4 | 276 | 30 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 68 | ||||||||||||||||||||||||
Gap risk, in % | 3 | 0 | 3 | 0 | ||||||||||||||||||||||||
of which | 515 | Discounted cash flow | Credit spread, in bp | 228 | 597 | 455 | ||||||||||||||||||||||
of which non-recourse liabilities | 2,952 | |||||||||||||||||||||||||||
of which | 2,766 | Vendor price | Price, in % | 0 | 109 | 99 | ||||||||||||||||||||||
of which | 90 | Market comparable | Price, in % | 0 | 100 | 7 | ||||||||||||||||||||||
Other liabilities | 3,358 | |||||||||||||||||||||||||||
of which failed sales | 616 | |||||||||||||||||||||||||||
of which | 450 | Market comparable | Price, in % | 0 | 103 | 63 | ||||||||||||||||||||||
of which | 124 | Discounted cash flow | Credit spread, in bp | 852 | 1,286 | 912 | ||||||||||||||||||||||
Recovery rate, in % | 39 | 39 | 39 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 24,578 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values between collateral settlement dates. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value (continued) | ||||||||||||||||||||||||||||
end of 2013 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 55 | – | – | – | – | – | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | Discounted cash flow | Funding spread, in bp | 90 | 90 | 90 | ||||||||||||||||||||||
Trading liabilities | 5,564 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,129 | Option model | Basis spread, in bp | -5 | 148 | 74 | ||||||||||||||||||||||
Correlation, in % | 17 | 99 | 62 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 6 | ||||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 23 | |||||||||||||||||||||||||
of which foreign exchange derivatives | 938 | Option model | Correlation, in % | -10 | 70 | 48 | ||||||||||||||||||||||
Prepayment rate, in % | 19 | 31 | 25 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,896 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Skew, in % | 79 | 152 | 118 | |||||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which credit derivatives | 1,230 | Discounted cash flow | Credit spread, in bp | 1 | 2,052 | 252 | ||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 6 | |||||||||||||||||||||||||
Recovery rate, in % | 14 | 77 | 43 | |||||||||||||||||||||||||
Loss severity, in % | 6 | 100 | 62 | |||||||||||||||||||||||||
Correlation, in % | 34 | 98 | 55 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 2 | |||||||||||||||||||||||||
Short-term borrowings | 165 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 9,780 | |||||||||||||||||||||||||||
of which structured notes over two years | 6,217 | Option model | Correlation, in % | -83 | 99 | 16 | ||||||||||||||||||||||
Volatility, in % | 5 | 252 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
Gap risk, in % | 4 | 0 | 5 | 0 | ||||||||||||||||||||||||
of which non-recourse liabilities | 2,552 | |||||||||||||||||||||||||||
of which | 2,105 | Vendor price | Price, in % | 0 | 217 | 104 | ||||||||||||||||||||||
of which | 301 | Market comparable | Price, in % | 0 | 93 | 13 | ||||||||||||||||||||||
Other liabilities | 2,859 | |||||||||||||||||||||||||||
of which failed sales | 1,143 | |||||||||||||||||||||||||||
of which | 829 | Market comparable | Price, in % | 0 | 100 | 63 | ||||||||||||||||||||||
of which | 195 | Discounted cash flow | Credit spread, in bp | 813 | 1,362 | 1,185 | ||||||||||||||||||||||
Recovery rate, in % | 23 | 23 | 23 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,537 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values between collateral settlement dates. | ||||||||||||||||||||||||||||
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions | |||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Redeemable | Unfunded | Redeemable | Unfunded | |||||||||||||||||||||||||
Non- | Total | commit- | Non- | Total | commit- | |||||||||||||||||||||||
redeemable | fair value | ments | redeemable | fair value | ments | |||||||||||||||||||||||
Fair value and unfunded commitments (CHF million) | ||||||||||||||||||||||||||||
Debt funds | 7 | 106 | 113 | 0 | 1 | 18 | 19 | 0 | ||||||||||||||||||||
Equity funds | 102 | 1,842 | 1 | 1,944 | 0 | 28 | 3,096 | 2 | 3,124 | 0 | ||||||||||||||||||
Equity funds sold short | 0 | -42 | -42 | 0 | 0 | -17 | -17 | 0 | ||||||||||||||||||||
Total funds held in trading assets and liabilities | 109 | 1,906 | 2,015 | 0 | 29 | 3,097 | 3,126 | 0 | ||||||||||||||||||||
Debt funds | 296 | 187 | 483 | 1 | 320 | 183 | 503 | 6 | ||||||||||||||||||||
Equity funds | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 0 | ||||||||||||||||||||
Others | 0 | 50 | 50 | 0 | 0 | 153 | 153 | 31 | ||||||||||||||||||||
Hedge funds | 296 | 237 | 3 | 533 | 1 | 320 | 361 | 4 | 681 | 37 | ||||||||||||||||||
Debt funds | 17 | 0 | 17 | 15 | 53 | 0 | 53 | 2 | ||||||||||||||||||||
Equity funds | 567 | 0 | 567 | 122 | 2,230 | 0 | 2,230 | 464 | ||||||||||||||||||||
Real estate funds | 302 | 0 | 302 | 98 | 350 | 0 | 350 | 110 | ||||||||||||||||||||
Others | 382 | 0 | 382 | 158 | 706 | 0 | 706 | 250 | ||||||||||||||||||||
Private equities | 1,268 | 0 | 1,268 | 393 | 3,339 | 0 | 3,339 | 826 | ||||||||||||||||||||
Equity method investments | 378 | 43 | 421 | 0 | 349 | 0 | 349 | 0 | ||||||||||||||||||||
Total funds held in other investments | 1,942 | 280 | 2,222 | 394 | 4,008 | 361 | 4,369 | 863 | ||||||||||||||||||||
Total fair value | 2,051 | 5 | 2,186 | 6 | 4,237 | 394 | 7 | 4,037 | 5 | 3,458 | 6 | 7,495 | 863 | 7 | ||||||||||||||
1 | ||||||||||||||||||||||||||||
42 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days , 28 % is redeemable on an annual basis with a notice period of more than 60 days , 16 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 14 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
87 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , and 11 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||
Includes CHF 612 million and CHF 1,819 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||
Includes CHF 138 million and CHF 107 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||
Includes CHF 185 million and CHF 405 million attributable to noncontrolling interests in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | Nonrecurring fair value changes | |||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) | ||||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis | 1.4 | 0.3 | ||||||||||||||||||||||||||
of which level 2 | 1.2 | 0 | ||||||||||||||||||||||||||
of which level 3 | 0.2 | 0.3 | ||||||||||||||||||||||||||
Difference between the aggregate fair value and the aggregate unpaid principal balances on loans and financial instruments | Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments | |||||||||||||||||||||||||||
end of | 2014 | 2013 | ||||||||||||||||||||||||||
Aggregate | Aggregate | Difference | Aggregate | Aggregate | Difference | |||||||||||||||||||||||
fair | unpaid | fair | unpaid | |||||||||||||||||||||||||
value | principal | value | principal | |||||||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||||||
Non-interest-earning loans | 1,147 | 3,816 | -2,669 | 956 | 3,262 | -2,306 | ||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 0 | 0 | 311 | 307 | 4 | ||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 104,027 | 256 | 96,587 | 96,217 | 370 | ||||||||||||||||||||||
Loans | 22,913 | 23,782 | -869 | 19,457 | 19,653 | -196 | ||||||||||||||||||||||
Other assets 1 | 26,088 | 33,091 | -7,003 | 20,749 | 25,756 | -5,007 | ||||||||||||||||||||||
Due to banks and customer deposits | -914 | -873 | -41 | -690 | -680 | -10 | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,732 | -54,661 | -71 | -76,104 | -76,012 | -92 | ||||||||||||||||||||||
Short-term borrowings | -3,861 | -3,918 | 57 | -6,053 | -5,896 | -157 | ||||||||||||||||||||||
Long-term debt | -80,260 | -80,344 | 84 | -62,462 | -62,102 | -360 | ||||||||||||||||||||||
Other liabilities | -1,268 | -2,767 | 1,499 | -1,780 | -3,285 | 1,505 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily loans held-for-sale. | ||||||||||||||||||||||||||||
Gains and losses on financial instruments | Gains and losses on financial instruments | |||||||||||||||||||||||||||
in | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Net | Net | Net | ||||||||||||||||||||||||||
gains/ | gains/ | gains/ | ||||||||||||||||||||||||||
(losses) | (losses) | (losses) | ||||||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 0 | -13 | 2 | ||||||||||||||||||||||||
of which related to credit risk | 0 | 0 | -13 | |||||||||||||||||||||||||
Interest-bearing deposits with banks | 9 | 1 | 10 | 1 | 12 | 1 | ||||||||||||||||||||||
of which related to credit risk | 3 | -3 | 3 | |||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 913 | 1 | 1,143 | 1 | 1,183 | 1 | ||||||||||||||||||||||
Other trading assets | 0 | 0 | 10 | 2 | ||||||||||||||||||||||||
Other investments | 373 | 3 | 126 | 3 | 144 | 3 | ||||||||||||||||||||||
of which related to credit risk | 5 | 11 | 34 | |||||||||||||||||||||||||
Loans | 10 | 2 | 1,470 | 1 | 925 | 1 | ||||||||||||||||||||||
of which related to credit risk | -151 | 26 | 318 | |||||||||||||||||||||||||
Other assets | 1,302 | 1 | 2,058 | 1 | 2,641 | 1 | ||||||||||||||||||||||
of which related to credit risk | 387 | 604 | 355 | |||||||||||||||||||||||||
Due to banks and customer deposits | -59 | 2 | 0 | -22 | 1 | |||||||||||||||||||||||
of which related to credit risk | -17 | -5 | 8 | |||||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 205 | 2 | -67 | 1 | -114 | 1 | ||||||||||||||||||||||
Short-term borrowings | 152 | 2 | -256 | 2 | -350 | 2 | ||||||||||||||||||||||
Long-term debt | 678 | 2 | -2,738 | 2 | -7,905 | 2 | ||||||||||||||||||||||
of which related to credit risk 4 | 527 | -334 | -2,552 | |||||||||||||||||||||||||
Other liabilities | -175 | 2 | 413 | 2 | 826 | 2 | ||||||||||||||||||||||
of which related to credit risk | -162 | 112 | 912 | |||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily recognized in net interest income. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily recognized in trading revenues. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Primarily recognized in other revenues. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Changes in fair value related to credit risk are due to the change in the Bank's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. | ||||||||||||||||||||||||||||
Carrying value and fair value of financial instruments not carried at fair value | ||||||||||||||||||||||||||||
Carrying | Fair value | |||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
2014 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 0 | 58,925 | 0 | 58,925 | |||||||||||||||||||||||
Loans | 230,340 | 0 | 232,271 | 3,678 | 235,949 | |||||||||||||||||||||||
Other financial assets 1 | 149,925 | 79,170 | 69,554 | 1,482 | 150,206 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 379,992 | 208,759 | 171,230 | 0 | 379,989 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 0 | 15,387 | 0 | 15,387 | |||||||||||||||||||||||
Short-term borrowings | 22,061 | 0 | 22,064 | 0 | 22,064 | |||||||||||||||||||||||
Long-term debt | 92,687 | 0 | 92,908 | 1,201 | 94,109 | |||||||||||||||||||||||
Other financial liabilities 2 | 84,874 | 15 | 84,146 | 585 | 84,746 | |||||||||||||||||||||||
2013 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 63,426 | 0 | 62,882 | 544 | 63,426 | |||||||||||||||||||||||
Loans | 209,070 | 0 | 209,821 | 3,940 | 213,761 | |||||||||||||||||||||||
Other financial assets 1 | 143,831 | 71,522 | 71,134 | 1,473 | 144,129 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 340,104 | 203,960 | 136,064 | 9 | 340,033 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 17,928 | 0 | 17,928 | 0 | 17,928 | |||||||||||||||||||||||
Short-term borrowings | 14,140 | 0 | 14,148 | 0 | 14,148 | |||||||||||||||||||||||
Long-term debt | 64,279 | 0 | 61,518 | 3,774 | 65,292 | |||||||||||||||||||||||
Other financial liabilities 2 | 96,655 | 1,128 | 94,458 | 1,085 | 96,671 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. |
Assets_pledged_and_collateral_
Assets pledged and collateral (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Assets pledged and collateral | Assets pledged | |||||
end of | 2014 | 2013 | ||||
Assets pledged (CHF million) | ||||||
Total assets pledged or assigned as collateral | 153,982 | 142,952 | ||||
of which encumbered | 103,245 | 92,300 | ||||
Fair value of collateral received with the right to sell or repledge | Collateral | |||||
end of | 2014 | 2013 | ||||
Collateral (CHF million) | ||||||
Fair value of collateral received with the right to sell or repledge | 444,852 | 359,517 | ||||
of which sold or repledged | 336,228 | 267,896 | ||||
Schedule of Other Assets Pledged and Collateral | Other information | |||||
end of | 2014 | 2013 | ||||
Other information (CHF million) | ||||||
Cash and securities restricted under foreign banking regulations | 26,286 | 18,130 | ||||
Swiss National Bank required minimum liquidity reserves | 2,202 | 2,447 | ||||
Bank | ||||||
Assets pledged and collateral | Assets pledged | |||||
end of | 2014 | 2013 | ||||
Assets pledged (CHF million) | ||||||
Total assets pledged or assigned as collateral | 148,345 | 137,207 | ||||
of which encumbered | 103,245 | 92,300 | ||||
Fair value of collateral received with the right to sell or repledge | Collateral | |||||
end of | 2014 | 2013 | ||||
Collateral (CHF million) | ||||||
Fair value of collateral received with the right to sell or repledge | 444,852 | 359,508 | ||||
of which sold or repledged | 336,301 | 267,902 | ||||
Schedule of Other Assets Pledged and Collateral | Other information | |||||
end of | 2014 | 2013 | ||||
Other information (CHF million) | ||||||
Cash and securities restricted under foreign banking regulations | 26,286 | 18,130 | ||||
Swiss National Bank required minimum liquidity reserves | 2,051 | 2,305 |
Capital_adequacy_Tables
Capital adequacy (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
BIS statistics | BIS statistics – Basel III | |||||
end of | 2014 | 2013 | ||||
Eligible capital (CHF million) | ||||||
CET1 capital | 43,322 | 42,989 | ||||
Additional tier 1 capital | 6,482 | 3,072 | ||||
Total tier 1 capital | 49,804 | 46,061 | ||||
Tier 2 capital | 10,947 | 10,227 | ||||
Total eligible capital | 60,751 | 56,288 | ||||
Risk-weighted assets (CHF million) | ||||||
Credit risk | 192,663 | 175,631 | ||||
Market risk | 34,468 | 39,133 | ||||
Operational risk | 58,413 | 53,075 | ||||
Non-counterparty risk | 5,866 | 6,007 | ||||
Risk-weighted assets | 291,410 | 273,846 | ||||
Capital ratios (%) | ||||||
CET1 ratio | 14.9 | 15.7 | ||||
Tier 1 ratio | 17.1 | 16.8 | ||||
Total capital ratio | 20.8 | 20.6 | ||||
Bank | ||||||
BIS statistics | BIS statistics – Basel III | |||||
end of | 2014 | 2013 | ||||
Eligible capital (CHF million) | ||||||
CET1 capital | 40,853 | 37,700 | ||||
Additional tier 1 capital | 6,261 | 3,069 | ||||
Total tier 1 capital | 47,114 | 40,769 | ||||
Tier 2 capital | 10,997 | 11,577 | ||||
Total eligible capital | 58,111 | 52,346 | ||||
Risk-weighted assets (CHF million) | ||||||
Credit risk | 184,531 | 166,245 | ||||
Market risk | 34,439 | 39,111 | ||||
Operational risk | 58,413 | 53,075 | ||||
Non-counterparty risk | 5,611 | 5,758 | ||||
Risk-weighted assets | 282,994 | 264,189 | ||||
Capital ratios (%) | ||||||
CET1 ratio | 14.4 | 14.3 | ||||
Tier 1 ratio | 16.6 | 15.4 | ||||
Total capital ratio | 20.5 | 19.8 |
Assets_under_management_Tables
Assets under management (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Assets under management and net new assets | Assets under management | |||||
in / end of | 2014 | 2013 | ||||
Assets under management (CHF billion) | ||||||
Assets in collective investment instruments managed by Credit Suisse | 158.6 | 160.3 | ||||
Assets with discretionary mandates | 270.5 | 255.4 | ||||
Other assets under management | 948.2 | 866.7 | ||||
Assets under management (including double counting) 1 | 1,377.30 | 1,282.40 | ||||
of which double counting | 47.4 | 47 | ||||
Net new assets (CHF billion) | ||||||
Total net new assets (including double counting) 2 | 28.2 | 32.1 | ||||
1 | ||||||
Includes CHF 0.0 billion and CHF 29.0 billion assets under management from discontinued operations as of December 31, 2014 and 2013, respectively. | ||||||
2 | ||||||
Includes CHF (2.0) billion and CHF (4.0) billion net asset outflows from discontinued operations in 2014 and 2013, respectively. |
Litigation_Tables
Litigation (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Litigation provisions | Litigation provisions | |||
2014 | ||||
CHF million | ||||
Balance at beginning of period | 2,332 | |||
Increase in litigation accruals | 2,899 | |||
Decrease in litigation accruals | -143 | |||
Decrease for settlements and other cash payments | -4,256 | |||
Foreign exchange translation | 190 | |||
Balance at end of period | 1,022 |
Significant_subsidiaries_and_e1
Significant subsidiaries and equity method investments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Significant subsidiaries and equity method investments | Significant subsidiaries | ||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse Group AG | |||||||||||
100 | BANK-now AG | Horgen, Switzerland | CHF | 30 | |||||||
100 | Credit Suisse AG | Zurich, Switzerland | CHF | 4,399.70 | |||||||
100 | Credit Suisse Trust AG | Zurich, Switzerland | CHF | 5 | |||||||
100 | Credit Suisse Trust Holdings Limited | St. Peter Port, Guernsey | GBP | 2 | |||||||
100 | CS LP Holding AG | Zug, Switzerland | CHF | 0.1 | |||||||
100 | Inreska Limited | St. Peter Port, Guernsey | GBP | 3 | |||||||
100 | Neue Aargauer Bank AG | Aarau, Switzerland | CHF | 134.1 | |||||||
88 | Savoy Hotel Baur en Ville AG | Zurich, Switzerland | CHF | 7.5 | |||||||
Credit Suisse AG | |||||||||||
100 | AJP Cayman Ltd. | George Town, Cayman Islands | JPY | 8,025.60 | |||||||
100 | Banco Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 53.6 | |||||||
100 | Banco Credit Suisse (México), S.A. | Mexico City, Mexico | MXN | 1,716.70 | |||||||
100 | Banco de Investimentos Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 164.8 | |||||||
100 | Boston Re Ltd. | Hamilton, Bermuda | USD | 2 | |||||||
100 | CJSC Bank Credit Suisse (Moscow) | Moscow, Russia | USD | 37.8 | |||||||
100 | Column Financial, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse (Australia) Limited | Sydney, Australia | AUD | 34.1 | |||||||
100 | Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. | São Paulo, Brazil | BRL | 5 | |||||||
100 | Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários | São Paulo, Brazil | BRL | 98.4 | |||||||
100 | Credit Suisse (Deutschland) Aktiengesellschaft | Frankfurt, Germany | EUR | 130 | |||||||
100 | Credit Suisse (France) | Paris, France | EUR | 52.9 | |||||||
100 | Credit Suisse (Gibraltar) Limited | Gibraltar, Gibraltar | GBP | 5 | |||||||
100 | Credit Suisse (Channel Islands) Limited | St. Peter Port, Guernsey | USD | 6.1 | |||||||
100 | Credit Suisse (Hong Kong) Limited | Hong Kong, China | HKD | 13,758.00 | |||||||
100 | Credit Suisse (Italy) S.p.A. | Milan, Italy | EUR | 139.6 | |||||||
100 | Credit Suisse (Luxembourg) S.A. | Luxembourg, Luxembourg | CHF | 150 | |||||||
100 | Credit Suisse (Monaco) S.A.M. | Monte Carlo, Monaco | EUR | 18 | |||||||
100 | Credit Suisse (Poland) SP. z o.o | Warsaw, Poland | PLN | 20 | |||||||
100 | Credit Suisse (Qatar) LLC | Doha, Qatar | USD | 24 | |||||||
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 | |||||||
100 | Credit Suisse Asset Management (UK) Holding Limited | London, United Kingdom | GBP | 144.2 | |||||||
100 | Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH | Frankfurt, Germany | EUR | 6.1 | |||||||
100 | Credit Suisse Asset Management International Holding Ltd | Zurich, Switzerland | CHF | 20 | |||||||
100 | Credit Suisse Asset Management Investments Ltd | Zurich, Switzerland | CHF | 0.1 | |||||||
100 | Credit Suisse Asset Management Limited | London, United Kingdom | GBP | 45 | |||||||
100 | Credit Suisse Asset Management, LLC | Wilmington, United States | USD | 1,086.80 | |||||||
100 | Credit Suisse Business Analytics (India) Private Limited | Mumbai, India | INR | 40 | |||||||
100 | Credit Suisse Capital LLC | Wilmington, United States | USD | 737.6 | |||||||
100 | Credit Suisse Energy (Canada) Limited | Toronto, Canada | USD | 0 | |||||||
Significant subsidiaries (continued) | |||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
100 | Credit Suisse Energy LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Equities (Australia) Limited | Sydney, Australia | AUD | 62.5 | |||||||
100 | Credit Suisse Finance (India) Private Limited | Mumbai, India | INR | 1,050.10 | |||||||
100 | Credit Suisse First Boston (Latin America Holdings) LLC | George Town, Cayman Islands | USD | 23.8 | |||||||
100 | Credit Suisse First Boston Finance B.V. | Amsterdam, The Netherlands | EUR | 0 | |||||||
100 | Credit Suisse First Boston Mortgage Capital LLC | Wilmington, United States | USD | 356.6 | |||||||
100 | Credit Suisse First Boston Next Fund, Inc. | Wilmington, United States | USD | 10 | |||||||
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 | |||||||
100 | Credit Suisse Group Finance (U.S.) Inc. | Wilmington, United States | USD | 100 | |||||||
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 | 53.9 | |||||||
100 | 1 | Credit Suisse Holdings (USA), Inc. | Wilmington, United States | USD | 4,184.70 | ||||||
100 | 2 | Credit Suisse International | London, United Kingdom | USD | 13,107.70 | ||||||
100 | Credit Suisse Leasing 92A, L.P. | New York, United States | USD | 43.9 | |||||||
100 | Credit Suisse Life & Pensions AG | Vaduz, Liechtenstein | CHF | 15 | |||||||
100 | Credit Suisse Life (Bermuda) Ltd. | Hamilton, Bermuda | USD | 1 | |||||||
100 | Credit Suisse Loan Funding LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Management LLC | Wilmington, United States | USD | 896.8 | |||||||
100 | Credit Suisse Principal Investments Limited | George Town, Cayman Islands | JPY | 3,324.00 | |||||||
100 | Credit Suisse Prime Securities Services (USA) LLC | Wilmington, United States | USD | 263.3 | |||||||
100 | Credit Suisse Private Equity, LLC | Wilmington, United States | USD | 42.2 | |||||||
100 | Credit Suisse PSL GmbH | Zurich, Switzerland | CHF | 0 | |||||||
100 | Credit Suisse Securities (Canada), Inc. | Toronto, Canada | CAD | 3.4 | |||||||
100 | Credit Suisse Securities (Europe) Limited | London, United Kingdom | USD | 3,859.30 | |||||||
100 | Credit Suisse Securities (Hong Kong) Limited | Hong Kong, China | HKD | 530.9 | |||||||
100 | Credit Suisse Securities (India) Private Limited | Mumbai, India | INR | 2,214.70 | |||||||
100 | Credit Suisse Securities (Japan) Limited | Tokyo, Japan | JPY | 78,100.00 | |||||||
100 | Credit Suisse Securities (Johannesburg) Proprietary Limited | Johannesburg, South Africa | ZAR | 0 | |||||||
100 | Credit Suisse Securities (Malaysia) Sdn. Bhd. | Kuala Lumpur, Malaysia | MYR | 100 | |||||||
100 | Credit Suisse Securities (Moscow) | Moscow, Russia | RUB | 97.1 | |||||||
100 | Credit Suisse Securities (Singapore) Pte Limited | Singapore, Singapore | SGD | 30 | |||||||
100 | Credit Suisse Securities (Thailand) Limited | Bangkok, Thailand | THB | 500 | |||||||
100 | Credit Suisse Securities (USA) LLC | Wilmington, United States | USD | 1,836.10 | |||||||
100 | Credit Suisse Services (India) Private Limited | Pune, India | INR | 0.1 | |||||||
100 | CSAM Americas Holding Corp. | Wilmington, United States | USD | 0 | |||||||
100 | CS Non-Traditional Products Ltd. | Nassau, Bahamas | USD | 0.1 | |||||||
100 | DLJ LBO Plans Management, LLC | Wilmington, United States | USD | 7.8 | |||||||
100 | DLJ Mortgage Capital, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Merban Equity AG | Zug, Switzerland | CHF | 0.1 | |||||||
100 | SPS Holding Corporation | Wilmington, United States | USD | 0.1 | |||||||
99 | PT Credit Suisse Securities Indonesia | Jakarta, Indonesia | IDR | 235,000.00 | |||||||
98 | Credit Suisse Hypotheken AG | Zurich, Switzerland | CHF | 0.1 | |||||||
83 | Asset Management Finance LLC | Wilmington, United States | USD | 341.8 | |||||||
71 | Credit Suisse Saudi Arabia | Riyadh, Saudi Arabia | SAR | 300 | |||||||
1 | |||||||||||
43 % of voting rights held by Credit Suisse Group AG, Guernsey Branch. | |||||||||||
2 | |||||||||||
80 % of voting rights and 98 % of equity interest held by Credit Suisse AG. | |||||||||||
Significant equity method investments | |||||||||||
Equity | Company name | Domicile | |||||||||
interest | |||||||||||
in % | |||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse Group AG | |||||||||||
100 | 1 | Credit Suisse Group Finance (Guernsey) Limited | St. Peter Port, Guernsey | ||||||||
100 | 1 | Credit Suisse Group (Guernsey) I Limited | St. Peter Port, Guernsey | ||||||||
100 | 1 | Credit Suisse Group (Guernsey) II Limited | St. Peter Port, Guernsey | ||||||||
100 | 1 | Credit Suisse Group (Guernsey) IV Limited | St. Peter Port, Guernsey | ||||||||
50 | Swisscard AECS AG | Horgen, Switzerland | |||||||||
25 | SECB Swiss Euro Clearing Bank GmbH | Frankfurt, Germany | |||||||||
Credit Suisse AG | |||||||||||
33 | Credit Suisse Founder Securities Limited | Beijing, China | |||||||||
23 | E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd | Melbourne, Australia | |||||||||
20 | ICBC Credit Suisse Asset Management Co., Ltd. | Beijing, China | |||||||||
5 | 2 | York Capital Management Global Advisors, LLC | New York, United States | ||||||||
0 | 2 | Holding Verde Empreendimentos e Participações S.A. | São Paulo, Brazil | ||||||||
1 | |||||||||||
Deconsolidated under US GAAP as the Group is not the primary beneficiary. | |||||||||||
2 | |||||||||||
The Group holds a significant noncontrolling interest. | |||||||||||
Bank | |||||||||||
Significant subsidiaries and equity method investments | Significant subsidiaries | ||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse AG | |||||||||||
100 | AJP Cayman Ltd. | George Town, Cayman Islands | JPY | 8,025.60 | |||||||
100 | Banco Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 53.6 | |||||||
100 | Banco Credit Suisse (México), S.A. | Mexico City, Mexico | MXN | 1,716.70 | |||||||
100 | Banco de Investimentos Credit Suisse (Brasil) S.A. | São Paulo, Brazil | BRL | 164.8 | |||||||
100 | Boston Re Ltd. | Hamilton, Bermuda | USD | 2 | |||||||
100 | CJSC Bank Credit Suisse (Moscow) | Moscow, Russia | USD | 37.8 | |||||||
100 | Column Financial, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse (Australia) Limited | Sydney, Australia | AUD | 34.1 | |||||||
100 | Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. | São Paulo, Brazil | BRL | 5 | |||||||
100 | Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários | São Paulo, Brazil | BRL | 98.4 | |||||||
100 | Credit Suisse (Deutschland) Aktiengesellschaft | Frankfurt, Germany | EUR | 130 | |||||||
100 | Credit Suisse (France) | Paris, France | EUR | 52.9 | |||||||
100 | Credit Suisse (Gibraltar) Limited | Gibraltar, Gibraltar | GBP | 5 | |||||||
100 | Credit Suisse (Channel Islands) Limited | St. Peter Port, Guernsey | USD | 6.1 | |||||||
100 | Credit Suisse (Hong Kong) Limited | Hong Kong, China | HKD | 13,758.00 | |||||||
100 | Credit Suisse (Italy) S.p.A. | Milan, Italy | EUR | 139.6 | |||||||
100 | Credit Suisse (Luxembourg) S.A. | Luxembourg, Luxembourg | CHF | 150 | |||||||
100 | Credit Suisse (Monaco) S.A.M. | Monte Carlo, Monaco | EUR | 18 | |||||||
100 | Credit Suisse (Poland) Sp. z o.o | Warsaw, Poland | PLN | 20 | |||||||
100 | Credit Suisse (Qatar) LLC | Doha, Qatar | USD | 24 | |||||||
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 | |||||||
100 | Credit Suisse Asset Management (UK) Holding Limited | London, United Kingdom | GBP | 144.2 | |||||||
100 | Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH | Frankfurt, Germany | EUR | 6.1 | |||||||
100 | Credit Suisse Asset Management International Holding Ltd | Zurich, Switzerland | CHF | 20 | |||||||
100 | Credit Suisse Asset Management Investments Ltd | Zurich, Switzerland | CHF | 0.1 | |||||||
100 | Credit Suisse Asset Management Limited | London, United Kingdom | GBP | 45 | |||||||
100 | Credit Suisse Asset Management, LLC | Wilmington, United States | USD | 1,086.80 | |||||||
100 | Credit Suisse Business Analytics (India) Private Limited | Mumbai, India | INR | 40 | |||||||
100 | Credit Suisse Capital LLC | Wilmington, United States | USD | 737.6 | |||||||
Significant subsidiaries (continued) | |||||||||||
Equity | Company name | Domicile | Currency | Nominal | |||||||
interest | capital | ||||||||||
in % | in million | ||||||||||
100 | Credit Suisse Energy (Canada) Limited | Toronto, Canada | USD | 0 | |||||||
100 | Credit Suisse Energy LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Equities (Australia) Limited | Sydney, Australia | AUD | 62.5 | |||||||
100 | Credit Suisse Finance (India) Private Limited | Mumbai, India | INR | 1,050.10 | |||||||
100 | Credit Suisse First Boston (Latin America Holdings) LLC | George Town, Cayman Islands | USD | 23.8 | |||||||
100 | Credit Suisse First Boston Finance B.V. | Amsterdam, The Netherlands | EUR | 0 | |||||||
100 | Credit Suisse First Boston Mortgage Capital LLC | Wilmington, United States | USD | 356.6 | |||||||
100 | Credit Suisse First Boston Next Fund, Inc. | Wilmington, United States | USD | 10 | |||||||
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 | |||||||
100 | Credit Suisse Group Finance (U.S.) Inc. | Wilmington, United States | USD | 100 | |||||||
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 | 53.9 | |||||||
100 | 1 | Credit Suisse Holdings (USA), Inc. | Wilmington, United States | USD | 4,184.70 | ||||||
100 | Credit Suisse Leasing 92A, L.P. | New York, United States | USD | 43.9 | |||||||
100 | Credit Suisse Life & Pensions AG | Vaduz, Liechtenstein | CHF | 15 | |||||||
100 | Credit Suisse Life (Bermuda) Ltd. | Hamilton, Bermuda | USD | 1 | |||||||
100 | Credit Suisse Loan Funding LLC | Wilmington, United States | USD | 0 | |||||||
100 | Credit Suisse Management LLC | Wilmington, United States | USD | 896.8 | |||||||
100 | Credit Suisse Principal Investments Limited | George Town, Cayman Islands | JPY | 3,324.00 | |||||||
100 | Credit Suisse Prime Securities Services (USA) LLC | Wilmington, United States | USD | 263.3 | |||||||
100 | Credit Suisse Private Equity, LLC | Wilmington, United States | USD | 42.2 | |||||||
100 | Credit Suisse PSL GmbH | Zurich, Switzerland | CHF | 0 | |||||||
100 | Credit Suisse Securities (Canada), Inc. | Toronto, Canada | CAD | 3.4 | |||||||
100 | Credit Suisse Securities (Europe) Limited | London, United Kingdom | USD | 3,859.30 | |||||||
100 | Credit Suisse Securities (Hong Kong) Limited | Hong Kong, China | HKD | 530.9 | |||||||
100 | Credit Suisse Securities (India) Private Limited | Mumbai, India | INR | 2,214.70 | |||||||
100 | Credit Suisse Securities (Japan) Limited | Tokyo, Japan | JPY | 78,100.00 | |||||||
100 | Credit Suisse Securities (Johannesburg) Proprietary Limited | Johannesburg, South Africa | ZAR | 0 | |||||||
100 | Credit Suisse Securities (Malaysia) Sdn. Bhd. | Kuala Lumpur, Malaysia | MYR | 100 | |||||||
100 | Credit Suisse Securities (Moscow) | Moscow, Russia | RUB | 97.1 | |||||||
100 | Credit Suisse Securities (Singapore) Pte Limited | Singapore, Singapore | SGD | 30 | |||||||
100 | Credit Suisse Securities (Thailand) Limited | Bangkok, Thailand | THB | 500 | |||||||
100 | Credit Suisse Securities (USA) LLC | Wilmington, United States | USD | 1,836.10 | |||||||
100 | Credit Suisse Services (India) Private Limited | Pune, India | INR | 0.1 | |||||||
100 | CSAM Americas Holding Corp. | Wilmington, United States | USD | 0 | |||||||
100 | CS Non-Traditional Products Ltd. | Nassau, Bahamas | USD | 0.1 | |||||||
100 | DLJ LBO Plans Management, LLC | Wilmington, United States | USD | 7.8 | |||||||
100 | DLJ Mortgage Capital, Inc. | Wilmington, United States | USD | 0 | |||||||
100 | Merban Equity AG | Zug, Switzerland | CHF | 0.1 | |||||||
100 | SPS Holding Corporation | Wilmington, United States | USD | 0.1 | |||||||
99 | PT Credit Suisse Securities Indonesia | Jakarta, Indonesia | IDR | 235,000.00 | |||||||
98 | Credit Suisse Hypotheken AG | Zurich, Switzerland | CHF | 0.1 | |||||||
98 | 2 | Credit Suisse International | London, United Kingdom | USD | 13,107.70 | ||||||
83 | Asset Management Finance LLC | Wilmington, United States | USD | 341.8 | |||||||
71 | Credit Suisse Saudi Arabia | Riyadh, Saudi Arabia | SAR | 300 | |||||||
1 | |||||||||||
43 % of voting rights held by Credit Suisse Group AG, Guernsey Branch. | |||||||||||
2 | |||||||||||
Remaining 2 % held directly by Credit Suisse Group AG. 80 % of voting rights and 98 % of equity interest held by Credit Suisse AG. | |||||||||||
Significant equity method investments | |||||||||||
Equity | Company name | Domicile | |||||||||
interest | |||||||||||
in % | |||||||||||
as of December 31, 2014 | |||||||||||
Credit Suisse AG | |||||||||||
33 | Credit Suisse Founder Securities Limited | Beijing, China | |||||||||
23 | E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd | Melbourne, Australia | |||||||||
20 | ICBC Credit Suisse Asset Management Co., Ltd. | Beijing, China | |||||||||
5 | 1 | York Capital Management Global Advisors, LLC | New York, United States | ||||||||
0 | 1 | Holding Verde Empreendimentos e Participações S.A. | São Paulo, Brazil | ||||||||
1 | |||||||||||
The Bank holds a significant noncontrolling interest. |
Subsidiary_guarantee_informati1
Subsidiary guarantee information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Subsidiary guarantee information | ||||||||||||||
Condensed consolidating statements of operations | Condensed consolidating statements of operations | |||||||||||||
in 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 6,392 | 12,193 | 18,585 | 228 | 248 | 19,061 | ||||||||
Interest expense | -3,894 | -6,014 | -9,908 | -316 | 197 | -10,027 | ||||||||
Net interest income | 2,498 | 6,179 | 8,677 | -88 | 445 | 9,034 | ||||||||
Commissions and fees | 4,137 | 8,750 | 12,887 | 7 | 157 | 13,051 | ||||||||
Trading revenues | 73 | 1,717 | 1,790 | 159 | 77 | 2,026 | ||||||||
Other revenues | 1,358 | 877 | 2,235 | 1,750 | 2 | -1,854 | 2,131 | |||||||
Net revenues | 8,066 | 17,523 | 25,589 | 1,828 | -1,175 | 26,242 | ||||||||
Provision for credit losses | -1 | 126 | 125 | 0 | 61 | 186 | ||||||||
Compensation and benefits | 3,510 | 7,872 | 11,382 | 53 | -101 | 11,334 | ||||||||
General and administrative expenses | 2,592 | 6,981 | 9,573 | -101 | 62 | 9,534 | ||||||||
Commission expenses | 253 | 1,295 | 1,548 | 0 | 13 | 1,561 | ||||||||
Total other operating expenses | 2,845 | 8,276 | 11,121 | -101 | 75 | 11,095 | ||||||||
Total operating expenses | 6,355 | 16,148 | 22,503 | -48 | -26 | 22,429 | ||||||||
Income/(loss) from continuing operations before taxes | 1,712 | 1,249 | 2,961 | 1,876 | -1,210 | 3,627 | ||||||||
Income tax expense | 620 | 679 | 1,299 | 1 | 105 | 1,405 | ||||||||
Income/(loss) from continuing operations | 1,092 | 570 | 1,662 | 1,875 | -1,315 | 2,222 | ||||||||
Income from discontinued operations, net of tax | 0 | 102 | 102 | 0 | 0 | 102 | ||||||||
Net income/(loss) | 1,092 | 672 | 1,764 | 1,875 | -1,315 | 2,324 | ||||||||
Net income attributable to noncontrolling interests | 406 | 39 | 445 | 0 | 4 | 449 | ||||||||
Net income/(loss) attributable to shareholders | 686 | 633 | 1,319 | 1,875 | -1,319 | 1,875 | ||||||||
of which from continuing operations | 686 | 531 | 1,217 | 1,875 | -1,319 | 1,773 | ||||||||
of which from discontinued operations | 0 | 102 | 102 | 0 | 0 | 102 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income | ||||||||||||||
in 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,092 | 672 | 1,764 | 1,875 | -1,315 | 2,324 | ||||||||
Gains/(losses) on cash flow hedges | 0 | -27 | -27 | 7 | 0 | -20 | ||||||||
Foreign currency translation | 2,238 | 46 | 2,284 | -1 | 4 | 2,287 | ||||||||
Unrealized gains/(losses) on securities | 0 | 21 | 21 | 0 | -9 | 12 | ||||||||
Actuarial gains/(losses) | -109 | 167 | 58 | 0 | -1,311 | -1,253 | ||||||||
Net prior service credit/(cost) | 14 | 0 | 14 | 0 | -77 | -63 | ||||||||
Other comprehensive income/(loss), net of tax | 2,143 | 207 | 2,350 | 6 | -1,393 | 963 | ||||||||
Comprehensive income/(loss) | 3,235 | 879 | 4,114 | 1,881 | -2,708 | 3,287 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 520 | 94 | 614 | 0 | -74 | 540 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 2,715 | 785 | 3,500 | 1,881 | -2,634 | 2,747 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 6,579 | 12,438 | 19,017 | 62 | 477 | 19,556 | ||||||||
Interest expense | -3,930 | -7,377 | -11,307 | -60 | -74 | -11,441 | ||||||||
Net interest income | 2,649 | 5,061 | 7,710 | 2 | 403 | 8,115 | ||||||||
Commissions and fees | 3,755 | 9,302 | 13,057 | 4 | 165 | 13,226 | ||||||||
Trading revenues | -516 | 3,271 | 2,755 | -23 | 7 | 2,739 | ||||||||
Other revenues | 1,529 | 263 | 1,792 | 2,288 | 2 | -2,304 | 1,776 | |||||||
Net revenues | 7,417 | 17,897 | 25,314 | 2,271 | -1,729 | 25,856 | ||||||||
Provision for credit losses | 4 | 89 | 93 | 0 | 74 | 167 | ||||||||
Compensation and benefits | 3,380 | 7,807 | 11,187 | 59 | 10 | 11,256 | ||||||||
General and administrative expenses | 2,843 | 5,811 | 8,654 | -135 | 80 | 8,599 | ||||||||
Commission expenses | 227 | 1,499 | 1,726 | 1 | 11 | 1,738 | ||||||||
Total other operating expenses | 3,070 | 7,310 | 10,380 | -134 | 91 | 10,337 | ||||||||
Total operating expenses | 6,450 | 15,117 | 21,567 | -75 | 101 | 21,593 | ||||||||
Income/(loss) from continuing operations before taxes | 963 | 2,691 | 3,654 | 2,346 | -1,904 | 4,096 | ||||||||
Income tax expense | 8 | 1,162 | 1,170 | 20 | 86 | 1,276 | ||||||||
Income/(loss) from continuing operations | 955 | 1,529 | 2,484 | 2,326 | -1,990 | 2,820 | ||||||||
Income from discontinued operations, net of tax | 66 | 79 | 145 | 0 | 0 | 145 | ||||||||
Net income/(loss) | 1,021 | 1,608 | 2,629 | 2,326 | -1,990 | 2,965 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 575 | 94 | 669 | 0 | -30 | 639 | ||||||||
Net income/(loss) attributable to shareholders | 446 | 1,514 | 1,960 | 2,326 | -1,960 | 2,326 | ||||||||
of which from continuing operations | 380 | 1,435 | 1,815 | 2,326 | -1,960 | 2,181 | ||||||||
of which from discontinued operations | 66 | 79 | 145 | 0 | 0 | 145 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income | ||||||||||||||
in 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,021 | 1,608 | 2,629 | 2,326 | -1,990 | 2,965 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 2 | 2 | 16 | 0 | 18 | ||||||||
Foreign currency translation | -668 | -1,566 | -2,234 | 0 | 1,213 | -1,021 | ||||||||
Unrealized gains/(losses) on securities | -2 | -16 | -18 | 0 | -14 | -32 | ||||||||
Actuarial gains/(losses) | 138 | -181 | -43 | 0 | 1,087 | 1,044 | ||||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | -95 | -95 | ||||||||
Other comprehensive income/(loss), net of tax | -532 | -1,761 | -2,293 | 16 | 2,191 | -86 | ||||||||
Comprehensive income/(loss) | 489 | -153 | 336 | 2,342 | 201 | 2,879 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 471 | 163 | 634 | 0 | -109 | 525 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 18 | -316 | -298 | 2,342 | 310 | 2,354 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 2012 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 7,625 | 13,914 | 21,539 | 81 | 470 | 22,090 | ||||||||
Interest expense | -4,540 | -10,217 | -14,757 | -79 | -111 | -14,947 | ||||||||
Net interest income | 3,085 | 3,697 | 6,782 | 2 | 359 | 7,143 | ||||||||
Commissions and fees | 3,934 | 8,609 | 12,543 | -12 | 193 | 12,724 | ||||||||
Trading revenues | 1,470 | -307 | 1,163 | 1 | 32 | 1,196 | ||||||||
Other revenues | -37 | 2,525 | 2,488 | 1,319 | 2 | -1,259 | 2,548 | |||||||
Net revenues | 8,452 | 14,524 | 22,976 | 1,310 | -675 | 23,611 | ||||||||
Provision for credit losses | -5 | 93 | 88 | 0 | 82 | 170 | ||||||||
Compensation and benefits | 3,601 | 8,618 | 12,219 | 56 | 28 | 12,303 | ||||||||
General and administrative expenses | 2,132 | 5,073 | 7,205 | -101 | 142 | 7,246 | ||||||||
Commission expenses | 252 | 1,433 | 1,685 | 1 | 16 | 1,702 | ||||||||
Total other operating expenses | 2,384 | 6,506 | 8,890 | -100 | 158 | 8,948 | ||||||||
Total operating expenses | 5,985 | 15,124 | 21,109 | -44 | 186 | 21,251 | ||||||||
Income/(loss) from continuing operations before taxes | 2,472 | -693 | 1,779 | 1,354 | -943 | 2,190 | ||||||||
Income tax expense/(benefit) | 1,251 | -886 | 365 | 5 | 95 | 465 | ||||||||
Income/(loss) from continuing operations | 1,221 | 193 | 1,414 | 1,349 | -1,038 | 1,725 | ||||||||
Income/(loss) from discontinued operations, net of tax | 17 | -57 | -40 | 0 | 0 | -40 | ||||||||
Net income/(loss) | 1,238 | 136 | 1,374 | 1,349 | -1,038 | 1,685 | ||||||||
Net income attributable to noncontrolling interests | 281 | 52 | 333 | 0 | 3 | 336 | ||||||||
Net income/(loss) attributable to shareholders | 957 | 84 | 1,041 | 1,349 | -1,041 | 1,349 | ||||||||
of which from continuing operations | 940 | 141 | 1,081 | 1,349 | -1,041 | 1,389 | ||||||||
of which from discontinued operations | 17 | -57 | -40 | 0 | 0 | -40 | ||||||||
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 | ||||||||||||||
in 2012 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,238 | 136 | 1,374 | 1,349 | -1,038 | 1,685 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 7 | 7 | 30 | 0 | 37 | ||||||||
Foreign currency translation | -567 | -685 | -1,252 | 1 | 137 | -1,114 | ||||||||
Unrealized gains/(losses) on securities | 2 | -45 | -43 | 0 | 28 | -15 | ||||||||
Actuarial gains/(losses) | 20 | 39 | 59 | 0 | -109 | -50 | ||||||||
Net prior service credit/(cost) | -2 | 1 | -1 | 0 | 249 | 248 | ||||||||
Other comprehensive income/(loss), net of tax | -547 | -683 | -1,230 | 31 | 305 | -894 | ||||||||
Comprehensive income/(loss) | 691 | -547 | 144 | 1,380 | -733 | 791 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 186 | -91 | 95 | 0 | 116 | 211 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 505 | -456 | 49 | 1,380 | -849 | 580 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets | Condensed consolidating balance sheets | |||||||||||||
end of 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,572 | 73,428 | 78,000 | 917 | 432 | 79,349 | ||||||||
Interest-bearing deposits with banks | 69 | 4,035 | 4,104 | 0 | -2,860 | 1,244 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 152,647 | 10,561 | 163,208 | 0 | 0 | 163,208 | ||||||||
Securities received as collateral | 26,754 | 100 | 26,854 | 0 | 0 | 26,854 | ||||||||
Trading assets | 74,980 | 166,333 | 241,313 | 0 | -182 | 241,131 | ||||||||
Investment securities | 3 | 2,376 | 2,379 | 3,981 | -3,569 | 2,791 | ||||||||
Other investments | 2,826 | 5,641 | 8,467 | 46,392 | -46,246 | 8,613 | ||||||||
Net loans | 20,664 | 235,264 | 255,928 | 350 | 16,273 | 272,551 | ||||||||
Premises and equipment | 892 | 3,549 | 4,441 | 0 | 200 | 4,641 | ||||||||
Goodwill | 731 | 7,035 | 7,766 | 0 | 878 | 8,644 | ||||||||
Other intangible assets | 115 | 134 | 249 | 0 | 0 | 249 | ||||||||
Brokerage receivables | 25,009 | 16,620 | 41,629 | 0 | 0 | 41,629 | ||||||||
Other assets | 24,738 | 45,773 | 70,511 | 221 | -174 | 70,558 | ||||||||
Total assets | 334,000 | 570,849 | 904,849 | 51,861 | -35,248 | 921,462 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 97 | 26,409 | 26,506 | 2,627 | -3,124 | 26,009 | ||||||||
Customer deposits | 1 | 357,568 | 357,569 | 0 | 11,489 | 369,058 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 120,817 | -50,698 | 70,119 | 0 | 0 | 70,119 | ||||||||
Obligation to return securities received as collateral | 26,754 | 100 | 26,854 | 0 | 0 | 26,854 | ||||||||
Trading liabilities | 13,133 | 59,534 | 72,667 | 0 | -12 | 72,655 | ||||||||
Short-term borrowings | 27,440 | -1,519 | 25,921 | 0 | 0 | 25,921 | ||||||||
Long-term debt | 67,776 | 105,171 | 172,947 | 4,930 | 21 | 177,898 | ||||||||
Brokerage payables | 44,029 | 12,948 | 56,977 | 0 | 0 | 56,977 | ||||||||
Other liabilities | 13,103 | 37,545 | 50,648 | 345 | -23 | 50,970 | ||||||||
Total liabilities | 313,150 | 547,058 | 860,208 | 7,902 | 8,351 | 876,461 | ||||||||
Total shareholders' equity | 19,693 | 23,202 | 42,895 | 43,959 | -42,895 | 43,959 | ||||||||
Noncontrolling interests | 1,157 | 589 | 1,746 | 0 | -704 | 1,042 | ||||||||
Total equity | 20,850 | 23,791 | 44,641 | 43,959 | -43,599 | 45,001 | ||||||||
Total liabilities and equity | 334,000 | 570,849 | 904,849 | 51,861 | -35,248 | 921,462 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets (continued) | ||||||||||||||
end of 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,965 | 63,116 | 68,081 | 795 | -184 | 68,692 | ||||||||
Interest-bearing deposits with banks | 81 | 3,304 | 3,385 | 0 | -1,870 | 1,515 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 127,153 | 32,860 | 160,013 | 0 | 9 | 160,022 | ||||||||
Securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading assets | 73,582 | 156,156 | 229,738 | 0 | -325 | 229,413 | ||||||||
Investment securities | 2 | 1,625 | 1,627 | 1,481 | -121 | 2,987 | ||||||||
Other investments | 4,522 | 5,685 | 10,207 | 42,570 | -42,448 | 10,329 | ||||||||
Net loans | 20,464 | 210,693 | 231,157 | 3,185 | 12,712 | 247,054 | ||||||||
Premises and equipment | 891 | 4,004 | 4,895 | 0 | 196 | 5,091 | ||||||||
Goodwill | 658 | 6,463 | 7,121 | 0 | 878 | 7,999 | ||||||||
Other intangible assets | 78 | 132 | 210 | 0 | 0 | 210 | ||||||||
Brokerage receivables | 25,667 | 26,377 | 52,044 | 0 | 1 | 52,045 | ||||||||
Other assets | 18,120 | 43,447 | 61,567 | 243 | 1,255 | 63,065 | ||||||||
Assets of discontinued operations held-for-sale | 11 | 1,573 | 1,584 | 0 | 0 | 1,584 | ||||||||
Total assets | 299,673 | 554,756 | 854,429 | 48,274 | -29,897 | 872,806 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 251 | 22,896 | 23,147 | 3,242 | -3,281 | 23,108 | ||||||||
Customer deposits | 1 | 321,677 | 321,678 | 0 | 11,411 | 333,089 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 98,600 | -4,568 | 94,032 | 0 | 0 | 94,032 | ||||||||
Obligation to return securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading liabilities | 14,304 | 62,508 | 76,812 | 0 | -177 | 76,635 | ||||||||
Short-term borrowings | 42,842 | -22,649 | 20,193 | 0 | 0 | 20,193 | ||||||||
Long-term debt | 31,909 | 94,832 | 126,741 | 2,784 | 517 | 130,042 | ||||||||
Brokerage payables | 55,749 | 17,405 | 73,154 | 0 | 0 | 73,154 | ||||||||
Other liabilities | 11,310 | 39,790 | 51,100 | 84 | 263 | 51,447 | ||||||||
Liabilities of discontinued operations held-for-sale | 19 | 1,121 | 1,140 | 0 | 0 | 1,140 | ||||||||
Total liabilities | 278,464 | 532,333 | 810,797 | 6,110 | 8,733 | 825,640 | ||||||||
Total shareholders' equity | 18,059 | 21,408 | 39,467 | 42,164 | -39,467 | 42,164 | ||||||||
Noncontrolling interests | 3,150 | 1,015 | 4,165 | 0 | 837 | 5,002 | ||||||||
Total equity | 21,209 | 22,423 | 43,632 | 42,164 | -38,630 | 47,166 | ||||||||
Total liabilities and equity | 299,673 | 554,756 | 854,429 | 48,274 | -29,897 | 872,806 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of cash flows | Condensed consolidating statements of cash flows | |||||||||||||
in 2014 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | -12,175 | -6,025 | -18,200 | 609 | 2 | -29 | -17,620 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -7,105 | 6,378 | -727 | 0 | 1,002 | 275 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -10,390 | 22,067 | 11,677 | 0 | 8 | 11,685 | ||||||||
Purchase of investment securities | 0 | -1,060 | -1,060 | -2,217 | 2,217 | -1,060 | ||||||||
Proceeds from sale of investment securities | 0 | 118 | 118 | 0 | 812 | 930 | ||||||||
Maturities of investment securities | 0 | 187 | 187 | 0 | 153 | 340 | ||||||||
Investments in subsidiaries and other investments | -643 | -585 | -1,228 | -1,352 | 1,316 | -1,264 | ||||||||
Proceeds from sale of other investments | 1,218 | 301 | 1,519 | 3 | 31 | 1,553 | ||||||||
(Increase)/decrease in loans | 9,061 | -32,751 | -23,690 | 2,482 | -2,396 | -23,604 | ||||||||
Proceeds from sales of loans | 0 | 1,255 | 1,255 | 0 | 0 | 1,255 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -317 | -726 | -1,043 | 0 | -13 | -1,056 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 1 | 1 | 0 | 0 | 1 | ||||||||
Other, net | -11 | 612 | 601 | -10 | 15 | 606 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | -8,187 | -4,203 | -12,390 | -1,094 | 3,145 | -10,339 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | -168 | 27,305 | 27,137 | -669 | -428 | 26,040 | ||||||||
Increase/(decrease) in short-term borrowings | 14,532 | -11,023 | 3,509 | 0 | 0 | 3,509 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 2,999 | -34,000 | -31,001 | 0 | 0 | -31,001 | ||||||||
Issuances of long-term debt | 6,607 | 67,543 | 74,150 | 2,217 | -2,208 | 74,159 | ||||||||
Repayments of long-term debt | -2,559 | -35,312 | -37,871 | 0 | 1,400 | -36,471 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 297 | 0 | 297 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 0 | 9,394 | 9,394 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -742 | -9,455 | -10,197 | ||||||||
Dividends paid | -1,128 | 1,044 | -84 | -1,125 | -43 | -1,252 | ||||||||
Other, net | -791 | 303 | -488 | 609 | -1,313 | -1,192 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | 19,492 | 15,860 | 35,352 | 587 | -2,653 | 33,286 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | 485 | 5,132 | 5,617 | 20 | 153 | 5,790 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | -8 | -452 | -460 | 0 | 0 | -460 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | -393 | 10,312 | 9,919 | 122 | 616 | 10,657 | ||||||||
Cash and due from banks at beginning of period | 4,965 | 63,116 | 68,081 | 795 | -184 | 68,692 | ||||||||
Cash and due from banks at end of period | 4,572 | 73,428 | 78,000 | 917 | 432 | 79,349 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 150 million and CHF 113 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Condensed consolidating statements of cash flows (continued) | ||||||||||||||
in 2013 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | 6,078 | 15,939 | 22,017 | 400 | 2 | -343 | 22,074 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -1 | 444 | 443 | 0 | 95 | 538 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -594 | 17,714 | 17,120 | 0 | 0 | 17,120 | ||||||||
Purchase of investment securities | 0 | -676 | -676 | -1,402 | 1,401 | -677 | ||||||||
Proceeds from sale of investment securities | 23 | 153 | 176 | 0 | 0 | 176 | ||||||||
Maturities of investment securities | 0 | 673 | 673 | 0 | 159 | 832 | ||||||||
Investments in subsidiaries and other investments | 232 | -1,570 | -1,338 | -2,458 | 2,004 | -1,792 | ||||||||
Proceeds from sale of other investments | 2,139 | 1,026 | 3,165 | 481 | 91 | 3,737 | ||||||||
(Increase)/decrease in loans | 3,562 | -12,139 | -8,577 | 1,228 | -1,777 | -9,126 | ||||||||
Proceeds from sales of loans | 0 | 1,483 | 1,483 | 0 | 0 | 1,483 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -238 | -657 | -895 | 0 | -8 | -903 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 9 | 9 | 0 | 0 | 9 | ||||||||
Other, net | -87 | 202 | 115 | 0 | 7 | 122 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | 5,036 | 6,662 | 11,698 | -2,151 | 1,972 | 11,519 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 95 | 22,535 | 22,630 | -500 | 333 | 22,463 | ||||||||
Increase/(decrease) in short-term borrowings | 22,124 | -16,122 | 6,002 | 0 | 0 | 6,002 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -29,400 | -6,947 | -36,347 | 0 | 0 | -36,347 | ||||||||
Issuances of long-term debt | 687 | 37,227 | 37,914 | 2,292 | -1,116 | 39,090 | ||||||||
Repayments of long-term debt | -4,219 | -50,997 | -55,216 | 0 | 81 | -55,135 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 976 | 0 | 976 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 58 | 9,706 | 9,764 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -217 | -9,985 | -10,202 | ||||||||
Dividends paid | -178 | -305 | -483 | -154 | 73 | -564 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 0 | 0 | 1 | -1 | 0 | ||||||||
Other, net | -165 | 901 | 736 | 75 | -1,279 | -468 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | -11,056 | -13,708 | -24,764 | 2,531 | -2,188 | -24,421 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | -74 | -1,145 | -1,219 | -4 | 7 | -1,216 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | 0 | -1,027 | -1,027 | 0 | 0 | -1,027 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | -16 | 6,721 | 6,705 | 776 | -552 | 6,929 | ||||||||
Cash and due from banks at beginning of period | 4,981 | 56,395 | 61,376 | 19 | 368 | 61,763 | ||||||||
Cash and due from banks at end of period | 4,965 | 63,116 | 68,081 | 795 | -184 | 68,692 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 161 million and CHF 208 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Condensed consolidating statements of cash flows (continued) | ||||||||||||||
in 2012 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | -4,354 | -7,863 | -12,217 | 357 | 2 | -808 | -12,668 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -2 | 317 | 315 | 0 | -131 | 184 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 22,780 | 24,153 | 46,933 | 0 | 19 | 46,952 | ||||||||
Purchase of investment securities | 0 | -276 | -276 | 0 | -204 | -480 | ||||||||
Proceeds from sale of investment securities | 0 | 936 | 936 | 0 | 0 | 936 | ||||||||
Maturities of investment securities | 0 | 1,442 | 1,442 | 0 | 184 | 1,626 | ||||||||
Investments in subsidiaries and other investments | -84 | -1,832 | -1,916 | -3,584 | 3,461 | -2,039 | ||||||||
Proceeds from sale of other investments | 1,922 | 996 | 2,918 | 110 | 76 | 3,104 | ||||||||
(Increase)/decrease in loans | 1,994 | -11,564 | -9,570 | 1,154 | -2,606 | -11,022 | ||||||||
Proceeds from sales of loans | 0 | 1,090 | 1,090 | 0 | 0 | 1,090 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -364 | -863 | -1,227 | 0 | -15 | -1,242 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 16 | 10 | 26 | 0 | 0 | 26 | ||||||||
Other, net | 235 | 3,441 | 3,676 | 28 | -21 | 3,683 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | 26,497 | 17,850 | 44,347 | -2,292 | 763 | 42,818 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 78 | -14,083 | -14,005 | -1,015 | 2,453 | -12,567 | ||||||||
Increase/(decrease) in short-term borrowings | 5,508 | -17,151 | -11,643 | 0 | 3,803 | -7,840 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -20,167 | -19,791 | -39,958 | 0 | 0 | -39,958 | ||||||||
Issuances of long-term debt | 1,625 | 35,610 | 37,235 | 10 | 1,160 | 38,405 | ||||||||
Repayments of long-term debt | -6,996 | -48,405 | -55,401 | -1,149 | 614 | -55,936 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 1,930 | 0 | 1,930 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 367 | 7,988 | 8,355 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -495 | -8,364 | -8,859 | ||||||||
Dividends paid | 0 | -321 | -321 | -944 | -31 | -1,296 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 42 | 42 | 0 | -42 | 0 | ||||||||
Other, net | -1,749 | 5,352 | 3,603 | 3,180 | -6,389 | 394 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | -21,701 | -58,747 | -80,448 | 1,884 | 1,192 | -77,372 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | -120 | -1,064 | -1,184 | 57 | -115 | -1,242 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | 6 | -352 | -346 | 0 | 0 | -346 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | 328 | -50,176 | -49,848 | 6 | 1,032 | -48,810 | ||||||||
Cash and due from banks at beginning of period | 4,653 | 106,571 | 111,224 | 13 | -664 | 110,573 | ||||||||
Cash and due from banks at end of period | 4,981 | 56,395 | 61,376 | 19 | 368 | 61,763 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 166 million and CHF 46 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Summary_of_significant_account2
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
year | |
month | |
day | |
Accounting Policies [Line Items] | |
Voting rights percentage threshold used to consolidate subsidiaries | 50.00% |
Classification of cash equivalents, original maturities period (in months) | 3 |
Discontinued hedge, expected period beyond contract date for forecasted transaction to not occur while carried at fair value (in months) | 2 |
Threshold period for determining whether unrealized loss on equity securities is other-than-temporary (in months) | 6 |
Threshold percentage for determining whether unrealized loss on equity securities is other-than-temporary | 20.00% |
Equity method of accounting, low end of range of voting interest (as a percent) | 20.00% |
Equity method of accounting, high end of range of voting interest (as a percent) | 50.00% |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 5.00% |
Real estate held for investment purposes, useful life, low end of range (in years) | 40 |
Real estate held for investment purposes, useful life, high end of range (in years) | 67 |
Number of loan portfolio segments | 2 |
Actuarial gains and losses threshold over the PBO or market value of plan assets which is amortized (as a percent) | 10.00% |
Non-performing loan classification, past due (in days) | 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 |
Bank | |
Accounting Policies [Line Items] | |
Actuarial gains and losses threshold over the PBO or market value of plan assets which is amortized (as a percent) | 10.00% |
Summary_of_significant_account3
Summary of significant accounting policies (Details 2) | 12 Months Ended |
Dec. 31, 2014 | |
Premises | Minimum | |
Premises and equipment disclosures | |
Useful life | 40 years 0 months 0 days |
Premises | Maximum | |
Premises and equipment disclosures | |
Useful life | 67 years 0 months 0 days |
Rented premises improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years 0 months 0 days |
Other tangible fixed assets | Minimum | |
Premises and equipment disclosures | |
Useful life | 3 years 0 months 0 days |
Other tangible fixed assets | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years 0 months 0 days |
Capitalized software | Maximum | |
Premises and equipment disclosures | |
Useful life | 3 years 0 months 0 days |
Business_developments_Details_
Business developments (Details 2) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CHF | CHF | CHF | Private Banking & Wealth Management's local affluent and upper affluent business in Italy | Bank | Bank | Bank | |
EUR (€) | CHF | CHF | CHF | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income/(loss) from discontinued operations | 102,000,000 | 145,000,000 | -40,000,000 | 102,000,000 | 145,000,000 | -40,000,000 | |
Assets under management | € 1,900,000,000 | ||||||
Approximate number of agents | 50 |
Business_developments_Details_1
Business developments (Details 3) | Feb. 25, 2013 | Oct. 23, 2013 | Nov. 04, 2013 | Jun. 16, 2014 |
In Millions, unless otherwise specified | ||||
Crescent Holding GmbH | ||||
Related party disclosures | ||||
Shares held by related party | 88.5 | |||
Portion of registered Group shares held by related party (as a percent) | 6.70% | |||
Qatar Holding LLC | ||||
Related party disclosures | ||||
Shares held by related party | 82 | |||
Portion of registered Group shares held by related party (as a percent) | 5.20% | |||
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) | 5.20% | |||
Norges Bank | ||||
Related party disclosures | ||||
Shares held by related party | 80 | |||
Portion of registered Group shares held by related party (as a percent) | 5.00% |
Business_developments_Details_2
Business developments (Details 4) (Subsequent Event, Swiss National Bank, Announcement) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Event, Swiss National Bank, Announcement | |
Subsequent Event [Line Items] | |
Subsequent Event, Date | 15-Jan-15 |
Subsequent Event, Description | The Swiss National Bank (SNB) decided to discontinue the minimum exchange rate of CHF 1.20 per euro and to lower the interest rate by 50 basis points to (0.75)% on sight deposits that exceed a certain threshold. It also decreased the target range for the three-month Swiss franc LIBOR. These decisions led to a significant strengthening of the Swiss franc against all major currencies and a decrease in Swiss franc interest rates. |
Discontinued_operations_Detail
Discontinued operations (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income/(loss) from discontinued operations (CHF million) | |||
Income tax expense/(benefit) | 40 | 75 | 31 |
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 |
Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 31 | 233 | 288 |
Operating expenses | 35 | 158 | 296 |
Income tax expense/(benefit) | 1 | 38 | 32 |
Income/(loss) from discontinued operations, net of tax | -5 | 37 | -40 |
Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 54 | 93 | |
Gain/(loss) on disposal | 200 | 237 | |
Income tax expense/(benefit) | 39 | 36 | |
Income/(loss) from discontinued operations, net of tax | 107 | 108 | |
PBWM Germany | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 55 | -13 | -56 |
PBWM Germany | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 27 | 52 | 54 |
Operating expenses | 33 | 71 | 108 |
Income tax expense/(benefit) | 0 | -6 | 2 |
Income/(loss) from discontinued operations, net of tax | -6 | -13 | -56 |
PBWM Germany | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 48 | ||
Gain/(loss) on disposal | 109 | ||
Income/(loss) from discontinued operations, net of tax | 61 | ||
ETF business | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 115 | 2 | |
ETF business | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 29 | 53 | |
Operating expenses | 23 | 49 | |
Income tax expense/(benefit) | 5 | 2 | |
Income/(loss) from discontinued operations, net of tax | 1 | 2 | |
ETF business | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 11 | ||
Gain/(loss) on disposal | 146 | ||
Income tax expense/(benefit) | 21 | ||
Income/(loss) from discontinued operations, net of tax | 114 | ||
Strategic Partners | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 44 | 7 | |
Strategic Partners | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 33 | 60 | |
Operating expenses | 8 | 38 | |
Income tax expense/(benefit) | 10 | 15 | |
Income/(loss) from discontinued operations, net of tax | 15 | 7 | |
Strategic Partners | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 22 | ||
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 40 | ||
Income/(loss) from discontinued operations, net of tax | 29 | ||
CFIG | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 49 | 2 | 12 |
CFIG | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 0 | 114 | 116 |
Operating expenses | 0 | 51 | 88 |
Income tax expense/(benefit) | 0 | 29 | 16 |
Income/(loss) from discontinued operations, net of tax | 0 | 34 | 12 |
CFIG | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 0 | 56 | |
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 42 | -24 | |
Income/(loss) from discontinued operations, net of tax | 49 | -32 | |
Bank | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income tax expense/(benefit) | 40 | 75 | 31 |
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 |
Bank | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 31 | 233 | 288 |
Operating expenses | 35 | 158 | 296 |
Income tax expense/(benefit) | 1 | 38 | 32 |
Income/(loss) from discontinued operations, net of tax | -5 | 37 | -40 |
Bank | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 54 | 93 | |
Gain/(loss) on disposal | 200 | 237 | |
Income tax expense/(benefit) | 39 | 36 | |
Income/(loss) from discontinued operations, net of tax | 107 | 108 | |
Bank | PBWM Germany | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 55 | -13 | -56 |
Bank | PBWM Germany | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 27 | 52 | 54 |
Operating expenses | 33 | 71 | 108 |
Income tax expense/(benefit) | 0 | -6 | 2 |
Income/(loss) from discontinued operations, net of tax | -6 | -13 | -56 |
Bank | PBWM Germany | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 48 | ||
Gain/(loss) on disposal | 109 | ||
Income/(loss) from discontinued operations, net of tax | 61 | ||
Bank | ETF business | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 115 | 2 | |
Bank | ETF business | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 29 | 53 | |
Operating expenses | 23 | 49 | |
Income tax expense/(benefit) | 5 | 2 | |
Income/(loss) from discontinued operations, net of tax | 1 | 2 | |
Bank | ETF business | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 11 | ||
Gain/(loss) on disposal | 146 | ||
Income tax expense/(benefit) | 21 | ||
Income/(loss) from discontinued operations, net of tax | 114 | ||
Bank | Strategic Partners | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 44 | 7 | |
Bank | Strategic Partners | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 33 | 60 | |
Operating expenses | 8 | 38 | |
Income tax expense/(benefit) | 10 | 15 | |
Income/(loss) from discontinued operations, net of tax | 15 | 7 | |
Bank | Strategic Partners | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 22 | ||
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 40 | ||
Income/(loss) from discontinued operations, net of tax | 29 | ||
Bank | CFIG | |||
Income/(loss) from discontinued operations (CHF million) | |||
Income/(loss) from discontinued operations, net of tax | 49 | 2 | 12 |
Bank | CFIG | Operations-related | |||
Income/(loss) from discontinued operations (CHF million) | |||
Net revenues | 0 | 114 | 116 |
Operating expenses | 0 | 51 | 88 |
Income tax expense/(benefit) | 0 | 29 | 16 |
Income/(loss) from discontinued operations, net of tax | 0 | 34 | 12 |
Bank | CFIG | Transaction-related [Member] | |||
Income/(loss) from discontinued operations (CHF million) | |||
Operating expenses | 0 | 56 | |
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 42 | -24 | |
Income/(loss) from discontinued operations, net of tax | 49 | -32 |
Discontinued_operations_Detail1
Discontinued operations (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jan. 31, 2014 |
In Millions, unless otherwise specified | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total assets held-for-sale | 0 | 1,584 | ||
Total liabilities held-for-sale | 0 | 1,140 | ||
PBWM Germany | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash | 960 | |||
Loans | 575 | |||
Other assets | 18 | |||
Total assets held-for-sale | 1,553 | 979 | ||
Deposits | 1,118 | |||
Other liabilities | 22 | |||
Total liabilities held-for-sale | 1,140 | 742 | ||
CFIG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Fees receivable | 8 | |||
Goodwill | 23 | 23 | ||
Total assets held-for-sale | 31 | |||
Bank | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total assets held-for-sale | 0 | 1,584 | ||
Total liabilities held-for-sale | 0 | 1,140 | ||
Bank | PBWM Germany | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash | 960 | |||
Loans | 575 | |||
Other assets | 18 | |||
Total assets held-for-sale | 1,553 | 979 | ||
Deposits | 1,118 | |||
Other liabilities | 22 | |||
Total liabilities held-for-sale | 1,140 | 742 | ||
Bank | CFIG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Fees receivable | 8 | |||
Goodwill | 23 | 23 | ||
Total assets held-for-sale | 31 |
Segment_information_Details
Segment information (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
BusinessDivision | |||
Segment Reporting Information | |||
Net revenues | 26,242 | 25,856 | 23,611 |
Number of segments | 2 | ||
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 |
Switzerland | |||
Segment Reporting Information | |||
Net revenues | 8,247 | 8,035 | 8,769 |
Income from continuing operations before taxes | 401 | 642 | 1,680 |
EMEA | |||
Segment Reporting Information | |||
Net revenues | 4,358 | 4,744 | 3,243 |
Income from continuing operations before taxes | -562 | 157 | -1,581 |
Americas | |||
Segment Reporting Information | |||
Net revenues | 11,097 | 10,810 | 9,763 |
Income from continuing operations before taxes | 3,739 | 3,365 | 2,915 |
Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,540 | 2,267 | 1,836 |
Income from continuing operations before taxes | 49 | -68 | -824 |
Private Banking & Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 12,637 | 13,442 | 13,474 |
Income from continuing operations before taxes | 2,088 | 3,240 | 3,775 |
Investment Banking | |||
Segment Reporting Information | |||
Net revenues | 12,515 | 12,565 | 12,558 |
Income from continuing operations before taxes | 1,830 | 1,719 | 2,002 |
Corporate Center | |||
Segment Reporting Information | |||
Net revenues | 663 | -790 | -2,781 |
Income from continuing operations before taxes | -686 | -1,455 | -3,889 |
Noncontrolling interests without SEI | |||
Segment Reporting Information | |||
Net revenues | 427 | 639 | 360 |
Income from continuing operations before taxes | 395 | 592 | 302 |
Bank | |||
Segment Reporting Information | |||
Net revenues | 25,589 | 25,314 | 22,976 |
Net revenues of non-consolidated affiliate entities | 656 | 659 | 684 |
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 |
Income from continuing operatings before taxes of non-consolidated affiliate entities | 264 | 243 | 237 |
Bank | Switzerland | |||
Segment Reporting Information | |||
Net revenues | 7,585 | 7,479 | 7,968 |
Income from continuing operations before taxes | -179 | 300 | 1,170 |
Bank | EMEA | |||
Segment Reporting Information | |||
Net revenues | 4,301 | 4,797 | 3,444 |
Income from continuing operations before taxes | -621 | 195 | -1,374 |
Bank | Americas | |||
Segment Reporting Information | |||
Net revenues | 11,173 | 10,831 | 9,740 |
Income from continuing operations before taxes | 3,723 | 3,301 | 2,820 |
Bank | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,530 | 2,207 | 1,824 |
Income from continuing operations before taxes | 38 | -142 | -837 |
Bank | Private Banking & Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 12,637 | 13,442 | 13,474 |
Income from continuing operations before taxes | 2,088 | 3,240 | 3,775 |
Bank | Investment Banking | |||
Segment Reporting Information | |||
Net revenues | 12,515 | 12,565 | 12,558 |
Income from continuing operations before taxes | 1,830 | 1,719 | 2,002 |
Bank | Adjustments | |||
Segment Reporting Information | |||
Net revenues | 437 | -693 | -3,056 |
Income from continuing operatings before taxes of non-consolidated affiliate entities | -957 | -1,305 | -3,998 |
Bank | of which Noncontrolling interest-related revenues | |||
Segment Reporting Information | |||
Net revenues | 446 | 682 | 365 |
Bank | of which Noncontrolling interest income | |||
Segment Reporting Information | |||
Income from continuing operatings before taxes of non-consolidated affiliate entities | 413 | 635 | 307 |
Segment_information_Details_2
Segment information (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information | ||
Total assets | 921,462 | 872,806 |
Americas | ||
Segment Reporting Information | ||
Total assets | 428,253 | 398,198 |
Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 93,231 | 79,889 |
EMEA | ||
Segment Reporting Information | ||
Total assets | 188,420 | 194,675 |
Switzerland | ||
Segment Reporting Information | ||
Total assets | 211,558 | 200,044 |
Private Banking & Wealth Management | ||
Segment Reporting Information | ||
Total assets | 345,949 | 316,491 |
Investment Banking | ||
Segment Reporting Information | ||
Total assets | 529,044 | 519,712 |
Corporate Center | ||
Segment Reporting Information | ||
Total assets | 45,248 | 32,979 |
Noncontrolling interests without SEI | ||
Segment Reporting Information | ||
Total assets | 1,221 | 3,624 |
Bank | ||
Segment Reporting Information | ||
Total assets | 904,849 | 854,429 |
Total assets of non-consolidated affiliate entities | 25,700 | 25,400 |
Bank | Americas | ||
Segment Reporting Information | ||
Total assets | 428,195 | 398,144 |
Bank | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 93,221 | 79,876 |
Bank | EMEA | ||
Segment Reporting Information | ||
Total assets | 187,921 | 194,825 |
Bank | Switzerland | ||
Segment Reporting Information | ||
Total assets | 195,512 | 181,584 |
Bank | Private Banking & Wealth Management | ||
Segment Reporting Information | ||
Total assets | 345,949 | 316,491 |
Bank | Investment Banking | ||
Segment Reporting Information | ||
Total assets | 529,044 | 519,712 |
Bank | Adjustments | ||
Segment Reporting Information | ||
Total assets | 29,856 | 18,226 |
Net_interest_income_Details
Net interest income (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net interest income | |||
Loans | 5,077 | 4,843 | 4,861 |
Investment securities | 39 | 45 | 64 |
Trading assets | 9,503 | 10,057 | 11,945 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,317 | 2,517 | 2,940 |
Other | 2,125 | 2,094 | 2,280 |
Interest and dividend income | 19,061 | 19,556 | 22,090 |
Deposits | -1,045 | -978 | -1,345 |
Short-term borrowings | -119 | -132 | -184 |
Trading liabilities | -3,938 | -5,083 | -6,833 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -1,042 | -1,156 | -1,677 |
Long-term debt | -3,594 | -3,846 | -4,632 |
Other | -289 | -246 | -276 |
Interest expense | -10,027 | -11,441 | -14,947 |
Net interest income | 9,034 | 8,115 | 7,143 |
Bank | |||
Net interest income | |||
Loans | 4,606 | 4,319 | 4,314 |
Investment securities | 27 | 28 | 52 |
Trading assets | 9,507 | 10,058 | 11,949 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,317 | 2,517 | 2,940 |
Other | 2,128 | 2,095 | 2,284 |
Interest and dividend income | 18,585 | 19,017 | 21,539 |
Deposits | -1,035 | -958 | -1,322 |
Short-term borrowings | -119 | -67 | -71 |
Trading liabilities | -3,938 | -5,083 | -6,833 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -1,042 | -1,155 | -1,676 |
Long-term debt | -3,484 | -3,796 | -4,579 |
Other | -290 | -248 | -276 |
Interest expense | -9,908 | -11,307 | -14,757 |
Net interest income | 8,677 | 7,710 | 6,782 |
Commissions_and_fees_Details
Commissions and fees (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commissions and fees | |||
Lending business | 1,752 | 1,814 | 1,513 |
Investment and portfolio management | 3,734 | 3,944 | 3,715 |
Other securities business | 94 | 106 | 110 |
Fiduciary business | 3,828 | 4,050 | 3,825 |
Underwriting | 1,878 | 1,647 | 1,561 |
Brokerage | 3,696 | 3,933 | 3,686 |
Underwriting and brokerage | 5,574 | 5,580 | 5,247 |
Other services | 1,897 | 1,782 | 2,139 |
Commissions and fees | 13,051 | 13,226 | 12,724 |
Bank | |||
Commissions and fees | |||
Lending business | 1,711 | 1,774 | 1,474 |
Investment and portfolio management | 3,630 | 3,854 | 3,624 |
Other securities business | 94 | 101 | 136 |
Fiduciary business | 3,724 | 3,955 | 3,760 |
Underwriting | 1,911 | 1,681 | 1,561 |
Brokerage | 3,669 | 3,901 | 3,654 |
Underwriting and brokerage | 5,580 | 5,582 | 5,215 |
Other services | 1,872 | 1,746 | 2,094 |
Commissions and fees | 12,887 | 13,057 | 12,543 |
Trading_revenues_Details
Trading revenues (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trading revenues | |||
Trading revenues | 2,026 | 2,739 | 1,196 |
Interest rate products | |||
Trading revenues | |||
Trading revenues | 5,888 | 1,025 | 2,707 |
Foreign exchange products | |||
Trading revenues | |||
Trading revenues | -4,398 | 1,203 | 559 |
Equity/index-related products | |||
Trading revenues | |||
Trading revenues | 275 | 956 | 140 |
Credit products | |||
Trading revenues | |||
Trading revenues | 265 | -879 | -3,306 |
Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | -228 | 340 | 198 |
Other products | |||
Trading revenues | |||
Trading revenues | 224 | 94 | 898 |
Bank | |||
Trading revenues | |||
Trading revenues | 1,790 | 2,755 | 1,163 |
Bank | Interest rate products | |||
Trading revenues | |||
Trading revenues | 5,661 | 1,048 | 2,705 |
Bank | Foreign exchange products | |||
Trading revenues | |||
Trading revenues | -4,405 | 1,201 | 557 |
Bank | Equity/index-related products | |||
Trading revenues | |||
Trading revenues | 273 | 952 | 112 |
Bank | Credit products | |||
Trading revenues | |||
Trading revenues | 265 | -879 | -3,306 |
Bank | Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | -228 | 340 | 198 |
Bank | Other products | |||
Trading revenues | |||
Trading revenues | 224 | 93 | 897 |
Other_revenues_Details
Other revenues (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Revenues | |||
Noncontrolling interests without SEI | 436 | 658 | 336 |
Loans held-for-sale | -4 | -5 | -37 |
Long-lived assets held-for-sale | 392 | 30 | 458 |
Equity method investments | 252 | 251 | 150 |
Other investments | 312 | 315 | 749 |
Other | 743 | 527 | 892 |
Other revenues | 2,131 | 1,776 | 2,548 |
Bank | |||
Other Revenues | |||
Noncontrolling interests without SEI | 451 | 695 | 333 |
Loans held-for-sale | -4 | -5 | -37 |
Long-lived assets held-for-sale | 391 | 30 | 456 |
Equity method investments | 239 | 240 | 134 |
Other investments | 276 | 255 | 752 |
Other | 882 | 577 | 850 |
Other revenues | 2,235 | 1,792 | 2,488 |
Provision_for_credit_losses_De
Provision for credit losses (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Provision for credit losses | |||
Provision for loan losses | 145 | 166 | 159 |
Provision for lending-related and other exposures | 41 | 1 | 11 |
Provision for credit losses | 186 | 167 | 170 |
Bank | |||
Provision for credit losses | |||
Provision for loan losses | 85 | 91 | 77 |
Provision for lending-related and other exposures | 40 | 2 | 11 |
Provision for credit losses | 125 | 93 | 88 |
Compensation_and_benefits_Deta
Compensation and benefits (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and benefits | |||
Salaries and variable compensation | 9,884 | 9,678 | 10,717 |
Social security | 793 | 778 | 769 |
Other | 657 | 800 | 817 |
Compensation and benefits | 11,334 | 11,256 | 12,303 |
Pension and other post-retirement expense | 361 | 490 | 532 |
Severance and other compensation expense related to headcount reductions | 275 | 216 | 456 |
Bank | |||
Compensation and benefits | |||
Salaries and variable compensation | 9,685 | 9,455 | 10,440 |
Social security | 775 | 763 | 751 |
Other | 922 | 969 | 1,028 |
Compensation and benefits | 11,382 | 11,187 | 12,219 |
Pension and other post-retirement expense | 624 | 658 | 747 |
Severance and other compensation expense related to headcount reductions | 274 | 216 | 427 |
General_and_administrative_exp2
General and administrative expenses (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General and Administrative Expenses (CHF million) | |||
Occupancy expenses | 1,177 | 1,186 | 1,220 |
IT, machinery, etc. | 1,446 | 1,517 | 1,469 |
Provisions and losses | 2,783 | 2,136 | 694 |
Travel and entertainment | 353 | 355 | 394 |
Professional services | 2,381 | 1,952 | 1,919 |
Amortization and impairment of other intangible assets | 24 | 25 | 36 |
Goodwill impairment | 0 | 12 | 0 |
Other | 1,370 | 1,416 | 1,514 |
General and administrative expenses | 9,534 | 8,599 | 7,246 |
Bank | |||
General and Administrative Expenses (CHF million) | |||
Occupancy expenses | 1,161 | 1,168 | 1,191 |
IT, machinery, etc. | 1,436 | 1,508 | 1,456 |
Provisions and losses | 2,782 | 2,136 | 682 |
Travel and entertainment | 339 | 342 | 380 |
Professional services | 2,338 | 1,912 | 1,868 |
Amortization and impairment of other intangible assets | 24 | 25 | 28 |
Goodwill impairment | 0 | 12 | 0 |
Other | 1,493 | 1,551 | 1,600 |
General and administrative expenses | 9,573 | 8,654 | 7,205 |
Earnings_per_share_Details
Earnings per share (Details) (CHF) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income/(loss) attributable to shareholders (CHF million) | |||
Income/(loss) from continuing operations | 1,773 | 2,181 | 1,389 |
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 |
Net income attributable to shareholders | 1,875 | 2,326 | 1,349 |
Preferred securities dividends | -53 | -236 | -231 |
Net income attributable to shareholders for basic earnings per share | 1,822 | 2,090 | 1,118 |
Available for common shares | 1,742 | 1,868 | 1,044 |
Available for unvested share-based payment awards | 80 | 152 | 66 |
Available for mandatory convertible securities | 70 | 8 | |
Net income/(loss) attributable to shareholders for diluted earnings per share | 1,822 | 2,090 | 1,118 |
Available for common shares | 1,742 | 1,868 | 1,044 |
Available for unvested share-based payment awards | 80 | 152 | 66 |
Available for mandatory convertible securities | 70 | 8 | |
Weighted-average shares outstanding (million) | |||
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 1,616.40 | 1,532.90 | 1,320.40 |
Dilutive share options and warrants (in shares) | 0.8 | 1.4 | 4.9 |
Dilutive share awards (in shares) | 12.2 | 1.2 | 1.8 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 1,629.40 | 1,535.50 | 1,327.10 |
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards (in shares) | 72.7 | 125 | 97.3 |
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities | 63 | 97.1 | |
Basic earnings per share available for common shares (CHF) | |||
Basic earnings per share from continuing operations (in CHF per share) | 1.02 | 1.14 | 0.82 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | 0.06 | 0.08 | -0.03 |
Basic earnings per share (in CHF per share) | 1.08 | 1.22 | 0.79 |
Diluted earnings per share available for common shares (CHF) | |||
Diluted earnings per share from continuing operations (in CHF per share) | 1.01 | 1.14 | 0.82 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | 0.06 | 0.08 | -0.03 |
Diluted earnings per share (in CHF per share) | 1.07 | 1.22 | 0.79 |
Weighted-average potential dilutive common shares | 8.9 | 35.9 | 50.3 |
Securities_borrowed_lent_and_s2
Securities borrowed, lent and subject to repurchase agreements (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities borrowed or purchased under agreements to resell (CHF million) | ||
Central bank funds sold and securities purchased under resale agreements | 100,169 | 100,244 |
Deposits paid for securities borrowed | 63,039 | 59,778 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 163,208 | 160,022 |
Securities lent or sold under agreements to repurchase (CHF million) | ||
Central bank funds purchased and securities sold under repurchase agreements | 60,752 | 86,828 |
Deposits received for securities lent | 9,367 | 7,204 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | 70,119 | 94,032 |
Bank | ||
Securities borrowed or purchased under agreements to resell (CHF million) | ||
Central bank funds sold and securities purchased under resale agreements | 100,169 | 100,235 |
Deposits paid for securities borrowed | 63,039 | 59,778 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 163,208 | 160,013 |
Securities lent or sold under agreements to repurchase (CHF million) | ||
Central bank funds purchased and securities sold under repurchase agreements | 60,752 | 86,828 |
Deposits received for securities lent | 9,367 | 7,204 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | 70,119 | 94,032 |
Trading_assets_and_liabilities2
Trading assets and liabilities (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 241,131 | 229,413 |
Trading liabilities | 72,655 | 76,635 |
Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 94,391 | 110,116 |
Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 94,294 | 76,695 |
Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 38,012 | 31,603 |
Trading liabilities | 36,871 | 36,474 |
Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 14,434 | 10,999 |
Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | 35,784 | 40,161 |
Bank | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 241,313 | 229,738 |
Trading liabilities | 72,667 | 76,812 |
Bank | Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 94,405 | 110,115 |
Bank | Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 94,493 | 76,835 |
Bank | Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 37,979 | 31,788 |
Trading liabilities | 36,868 | 36,650 |
Bank | Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 14,436 | 11,000 |
Bank | Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | 35,799 | 40,162 |
Trading_assets_and_liabilities3
Trading assets and liabilities (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash collateral - netted | ||
Cash collateral paid | 33,404 | 23,870 |
Cash collateral received | 28,147 | 20,500 |
Cash collateral - not netted | ||
Cash collateral paid | 10,905 | 8,359 |
Cash collateral received | 17,043 | 11,663 |
Bank | ||
Cash collateral - netted | ||
Cash collateral paid | 33,716 | 23,870 |
Cash collateral received | 28,505 | 20,586 |
Cash collateral - not netted | ||
Cash collateral paid | 10,909 | 8,359 |
Cash collateral received | 16,776 | 11,664 |
Investment_securities_Details
Investment securities (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment securities disclosures | ||
Securities available-for-sale | 2,791 | 2,987 |
Total investment securities | 2,791 | 2,987 |
Bank | ||
Investment securities disclosures | ||
Securities available-for-sale | 2,379 | 1,627 |
Total investment securities | 2,379 | 1,627 |
Investment_securities_Details_
Investment securities (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale securities | ||
Amortized cost | 2,702 | 2,892 |
Gross unrealized gains, Securities | 90 | 99 |
Gross unrealized losses, Securities | 1 | 4 |
Fair value | 2,791 | 2,987 |
Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,619 | 2,809 |
Gross unrealized gains, Debt securities | 65 | 81 |
Gross unrealized losses, Debt securities | 1 | 4 |
Fair value, Debt securities | 2,683 | 2,886 |
Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 286 | 389 |
Gross unrealized gains, Debt securities | 18 | 15 |
Gross unrealized losses, Debt securities | 0 | 2 |
Fair value, Debt securities | 304 | 402 |
Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,020 | 1,350 |
Gross unrealized gains, Debt securities | 47 | 39 |
Gross unrealized losses, Debt securities | 1 | 1 |
Fair value, Debt securities | 2,066 | 1,388 |
Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 313 | 590 |
Gross unrealized gains, Debt securities | 0 | 16 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 313 | 606 |
Collateralized debt obligations | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 0 | 480 |
Gross unrealized gains, Debt securities | 0 | 11 |
Gross unrealized losses, Debt securities | 0 | 1 |
Fair value, Debt securities | 0 | 490 |
Equity securities | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 83 | 83 |
Gross unrealized gains, Equity securities | 25 | 18 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 108 | 101 |
Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 73 | 74 |
Gross unrealized gains, Equity securities | 25 | 18 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 98 | 92 |
Industry and all other | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 10 | 9 |
Gross unrealized gains, Equity securities | 0 | 0 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 10 | 9 |
Bank | ||
Available-for-sale securities | ||
Amortized cost | 2,311 | 1,581 |
Gross unrealized gains, Securities | 68 | 47 |
Gross unrealized losses, Securities | 0 | 1 |
Fair value | 2,379 | 1,627 |
Bank | Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,228 | 1,498 |
Gross unrealized gains, Debt securities | 43 | 29 |
Gross unrealized losses, Debt securities | 0 | 1 |
Fair value, Debt securities | 2,271 | 1,526 |
Bank | Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost | 1,919 | 1,136 |
Gross unrealized gains, Debt securities | 43 | 29 |
Gross unrealized losses, Debt securities | 0 | 1 |
Fair value | 1,962 | 1,164 |
Bank | Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost | 309 | 262 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value | 309 | 262 |
Bank | Collateralized debt obligations | ||
Available-for-sale securities | ||
Amortized cost | 0 | 100 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value | 0 | 100 |
Bank | Equity securities | ||
Available-for-sale securities | ||
Amortized cost | 83 | 83 |
Gross unrealized gains, Equity securities | 25 | 18 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value | 108 | 101 |
Bank | Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost | 72 | 74 |
Gross unrealized gains, Equity securities | 25 | 18 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value | 97 | 92 |
Bank | Industry and all other | ||
Available-for-sale securities | ||
Amortized cost | 11 | 9 |
Gross unrealized gains, Equity securities | 0 | 0 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value | 11 | 9 |
Investment_securities_Details_1
Investment securities (Details 3) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt securities | ||
Gross unrealized losses on investment securities available for sale and the related fair value | ||
Fair value, less than 12 months | 49 | 287 |
Gross unrealized losses, less than 12 months | 1 | 4 |
Fair value, 12 months or more | 0 | 0 |
Gross unrealized losses, 12 months or more | 0 | 0 |
Fair value, total | 49 | 287 |
Gross unrealized losses, total | 1 | 4 |
Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Gross unrealized losses on investment securities available for sale and the related fair value | ||
Fair value, less than 12 months | 168 | |
Gross unrealized losses, less than 12 months | 2 | |
Fair value, 12 months or more | 0 | |
Gross unrealized losses, 12 months or more | 0 | |
Fair value, total | 168 | |
Gross unrealized losses, total | 2 | |
Debt securities issued by foreign governments | ||
Gross unrealized losses on investment securities available for sale and the related fair value | ||
Fair value, less than 12 months | 49 | 109 |
Gross unrealized losses, less than 12 months | 1 | 1 |
Fair value, 12 months or more | 0 | 0 |
Gross unrealized losses, 12 months or more | 0 | 0 |
Fair value, total | 49 | 109 |
Gross unrealized losses, total | 1 | 1 |
Collateralized debt obligations | ||
Gross unrealized losses on investment securities available for sale and the related fair value | ||
Fair value, less than 12 months | 10 | |
Gross unrealized losses, less than 12 months | 1 | |
Fair value, 12 months or more | 0 | |
Gross unrealized losses, 12 months or more | 0 | |
Fair value, total | 10 | |
Gross unrealized losses, total | 1 | |
Bank | Debt securities | ||
Gross unrealized losses on investment securities available for sale and the related fair value | ||
Fair value, less than 12 months | 89 | |
Gross unrealized losses, less than 12 months | 1 | |
Fair value, 12 months or more | 0 | |
Gross unrealized losses, 12 months or more | 0 | |
Fair value, total | 89 | |
Gross unrealized losses, total | 1 | |
Bank | Debt securities issued by foreign governments | ||
Gross unrealized losses on investment securities available for sale and the related fair value | ||
Fair value, less than 12 months | 89 | |
Gross unrealized losses, less than 12 months | 1 | |
Fair value, 12 months or more | 0 | |
Gross unrealized losses, 12 months or more | 0 | |
Fair value, total | 89 | |
Gross unrealized losses, total | 1 |
Investment_securities_Details_2
Investment securities (Details 4) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 915 | 163 | 294 |
Realized gains | 17 | 7 | 14 |
Realized losses | -1 | 0 | -2 |
Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 15 | 13 | 642 |
Realized gains | 1 | 1 | 294 |
Realized losses | 0 | 0 | 0 |
Bank | Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 103 | 163 | 294 |
Realized gains | 0 | 7 | 14 |
Realized losses | 0 | 0 | -2 |
Bank | Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 15 | 13 | 642 |
Realized gains | 1 | 1 | 294 |
Realized losses | 0 | 0 | 0 |
Investment_securities_Details_3
Investment securities (Details 5) (Debt securities, CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | 874 | |
Due from 1 to 5 years, amortized cost | 1,531 | |
Due from 5 to 10 years, amortized cost | 206 | |
Due after 10 years, amortized cost | 8 | |
Total, amortized cost | 2,619 | 2,809 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 884 | |
Due from 1 to 5 years, fair value | 1,569 | |
Due from 5 to 10 years, fair value | 221 | |
Due after 10 years, fair value | 9 | |
Total, fair value | 2,683 | 2,886 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 2.23% | |
Due from 1 to 5 years, average yield (as a percent) | 0.87% | |
Due from 5 to 10 years, average yield (as a percent) | 1.30% | |
Due after 10 years, average yield (as a percent) | 2.00% | |
Total, average yield (as a percent) | 1.36% | |
Bank | ||
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | 850 | |
Due from 1 to 5 years, amortized cost | 1,378 | |
Total, amortized cost | 2,228 | 1,498 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 859 | |
Due from 1 to 5 years, fair value | 1,412 | |
Total, fair value | 2,271 | 1,526 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 2.22% | |
Due from 1 to 5 years, average yield (as a percent) | 0.75% | |
Total, average yield (as a percent) | 1.31% |
Other_investments_Details
Other investments (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other investments | |||
Other investments | 8,613 | 10,329 | |
Reclassified amount from non-marketable equity securities to equity method investments, adoption of ASU 2013-8 | 1,033 | ||
Equity method investments | |||
Other investments | |||
Other investments | 3,453 | 2,043 | |
Non-marketable equity securities | |||
Other investments | |||
Other investments | 2,717 | 6,032 | |
Real estate held for investment | |||
Other investments | |||
Other investments | 547 | 600 | |
Accumulated depreciation, real estate held for investment | 354 | 340 | 330 |
Impairment charges | 10 | 48 | 13 |
Life finance instruments | |||
Other investments | |||
Other investments | 1,896 | 1,654 | |
Bank | |||
Other investments | |||
Other investments | 8,467 | 10,207 | |
Reclassified amount from non-marketable equity securities to equity method investments, adoption of ASU 2013-8 | 1,033 | ||
Bank | Equity method investments | |||
Other investments | |||
Other investments | 3,397 | 2,008 | |
Bank | Non-marketable equity securities | |||
Other investments | |||
Other investments | 2,667 | 5,988 | |
Bank | Real estate held for investment | |||
Other investments | |||
Other investments | 507 | 557 | |
Accumulated depreciation, real estate held for investment | 304 | 289 | 280 |
Impairment charges | 10 | 48 | 13 |
Bank | Life finance instruments | |||
Other investments | |||
Other investments | 1,896 | 1,654 |
Loans_allowance_for_loan_losse2
Loans, allowance for loan losses and credit quality (Details) (CHF) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
BusinessDivision | ||||
portfolio | ||||
Loans | ||||
Number of portfolio segments | 2 | |||
Number of Business Divisions | 2 | |||
Gross loans | 273,421 | 248,014 | ||
of which held at amortized cost | 250,508 | 228,557 | 223,204 | |
of which held at fair value | 22,913 | 19,457 | ||
Net (unearned income)/deferred expenses | -112 | -91 | ||
allowance for loan losses | -758 | -869 | -922 | -910 |
Net loans | 272,551 | 247,054 | ||
Impaired loan portfolio | ||||
Non-performing loans | 753 | 862 | ||
Non-interest-earning loans | 279 | 281 | ||
Total non-performing and non-interest-earning loans | 1,032 | 1,143 | ||
Restructured loans | 171 | 6 | ||
Potential problem loans | 187 | 340 | ||
Total other impaired loans | 358 | 346 | ||
Gross impaired loans | 1,390 | 1,489 | ||
Foreign | ||||
Loans | ||||
Gross loans | 117,654 | 96,022 | ||
Switzerland | ||||
Loans | ||||
Gross loans | 155,767 | 151,992 | ||
Corporate and institutional | ||||
Loans | ||||
Gross loans | 130,478 | 115,533 | ||
of which held at amortized cost | 107,582 | 96,087 | 97,080 | |
allowance for loan losses | -507 | -602 | -634 | -621 |
Impaired loan portfolio | ||||
Non-performing loans | 328 | 431 | ||
Non-interest-earning loans | 168 | 192 | ||
Total non-performing and non-interest-earning loans | 496 | 623 | ||
Restructured loans | 167 | 6 | ||
Potential problem loans | 145 | 291 | ||
Total other impaired loans | 312 | 297 | ||
Gross impaired loans | 808 | 920 | ||
Real estate | ||||
Loans | ||||
Gross loans | 29,198 | 27,312 | ||
of which held at amortized cost | 28,175 | 26,866 | ||
Impaired loan portfolio | ||||
Non-performing loans | 50 | 53 | ||
Non-interest-earning loans | 16 | 15 | ||
Total non-performing and non-interest-earning loans | 66 | 68 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 9 | 5 | ||
Total other impaired loans | 9 | 5 | ||
Gross impaired loans | 75 | 73 | ||
Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 75,046 | 63,334 | ||
of which held at amortized cost | 63,376 | 51,723 | ||
Impaired loan portfolio | ||||
Non-performing loans | 190 | 307 | ||
Non-interest-earning loans | 116 | 144 | ||
Total non-performing and non-interest-earning loans | 306 | 451 | ||
Restructured loans | 167 | 6 | ||
Potential problem loans | 133 | 258 | ||
Total other impaired loans | 300 | 264 | ||
Gross impaired loans | 606 | 715 | ||
Financial institutions | ||||
Loans | ||||
Gross loans | 22,343 | 21,840 | ||
of which held at amortized cost | 14,623 | 16,034 | ||
Impaired loan portfolio | ||||
Non-performing loans | 88 | 71 | ||
Non-interest-earning loans | 36 | 33 | ||
Total non-performing and non-interest-earning loans | 124 | 104 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 3 | 28 | ||
Total other impaired loans | 3 | 28 | ||
Gross impaired loans | 127 | 132 | ||
Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,891 | 3,047 | ||
of which held at amortized cost | 1,408 | 1,464 | ||
Consumer | ||||
Loans | ||||
Gross loans | 142,943 | 132,481 | ||
of which held at amortized cost | 142,926 | 132,470 | 126,124 | |
allowance for loan losses | -251 | -267 | -288 | -289 |
Impaired loan portfolio | ||||
Non-performing loans | 425 | 431 | ||
Non-interest-earning loans | 111 | 89 | ||
Total non-performing and non-interest-earning loans | 536 | 520 | ||
Restructured loans | 4 | 0 | ||
Potential problem loans | 42 | 49 | ||
Total other impaired loans | 46 | 49 | ||
Gross impaired loans | 582 | 569 | ||
Mortgages | ||||
Loans | ||||
Gross loans | 98,802 | 94,978 | ||
of which held at amortized cost | 98,802 | 94,978 | ||
Impaired loan portfolio | ||||
Non-performing loans | 189 | 167 | ||
Non-interest-earning loans | 19 | 13 | ||
Total non-performing and non-interest-earning loans | 208 | 180 | ||
Restructured loans | 4 | 0 | ||
Potential problem loans | 39 | 45 | ||
Total other impaired loans | 43 | 45 | ||
Gross impaired loans | 251 | 225 | ||
Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 39,818 | 31,565 | ||
of which held at amortized cost | 39,818 | 31,565 | ||
Impaired loan portfolio | ||||
Non-performing loans | 11 | 20 | ||
Non-interest-earning loans | 75 | 71 | ||
Total non-performing and non-interest-earning loans | 86 | 91 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 2 | 4 | ||
Total other impaired loans | 2 | 4 | ||
Gross impaired loans | 88 | 95 | ||
Consumer finance | ||||
Loans | ||||
Gross loans | 4,323 | 5,938 | ||
of which held at amortized cost | 4,306 | 5,927 | ||
Impaired loan portfolio | ||||
Non-performing loans | 225 | 244 | ||
Non-interest-earning loans | 17 | 5 | ||
Total non-performing and non-interest-earning loans | 242 | 249 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 1 | 0 | ||
Total other impaired loans | 1 | 0 | ||
Gross impaired loans | 243 | 249 | ||
Bank | ||||
Loans | ||||
Gross loans | 256,691 | 231,997 | ||
of which held at amortized cost | 233,778 | 212,540 | 207,613 | |
of which held at fair value | 22,913 | 19,457 | ||
Net (unearned income)/deferred expenses | -166 | -149 | ||
allowance for loan losses | -597 | -691 | -721 | -722 |
Net loans | 255,928 | 231,157 | ||
Impaired loan portfolio | ||||
Non-performing loans | 564 | 659 | ||
Non-interest-earning loans | 257 | 255 | ||
Total non-performing and non-interest-earning loans | 821 | 914 | ||
Restructured loans | 171 | 6 | ||
Potential problem loans | 140 | 274 | ||
Total other impaired loans | 311 | 280 | ||
Gross impaired loans | 1,132 | 1,194 | ||
Bank | Foreign | ||||
Loans | ||||
Gross loans | 117,480 | 96,184 | ||
Bank | Switzerland | ||||
Loans | ||||
Gross loans | 139,211 | 135,813 | ||
Bank | Corporate and institutional | ||||
Loans | ||||
Gross loans | 130,870 | 116,385 | ||
of which held at amortized cost | 107,974 | 96,939 | 98,118 | |
allowance for loan losses | -466 | -557 | -578 | -563 |
Impaired loan portfolio | ||||
Non-performing loans | 309 | 414 | ||
Non-interest-earning loans | 148 | 172 | ||
Total non-performing and non-interest-earning loans | 457 | 586 | ||
Restructured loans | 167 | 6 | ||
Potential problem loans | 115 | 248 | ||
Total other impaired loans | 282 | 254 | ||
Gross impaired loans | 739 | 840 | ||
Bank | Real estate | ||||
Loans | ||||
Gross loans | 26,279 | 24,673 | ||
of which held at amortized cost | 25,256 | 24,227 | ||
Impaired loan portfolio | ||||
Non-performing loans | 49 | 52 | ||
Non-interest-earning loans | 15 | 13 | ||
Total non-performing and non-interest-earning loans | 64 | 65 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 9 | 5 | ||
Total other impaired loans | 9 | 5 | ||
Gross impaired loans | 73 | 70 | ||
Bank | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 72,191 | 60,375 | ||
of which held at amortized cost | 60,521 | 48,765 | ||
Impaired loan portfolio | ||||
Non-performing loans | 172 | 291 | ||
Non-interest-earning loans | 98 | 126 | ||
Total non-performing and non-interest-earning loans | 270 | 417 | ||
Restructured loans | 167 | 6 | ||
Potential problem loans | 103 | 215 | ||
Total other impaired loans | 270 | 221 | ||
Gross impaired loans | 540 | 638 | ||
Bank | Financial institutions | ||||
Loans | ||||
Gross loans | 28,654 | 28,473 | ||
of which held at amortized cost | 20,934 | 22,666 | ||
Impaired loan portfolio | ||||
Non-performing loans | 88 | 71 | ||
Non-interest-earning loans | 35 | 33 | ||
Total non-performing and non-interest-earning loans | 123 | 104 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 3 | 28 | ||
Total other impaired loans | 3 | 28 | ||
Gross impaired loans | 126 | 132 | ||
Bank | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,746 | 2,864 | ||
of which held at amortized cost | 1,263 | 1,281 | ||
Bank | Consumer | ||||
Loans | ||||
Gross loans | 125,821 | 115,612 | ||
of which held at amortized cost | 125,804 | 115,601 | 109,495 | |
allowance for loan losses | -131 | -134 | -143 | -159 |
Impaired loan portfolio | ||||
Non-performing loans | 255 | 245 | ||
Non-interest-earning loans | 109 | 83 | ||
Total non-performing and non-interest-earning loans | 364 | 328 | ||
Restructured loans | 4 | 0 | ||
Potential problem loans | 25 | 26 | ||
Total other impaired loans | 29 | 26 | ||
Gross impaired loans | 393 | 354 | ||
Bank | Mortgages | ||||
Loans | ||||
Gross loans | 84,527 | 81,115 | ||
of which held at amortized cost | 84,527 | 81,115 | ||
Impaired loan portfolio | ||||
Non-performing loans | 166 | 144 | ||
Non-interest-earning loans | 17 | 7 | ||
Total non-performing and non-interest-earning loans | 183 | 151 | ||
Restructured loans | 4 | 0 | ||
Potential problem loans | 23 | 21 | ||
Total other impaired loans | 27 | 21 | ||
Gross impaired loans | 210 | 172 | ||
Bank | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 39,712 | 31,472 | ||
of which held at amortized cost | 39,712 | 31,472 | ||
Impaired loan portfolio | ||||
Non-performing loans | 11 | 20 | ||
Non-interest-earning loans | 75 | 71 | ||
Total non-performing and non-interest-earning loans | 86 | 91 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 2 | 5 | ||
Total other impaired loans | 2 | 5 | ||
Gross impaired loans | 88 | 96 | ||
Bank | Consumer finance | ||||
Loans | ||||
Gross loans | 1,582 | 3,025 | ||
of which held at amortized cost | 1,565 | 3,014 | ||
Impaired loan portfolio | ||||
Non-performing loans | 78 | 81 | ||
Non-interest-earning loans | 17 | 5 | ||
Total non-performing and non-interest-earning loans | 95 | 86 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 0 | 0 | ||
Total other impaired loans | 0 | 0 | ||
Gross impaired loans | 95 | 86 |
Loans_allowance_for_loan_losse3
Loans, allowance for loan losses and credit quality (Details 2) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
day | |||
year | |||
Allowance for loan losses | |||
Balance at beginning of period | 869 | 922 | 910 |
Change in scope of consolidation | 0 | -1 | -18 |
Net movements recognized in statements of operations | 145 | 166 | 159 |
Gross write-offs | -349 | -286 | -201 |
Recoveries | 41 | 54 | 44 |
Net write-offs | -308 | -232 | -157 |
Provisions for interest | 20 | 26 | 29 |
Foreign currency translation impact and other adjustments, net | 32 | -12 | -1 |
Balance at end of period | 758 | 869 | 922 |
Allowance for loan losses | |||
Balance at end of period | 758 | 869 | 922 |
of which individually evaluated for impairment | 540 | 654 | 696 |
of which collectively evaluated for impairment | 218 | 215 | 226 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 250,508 | 228,557 | 223,204 |
of which individually evaluated for impairment | 1,390 | 1,489 | 1,729 |
of which collectively evaluated for impairment | 249,118 | 227,068 | 221,475 |
Loans held at amortized cost | |||
Purchases | 4,308 | 4,611 | 4,953 |
Reclassifications from loans held-for-sale | 397 | 275 | 216 |
Reclassifications to loans held-for-sale | 1,861 | 996 | 1,323 |
Sales | 272 | 698 | 1,058 |
Value of collateral | |||
Maximum period for fair value determination of collateral on impaired loans (in days) | 90 | ||
Period for appraisal of Property values, Minimum (in years) | 1 | ||
Corporate and institutional | |||
Allowance for loan losses | |||
Balance at beginning of period | 602 | 634 | 621 |
Change in scope of consolidation | 0 | -1 | 0 |
Net movements recognized in statements of operations | 79 | 90 | 64 |
Gross write-offs | -241 | -163 | -96 |
Recoveries | 24 | 30 | 22 |
Net write-offs | -217 | -133 | -74 |
Provisions for interest | 19 | 21 | 21 |
Foreign currency translation impact and other adjustments, net | 24 | -9 | 2 |
Balance at end of period | 507 | 602 | 634 |
Allowance for loan losses | |||
Balance at end of period | 507 | 602 | 634 |
of which individually evaluated for impairment | 338 | 437 | 457 |
of which collectively evaluated for impairment | 169 | 165 | 177 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 107,582 | 96,087 | 97,080 |
of which individually evaluated for impairment | 808 | 920 | 1,068 |
of which collectively evaluated for impairment | 106,774 | 95,167 | 96,012 |
Loans held at amortized cost | |||
Purchases | 4,127 | 4,611 | 4,605 |
Reclassifications from loans held-for-sale | 397 | 275 | 216 |
Reclassifications to loans held-for-sale | 806 | 996 | 1,323 |
Sales | 272 | 698 | 1,058 |
Consumer | |||
Allowance for loan losses | |||
Balance at beginning of period | 267 | 288 | 289 |
Change in scope of consolidation | 0 | 0 | -18 |
Net movements recognized in statements of operations | 66 | 76 | 95 |
Gross write-offs | -108 | -123 | -105 |
Recoveries | 17 | 24 | 22 |
Net write-offs | -91 | -99 | -83 |
Provisions for interest | 1 | 5 | 8 |
Foreign currency translation impact and other adjustments, net | 8 | -3 | -3 |
Balance at end of period | 251 | 267 | 288 |
Allowance for loan losses | |||
Balance at end of period | 251 | 267 | 288 |
of which individually evaluated for impairment | 202 | 217 | 239 |
of which collectively evaluated for impairment | 49 | 50 | 49 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 142,926 | 132,470 | 126,124 |
of which individually evaluated for impairment | 582 | 569 | 661 |
of which collectively evaluated for impairment | 142,344 | 131,901 | 125,463 |
Loans held at amortized cost | |||
Purchases | 181 | 0 | 348 |
Reclassifications from loans held-for-sale | 0 | 0 | 0 |
Reclassifications to loans held-for-sale | 1,055 | 0 | 0 |
Sales | 0 | 0 | 0 |
Bank | |||
Allowance for loan losses | |||
Balance at beginning of period | 691 | 721 | 722 |
Change in scope of consolidation | 0 | -1 | -18 |
Net movements recognized in statements of operations | 85 | 91 | 77 |
Gross write-offs | -267 | -185 | -122 |
Recoveries | 36 | 50 | 39 |
Net write-offs | -231 | -135 | -83 |
Provisions for interest | 22 | 25 | 24 |
Foreign currency translation impact and other adjustments, net | 30 | -10 | -1 |
Balance at end of period | 597 | 691 | 721 |
Allowance for loan losses | |||
Balance at end of period | 597 | 691 | 721 |
of which individually evaluated for impairment | 413 | 511 | 532 |
of which collectively evaluated for impairment | 184 | 180 | 189 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 233,778 | 212,540 | 207,613 |
of which individually evaluated for impairment | 1,132 | 1,194 | 1,398 |
of which collectively evaluated for impairment | 232,646 | 211,346 | 206,215 |
Loans held at amortized cost | |||
Purchases | 4,308 | 4,611 | 4,953 |
Reclassifications from loans held-for-sale | 397 | 275 | 216 |
Reclassifications to loans held-for-sale | 1,861 | 996 | 1,323 |
Sales | 272 | 698 | 1,058 |
Bank | Corporate and institutional | |||
Allowance for loan losses | |||
Balance at beginning of period | 557 | 578 | 563 |
Change in scope of consolidation | 0 | -1 | 0 |
Net movements recognized in statements of operations | 78 | 84 | 51 |
Gross write-offs | -232 | -147 | -80 |
Recoveries | 24 | 30 | 20 |
Net write-offs | -208 | -117 | -60 |
Provisions for interest | 19 | 20 | 20 |
Foreign currency translation impact and other adjustments, net | 20 | -7 | 4 |
Balance at end of period | 466 | 557 | 578 |
Allowance for loan losses | |||
Balance at end of period | 466 | 557 | 578 |
of which individually evaluated for impairment | 309 | 407 | 416 |
of which collectively evaluated for impairment | 157 | 150 | 162 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 107,974 | 96,939 | 98,118 |
of which individually evaluated for impairment | 739 | 840 | 976 |
of which collectively evaluated for impairment | 107,235 | 96,099 | 97,142 |
Loans held at amortized cost | |||
Purchases | 4,127 | 4,611 | 4,605 |
Reclassifications from loans held-for-sale | 397 | 275 | 216 |
Reclassifications to loans held-for-sale | 806 | 996 | 1,323 |
Sales | 272 | 698 | 1,058 |
Bank | Consumer | |||
Allowance for loan losses | |||
Balance at beginning of period | 134 | 143 | 159 |
Change in scope of consolidation | 0 | 0 | -18 |
Net movements recognized in statements of operations | 7 | 7 | 26 |
Gross write-offs | -35 | -38 | -42 |
Recoveries | 12 | 20 | 19 |
Net write-offs | -23 | -18 | -23 |
Provisions for interest | 3 | 5 | 4 |
Foreign currency translation impact and other adjustments, net | 10 | -3 | -5 |
Balance at end of period | 131 | 134 | 143 |
Allowance for loan losses | |||
Balance at end of period | 131 | 134 | 143 |
of which individually evaluated for impairment | 104 | 104 | 116 |
of which collectively evaluated for impairment | 27 | 30 | 27 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 125,804 | 115,601 | 109,495 |
of which individually evaluated for impairment | 393 | 354 | 422 |
of which collectively evaluated for impairment | 125,411 | 115,247 | 109,073 |
Loans held at amortized cost | |||
Purchases | 181 | 0 | 348 |
Reclassifications from loans held-for-sale | 0 | 0 | 0 |
Reclassifications to loans held-for-sale | 1,055 | 0 | 0 |
Sales | 0 | 0 | 0 |
Loans_allowance_for_loan_losse4
Loans, allowance for loan losses and credit quality (Details 3) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 250,508 | 228,557 | 223,204 |
Value of collateral | 225,619 | 202,233 | |
Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 248,182 | 226,193 | |
Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,326 | 2,364 | |
Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,220 | 1,029 | |
Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 96 | 202 | |
Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 99 | 169 | |
Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 911 | 964 | |
Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 186,633 | 166,314 | |
Value of collateral | 174,338 | 152,756 | |
Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 62,640 | 60,837 | |
Value of collateral | 50,631 | 48,861 | |
Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,235 | 1,406 | |
Value of collateral | 650 | 616 | |
Corporate and institutional | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 107,582 | 96,087 | 97,080 |
Corporate and institutional | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 106,231 | 94,953 | |
Corporate and institutional | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,351 | 1,134 | |
Corporate and institutional | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 809 | 454 | |
Corporate and institutional | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 21 | 81 | |
Corporate and institutional | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 43 | 77 | |
Corporate and institutional | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 478 | 522 | |
Corporate and institutional | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 65,130 | 57,341 | |
Corporate and institutional | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 41,737 | 37,891 | |
Corporate and institutional | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 715 | 855 | |
Real estate | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 28,175 | 26,866 | |
Real estate | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 28,084 | 26,774 | |
Real estate | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 91 | 92 | |
Real estate | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 24 | 19 | |
Real estate | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1 | 2 | |
Real estate | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 4 | 2 | |
Real estate | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 62 | 69 | |
Real estate | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 20,883 | 19,574 | |
Real estate | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 7,224 | 7,220 | |
Real estate | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 68 | 72 | |
Commercial and industrial loans | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 63,376 | 51,723 | |
Commercial and industrial loans | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 62,305 | 50,879 | |
Commercial and industrial loans | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,071 | 844 | |
Commercial and industrial loans | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 719 | 343 | |
Commercial and industrial loans | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 20 | 77 | |
Commercial and industrial loans | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 39 | 74 | |
Commercial and industrial loans | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 293 | 350 | |
Commercial and industrial loans | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 31,362 | 24,056 | |
Commercial and industrial loans | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 31,473 | 26,996 | |
Commercial and industrial loans | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 541 | 671 | |
Financial institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 14,623 | 16,034 | |
Financial institutions | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 14,459 | 15,841 | |
Financial institutions | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 164 | 193 | |
Financial institutions | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 41 | 87 | |
Financial institutions | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 2 | |
Financial institutions | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 1 | |
Financial institutions | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 123 | 103 | |
Financial institutions | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 11,893 | 12,691 | |
Financial institutions | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,624 | 3,231 | |
Financial institutions | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 106 | 112 | |
Governments and public institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,408 | 1,464 | |
Governments and public institutions | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,383 | 1,459 | |
Governments and public institutions | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25 | 5 | |
Governments and public institutions | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25 | 5 | |
Governments and public institutions | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Governments and public institutions | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Governments and public institutions | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Governments and public institutions | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 992 | 1,020 | |
Governments and public institutions | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 416 | 444 | |
Governments and public institutions | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Consumer | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 142,926 | 132,470 | 126,124 |
Consumer | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 141,951 | 131,240 | |
Consumer | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 975 | 1,230 | |
Consumer | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 411 | 575 | |
Consumer | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 75 | 121 | |
Consumer | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 56 | 92 | |
Consumer | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 433 | 442 | |
Consumer | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 121,503 | 108,973 | |
Consumer | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 20,903 | 22,946 | |
Consumer | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 520 | 551 | |
Mortgages | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 98,802 | 94,978 | |
Mortgages | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 98,519 | 94,657 | |
Mortgages | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 283 | 321 | |
Mortgages | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 99 | 103 | |
Mortgages | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 14 | 26 | |
Mortgages | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 9 | 25 | |
Mortgages | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 161 | 167 | |
Mortgages | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 82,360 | 76,990 | |
Mortgages | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 16,249 | 17,779 | |
Mortgages | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 193 | 209 | |
Loans collateralized by securities | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 39,818 | 31,565 | |
Loans collateralized by securities | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 39,648 | 31,365 | |
Loans collateralized by securities | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 170 | 200 | |
Loans collateralized by securities | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 81 | 95 | |
Loans collateralized by securities | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1 | 2 | |
Loans collateralized by securities | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1 | 12 | |
Loans collateralized by securities | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 87 | 91 | |
Loans collateralized by securities | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 37,426 | 29,242 | |
Loans collateralized by securities | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,306 | 2,229 | |
Loans collateralized by securities | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 86 | 94 | |
Consumer finance | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 4,306 | 5,927 | |
Consumer finance | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 3,784 | 5,218 | |
Consumer finance | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 522 | 709 | |
Consumer finance | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 231 | 377 | |
Consumer finance | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 60 | 93 | |
Consumer finance | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 46 | 55 | |
Consumer finance | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 185 | 184 | |
Consumer finance | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,717 | 2,741 | |
Consumer finance | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,348 | 2,938 | |
Consumer finance | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 241 | 248 | |
Bank | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 233,778 | 212,540 | 207,613 |
Value of collateral | 206,303 | 182,702 | |
Bank | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 231,914 | 210,672 | |
Bank | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,864 | 1,868 | |
Bank | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,049 | 854 | |
Bank | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 37 | 142 | |
Bank | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 73 | 138 | |
Bank | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 705 | 734 | |
Bank | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 179,801 | 161,064 | |
Value of collateral | 162,598 | 141,338 | |
Bank | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 52,992 | 50,357 | |
Value of collateral | 43,141 | 40,850 | |
Bank | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 985 | 1,119 | |
Value of collateral | 564 | 514 | |
Bank | Corporate and institutional | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 107,974 | 96,939 | 98,118 |
Bank | Corporate and institutional | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 106,731 | 95,927 | |
Bank | Corporate and institutional | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,243 | 1,012 | |
Bank | Corporate and institutional | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 748 | 379 | |
Bank | Corporate and institutional | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 16 | 77 | |
Bank | Corporate and institutional | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 41 | 74 | |
Bank | Corporate and institutional | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 438 | 482 | |
Bank | Corporate and institutional | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 68,384 | 61,177 | |
Bank | Corporate and institutional | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 38,942 | 34,985 | |
Bank | Corporate and institutional | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 648 | 777 | |
Bank | Real estate | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25,256 | 24,227 | |
Bank | Real estate | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25,167 | 24,139 | |
Bank | Real estate | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 89 | 88 | |
Bank | Real estate | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 23 | 18 | |
Bank | Real estate | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1 | 2 | |
Bank | Real estate | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 4 | 1 | |
Bank | Real estate | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 61 | 67 | |
Bank | Real estate | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 19,169 | 18,148 | |
Bank | Real estate | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 6,020 | 6,010 | |
Bank | Real estate | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 67 | 69 | |
Bank | Commercial and industrial loans | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 60,521 | 48,765 | |
Bank | Commercial and industrial loans | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 59,555 | 48,035 | |
Bank | Commercial and industrial loans | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 966 | 730 | |
Bank | Commercial and industrial loans | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 659 | 272 | |
Bank | Commercial and industrial loans | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 15 | 73 | |
Bank | Commercial and industrial loans | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 37 | 72 | |
Bank | Commercial and industrial loans | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 255 | 313 | |
Bank | Commercial and industrial loans | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 30,156 | 22,863 | |
Bank | Commercial and industrial loans | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 29,890 | 25,306 | |
Bank | Commercial and industrial loans | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 475 | 596 | |
Bank | Financial institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 20,934 | 22,666 | |
Bank | Financial institutions | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 20,771 | 22,477 | |
Bank | Financial institutions | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 163 | 189 | |
Bank | Financial institutions | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 41 | 84 | |
Bank | Financial institutions | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 2 | |
Bank | Financial institutions | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 1 | |
Bank | Financial institutions | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 122 | 102 | |
Bank | Financial institutions | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 18,209 | 19,327 | |
Bank | Financial institutions | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,619 | 3,227 | |
Bank | Financial institutions | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 106 | 112 | |
Bank | Governments and public institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,263 | 1,281 | |
Bank | Governments and public institutions | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,238 | 1,276 | |
Bank | Governments and public institutions | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25 | 5 | |
Bank | Governments and public institutions | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25 | 5 | |
Bank | Governments and public institutions | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Bank | Governments and public institutions | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Bank | Governments and public institutions | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Bank | Governments and public institutions | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 850 | 839 | |
Bank | Governments and public institutions | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 413 | 442 | |
Bank | Governments and public institutions | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 0 | |
Bank | Consumer | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 125,804 | 115,601 | 109,495 |
Bank | Consumer | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 125,183 | 114,745 | |
Bank | Consumer | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 621 | 856 | |
Bank | Consumer | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 301 | 475 | |
Bank | Consumer | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 21 | 65 | |
Bank | Consumer | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 32 | 64 | |
Bank | Consumer | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 267 | 252 | |
Bank | Consumer | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 111,417 | 99,887 | |
Bank | Consumer | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 14,050 | 15,372 | |
Bank | Consumer | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 337 | 342 | |
Bank | Mortgages | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 84,527 | 81,115 | |
Bank | Mortgages | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 84,269 | 80,823 | |
Bank | Mortgages | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 258 | 292 | |
Bank | Mortgages | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 97 | 103 | |
Bank | Mortgages | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 13 | 25 | |
Bank | Mortgages | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 8 | 24 | |
Bank | Mortgages | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 140 | 140 | |
Bank | Mortgages | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 72,844 | 68,132 | |
Bank | Mortgages | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 11,527 | 12,820 | |
Bank | Mortgages | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 156 | 163 | |
Bank | Loans collateralized by securities | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 39,712 | 31,472 | |
Bank | Loans collateralized by securities | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 39,542 | 31,272 | |
Bank | Loans collateralized by securities | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 170 | 200 | |
Bank | Loans collateralized by securities | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 81 | 95 | |
Bank | Loans collateralized by securities | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1 | 2 | |
Bank | Loans collateralized by securities | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1 | 12 | |
Bank | Loans collateralized by securities | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 87 | 91 | |
Bank | Loans collateralized by securities | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 37,338 | 29,180 | |
Bank | Loans collateralized by securities | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,288 | 2,198 | |
Bank | Loans collateralized by securities | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 86 | 94 | |
Bank | Consumer finance | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,565 | 3,014 | |
Bank | Consumer finance | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,372 | 2,650 | |
Bank | Consumer finance | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 193 | 364 | |
Bank | Consumer finance | Past due up to 30 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 123 | 277 | |
Bank | Consumer finance | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 7 | 38 | |
Bank | Consumer finance | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 23 | 28 | |
Bank | Consumer finance | Past due more than 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 40 | 21 | |
Bank | Consumer finance | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,235 | 2,575 | |
Bank | Consumer finance | Non-investment grade | BB to C | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 235 | 354 | |
Bank | Consumer finance | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 95 | 85 |
Loans_allowance_for_loan_losse5
Loans, allowance for loan losses and credit quality (Details 4) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
day | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1,032 | 1,143 |
Restructured loans | 171 | 6 |
Potential problem loans | 187 | 340 |
Total other impaired loans | 358 | 346 |
Gross impaired loans | 1,390 | 1,489 |
Non-interest-earning loans | 279 | 281 |
Non-performing loans | 753 | 862 |
Minimum | ||
Gross impaired loans by category | ||
Loan provision threshold, as percentage of loan notional amount, at which loans are written down to net book value | 80.00% | |
Number of days of default on interest or principal considered to assess credit worthiness | 90 | |
Maximum | ||
Gross impaired loans by category | ||
Period of anticipated repayment after which loan is written down to net book value (in quarters) | 2 | |
Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 496 | 623 |
Restructured loans | 167 | 6 |
Potential problem loans | 145 | 291 |
Total other impaired loans | 312 | 297 |
Gross impaired loans | 808 | 920 |
Non-interest-earning loans | 168 | 192 |
Non-performing loans | 328 | 431 |
Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 66 | 68 |
Restructured loans | 0 | 0 |
Potential problem loans | 9 | 5 |
Total other impaired loans | 9 | 5 |
Gross impaired loans | 75 | 73 |
Non-interest-earning loans | 16 | 15 |
Non-performing loans | 50 | 53 |
Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 306 | 451 |
Restructured loans | 167 | 6 |
Potential problem loans | 133 | 258 |
Total other impaired loans | 300 | 264 |
Gross impaired loans | 606 | 715 |
Non-interest-earning loans | 116 | 144 |
Non-performing loans | 190 | 307 |
Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 124 | 104 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 28 |
Total other impaired loans | 3 | 28 |
Gross impaired loans | 127 | 132 |
Non-interest-earning loans | 36 | 33 |
Non-performing loans | 88 | 71 |
Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 536 | 520 |
Restructured loans | 4 | 0 |
Potential problem loans | 42 | 49 |
Total other impaired loans | 46 | 49 |
Gross impaired loans | 582 | 569 |
Non-interest-earning loans | 111 | 89 |
Non-performing loans | 425 | 431 |
Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 208 | 180 |
Restructured loans | 4 | 0 |
Potential problem loans | 39 | 45 |
Total other impaired loans | 43 | 45 |
Gross impaired loans | 251 | 225 |
Non-interest-earning loans | 19 | 13 |
Non-performing loans | 189 | 167 |
Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 86 | 91 |
Restructured loans | 0 | 0 |
Potential problem loans | 2 | 4 |
Total other impaired loans | 2 | 4 |
Gross impaired loans | 88 | 95 |
Non-interest-earning loans | 75 | 71 |
Non-performing loans | 11 | 20 |
Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 242 | 249 |
Restructured loans | 0 | 0 |
Potential problem loans | 1 | 0 |
Total other impaired loans | 1 | 0 |
Gross impaired loans | 243 | 249 |
Non-interest-earning loans | 17 | 5 |
Non-performing loans | 225 | 244 |
Bank | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 821 | 914 |
Restructured loans | 171 | 6 |
Potential problem loans | 140 | 274 |
Total other impaired loans | 311 | 280 |
Gross impaired loans | 1,132 | 1,194 |
Non-interest-earning loans | 257 | 255 |
Non-performing loans | 564 | 659 |
Bank | Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 457 | 586 |
Restructured loans | 167 | 6 |
Potential problem loans | 115 | 248 |
Total other impaired loans | 282 | 254 |
Gross impaired loans | 739 | 840 |
Non-interest-earning loans | 148 | 172 |
Non-performing loans | 309 | 414 |
Bank | Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 64 | 65 |
Restructured loans | 0 | 0 |
Potential problem loans | 9 | 5 |
Total other impaired loans | 9 | 5 |
Gross impaired loans | 73 | 70 |
Non-interest-earning loans | 15 | 13 |
Non-performing loans | 49 | 52 |
Bank | Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 270 | 417 |
Restructured loans | 167 | 6 |
Potential problem loans | 103 | 215 |
Total other impaired loans | 270 | 221 |
Gross impaired loans | 540 | 638 |
Non-interest-earning loans | 98 | 126 |
Non-performing loans | 172 | 291 |
Bank | Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 123 | 104 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 28 |
Total other impaired loans | 3 | 28 |
Gross impaired loans | 126 | 132 |
Non-interest-earning loans | 35 | 33 |
Non-performing loans | 88 | 71 |
Bank | Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 364 | 328 |
Restructured loans | 4 | 0 |
Potential problem loans | 25 | 26 |
Total other impaired loans | 29 | 26 |
Gross impaired loans | 393 | 354 |
Non-interest-earning loans | 109 | 83 |
Non-performing loans | 255 | 245 |
Bank | Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 183 | 151 |
Restructured loans | 4 | 0 |
Potential problem loans | 23 | 21 |
Total other impaired loans | 27 | 21 |
Gross impaired loans | 210 | 172 |
Non-interest-earning loans | 17 | 7 |
Non-performing loans | 166 | 144 |
Bank | Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 86 | 91 |
Restructured loans | 0 | 0 |
Potential problem loans | 2 | 5 |
Total other impaired loans | 2 | 5 |
Gross impaired loans | 88 | 96 |
Non-interest-earning loans | 75 | 71 |
Non-performing loans | 11 | 20 |
Bank | Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 95 | 86 |
Restructured loans | 0 | 0 |
Potential problem loans | 0 | 0 |
Total other impaired loans | 0 | 0 |
Gross impaired loans | 95 | 86 |
Non-interest-earning loans | 17 | 5 |
Non-performing loans | 78 | 81 |
Loans_allowance_for_loan_losse6
Loans, allowance for loan losses and credit quality (Details 5) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Recorded investment | |||
Recorded investment, with a specific allowance | 1,297 | 1,412 | |
Recorded investment, without specific allowance | 93 | 77 | |
Gross impaired loans | 1,390 | 1,489 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 1,225 | 1,319 | |
Unpaid principal balance, without specific allowance | 93 | 77 | |
Unpaid principal balance | 1,318 | 1,396 | |
Associated specific allowance | 540 | 654 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,381 | 1,486 | 1,447 |
Average recorded investment, without specific allowance | 113 | 147 | 325 |
Average recorded investment | 1,494 | 1,633 | 1,772 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 5 | 9 | 10 |
Interest income recognized, without specific allowance | 0 | 0 | 3 |
Interest income recognized | 5 | 9 | 13 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 4 | 9 | 8 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 3 |
Interest income recognized on a cash basis | 4 | 9 | 11 |
Corporate and institutional | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 793 | 907 | |
Recorded investment, without specific allowance | 15 | 13 | |
Gross impaired loans | 808 | 920 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 754 | 848 | |
Unpaid principal balance, without specific allowance | 15 | 13 | |
Unpaid principal balance | 769 | 861 | |
Associated specific allowance | 338 | 437 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 874 | 956 | 885 |
Average recorded investment, without specific allowance | 27 | 72 | 236 |
Average recorded investment | 901 | 1,028 | 1,121 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 3 | 6 | 5 |
Interest income recognized, without specific allowance | 0 | 0 | 3 |
Interest income recognized | 3 | 6 | 8 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 6 | 4 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 3 |
Interest income recognized on a cash basis | 2 | 6 | 7 |
Real estate | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 68 | 71 | |
Recorded investment, without specific allowance | 7 | 2 | |
Gross impaired loans | 75 | 73 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 64 | 65 | |
Unpaid principal balance, without specific allowance | 7 | 2 | |
Associated specific allowance | 7 | 15 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 75 | 72 | 58 |
Average recorded investment, without specific allowance | 9 | 11 | 13 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 1 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Commercial and industrial loans | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 599 | 705 | |
Recorded investment, without specific allowance | 7 | 10 | |
Gross impaired loans | 606 | 715 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 570 | 656 | |
Unpaid principal balance, without specific allowance | 7 | 10 | |
Associated specific allowance | 259 | 340 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 667 | 748 | 620 |
Average recorded investment, without specific allowance | 18 | 59 | 215 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 3 | 5 | 3 |
Interest income recognized, without specific allowance | 0 | 0 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 5 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 3 |
Financial institutions | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 126 | 131 | |
Recorded investment, without specific allowance | 1 | 1 | |
Gross impaired loans | 127 | 132 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 120 | 127 | |
Unpaid principal balance, without specific allowance | 1 | 1 | |
Associated specific allowance | 72 | 82 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 127 | 136 | 201 |
Average recorded investment, without specific allowance | 0 | 2 | 8 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 2 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 5 | 0 | 6 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Consumer | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 504 | 505 | |
Recorded investment, without specific allowance | 78 | 64 | |
Gross impaired loans | 582 | 569 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 471 | 471 | |
Unpaid principal balance, without specific allowance | 78 | 64 | |
Unpaid principal balance | 549 | 535 | |
Associated specific allowance | 202 | 217 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 507 | 530 | 562 |
Average recorded investment, without specific allowance | 86 | 75 | 89 |
Average recorded investment | 593 | 605 | 651 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 3 | 5 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized | 2 | 3 | 5 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 3 | 4 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | 2 | 3 | 4 |
Mortgages | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 205 | 207 | |
Recorded investment, without specific allowance | 46 | 18 | |
Gross impaired loans | 251 | 225 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 194 | 197 | |
Unpaid principal balance, without specific allowance | 46 | 18 | |
Associated specific allowance | 27 | 28 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 205 | 204 | 217 |
Average recorded investment, without specific allowance | 36 | 26 | 40 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Loans collateralized by securities | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 63 | 67 | |
Recorded investment, without specific allowance | 25 | 28 | |
Gross impaired loans | 88 | 95 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 60 | 63 | |
Unpaid principal balance, without specific allowance | 25 | 28 | |
Associated specific allowance | 53 | 55 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 65 | 70 | 68 |
Average recorded investment, without specific allowance | 29 | 27 | 8 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 2 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 2 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Consumer finance | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 236 | 231 | |
Recorded investment, without specific allowance | 7 | 18 | |
Gross impaired loans | 243 | 249 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 217 | 211 | |
Unpaid principal balance, without specific allowance | 7 | 18 | |
Associated specific allowance | 122 | 134 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 237 | 256 | 277 |
Average recorded investment, without specific allowance | 21 | 22 | 41 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 0 | 3 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 3 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 1,040 | 1,125 | |
Recorded investment, without specific allowance | 92 | 69 | |
Gross impaired loans | 1,132 | 1,194 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 990 | 1,057 | |
Unpaid principal balance, without specific allowance | 90 | 69 | |
Unpaid principal balance | 1,080 | 1,126 | |
Associated specific allowance | 413 | 511 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,112 | 1,183 | 1,133 |
Average recorded investment, without specific allowance | 106 | 139 | 295 |
Average recorded investment | 1,218 | 1,322 | 1,428 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 5 | 9 | 10 |
Interest income recognized, without specific allowance | 0 | 0 | 3 |
Interest income recognized | 5 | 9 | 13 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 4 | 9 | 8 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 3 |
Interest income recognized on a cash basis | 4 | 9 | 11 |
Bank | Corporate and institutional | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 723 | 828 | |
Recorded investment, without specific allowance | 16 | 12 | |
Gross impaired loans | 739 | 840 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 689 | 774 | |
Unpaid principal balance, without specific allowance | 15 | 12 | |
Unpaid principal balance | 704 | 786 | |
Associated specific allowance | 309 | 407 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 803 | 872 | 796 |
Average recorded investment, without specific allowance | 26 | 71 | 219 |
Average recorded investment | 829 | 943 | 1,015 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 3 | 6 | 5 |
Interest income recognized, without specific allowance | 0 | 0 | 3 |
Interest income recognized | 3 | 6 | 8 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 6 | 4 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 3 |
Interest income recognized on a cash basis | 2 | 6 | 7 |
Bank | Real estate | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 65 | 68 | |
Recorded investment, without specific allowance | 8 | 2 | |
Gross impaired loans | 73 | 70 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 62 | 63 | |
Unpaid principal balance, without specific allowance | 7 | 2 | |
Associated specific allowance | 7 | 13 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 74 | 67 | 43 |
Average recorded investment, without specific allowance | 9 | 11 | 12 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 1 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Commercial and industrial loans | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 533 | 629 | |
Recorded investment, without specific allowance | 7 | 9 | |
Gross impaired loans | 540 | 638 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 507 | 584 | |
Unpaid principal balance, without specific allowance | 7 | 9 | |
Associated specific allowance | 230 | 312 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 597 | 669 | 556 |
Average recorded investment, without specific allowance | 17 | 58 | 199 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 3 | 5 | 3 |
Interest income recognized, without specific allowance | 0 | 0 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 5 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 3 |
Bank | Financial institutions | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 125 | 131 | |
Recorded investment, without specific allowance | 1 | 1 | |
Gross impaired loans | 126 | 132 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 120 | 127 | |
Unpaid principal balance, without specific allowance | 1 | 1 | |
Associated specific allowance | 72 | 82 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 127 | 136 | 191 |
Average recorded investment, without specific allowance | 0 | 2 | 8 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 2 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 5 | 0 | 6 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Bank | Consumer | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 317 | 297 | |
Recorded investment, without specific allowance | 76 | 57 | |
Gross impaired loans | 393 | 354 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 301 | 283 | |
Unpaid principal balance, without specific allowance | 75 | 57 | |
Unpaid principal balance | 376 | 340 | |
Associated specific allowance | 104 | 104 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 309 | 311 | 337 |
Average recorded investment, without specific allowance | 80 | 68 | 76 |
Average recorded investment | 389 | 379 | 413 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 3 | 5 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized | 2 | 3 | 5 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 3 | 4 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | 2 | 3 | 4 |
Bank | Mortgages | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 166 | 162 | |
Recorded investment, without specific allowance | 44 | 10 | |
Gross impaired loans | 210 | 172 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 154 | 153 | |
Unpaid principal balance, without specific allowance | 43 | 10 | |
Associated specific allowance | 19 | 16 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 163 | 154 | 152 |
Average recorded investment, without specific allowance | 30 | 19 | 27 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Loans collateralized by securities | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 63 | 67 | |
Recorded investment, without specific allowance | 25 | 29 | |
Gross impaired loans | 88 | 96 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 60 | 63 | |
Unpaid principal balance, without specific allowance | 25 | 29 | |
Associated specific allowance | 53 | 54 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 65 | 70 | 68 |
Average recorded investment, without specific allowance | 29 | 27 | 8 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 2 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 2 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Consumer finance | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 88 | 68 | |
Recorded investment, without specific allowance | 7 | 18 | |
Gross impaired loans | 95 | 86 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 87 | 67 | |
Unpaid principal balance, without specific allowance | 7 | 18 | |
Associated specific allowance | 32 | 34 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 81 | 87 | 117 |
Average recorded investment, without specific allowance | 21 | 22 | 41 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 0 | 3 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 3 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Loans_allowance_for_loan_losse7
Loans, allowance for loan losses and credit quality (Details 6) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 11 | 6 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 294 | 28 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 242 | 25 | 0 |
Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 1 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 4 | 0 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 4 | 0 | 0 |
Consumer finance | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 0 | 1 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 0 | 1 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 0 | 0 | 0 |
Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 10 | 5 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 290 | 27 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 238 | 25 | 0 |
Bank | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 11 | 6 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 294 | 28 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 242 | 25 | 0 |
Bank | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 1 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 4 | 0 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 4 | 0 | 0 |
Bank | Consumer finance | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 0 | 1 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 0 | 1 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 0 | 0 | 0 |
Bank | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | 10 | 5 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | 290 | 27 | 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | 238 | 25 | 0 |
Premises_and_equipment_Details
Premises and equipment (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Premises and equipment disclosures | |||
Buildings and improvements | 2,303 | 2,415 | |
Land | 420 | 491 | |
Leasehold improvements | 2,180 | 2,043 | |
Software | 6,484 | 5,740 | |
Equipment | 2,390 | 2,370 | |
Premises and equipment | 13,777 | 13,059 | |
Accumulated depreciation | -9,136 | -7,968 | |
Total premises and equipment, net | 4,641 | 5,091 | |
Depreciation and impairment | |||
Depreciation | 1,232 | 1,236 | 1,229 |
Impairment | 23 | 65 | 17 |
Bank | |||
Premises and equipment disclosures | |||
Buildings and improvements | 2,087 | 2,201 | |
Land | 396 | 466 | |
Leasehold improvements | 2,162 | 2,031 | |
Software | 6,476 | 5,734 | |
Equipment | 2,304 | 2,288 | |
Premises and equipment | 13,425 | 12,720 | |
Accumulated depreciation | -8,984 | -7,825 | |
Total premises and equipment, net | 4,441 | 4,895 | |
Depreciation and impairment | |||
Depreciation | 1,224 | 1,227 | 1,218 |
Impairment | 23 | 65 | 17 |
Goodwill_Details
Goodwill (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross amount of goodwill | |||
Balance at beginning of period | 8,093 | 8,471 | |
Goodwill acquired during the period | 22 | 3 | |
Goodwill Discontinued Operations | 0 | -127 | |
Foreign currency translation impact | 661 | -214 | |
Other | -38 | -40 | |
Balance at end of period | 8,738 | 8,093 | 8,471 |
Accumulated impairment | |||
Balance at beginning of period | 94 | 82 | |
Goodwill impairment | 0 | 12 | 0 |
Balance at end of period | 94 | 94 | 82 |
Net book value | |||
Net book value | 8,644 | 7,999 | |
Private Banking & Wealth Management | |||
Gross amount of goodwill | |||
Balance at beginning of period | 2,176 | 2,409 | |
Goodwill acquired during the period | 22 | 3 | |
Goodwill Discontinued Operations | 0 | -127 | |
Foreign currency translation impact | 162 | -73 | |
Other | -34 | -36 | |
Balance at end of period | 2,326 | 2,176 | |
Accumulated impairment | |||
Balance at beginning of period | 12 | 0 | |
Goodwill impairment | 0 | 12 | |
Balance at end of period | 12 | 12 | |
Net book value | |||
Net book value | 2,314 | 2,164 | |
Investment Banking | |||
Gross amount of goodwill | |||
Balance at beginning of period | 5,917 | 6,062 | |
Goodwill acquired during the period | 0 | 0 | |
Goodwill Discontinued Operations | 0 | 0 | |
Foreign currency translation impact | 499 | -141 | |
Other | -4 | -4 | |
Balance at end of period | 6,412 | 5,917 | |
Accumulated impairment | |||
Balance at beginning of period | 82 | 82 | |
Goodwill impairment | 0 | 0 | |
Balance at end of period | 82 | 82 | |
Net book value | |||
Net book value | 6,330 | 5,835 | |
Bank | |||
Gross amount of goodwill | |||
Balance at beginning of period | 7,215 | 7,592 | |
Goodwill acquired during the period | 22 | 3 | |
Goodwill Discontinued Operations | 0 | -127 | |
Foreign currency translation impact | 661 | -213 | |
Other | -38 | -40 | |
Balance at end of period | 7,860 | 7,215 | 7,592 |
Accumulated impairment | |||
Balance at beginning of period | 94 | 82 | |
Goodwill impairment | 0 | 12 | 0 |
Balance at end of period | 94 | 94 | 82 |
Net book value | |||
Net book value | 7,766 | 7,121 | |
Bank | Private Banking & Wealth Management | |||
Gross amount of goodwill | |||
Balance at beginning of period | 1,978 | 2,210 | |
Goodwill acquired during the period | 22 | 3 | |
Goodwill Discontinued Operations | 0 | -127 | |
Foreign currency translation impact | 162 | -72 | |
Other | -34 | -36 | |
Balance at end of period | 2,128 | 1,978 | |
Accumulated impairment | |||
Balance at beginning of period | 12 | 0 | |
Goodwill impairment | 0 | 12 | |
Balance at end of period | 12 | 12 | |
Net book value | |||
Net book value | 2,116 | 1,966 | |
Bank | Investment Banking | |||
Gross amount of goodwill | |||
Balance at beginning of period | 5,237 | 5,382 | |
Goodwill acquired during the period | 0 | 0 | |
Goodwill Discontinued Operations | 0 | 0 | |
Foreign currency translation impact | 499 | -141 | |
Other | -4 | -4 | |
Balance at end of period | 5,732 | 5,237 | |
Accumulated impairment | |||
Balance at beginning of period | 82 | 82 | |
Goodwill impairment | 0 | 0 | |
Balance at end of period | 82 | 82 | |
Net book value | |||
Net book value | 5,650 | 5,155 |
Other_intangible_assets_Detail
Other intangible assets (Details 1) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other intangible assets (CHF million) | |||
Gross carrying amount | 239 | 254 | |
Accumulated amortization | -119 | -128 | |
Net carrying amount | 120 | 126 | |
Non-amortizing other intangible assets | 129 | 84 | |
of which mortgage servicing rights, at fair value | 70 | 42 | |
Total other intangible assets, net | 249 | 210 | |
Aggregate amortization expenses and impairment losses (CHF million) | |||
Aggregate amortization | 22 | 24 | 28 |
Impairment | 1 | 8 | 7 |
Estimated amortization expenses (CHF million) | |||
In the next 12 months | 23 | ||
Year two | 22 | ||
Year three | 22 | ||
Year four | 22 | ||
Year five | 5 | ||
Discontinued operations | |||
Aggregate amortization expenses and impairment losses (CHF million) | |||
Impairment | 0 | 7 | 0 |
Tradenames / trademarks | |||
Other intangible assets (CHF million) | |||
Gross carrying amount | 27 | 25 | |
Accumulated amortization | -24 | -21 | |
Net carrying amount | 3 | 4 | |
Client relationships | |||
Other intangible assets (CHF million) | |||
Gross carrying amount | 201 | 222 | |
Accumulated amortization | -92 | -106 | |
Net carrying amount | 109 | 116 | |
Other | |||
Other intangible assets (CHF million) | |||
Gross carrying amount | 11 | 7 | |
Accumulated amortization | -3 | -1 | |
Net carrying amount | 8 | 6 | |
Total other intangible assets, gross | 368 | 338 | |
Bank | |||
Other intangible assets (CHF million) | |||
Gross carrying amount | 239 | 254 | |
Accumulated amortization | -119 | -128 | |
Net carrying amount | 120 | 126 | |
Non-amortizing other intangible assets | 129 | 84 | |
of which mortgage servicing rights, at fair value | 70 | 42 | |
Total other intangible assets, net | 249 | 210 | |
Aggregate amortization expenses and impairment losses (CHF million) | |||
Aggregate amortization | 22 | 24 | 28 |
Impairment | 1 | 8 | 0 |
Estimated amortization expenses (CHF million) | |||
In the next 12 months | 23 | ||
Year two | 22 | ||
Year three | 22 | ||
Year four | 22 | ||
Year five | 5 | ||
Bank | Discontinued operations | |||
Aggregate amortization expenses and impairment losses (CHF million) | |||
Impairment | 0 | 7 | 0 |
Bank | Tradenames / trademarks | |||
Other intangible assets (CHF million) | |||
Gross carrying amount | 27 | 25 | |
Accumulated amortization | -24 | -21 | |
Net carrying amount | 3 | 4 | |
Bank | Client relationships | |||
Other intangible assets (CHF million) | |||
Gross carrying amount | 201 | 222 | |
Accumulated amortization | -92 | -106 | |
Net carrying amount | 109 | 116 | |
Bank | Other | |||
Other intangible assets (CHF million) | |||
Gross carrying amount | 11 | 7 | |
Accumulated amortization | -3 | -1 | |
Net carrying amount | 8 | 6 | |
Total other intangible assets, gross | 368 | 338 |
Other_assets_and_other_liabili2
Other assets and other liabilities (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other assets (CHF million) | ||
Cash collateral on derivative instruments | 10,905 | 8,359 |
Cash collateral on non-derivative transactions | 3,238 | 1,412 |
Derivative instruments used for hedging | 1,539 | 2,062 |
Assets held-for-sale | 26,544 | 19,306 |
of which loans | 25,911 | 18,914 |
of which real estate | 535 | 392 |
of which long-lived assets | 98 | 0 |
Assets held for separate accounts | 5,650 | 11,236 |
Interest and fees receivable | 6,237 | 4,859 |
Deferred tax assets | 6,077 | 6,185 |
Prepaid expenses | 517 | 552 |
Failed purchases | 3,138 | 2,365 |
Other | 6,713 | 6,729 |
Other assets | 70,558 | 63,065 |
Other liabilities (CHF million) | ||
Cash collateral on derivative instruments | 17,043 | 11,663 |
Cash collateral on non-derivative transactions | 797 | 955 |
Derivative instruments used for hedging | 469 | 384 |
Provisions | 1,358 | 2,641 |
of which off-balance sheet risk | 103 | 60 |
Liabilities held for separate accounts | 5,650 | 11,236 |
Interest and fees payable | 6,531 | 5,641 |
Current tax liabilities | 821 | 864 |
Deferred tax liabilities | 47 | 394 |
Failed sales | 1,313 | 2,396 |
Other | 16,941 | 15,273 |
Other liabilities | 50,970 | 51,447 |
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 1,103 | 1,778 |
Loans held in trusts, consolidated as a result of failed sales, included in loans held-for-sale | 226 | 769 |
Bank | ||
Other assets (CHF million) | ||
Cash collateral on derivative instruments | 10,909 | 8,359 |
Cash collateral on non-derivative transactions | 3,238 | 1,412 |
Derivative instruments used for hedging | 1,539 | 2,062 |
Assets held-for-sale | 26,544 | 19,306 |
of which loans | 25,911 | 18,914 |
of which real estate | 535 | 392 |
of which long-lived assets | 98 | 0 |
Assets held for separate accounts | 5,650 | 11,236 |
Interest and fees receivable | 6,229 | 4,838 |
Deferred tax assets | 6,064 | 6,176 |
Prepaid expenses | 511 | 568 |
Failed purchases | 3,138 | 2,365 |
Other | 6,689 | 5,245 |
Other assets | 70,511 | 61,567 |
Other liabilities (CHF million) | ||
Cash collateral on derivative instruments | 16,776 | 11,664 |
Cash collateral on non-derivative transactions | 797 | 955 |
Derivative instruments used for hedging | 469 | 384 |
Provisions | 1,347 | 2,630 |
of which off-balance sheet risk | 102 | 59 |
Liabilities held for separate accounts | 5,650 | 11,236 |
Interest and fees payable | 6,465 | 5,576 |
Current tax liabilities | 782 | 820 |
Deferred tax liabilities | 33 | 80 |
Failed sales | 1,313 | 2,396 |
Other | 17,016 | 15,359 |
Other liabilities | 50,648 | 51,100 |
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 1,103 | 1,778 |
Loans held in trusts, consolidated as a result of failed sales, included in loans held-for-sale | 226 | 769 |
Deposits_Details
Deposits (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | CHF | CHF | Foreign | Foreign | Switzerland | Switzerland | Bank | Bank | Bank | Bank | Bank | Bank | Bank | |
CHF | CHF | CHF | CHF | USD ($) | CHF | CHF | Foreign | Foreign | Switzerland | Switzerland | ||||
CHF | CHF | CHF | CHF | |||||||||||
Deposits | ||||||||||||||
Non-interest-bearing demand deposits | 10,524,000,000 | 9,073,000,000 | 4,581,000,000 | 4,335,000,000 | 5,943,000,000 | 4,738,000,000 | 10,523,000,000 | 9,071,000,000 | 4,582,000,000 | 4,336,000,000 | 5,941,000,000 | 4,735,000,000 | ||
Interest-bearing demand deposits | 167,408,000,000 | 167,372,000,000 | 31,984,000,000 | 26,294,000,000 | 135,424,000,000 | 141,078,000,000 | 164,155,000,000 | 164,270,000,000 | 32,297,000,000 | 26,996,000,000 | 131,858,000,000 | 137,274,000,000 | ||
Savings deposits | 77,527,000,000 | 63,609,000,000 | 29,000,000 | 26,000,000 | 77,498,000,000 | 63,583,000,000 | 69,233,000,000 | 55,663,000,000 | 29,000,000 | 26,000,000 | 69,204,000,000 | 55,637,000,000 | ||
Time deposits | 139,608,000,000 | 116,143,000,000 | 121,958,000,000 | 100,785,000,000 | 17,650,000,000 | 15,358,000,000 | 140,164,000,000 | 115,821,000,000 | 121,977,000,000 | 101,166,000,000 | 18,187,000,000 | 14,655,000,000 | ||
Total deposits | 395,067,000,000 | 356,197,000,000 | 158,552,000,000 | 131,440,000,000 | 236,515,000,000 | 224,757,000,000 | 384,075,000,000 | 344,825,000,000 | 158,885,000,000 | 132,524,000,000 | 225,190,000,000 | 212,301,000,000 | ||
of which due to banks | 26,009,000,000 | 23,108,000,000 | 26,506,000,000 | 23,147,000,000 | ||||||||||
of which customer deposits | 369,058,000,000 | 333,089,000,000 | 357,569,000,000 | 321,678,000,000 | ||||||||||
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 139,493,000,000 | 116,106,000,000 | 140,057,000,000 | 115,792,000,000 | ||||||||||
Threshold for considering concentration of time deposits (in dollars) | 100,000 | 100,000 | ||||||||||||
Overdrawn deposits not included in total deposits, reclassified as loans | 11,000,000 | 18,000,000 | 10,000,000 | 18,000,000 |
Longterm_debt_Details
Long-term debt (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term debt | ||
Senior | 139,267 | 96,048 |
Subordinated | 25,179 | 21,002 |
Non-recourse liabilities from consolidated VIEs | 13,452 | 12,992 |
Long-term debt | 177,898 | 130,042 |
of which reported at fair value | 81,166 | 63,369 |
Structured notes | ||
Long-term debt | ||
Long-term debt | 50,469 | 34,815 |
Bank | ||
Long-term debt | ||
Senior | 135,196 | 91,384 |
Subordinated | 24,299 | 22,365 |
Non-recourse liabilities from consolidated VIEs | 13,452 | 12,992 |
Long-term debt | 172,947 | 126,741 |
of which reported at fair value | 80,260 | 62,462 |
Bank | Structured notes | ||
Long-term debt | ||
Long-term debt | 50,469 | 34,817 |
Longterm_debt_Details_2
Long-term debt (Details 2) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
CHF | CHF | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Group parent company | Group parent company | Group parent company | Group parent company | Group parent company | Group parent company | Group parent company | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Credit Suisse AG | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | Group subsidiaries | |
CHF | CHF | Equity | Equity | Fixed income | Fixed income | Credit | Credit | Other | Other | CHF | CHF | Subordinated | Subordinated | Subordinated | Subordinated | Fixed rate | CHF | CHF | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Structured notes | Fixed rate | Fixed rate | Fixed rate | Variable rate | Variable rate | Variable rate | JPY (¥) | CHF | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Senior notes. | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Non-recourse liabilities from consolidated VIEs | Fixed rate | Fixed rate | Fixed rate | Variable rate | Variable rate | Variable rate | |||
CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Thereafter [Member] | Subordinated | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Thereafter [Member] | CHF | CHF | Equity | Equity | Fixed income | Fixed income | Credit | Credit | Other | Other | Senior notes. | Subordinated | Non-recourse liabilities from consolidated VIEs | Senior notes. | Subordinated | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Four [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Period Five [Member] | Debt Instrument, Redemption, Thereafter [Member] | Debt Instrument, Redemption, Thereafter [Member] | Senior notes. | Subordinated | Non-recourse liabilities from consolidated VIEs | Senior notes. | Subordinated | Non-recourse liabilities from consolidated VIEs | |||||||||||
Maximum | Maximum | Minimum | Maximum | CHF | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | CHF | CHF | CHF | CHF | CHF | CHF | |||||||||||||||||||||
Long-term debt by maturities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Next twelve months | 29,635,000,000 | 10,542,000,000 | 31,000,000 | 31,000,000 | 29,158,000,000 | 10,542,000,000 | 13,298,000,000 | 447,000,000 | 442,000,000 | 14,694,000,000 | 76,000,000 | 201,000,000 | 29,604,000,000 | 13,774,000,000 | 417,000,000 | 442,000,000 | 14,694,000,000 | 76,000,000 | 201,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year two | 20,506,000,000 | 10,240,000,000 | 0 | 0 | 20,011,000,000 | 10,240,000,000 | 4,130,000,000 | 1,000,000 | 84,000,000 | 15,656,000,000 | 30,000,000 | 110,000,000 | 20,506,000,000 | 4,656,000,000 | 0 | 84,000,000 | 15,656,000,000 | 0 | 110,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year three | 22,189,000,000 | 5,534,000,000 | 0 | 0 | 21,632,000,000 | 5,534,000,000 | 12,846,000,000 | 175,000,000 | 16,000,000 | 8,404,000,000 | 50,000,000 | 141,000,000 | 22,189,000,000 | 13,402,000,000 | 175,000,000 | 16,000,000 | 8,405,000,000 | 50,000,000 | 141,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year four | 20,547,000,000 | 5,881,000,000 | 290,000,000 | 290,000,000 | 20,197,000,000 | 5,881,000,000 | 3,944,000,000 | 10,349,000,000 | 0 | 5,904,000,000 | 0 | 0 | 20,257,000,000 | 4,298,000,000 | 10,055,000,000 | 0 | 5,904,000,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year five | 25,046,000,000 | 6,048,000,000 | 0 | 0 | 24,698,000,000 | 6,048,000,000 | 14,600,000,000 | 0 | 0 | 9,873,000,000 | 179,000,000 | 46,000,000 | 25,046,000,000 | 14,948,000,000 | 0 | 0 | 9,873,000,000 | 179,000,000 | 46,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | 59,975,000,000 | 12,224,000,000 | 4,609,000,000 | 4,609,000,000 | 57,251,000,000 | 12,224,000,000 | 17,780,000,000 | 12,992,000,000 | 154,000,000 | 14,067,000,000 | 0 | 12,258,000,000 | 55,366,000,000 | 19,589,000,000 | 9,297,000,000 | 154,000,000 | 14,068,000,000 | 0 | 12,258,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 177,898,000,000 | 130,042,000,000 | 50,469,000,000 | 34,815,000,000 | 35,309,000,000 | 22,605,000,000 | 8,321,000,000 | 6,455,000,000 | 5,244,000,000 | 5,016,000,000 | 1,595,000,000 | 739,000,000 | 4,930,000,000 | 2,784,000,000 | 4,930,000,000 | 172,947,000,000 | 126,741,000,000 | 50,469,000,000 | 34,817,000,000 | 35,309,000,000 | 22,607,000,000 | 8,321,000,000 | 6,455,000,000 | 5,244,000,000 | 5,016,000,000 | 1,595,000,000 | 739,000,000 | 66,598,000,000 | 23,964,000,000 | 696,000,000 | 68,598,000,000 | 335,000,000 | 12,756,000,000 | 172,968,000,000 | 70,667,000,000 | 19,944,000,000 | 696,000,000 | 68,600,000,000 | 305,000,000 | 12,756,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate (as a percent) | 8.50% | 6.00% | 6.30% | 7.50% | 0.00% | 12.60% | 0.20% | 12.60% | 0.10% | 12.40% | 0.40% | 3.80% | 0.00% | 7.30% | 0.00% | 8.20% | 0.60% | 10.30% | 0.30% | 0.90% | 7.00% | 0.10% | 13.20% | 0.30% | 0.10% | 8.50% | 0.00% | 13.20% | 0.00% | 5.40% | 4.00% | 0.00% | 3.00% | 0.00% | 10.80% | 0.00% | 12.60% | 0.20% | 12.60% | 0.10% | 12.40% | 0.40% | 3.80% | 0.00% | 7.30% | 0.00% | 8.20% | 0.60% | 10.30% | 0.90% | 7.00% | 0.10% | 13.20% | 0.30% | 0.10% | 8.50% | 0.00% | 13.20% | 0.00% | 5.40% | 4.00% | 0.00% | 3.00% | 0.00% | 10.80% | |||||||||||||||||||||||||||||||||||||||||
Maximum principal amount of notes that can be issued | ¥ 500,000,000,000 |
Accumulated_other_comprehensiv2
Accumulated other comprehensive income (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -15,003 | -15,875 | |
Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -11 | -29 | -66 |
Increase/(decrease) | -11 | 6 | 7 |
Increase/(decrease) due to equity method investments | 4 | 13 | 30 |
Reclassification adjustments, included in net income | -13 | -1 | 0 |
Total increase/(decrease) | -20 | 18 | 37 |
Balance | -31 | -11 | -29 |
Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -13,674 | -12,767 | -11,778 |
Increase/(decrease) | 2,196 | -991 | -1,040 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 0 | 84 | 51 |
Total increase/(decrease) | 2,196 | -907 | -989 |
Balance | -11,478 | -13,674 | -12,767 |
Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | 52 | 84 | 99 |
Increase/(decrease) | 25 | -27 | 227 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | -13 | -5 | -242 |
Total increase/(decrease) | 12 | -32 | -15 |
Balance | 64 | 52 | 84 |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -2,757 | -3,801 | -3,751 |
Increase/(decrease) | -1,440 | 750 | -291 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 187 | 294 | 241 |
Total increase/(decrease) | -1,253 | 1,044 | -50 |
Balance | -4,010 | -2,757 | -3,801 |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | 515 | 610 | 362 |
Increase/(decrease) | 20 | 0 | 319 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | -83 | -95 | -71 |
Total increase/(decrease) | -63 | -95 | 248 |
Balance | 452 | 515 | 610 |
Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -15,875 | -15,903 | -15,134 |
Increase/(decrease) | 790 | -262 | -778 |
Increase/(decrease) due to equity method investments | 4 | 13 | 30 |
Reclassification adjustments, included in net income | 78 | 277 | -21 |
Total increase/(decrease) | 872 | 28 | -769 |
Balance | -15,003 | -15,875 | -15,903 |
Bank | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -12,224 | -14,405 | |
Bank | Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | 9 | 7 | 0 |
Increase/(decrease) | -11 | 6 | 7 |
Reclassification adjustments, included in net income | -16 | -4 | 0 |
Total increase/(decrease) | -27 | 2 | 7 |
Balance | -18 | 9 | 7 |
Bank | Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -13,738 | -11,540 | -10,526 |
Increase/(decrease) | 2,115 | -2,281 | -1,058 |
Reclassification adjustments, included in net income | 0 | 83 | 44 |
Total increase/(decrease) | 2,115 | -2,198 | -1,014 |
Balance | -11,623 | -13,738 | -11,540 |
Bank | Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | 35 | 53 | 96 |
Increase/(decrease) | 21 | -13 | 199 |
Reclassification adjustments, included in net income | 0 | -5 | -242 |
Total increase/(decrease) | 21 | -18 | -43 |
Balance | 56 | 35 | 53 |
Bank | Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -714 | -670 | -729 |
Increase/(decrease) | 14 | -102 | 3 |
Reclassification adjustments, included in net income | 44 | 58 | 56 |
Total increase/(decrease) | 58 | -44 | 59 |
Balance | -656 | -714 | -670 |
Bank | Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | 3 | 3 | 4 |
Increase/(decrease) | 20 | 0 | 0 |
Reclassification adjustments, included in net income | -6 | 0 | -1 |
Total increase/(decrease) | 14 | 0 | -1 |
Balance | 17 | 3 | 3 |
Bank | Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | |||
Balance | -14,405 | -12,147 | -11,155 |
Increase/(decrease) | 2,159 | -2,390 | -849 |
Reclassification adjustments, included in net income | 22 | 132 | -143 |
Total increase/(decrease) | 2,181 | -2,258 | -992 |
Balance | -12,224 | -14,405 | -12,147 |
Accumulated_other_comprehensiv3
Accumulated other comprehensive income (Details 2) (CHF) | 1 Months Ended | 12 Months Ended | |||||
In Billions, except Share data, unless otherwise specified | Apr. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | ||
Common shares issued | |||||||
Common Stock, Shares, Issued, Beginning Balance | 1,596,119,349 | 1,320,829,922 | 1,224,333,062 | ||||
Issuance of common shares | 11,049,598 | 275,289,427 | 96,496,860 | ||||
of which reserved for share-based compensation | 11,049,598 | 37,773,125 | 38,812,660 | ||||
Common Stock, Shares, Issued, Ending Balance | 1,607,168,947 | 1,596,119,349 | 1,320,829,922 | ||||
Treasury shares | |||||||
Treasury Stock, Shares, Beginning Balance | 5,183,154 | 27,036,831 | 4,010,074 | ||||
Sale of treasury shares | 357,696,773 | 401,126,114 | 394,686,376 | ||||
Repurchase of treasury shares | 386,266,557 | 385,369,391 | 423,704,092 | ||||
Share-based compensation, net of tax | 26,086,280 | 6,096,954 | 5,990,959 | ||||
Treasury Stock, Shares, Ending Balance | 7,666,658 | 5,183,154 | 27,036,831 | ||||
Common shares outstanding | 1,599,502,289 | [1] | 1,590,936,195 | [2] | 1,293,793,091 | ||
Par value (in CHF per share) | 0.04 | 0.04 | |||||
Authorized shares (in shares) | 2,299,616,660 | [3] | 2,269,616,660 | [3] | |||
Unissued shares (in shares) | 680,000,000 | 661,049,598 | |||||
Unissued shares reserved for potential conversion of issued buffer capital notes and mandatory and contingent covertible securities into shares | 498,874,240 | 498,874,240 | |||||
Subordinated mandatory and contingent convertible securities (MACCS) | |||||||
Common shares issued | |||||||
Issuance of common shares | 0 | 199,964,015 | 0 | ||||
Treasury shares | |||||||
Sale of treasury shares | 0 | 33,488,655 | 0 | ||||
Mandatory and contingent convertible securities | |||||||
Value of investor securities issued to raise capital | 3.8 | ||||||
Number of convertible shares | 233,500,000 | ||||||
Bank | |||||||
Common shares issued | |||||||
Common Stock, Shares, Issued, Ending Balance | 4,399,680,200 | [4] | 4,399,665,200 | [4] | |||
Treasury shares | |||||||
Common shares outstanding | 4,399,680,200 | [4] | 4,399,665,200 | [4] | |||
Par value (in CHF per share) | 1 | [4] | 1 | [4] | |||
[1] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||
[2] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||
[3] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | ||||||
[4] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2014. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Accumulated_other_comprehensiv4
Accumulated other comprehensive income (Details 3) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification adjustments, included in net income | |||
Income tax expense | 1,405 | 1,276 | 465 |
Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | -13 | -1 | 0 |
Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | 84 | 51 |
Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Sale of subsidiaries | 0 | 84 | |
of which net releases | 84 | ||
Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | -13 | -5 | -242 |
Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 187 | 294 | 241 |
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 | 243 | 390 | |
Income tax expense | -56 | -96 | |
Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | -83 | -95 | -71 |
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 | -108 | -120 | |
Income tax expense | 25 | 25 | |
Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 78 | 277 | -21 |
Bank | |||
Reclassification adjustments, included in net income | |||
Income tax expense | 1,299 | 1,170 | 365 |
Bank | Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | -16 | -4 | 0 |
Bank | Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | 83 | 44 |
Bank | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Sale of subsidiaries | 0 | 83 | |
of which net releases | 84 | ||
Bank | Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | -5 | -242 |
Bank | Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 44 | 58 | 56 |
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 | 62 | 92 | |
Income tax expense | -18 | -34 | |
Bank | Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | -6 | 0 | -1 |
Bank | Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 22 | 132 | -143 |
Offsetting_of_financial_assets2
Offsetting of financial assets and financial liabilities (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 620,900,000,000 | 568,500,000,000 |
Offsetting | -590,000,000,000 | -544,900,000,000 |
of which counterparty netting | -561,600,000,000 | -523,900,000,000 |
of which cash collateral netting | -28,400,000,000 | -21,000,000,000 |
Total net derivatives subject to enforceable master netting agreements | 30,900,000,000 | 23,600,000,000 |
Total derivatives not subject to enforceable master netting agreements | 8,600,000,000 | 10,100,000,000 |
Total net derivatives presented in the consolidated balance sheets | 39,500,000,000 | 33,700,000,000 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 119,300,000,000 | 112,000,000,000 |
Securities purchased under resale agreements, offsetting | -28,000,000,000 | -25,100,000,000 |
Securities purchased under resale agreements, net | 91,300,000,000 | 86,900,000,000 |
Securities borrowing transactions, gross | 27,800,000,000 | 22,700,000,000 |
Securities borrowing transactions, offsetting | -6,900,000,000 | -1,700,000,000 |
Securities borrowing transactions, net | 20,900,000,000 | 21,000,000,000 |
Total subject to enforceable master netting agreements, gross | 147,100,000,000 | 134,700,000,000 |
Total subject to enforceable master netting agreements, offsetting | -34,900,000,000 | -26,800,000,000 |
Total subject to enforceable master netting agreements, net | 112,200,000,000 | 107,900,000,000 |
Total not subject to enforceable master netting agreements | 51,000,000,000 | 52,100,000,000 |
Total, gross | 198,100,000,000 | 186,800,000,000 |
Total, net | 163,200,000,000 | 160,000,000,000 |
of which reported at fair value | 104,283,000,000 | 96,587,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 30,900,000,000 | 23,600,000,000 |
Derivatives, financial instruments | 6,500,000,000 | 4,900,000,000 |
Derivatives, cash collateral received/pledged | 100,000,000 | 100,000,000 |
Derivatives, net exposure | 24,300,000,000 | 18,600,000,000 |
Securities purchased under resale agreements, net | 91,300,000,000 | 86,900,000,000 |
Securities purchased under resale agreements, financial instruments | 91,300,000,000 | 86,900,000,000 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 20,900,000,000 | 21,000,000,000 |
Securities borrowing transactions, financial instruments | 20,300,000,000 | 20,200,000,000 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 600,000,000 | 800,000,000 |
Total financial assets subject to enforceable, net | 143,100,000,000 | 131,500,000,000 |
Total financial assets subject to enforceable, financial instruments | 118,100,000,000 | 112,000,000,000 |
Total financial assets subject to enforceable, cash collateral received/pledged | 100,000,000 | 100,000,000 |
Total financial assets subject to enforceable, net exposure | 24,900,000,000 | 19,400,000,000 |
Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 38,000,000,000 | 31,600,000,000 |
Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 1,500,000,000 | 2,100,000,000 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 264,000,000,000 | 270,600,000,000 |
Offsetting | -261,700,000,000 | -269,100,000,000 |
Total net derivatives subject to enforceable master netting agreements | 2,300,000,000 | 1,500,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 2,300,000,000 | 1,500,000,000 |
OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 343,900,000,000 | 282,200,000,000 |
Offsetting | -316,400,000,000 | -260,700,000,000 |
Total net derivatives subject to enforceable master netting agreements | 27,500,000,000 | 21,500,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 27,500,000,000 | 21,500,000,000 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 13,000,000,000 | 15,700,000,000 |
Offsetting | -11,900,000,000 | -15,100,000,000 |
Total net derivatives subject to enforceable master netting agreements | 1,100,000,000 | 600,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,100,000,000 | 600,000,000 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 471,400,000,000 | 448,700,000,000 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 257,700,000,000 | 265,400,000,000 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 213,600,000,000 | 183,000,000,000 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100,000,000 | 300,000,000 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 87,000,000,000 | 58,600,000,000 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 86,900,000,000 | 58,500,000,000 |
Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100,000,000 | 100,000,000 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 27,200,000,000 | 30,300,000,000 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 14,800,000,000 | 15,500,000,000 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 12,400,000,000 | 14,800,000,000 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 26,300,000,000 | 26,000,000,000 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 6,300,000,000 | 5,200,000,000 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,000,000,000 | 20,800,000,000 |
Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,000,000,000 | 4,900,000,000 |
Other products | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 0 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 8,600,000,000 | 4,400,000,000 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 400,000,000 | 500,000,000 |
Bank | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 621,000,000,000 | 568,400,000,000 |
Offsetting | -590,300,000,000 | -544,800,000,000 |
of which counterparty netting | -561,600,000,000 | -523,700,000,000 |
of which cash collateral netting | -28,700,000,000 | -21,100,000,000 |
Total net derivatives subject to enforceable master netting agreements | 30,700,000,000 | 23,600,000,000 |
Total derivatives not subject to enforceable master netting agreements | 8,800,000,000 | 10,300,000,000 |
Total net derivatives presented in the consolidated balance sheets | 39,500,000,000 | 33,900,000,000 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 119,300,000,000 | 112,000,000,000 |
Securities purchased under resale agreements, offsetting | -28,000,000,000 | -25,100,000,000 |
Securities purchased under resale agreements, net | 91,300,000,000 | 86,900,000,000 |
Securities borrowing transactions, gross | 27,800,000,000 | 22,700,000,000 |
Securities borrowing transactions, offsetting | -6,900,000,000 | -1,700,000,000 |
Securities borrowing transactions, net | 20,900,000,000 | 21,000,000,000 |
Total subject to enforceable master netting agreements, gross | 147,100,000,000 | 134,700,000,000 |
Total subject to enforceable master netting agreements, offsetting | -34,900,000,000 | -26,800,000,000 |
Total subject to enforceable master netting agreements, net | 112,200,000,000 | 107,900,000,000 |
Total not subject to enforceable master netting agreements | 51,000,000,000 | 52,100,000,000 |
Total, gross | 198,100,000,000 | 186,800,000,000 |
Total, net | 163,200,000,000 | 160,000,000,000 |
of which reported at fair value | 104,283,000,000 | 96,587,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 30,700,000,000 | 23,600,000,000 |
Derivatives, financial instruments | 6,500,000,000 | 4,900,000,000 |
Derivatives, cash collateral received/pledged | 100,000,000 | 100,000,000 |
Derivatives, net exposure | 24,100,000,000 | 18,600,000,000 |
Securities purchased under resale agreements, net | 91,300,000,000 | 86,900,000,000 |
Securities purchased under resale agreements, financial instruments | 91,300,000,000 | 86,900,000,000 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 20,900,000,000 | 21,000,000,000 |
Securities borrowing transactions, financial instruments | 20,300,000,000 | 20,200,000,000 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 600,000,000 | 800,000,000 |
Total financial assets subject to enforceable, net | 142,900,000,000 | 131,500,000,000 |
Total financial assets subject to enforceable, financial instruments | 118,100,000,000 | 112,000,000,000 |
Total financial assets subject to enforceable, cash collateral received/pledged | 100,000,000 | 100,000,000 |
Total financial assets subject to enforceable, net exposure | 24,700,000,000 | 19,400,000,000 |
Bank | Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 38,000,000,000 | 31,800,000,000 |
Bank | Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 1,500,000,000 | 2,100,000,000 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 264,100,000,000 | 270,500,000,000 |
Offsetting | -261,700,000,000 | -269,100,000,000 |
Total net derivatives subject to enforceable master netting agreements | 2,400,000,000 | 1,400,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 2,400,000,000 | 1,400,000,000 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 343,900,000,000 | 282,300,000,000 |
Offsetting | -316,700,000,000 | -260,600,000,000 |
Total net derivatives subject to enforceable master netting agreements | 27,200,000,000 | 21,700,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 27,200,000,000 | 21,700,000,000 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 13,000,000,000 | 15,600,000,000 |
Offsetting | -11,900,000,000 | -15,100,000,000 |
Total net derivatives subject to enforceable master netting agreements | 1,100,000,000 | 500,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,100,000,000 | 500,000,000 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 471,500,000,000 | 448,500,000,000 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 257,800,000,000 | 265,300,000,000 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 213,600,000,000 | 183,100,000,000 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100,000,000 | 100,000,000 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 87,000,000,000 | 58,600,000,000 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 86,900,000,000 | 58,500,000,000 |
Bank | Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100,000,000 | 100,000,000 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 27,200,000,000 | 30,300,000,000 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 14,800,000,000 | 15,500,000,000 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 12,400,000,000 | 14,800,000,000 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 26,300,000,000 | 26,000,000,000 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 6,300,000,000 | 5,200,000,000 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,000,000,000 | 20,800,000,000 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,000,000,000 | 5,000,000,000 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 8,600,000,000 | 4,400,000,000 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 400,000,000 | 600,000,000 |
Offsetting_of_financial_assets3
Offsetting of financial assets and financial liabilities (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 623,300,000,000 | 573,400,000,000 |
Offsetting | -595,000,000,000 | -547,800,000,000 |
of which counterparty netting | -561,600,000,000 | -523,900,000,000 |
of which cash collateral netting | -33,400,000,000 | -23,900,000,000 |
Total net derivatives subject to enforceable master netting agreements | 28,300,000,000 | 25,600,000,000 |
Total derivatives not subject to enforceable master netting agreements | 9,100,000,000 | 11,300,000,000 |
Total net derivatives presented in the consolidated balance sheets | 37,400,000,000 | 36,900,000,000 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 69,900,000,000 | 86,500,000,000 |
Securities sold under repurchase agreements, offsetting | -31,900,000,000 | -26,800,000,000 |
Securities sold under repurchase agreements, net | 38,000,000,000 | 59,700,000,000 |
Securities lending transactions, gross | 10,800,000,000 | 6,600,000,000 |
Securities lending transactions, offsetting | -3,000,000,000 | 0 |
Securities lending transactions, net | 7,800,000,000 | 6,600,000,000 |
Obligation to return securities received as collateral, at fair value, gross | 18,800,000,000 | 18,500,000,000 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 18,800,000,000 | 18,500,000,000 |
Total subject to enforceable master netting agreements, gross | 99,500,000,000 | 111,600,000,000 |
Total subject to enforceable master netting agreements, offsetting | -34,900,000,000 | -26,800,000,000 |
Total subject to enforceable master netting agreements, net | 64,600,000,000 | 84,800,000,000 |
Total not subject to enforceable master netting agreements | 32,400,000,000 | 32,000,000,000 |
Total, gross | 131,900,000,000 | 143,600,000,000 |
Total, net | 97,000,000,000 | 116,800,000,000 |
of which reported at fair value | 54,732,000,000 | 76,104,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 28,300,000,000 | 25,600,000,000 |
Derivatives, financial instruments | 8,500,000,000 | 9,900,000,000 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 19,800,000,000 | 15,700,000,000 |
Securities sold under repurchase agreements, net | 38,000,000,000 | 59,700,000,000 |
Securities sold under repurchase agreements, financial instruments | 38,000,000,000 | 59,700,000,000 |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 7,800,000,000 | 6,600,000,000 |
Securities lending transactions, financial instruments | 7,600,000,000 | 6,200,000,000 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 200,000,000 | 400,000,000 |
Obligation to return securities received as collateral, at fair value, net | 18,800,000,000 | 18,500,000,000 |
Obligation to return securities received as collateral, financial instruments | 18,100,000,000 | 17,500,000,000 |
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 | 700,000,000 | 1,000,000,000 |
Total financial liabilities subject to enforceable, net | 92,900,000,000 | 110,400,000,000 |
Total financial liabilities subject to enforceable, financial instruments | 72,200,000,000 | 93,300,000,000 |
Total financial liabilities subject to enforceable, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable, net exposure | 20,700,000,000 | 17,100,000,000 |
Trading Liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 36,900,000,000 | 36,500,000,000 |
Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 500,000,000 | 400,000,000 |
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 | -34,900,000,000 | -26,800,000,000 |
Total, gross | 105,000,000,000 | 120,800,000,000 |
Total, net | 70,100,000,000 | 94,000,000,000 |
Obligation to return securities received as collateral | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | 0 | 0 |
Total, gross | 26,900,000,000 | 22,800,000,000 |
Total, net | 26,900,000,000 | 22,800,000,000 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 256,100,000,000 | 267,200,000,000 |
Offsetting | -255,800,000,000 | -267,000,000,000 |
Total net derivatives subject to enforceable master netting agreements | 300,000,000 | 200,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 300,000,000 | 200,000,000 |
OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 352,700,000,000 | 290,100,000,000 |
Offsetting | -326,100,000,000 | -265,700,000,000 |
Total net derivatives subject to enforceable master netting agreements | 26,600,000,000 | 24,400,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 26,600,000,000 | 24,400,000,000 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,500,000,000 | 16,100,000,000 |
Offsetting | -13,100,000,000 | -15,100,000,000 |
Total net derivatives subject to enforceable master netting agreements | 1,400,000,000 | 1,000,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,400,000,000 | 1,000,000,000 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 460,400,000,000 | 440,200,000,000 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 250,000,000,000 | 262,100,000,000 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 210,400,000,000 | 178,100,000,000 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 0 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 99,200,000,000 | 68,400,000,000 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 99,000,000,000 | 68,200,000,000 |
Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200,000,000 | 200,000,000 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 29,000,000,000 | 33,700,000,000 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,000,000,000 | 18,600,000,000 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,000,000,000 | 15,100,000,000 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 25,600,000,000 | 26,300,000,000 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 6,100,000,000 | 5,100,000,000 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 19,500,000,000 | 21,200,000,000 |
Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 9,100,000,000 | 4,800,000,000 |
Other products | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 0 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 8,800,000,000 | 4,000,000,000 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300,000,000 | 800,000,000 |
Bank | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 623,600,000,000 | 573,200,000,000 |
Offsetting | -595,300,000,000 | -547,600,000,000 |
of which counterparty netting | -561,600,000,000 | -523,700,000,000 |
of which cash collateral netting | -33,700,000,000 | -23,900,000,000 |
Total net derivatives subject to enforceable master netting agreements | 28,300,000,000 | 25,600,000,000 |
Total derivatives not subject to enforceable master netting agreements | 9,100,000,000 | 11,400,000,000 |
Total net derivatives presented in the consolidated balance sheets | 37,400,000,000 | 37,000,000,000 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 69,900,000,000 | 86,500,000,000 |
Securities sold under repurchase agreements, offsetting | -31,900,000,000 | -26,800,000,000 |
Securities sold under repurchase agreements, net | 38,000,000,000 | 59,700,000,000 |
Securities lending transactions, gross | 10,800,000,000 | 6,600,000,000 |
Securities lending transactions, offsetting | -3,000,000,000 | 0 |
Securities lending transactions, net | 7,800,000,000 | 6,600,000,000 |
Obligation to return securities received as collateral, at fair value, gross | 18,800,000,000 | 18,500,000,000 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 18,800,000,000 | 18,500,000,000 |
Total subject to enforceable master netting agreements, gross | 99,500,000,000 | 111,600,000,000 |
Total subject to enforceable master netting agreements, offsetting | -34,900,000,000 | -26,800,000,000 |
Total subject to enforceable master netting agreements, net | 64,600,000,000 | 84,800,000,000 |
Total not subject to enforceable master netting agreements | 32,400,000,000 | 32,000,000,000 |
Total, gross | 131,900,000,000 | 143,600,000,000 |
Total, net | 97,000,000,000 | 116,800,000,000 |
of which reported at fair value | 54,732,000,000 | 76,104,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 28,300,000,000 | 25,600,000,000 |
Derivatives, financial instruments | 8,500,000,000 | 9,900,000,000 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 19,800,000,000 | 15,700,000,000 |
Securities sold under repurchase agreements, net | 38,000,000,000 | 59,700,000,000 |
Securities sold under repurchase agreements, financial instruments | 38,000,000,000 | 59,700,000,000 |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 7,800,000,000 | 6,600,000,000 |
Securities lending transactions, financial instruments | 7,600,000,000 | 6,200,000,000 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 200,000,000 | 400,000,000 |
Obligation to return securities received as collateral, at fair value, net | 18,800,000,000 | 18,500,000,000 |
Obligation to return securities received as collateral, financial instruments | 18,100,000,000 | 17,500,000,000 |
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 | 700,000,000 | 1,000,000,000 |
Total financial liabilities subject to enforceable, net | 92,900,000,000 | 110,400,000,000 |
Total financial liabilities subject to enforceable, financial instruments | 72,200,000,000 | 93,300,000,000 |
Total financial liabilities subject to enforceable, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable, net exposure | 20,700,000,000 | 17,100,000,000 |
Bank | Trading Liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 36,900,000,000 | 36,600,000,000 |
Bank | Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 500,000,000 | 400,000,000 |
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 | -34,900,000,000 | -26,800,000,000 |
Total, gross | 105,000,000,000 | 120,800,000,000 |
Total, net | 70,100,000,000 | 94,000,000,000 |
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 | 26,900,000,000 | 22,800,000,000 |
Total, net | 26,900,000,000 | 22,800,000,000 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 256,200,000,000 | 267,100,000,000 |
Offsetting | -255,800,000,000 | -267,000,000,000 |
Total net derivatives subject to enforceable master netting agreements | 400,000,000 | 100,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 400,000,000 | 100,000,000 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 352,800,000,000 | 290,100,000,000 |
Offsetting | -326,400,000,000 | -265,500,000,000 |
Total net derivatives subject to enforceable master netting agreements | 26,400,000,000 | 24,600,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 26,400,000,000 | 24,600,000,000 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,600,000,000 | 16,000,000,000 |
Offsetting | -13,100,000,000 | -15,100,000,000 |
Total net derivatives subject to enforceable master netting agreements | 1,500,000,000 | 900,000,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,500,000,000 | 900,000,000 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 460,400,000,000 | 440,200,000,000 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 250,100,000,000 | 262,000,000,000 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 210,300,000,000 | 178,000,000,000 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 200,000,000 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 99,200,000,000 | 68,400,000,000 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 99,000,000,000 | 68,200,000,000 |
Bank | Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200,000,000 | 200,000,000 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 29,300,000,000 | 33,700,000,000 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,300,000,000 | 18,600,000,000 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,000,000,000 | 15,100,000,000 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 25,600,000,000 | 26,300,000,000 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 6,100,000,000 | 5,100,000,000 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 19,500,000,000 | 21,200,000,000 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 9,100,000,000 | 4,600,000,000 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 8,700,000,000 | 4,100,000,000 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 400,000,000 | 500,000,000 |
Tax_Details
Tax (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income from continuing operations before taxes (CHF) | |||
Switzerland | 401 | 642 | 1,680 |
Foreign | 3,226 | 3,454 | 510 |
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 |
Current and deferred taxes (CHF) | |||
Switzerland | 99 | 12 | 140 |
Foreign | 622 | 569 | 580 |
Current income tax expense | 721 | 581 | 720 |
Switzerland | -321 | 22 | -123 |
Foreign | 1,005 | 673 | -132 |
Deferred income tax expense | 684 | 695 | -255 |
Income tax expense | 1,405 | 1,276 | 465 |
Income tax expense/(benefit) on discontinued operations | 40 | 75 | 31 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | 4 | 1 | 0 |
Cumulative translation adjustment | -117 | 44 | -12 |
Unrealized gains/(losses) on securities | 5 | -12 | 6 |
Actuarial gains/(losses), Tax | -375 | 388 | 1 |
Net prior service credit/(cost) | -11 | -25 | 63 |
Share-based compensation and treasury shares | 71 | 0 | -50 |
Reconciliation of taxes computed at the Swiss statutory rate (CHF) | |||
Income tax expense computed at the statutory tax rate of 22% | 798 | 901 | 482 |
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 314 | 189 | 242 |
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions | 314 | 189 | 242 |
of which total foreign tax expense | 1,627 | 1,242 | 448 |
Changes in tax law and rates | 151 | 184 | 182 |
of which tax expense caused by the reduction of deferred tax assets due to the impact of the change in UK corporation tax | 184 | 182 | |
of which tax expense related to the change in New York state tax laws | 151 | ||
Non-deductible amortization of other intangible assets and goodwill impairment | 6 | 25 | 2 |
Other non-deductible expenses | 666 | 492 | 393 |
of which non-deductible interest expenses | 179 | 247 | 259 |
of which non-taxable offshore expenses | 9 | 8 | |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 59 | 93 | 57 |
of which non-deductible provision accruals | 390 | 103 | |
of which non-deductible other expenses | 38 | ||
Additional taxable income | 4 | 2 | 11 |
Lower taxed income | -272 | -381 | -422 |
of which tax benefit related to exempt offshore income | 34 | 56 | 29 |
of which tax benefit in respect to non-taxable dividend income | 84 | 45 | 40 |
of which tax benefit related to non-taxable foreign exchange gains | 18 | 11 | |
of which tax benefit related to tax credits | 67 | 100 | |
of which tax benefit related non-taxable life insurance income | 56 | 61 | 48 |
of which swiss income tax benefit as a result of foreign branch earnings beneficially impact the earnings mix | 41 | 114 | |
of which tax benefit of a reversal deferred tax liability | 49 | ||
of which tax benefit from tax deductible goodwill amortization | 19 | ||
of which tax benefit from tax taxed at lower than statutory rate | 35 | ||
Income taxable to non-controlling interests | -163 | -252 | -117 |
Changes in deferred tax valuation allowance | 1,064 | 385 | 13 |
Tax deductible impairments of Swiss subsidiary investments | -555 | -268 | -161 |
Change in recognition of outside basis difference | -450 | 0 | 0 |
Other | -158 | -1 | -160 |
of which tax benefit following the change in tax status of an entity | 36 | ||
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 7 | 44 | 40 |
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | 57 | 48 | |
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 | 70 | ||
of which tax expense relating to non-recoverable foreign and withholding taxes | 27 | 56 | |
of which tax benefit from tax settlement | 189 | ||
of which tax benefit from accrual adjustment | 30 | ||
Income tax expense | 1,405 | 1,276 | 465 |
US | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 820 | ||
Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income from continuing operations before taxes | 401 | 642 | 1,680 |
UK | |||
Increase/(decrease) in income taxes resulting from: | |||
of which valuation allowance deferred tax assets increases reassessment | 662 | 278 | |
UK and Japan | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 143 | ||
UK, Germany, Italy and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards | 427 | ||
Europe and Asia | |||
Increase/(decrease) in income taxes resulting from: | |||
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards | 249 | 834 | |
Spain | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 25 | ||
Bank | |||
Income from continuing operations before taxes (CHF) | |||
Switzerland | -179 | 300 | 1,170 |
Foreign | 3,140 | 3,354 | 609 |
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 |
Current and deferred taxes (CHF) | |||
Switzerland | 56 | -52 | 85 |
Foreign | 624 | 564 | 581 |
Current income tax expense | 680 | 512 | 666 |
Switzerland | -384 | -15 | -121 |
Foreign | 1,003 | 673 | -180 |
Deferred income tax expense | 619 | 658 | -301 |
Income tax expense | 1,299 | 1,170 | 365 |
Income tax expense/(benefit) on discontinued operations | 40 | 75 | 31 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | 4 | 1 | 0 |
Cumulative translation adjustment | -117 | 44 | -12 |
Unrealized gains/(losses) on securities | 7 | -8 | -1 |
Actuarial gains/(losses), Tax | -27 | 99 | 30 |
Net prior service credit/(cost) | 9 | 0 | -2 |
Share-based compensation and treasury shares | 68 | 1 | -53 |
Reconciliation of taxes computed at the Swiss statutory rate (CHF) | |||
Income tax expense computed at the statutory tax rate of 22% | 651 | 804 | 391 |
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 347 | 248 | 67 |
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions | 347 | 248 | 67 |
of which total foreign tax expense | 1,627 | 1,237 | 401 |
Changes in tax law and rates | 151 | 184 | 182 |
of which tax expense caused by the reduction of deferred tax assets due to the impact of the change in UK corporation tax | 184 | 182 | |
of which tax expense related to the change in New York state tax laws | 151 | ||
Non-deductible amortization of other intangible assets and goodwill impairment | 6 | 25 | 0 |
Other non-deductible expenses | 666 | 493 | 382 |
of which non-deductible interest expenses | 179 | 247 | 259 |
of which non-taxable offshore expenses | 9 | 8 | |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 59 | 93 | 57 |
of which non-deductible provision accruals | 390 | 103 | |
of which non-deductible other expenses | 38 | ||
Additional taxable income | 2 | -5 | 6 |
Lower taxed income | -265 | -374 | -413 |
of which tax benefit related to exempt offshore income | 34 | 56 | 29 |
of which tax benefit in respect to non-taxable dividend income | 84 | 45 | 40 |
of which tax benefit related to non-taxable foreign exchange gains | 18 | 11 | |
of which tax benefit related to tax credits | 67 | 100 | |
of which tax benefit related non-taxable life insurance income | 56 | 61 | 48 |
of which swiss income tax benefit as a result of foreign branch earnings beneficially impact the earnings mix | 41 | 114 | |
of which tax benefit of a reversal deferred tax liability | 49 | ||
of which tax benefit from tax deductible goodwill amortization | 19 | ||
of which tax benefit from tax taxed at lower than statutory rate | 35 | ||
Income taxable to non-controlling interests | -173 | -297 | 57 |
Changes in deferred tax valuation allowance | 1,071 | 381 | 10 |
Tax deductible impairments of Swiss subsidiary investments | -555 | -268 | -161 |
Change in recognition of outside basis difference | -450 | 0 | 0 |
Other | -152 | -21 | -156 |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 4 | 41 | 43 |
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | 57 | 48 | |
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 | 70 | ||
of which tax benefit from the change in the tax status | 36 | ||
of which tax expense relating to non-recoverable foreign and withholding taxes | 26 | 41 | |
of which tax benefit from tax settlement | 189 | ||
of which tax benefit from accrual adjustment | 33 | ||
Income tax expense | 1,299 | 1,170 | 365 |
Bank | US | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 820 | ||
Bank | Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income from continuing operations before taxes | -179 | 300 | 1,170 |
Bank | UK | |||
Increase/(decrease) in income taxes resulting from: | |||
of which valuation allowance deferred tax assets increases reassessment | 662 | 278 | |
Bank | UK and Japan | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 143 | ||
Bank | UK, Germany, Italy and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards | 434 | ||
Bank | Europe and Asia | |||
Increase/(decrease) in income taxes resulting from: | |||
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards | 246 | 834 | |
Bank | Spain | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 25 |
Tax_Details_2
Tax (Details 2) (CHF) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tax effect of temporary differences (CHF) | |||
Compensation and benefits | 2,373,000,000 | 2,113,000,000 | |
Loans | 231,000,000 | 363,000,000 | |
Investment securities | 882,000,000 | 1,651,000,000 | |
Provisions | 1,658,000,000 | 1,874,000,000 | |
Derivatives | 121,000,000 | 143,000,000 | |
Real estate | 277,000,000 | 240,000,000 | |
Net operating loss carry-forwards | 6,232,000,000 | 4,433,000,000 | |
Other | 99,000,000 | 189,000,000 | |
Gross deferred tax assets before valuation allowance | 11,873,000,000 | 11,006,000,000 | |
Less valuation allowance | -4,107,000,000 | -2,705,000,000 | -2,554,000,000 |
Gross deferred tax assets net of valuation allowance | 7,766,000,000 | 8,301,000,000 | |
Compensation and benefits | -164,000,000 | -422,000,000 | |
Loans | -40,000,000 | -109,000,000 | |
Investment securities | -619,000,000 | -1,099,000,000 | |
Provisions | -448,000,000 | -397,000,000 | |
Business combinations | -1,000,000 | 0 | |
Derivatives | -168,000,000 | -193,000,000 | |
Leasing | -23,000,000 | -53,000,000 | |
Real estate | -62,000,000 | -76,000,000 | |
Other | -211,000,000 | -161,000,000 | |
Gross deferred tax liabilities | -1,736,000,000 | -2,510,000,000 | |
Net deferred tax assets | 6,030,000,000 | 5,791,000,000 | |
Net deferred tax assets change | 239,000,000 | ||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | 460,000,000 | ||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 447,000,000 | ||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | -654,000,000 | ||
Net operating loss carry-forwards (CHF) | |||
Due to expire within 1 year | 48,000,000 | ||
Due to expire within 2 to 5 years | 12,881,000,000 | ||
Due to expire within 6 to 10 years | 2,431,000,000 | ||
Due to expire within 11 to 20 years | 3,756,000,000 | ||
Amount due to expire | 19,116,000,000 | ||
Amount not due to expire | 15,475,000,000 | ||
Total net operating loss carry-forwards | 34,591,000,000 | ||
Movements in the valuation allowance (CHF) | |||
Balance at beginning of period | 2,705,000,000 | 2,554,000,000 | 2,690,000,000 |
Net changes | 1,402,000,000 | 151,000,000 | -136,000,000 |
Balance at end of period | 4,107,000,000 | 2,705,000,000 | 2,554,000,000 |
Net operating loss carryforward period as per US tax law (in years) | 20 | ||
Net operating loss carryforward period as per Swiss tax law (in years) | 7 | ||
Tax benefits associated with share-based compensation (CHF) | |||
Tax benefits recorded in the consolidated statements of operations | 505,000,000 | 483,000,000 | 597,000,000 |
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | -70,000,000 | -24,000,000 | 41,000,000 |
Tax benefits in respect of tax on dividend equivalent payments | 1,000,000 | 22,000,000 | 12,000,000 |
Windfall deductions and dividend equivalents not resulting in a reduction of income taxes payable | 1,100,000,000 | 900,000,000 | |
Tax benefit that will be recorded when benefit of deductions for dividend equivalent payments is realized | 229,000,000 | ||
Movements in gross unrecognized tax benefits (CHF) | |||
Balance at beginning of period | 423,000,000 | 420,000,000 | 373,000,000 |
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 2,000,000 | 4,000,000 | 33,000,000 |
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | -47,000,000 | -8,000,000 | -58,000,000 |
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 39,000,000 | 46,000,000 | 39,000,000 |
Decreases in unrecognized tax benefits relating to settlements with tax authorities | -10,000,000 | 0 | -4,000,000 |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -24,000,000 | -5,000,000 | -43,000,000 |
Other (including foreign currency translation) | 6,000,000 | -34,000,000 | 80,000,000 |
Balance at end of period | 389,000,000 | 423,000,000 | 420,000,000 |
of which, if recognized, would affect the effective tax rate | 389,000,000 | 417,000,000 | 414,000,000 |
Interest and penalties (CHF) | |||
Interest and penalties recognized in the consolidated statements of operations | 13,000,000 | ||
Interest and penalties recognized in the consolidated statements of operations, Recoveries | -16,000,000 | -7,000,000 | |
Interest and penalties recognized in the consolidated balance sheets | 86,000,000 | 69,000,000 | 69,000,000 |
UK | |||
Movements in the valuation allowance (CHF) | |||
Net changes | 662,000,000 | ||
US, UK and Switzerland | |||
Tax effect of temporary differences (CHF) | |||
Less valuation allowance | -3,184,000,000 | -1,713,000,000 | |
Net deferred tax assets | 5,592,000,000 | 5,732,000,000 | |
Movements in the valuation allowance (CHF) | |||
Balance at end of period | 3,184,000,000 | 1,713,000,000 | |
Spain and Switzerland | |||
Tax effect of temporary differences (CHF) | |||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | 799,000,000 | ||
New York | |||
Tax effect of temporary differences (CHF) | |||
Write-down of net deferred tax assets as a result of changes to corporation tax rates | -151,000,000 | ||
Bank | |||
Tax effect of temporary differences (CHF) | |||
Compensation and benefits | 2,361,000,000 | 2,106,000,000 | |
Loans | 231,000,000 | 363,000,000 | |
Investment securities | 882,000,000 | 1,651,000,000 | |
Provisions | 1,658,000,000 | 1,874,000,000 | |
Derivatives | 119,000,000 | 136,000,000 | |
Real estate | 277,000,000 | 240,000,000 | |
Net operating loss carry-forwards | 6,232,000,000 | 4,432,000,000 | |
Other | 95,000,000 | 186,000,000 | |
Gross deferred tax assets before valuation allowance | 11,855,000,000 | 10,988,000,000 | |
Less valuation allowance | -4,107,000,000 | -2,704,000,000 | -2,550,000,000 |
Gross deferred tax assets net of valuation allowance | 7,748,000,000 | 8,284,000,000 | |
Compensation and benefits | -164,000,000 | -120,000,000 | |
Loans | -40,000,000 | -109,000,000 | |
Investment securities | -611,000,000 | -1,089,000,000 | |
Provisions | -447,000,000 | -396,000,000 | |
Business combinations | -1,000,000 | 0 | |
Derivatives | -168,000,000 | -193,000,000 | |
Leasing | -23,000,000 | -53,000,000 | |
Real estate | -62,000,000 | -75,000,000 | |
Other | -201,000,000 | -153,000,000 | |
Gross deferred tax liabilities | -1,717,000,000 | -2,188,000,000 | |
Net deferred tax assets | 6,031,000,000 | 6,096,000,000 | |
Net deferred tax assets change | -65,000,000 | ||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | 90,000,000 | ||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 447,000,000 | ||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | -588,000,000 | ||
Net operating loss carry-forwards (CHF) | |||
Due to expire within 1 year | 48,000,000 | ||
Due to expire within 2 to 5 years | 12,881,000,000 | ||
Due to expire within 6 to 10 years | 2,428,000,000 | ||
Due to expire within 11 to 20 years | 3,756,000,000 | ||
Amount due to expire | 19,113,000,000 | ||
Amount not due to expire | 15,475,000,000 | ||
Total net operating loss carry-forwards | 34,588,000,000 | ||
Movements in the valuation allowance (CHF) | |||
Balance at beginning of period | 2,704,000,000 | 2,550,000,000 | 2,689,000,000 |
Net changes | 1,403,000,000 | 154,000,000 | -139,000,000 |
Balance at end of period | 4,107,000,000 | 2,704,000,000 | 2,550,000,000 |
Net operating loss carryforward period as per US tax law (in years) | 20 | ||
Net operating loss carryforward period as per Swiss tax law (in years) | 7 | ||
Tax benefits associated with share-based compensation (CHF) | |||
Tax benefits recorded in the consolidated statements of operations | 506,000,000 | 481,000,000 | 596,000,000 |
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | -69,000,000 | -24,000,000 | 30,000,000 |
Tax benefits in respect of tax on dividend equivalent payments | 1,000,000 | 22,000,000 | 12,000,000 |
Windfall deductions and dividend equivalents not resulting in a reduction of income taxes payable | 1,100,000,000 | 900,000,000 | |
Tax benefit that will be recorded when benefit of deductions for dividend equivalent payments is realized | 229,000,000 | ||
Movements in gross unrecognized tax benefits (CHF) | |||
Balance at beginning of period | 416,000,000 | 416,000,000 | 370,000,000 |
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 2,000,000 | 4,000,000 | 33,000,000 |
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | -47,000,000 | -8,000,000 | -58,000,000 |
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 37,000,000 | 43,000,000 | 38,000,000 |
Decreases in unrecognized tax benefits relating to settlements with tax authorities | -10,000,000 | 0 | -4,000,000 |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -24,000,000 | -5,000,000 | -43,000,000 |
Other (including foreign currency translation) | 8,000,000 | -34,000,000 | 80,000,000 |
Balance at end of period | 382,000,000 | 416,000,000 | 416,000,000 |
of which, if recognized, would affect the effective tax rate | 382,000,000 | 410,000,000 | 410,000,000 |
Interest and penalties (CHF) | |||
Interest and penalties recognized in the consolidated statements of operations | 13,000,000 | ||
Interest and penalties recognized in the consolidated statements of operations, Recoveries | -21,000,000 | -6,000,000 | |
Interest and penalties recognized in the consolidated balance sheets | 85,000,000 | 64,000,000 | 64,000,000 |
Bank | UK | |||
Movements in the valuation allowance (CHF) | |||
Net changes | 662,000,000 | ||
Bank | Spain and Switzerland | |||
Tax effect of temporary differences (CHF) | |||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | 799,000,000 | ||
Bank | New York | |||
Tax effect of temporary differences (CHF) | |||
Write-down of net deferred tax assets as a result of changes to corporation tax rates | -151,000,000 |
Tax_Details_3
Tax (Details 3) (CHF) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net deferred tax assets (CHF million) | ||
Deferred tax assets | 6,077,000,000 | 6,185,000,000 |
Net operating loss carry-forwards | 6,232,000,000 | 4,433,000,000 |
Deferred tax liabilities | 47,000,000 | 394,000,000 |
Deferred Tax Assets (Liabilities), Net | 6,030,000,000 | 5,791,000,000 |
Net deferred tax assets change | 239,000,000 | |
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 447,000,000 | |
Accumulated undistributed earnings from foreign subsidiaries | 5,800,000,000 | |
Reasonably possible decrease in unrecognized tax benefits, low end of range | 0 | |
Reasonably possible decrease in unrecognized tax benefits, high end of range | 55,000,000 | |
Bank | ||
Net deferred tax assets (CHF million) | ||
Deferred tax assets | 6,064,000,000 | 6,176,000,000 |
Net operating loss carry-forwards | 6,232,000,000 | 4,432,000,000 |
Deferred tax liabilities | 33,000,000 | 80,000,000 |
Deferred Tax Assets (Liabilities), Net | 6,031,000,000 | 6,096,000,000 |
Net deferred tax assets change | -65,000,000 | |
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 447,000,000 | |
Accumulated undistributed earnings from foreign subsidiaries | 5,400,000,000 | |
Reasonably possible decrease in unrecognized tax benefits, low end of range | 0 | |
Reasonably possible decrease in unrecognized tax benefits, high end of range | 57,000,000 |
Deferred_compensation_expense_
Deferred compensation expense (Details) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CHF | CHF | CHF | Discontinued operations | Discontinued operations | Discontinued operations | 2011 Partner Asset Facility (PAF2) | 2011 Partner Asset Facility (PAF2) | 2011 Partner Asset Facility (PAF2) | Adjustable Performance Plan cash awards | Adjustable Performance Plan cash awards | Adjustable Performance Plan cash awards | Restricted Cash Awards | Restricted Cash Awards | Restricted Cash Awards | Other Cash Awards | Other Cash Awards | Other Cash Awards | 2008 Partner Asset Facility (PAF) awards | 2008 Partner Asset Facility (PAF) awards | 2008 Partner Asset Facility (PAF) awards | Contingent Capital Awards (CCA) | Capital Opportunity Facility (COF) | Plus Bond awards | Plus Bond awards | Performance shares | Performance shares | Performance shares | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | |
CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | Performance share awards | Performance share awards | Performance share awards | Share awards | Share awards | Share awards | Scaled Incentive Share Unit (SISU) | Scaled Incentive Share Unit (SISU) | Scaled Incentive Share Unit (SISU) | Incentive Share Unit (ISU) | Incentive Share Unit (ISU) | Incentive Share Unit (ISU) | Adjustable Performance Plan share awards | Adjustable Performance Plan share awards | Adjustable Performance Plan share awards | CHF | CHF | CHF | Discontinued operations | Discontinued operations | Discontinued operations | 2011 Partner Asset Facility (PAF2) | 2011 Partner Asset Facility (PAF2) | 2011 Partner Asset Facility (PAF2) | Adjustable Performance Plan cash awards | Adjustable Performance Plan cash awards | Adjustable Performance Plan cash awards | Restricted Cash Awards | Restricted Cash Awards | Restricted Cash Awards | Other Cash Awards | Other Cash Awards | Other Cash Awards | 2008 Partner Asset Facility (PAF) awards | 2008 Partner Asset Facility (PAF) awards | 2008 Partner Asset Facility (PAF) awards | Plus Bond awards | Plus Bond awards | Contingent Capital Awards (CCA) | Capital Opportunity Facility (COF) | Performance shares | Performance shares | Performance shares | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | Stock compensation plan | |||||
CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | Performance share awards | Performance share awards | Performance share awards | Share awards | Share awards | Share awards | Scaled Incentive Share Unit (SISU) | Scaled Incentive Share Unit (SISU) | Scaled Incentive Share Unit (SISU) | Incentive Share Unit (ISU) | Incentive Share Unit (ISU) | Incentive Share Unit (ISU) | Adjustable Performance Plan share awards | Adjustable Performance Plan share awards | Adjustable Performance Plan share awards | |||||||||||||||||||||||||||||||||
CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation expense (CHF million) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total compensation expense relating to deferred compensation | 2,392,000,000 | 2,242,000,000 | 3,025,000,000 | -8,000,000 | -21,000,000 | -23,000,000 | 7,000,000 | 77,000,000 | 677,000,000 | 0 | 4,000,000 | 286,000,000 | 92,000,000 | 145,000,000 | 165,000,000 | 404,000,000 | 434,000,000 | 362,000,000 | 87,000,000 | 93,000,000 | 173,000,000 | 214,000,000 | 13,000,000 | 36,000,000 | 37,000,000 | 611,000,000 | 590,000,000 | 366,000,000 | 939,000,000 | 814,000,000 | 786,000,000 | -3,000,000 | 41,000,000 | 97,000,000 | 0 | -3,000,000 | 62,000,000 | 0 | 31,000,000 | 74,000,000 | 2,376,000,000 | 2,216,000,000 | 2,997,000,000 | -8,000,000 | -21,000,000 | -23,000,000 | 7,000,000 | 77,000,000 | 675,000,000 | 0 | 4,000,000 | 281,000,000 | 92,000,000 | 145,000,000 | 165,000,000 | 394,000,000 | 430,000,000 | 363,000,000 | 87,000,000 | 93,000,000 | 173,000,000 | 36,000,000 | 37,000,000 | 213,000,000 | 13,000,000 | 610,000,000 | 580,000,000 | 362,000,000 | 935,000,000 | 806,000,000 | 773,000,000 | -3,000,000 | 38,000,000 | 95,000,000 | 0 | -3,000,000 | 62,000,000 | 0 | 30,000,000 | 71,000,000 | ||||
Total shares delivered (million) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shares delivered (in shares) | 37.1 | 37.1 | 33.7 | 31.6 | 36.5 | 32.6 | 30.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum total compensation of certain employees to whom share awards are granted | $250,000 | 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moratorium period on early retirement, determined from grant date (in years) | 2 years 0 months 0 days | 2 years 0 months 0 days |
Estimated_unrecognized_deferre
Estimated unrecognized deferred compensation (Details 2) (CHF) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 1,419 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 3 months 19 days |
Restricted Cash Awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 41 |
Other Cash Awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 166 |
Plus Bond awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 4 |
Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 210 |
Capital Opportunity Facility (COF) | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 5 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 231 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 762 |
Bank | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 1,406 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 3 months 19 days |
Bank | Restricted Cash Awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 41 |
Bank | Other Cash Awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 158 |
Bank | Plus Bond awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 4 |
Bank | Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 210 |
Bank | Capital Opportunity Facility (COF) | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 5 |
Bank | Performance shares | Performance share awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 229 |
Bank | Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense (CHF million) | |
Total estimated unrecognized compensation expense | 759 |
Sharebased_awards_Details_3
Share-based awards (Details 3) (CHF) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 16, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total estimated unrecognized compensation expense | 1,419 | |||||||
Performance shares | Performance share awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Each performance share award granted entitles the holder of the award to receive one Group share. Performance share awards vest over three years, such that the performance share awards vest equally on each of the three anniversaries of the grant date. Unlike the share awards, outstanding performance shares are subject to a negative adjustment in the event of a divisional loss, unless there is a negative ROE that would call for a negative adjustment greater than the divisional adjustment for the year, in which case the negative adjustment is based on a negative ROE. For employees in Shared Services, the negative adjustment only applies in the event of a negative ROE and is not linked to the performance of the divisions. The performance share awards granted in 2015 are identical to those granted in 2014, 2013 and 2012, with the exception of the performance criteria, which in 2015 and 2014 were based on strategic ROE, compared to the performance criteria in 2013 and 2012, which were based on underlying ROE and reported ROE, respectively. | |||||||
Vesting period | 3 years 0 months 0 days | |||||||
Total estimated unrecognized compensation expense | 231 | |||||||
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 | 25.51 | 23.9 | ||||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 28.13 | 26.44 | 23.9 | |||||
Weighted-average grant-date fair value - Settled (in CHF per share) | 25.27 | 23.9 | 0 | |||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 26.28 | 24.92 | 23.9 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | 26.89 | 25.51 | 23.9 | |||||
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 | 41.4 | 23.3 | ||||||
Granted (in shares) | 24.3 | 26.6 | 23.7 | |||||
Settled (in shares) | -16 | -7.6 | 0 | |||||
Forfeited (in shares) | -1.5 | -0.9 | -0.4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 48.2 | 41.4 | 23.3 | |||||
of which vested (in shares) | 3.3 | 2.7 | 0.9 | |||||
of which unvested (in shares) | 44.9 | 38.7 | 22.4 | |||||
Performance shares | Performance share awards | Grant Date, January 16, 2015 | ||||||||
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 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 two business days ended January 16, 2015. The fair value of each performance share award was CHF 16.94 on the grant date. Performance share awards granted after January 1, 2014 do not include the right to receive dividend equivalents during the vesting period. The fair value was based on a valuation using the Group share price on the date of grant and discounted for expected dividends for 2015, 2016 and 2017 of CHF 0.66, CHF 1.03 and CHF 1.39, respectively. | |||||||
Performance shares | Performance share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 529 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.94 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 30.7 | |||||||
Performance shares | Performance share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | Forecast/Estimate | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total estimated unrecognized compensation expense | 533 | |||||||
Significant fair value assumptions | ||||||||
Expected dividend cash flows | 1.39 | 1.03 | 0.66 | |||||
Performance shares | Performance share awards | Grant Date, January 16, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 663 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 28.13 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 24.2 | |||||||
Performance shares | Performance share awards | Grant Date, January 17, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 660 | |||||||
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) | 26.44 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 26.4 | |||||||
Stock compensation plan | Share awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Each share award granted entitles the holder of the award to receive one Group share, does not contain a leverage component or a multiplier effect and is subject to service conditions as it vests over three years, such that the share awards vest equally on each of the three anniversaries of the grant date. Share awards granted in January 2011 vest over a four-year period. The value of the share awards is solely dependent on the Group share price at the time of delivery. | |||||||
Vesting period | 3 years 0 months 0 days | 4 years 0 months 0 days | ||||||
Total estimated unrecognized compensation expense | 762 | |||||||
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 | 30.09 | 34.28 | 41.91 | |||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 27.6 | 26.43 | 23.44 | |||||
Weighted-average grant-date fair value - Settled (in CHF per share) | 30.43 | 34.09 | 40.2 | |||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 32.2 | 31.8 | 37.36 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | 28.64 | 30.09 | 34.28 | 41.91 | ||||
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 | 72.9 | 55.8 | 48.1 | |||||
Granted (in shares) | 37.6 | 40.4 | 25.1 | |||||
Settled (in shares) | -29.5 | -20 | -14.9 | |||||
Forfeited (in shares) | -3.9 | -3.3 | -2.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 77.1 | 72.9 | 55.8 | 48.1 | ||||
of which vested (in shares) | 6.2 | 5.8 | 3.9 | |||||
of which unvested (in shares) | 70.9 | 67.1 | 51.9 | |||||
Stock compensation plan | Share awards | Grant Date, January 16, 2015 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Method of Measuring Cost of Award | The number of share awards was determined by dividing the deferred component of variable compensation being granted as shares by the average price of a Group share over the two business days ended January 16, 2015. Share awards granted after January 1, 2014 do not include the right to receive dividend equivalents during the vesting period. The fair value of each share award was CHF 16.94 on the grant date. The fair value was based on a valuation using the Group share price on the date of grant and discounted for expected dividends for 2015, 2016 and 2017 of CHF 0.66, CHF 1.03 and CHF 1.39, respectively. | |||||||
Stock compensation plan | Share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 642 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.94 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 37.2 | |||||||
Stock compensation plan | Share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | Forecast/Estimate | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total estimated unrecognized compensation expense | 643 | |||||||
Significant fair value assumptions | ||||||||
Expected dividend cash flows | 1.39 | 1.03 | 0.66 | |||||
Stock compensation plan | Share awards | Grant Date, January 16, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 827 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 28.13 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 30.2 | |||||||
Stock compensation plan | Share awards | Grant Date, January 17, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 950 | |||||||
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) | 26.44 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 37.9 | |||||||
Stock compensation plan | Adjustable Performance Plan share awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 14.5 | 30.8 | ||||||
Granted (in shares) | 0.8 | 1.2 | 31 | |||||
Settled (in shares) | -7.6 | -17.2 | 0 | |||||
Forfeited (in shares) | -0.4 | -0.3 | -0.2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 7.3 | 14.5 | 30.8 | |||||
of which vested (in shares) | 1.1 | 1.2 | 0.3 | |||||
of which unvested (in shares) | 6.2 | 13.3 | 30.5 | |||||
Stock compensation plan | Adjustable Performance Plan share awards | Grant Date, July, 2012 | ||||||||
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) | 16.79 | |||||||
Stock compensation plan | Special awards and blocked shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The Group's share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share, are subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. | |||||||
Stock compensation plan | Special awards and blocked shares | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 0 years 0 months 0 days | |||||||
Stock compensation plan | Special awards and blocked shares | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 5 years 0 months 0 days | |||||||
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 regulatory requirements, the Group awarded an alternative form of share awards as a component of unrestricted cash to senior employees in a number of EU countries. For 2014, 2013 and 2012, these employees received 50% of the amount they otherwise would have received in cash in the form of blocked shares. The shares remain blocked for a period of time, which ranges from six months to three years, depending on the location, after which they are no longer subject to restrictions. | |||||||
Stock compensation plan | European Union and blocked share awards | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 0 years 6 months 0 days | |||||||
Stock compensation plan | European Union and blocked share awards | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years 0 months 0 days | |||||||
Stock compensation plan | European Union and blocked share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 36 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 1.6 | |||||||
Stock compensation plan | European Union and blocked share awards | Grant Date, January 16, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 18 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 0.6 | |||||||
Stock compensation plan | European Union and blocked share awards | Grant Date, January 17, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 6 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 0.2 | |||||||
Bank | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total estimated unrecognized compensation expense | 1,406 | |||||||
Bank | Performance shares | Performance share awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years 0 months 0 days | |||||||
Total estimated unrecognized compensation expense | 229 | |||||||
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 | 25.51 | 23.9 | ||||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 28.13 | 26.44 | 23.9 | |||||
Weighted-average grant-date fair value - Settled (in CHF per share) | 25.27 | 23.9 | 0 | |||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 26.28 | 24.92 | 23.9 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | 26.89 | 25.51 | 23.9 | |||||
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 | 40.7 | 22.9 | ||||||
Granted (in shares) | 24 | 26.2 | 23.3 | |||||
Settled (in shares) | -15.8 | -7.5 | 0 | |||||
Forfeited (in shares) | -1.4 | -0.9 | -0.4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 47.5 | 40.7 | 22.9 | |||||
of which vested (in shares) | 3.2 | 2.7 | 0.9 | |||||
of which unvested (in shares) | 44.3 | 38 | 22 | |||||
Bank | Performance shares | Performance share awards | Grant Date, January 16, 2015 | Forecast/Estimate | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total estimated unrecognized compensation expense | 527 | |||||||
Bank | Performance shares | Performance share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 523 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 30.3 | |||||||
Bank | Performance shares | Performance share awards | Grant Date, January 16, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 654 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 23.9 | |||||||
Bank | Performance shares | Performance share awards | Grant Date, January 17, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 651 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 26 | |||||||
Bank | Stock compensation plan | Share awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years 0 months 0 days | |||||||
Total estimated unrecognized compensation expense | 759 | |||||||
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 | 30.07 | 34.27 | 41.91 | |||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 27.6 | 26.43 | 23.39 | |||||
Weighted-average grant-date fair value - Settled (in CHF per share) | 30.41 | 34.12 | 40.43 | |||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 32.24 | 32.04 | 36.96 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | 28.63 | 30.07 | 34.27 | |||||
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 | 72.2 | 55.1 | 47.6 | |||||
Granted (in shares) | 37.3 | 40 | 24.5 | |||||
Settled (in shares) | -29.1 | -19.6 | -14.6 | |||||
Forfeited (in shares) | -3.9 | -3.3 | -2.4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 76.5 | 72.2 | 55.1 | |||||
of which vested (in shares) | 6.1 | 5.8 | 3.9 | |||||
of which unvested (in shares) | 70.4 | 66.4 | 51.2 | |||||
Bank | Stock compensation plan | Share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 636 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 36.9 | |||||||
Bank | Stock compensation plan | Share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | Forecast/Estimate | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total estimated unrecognized compensation expense | 638 | |||||||
Bank | Stock compensation plan | Share awards | Grant Date, January 16, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 824 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 30.1 | |||||||
Bank | Stock compensation plan | Share awards | Grant Date, January 17, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 947 | |||||||
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 | |||||||
Bank | Stock compensation plan | Adjustable Performance Plan share awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 14 | 29.7 | ||||||
Granted (in shares) | 0.8 | 1.1 | 29.9 | |||||
Settled (in shares) | -7.3 | -16.5 | 0 | |||||
Forfeited (in shares) | -0.4 | -0.3 | -0.2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 7.1 | 14 | 29.7 | |||||
of which vested (in shares) | 1.1 | 1.2 | 0.3 | |||||
of which unvested (in shares) | 6 | 12.8 | 29.4 | |||||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, January 16, 2015 | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 35 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 1.5 | |||||||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, January 16, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 15 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 0.5 | |||||||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, January 17, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Value of awards at grant | 3 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Granted (in shares) | 0.1 |
ISUtype_awards_Details_4
ISU-type awards (Details 4) (Stock compensation plan, CHF) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Scaled Incentive Share Unit (SISU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The Scaled Incentive Share Unit (SISU) plan is a share-based, long-term incentive plan for managing directors and directors. SISUs were granted in January 2010 as part of the 2009 deferred compensation. SISUs are similar to Incentive Share Units (ISUs) (refer to Incentive Share Unit below) except with a four-year vesting period, subject to early retirement rules, and the leverage component contains an additional performance condition which could increase or decrease the number of any additional shares. The SISU base unit vests equally on each of the four anniversaries of the grant date, whereas the SISU leverage unit will only vest on the fourth anniversary of the grant date. The new performance condition links the final delivery of additional shares to an average of the reported ROE. If the average ROE over the four-year vesting period is higher than a pre-set target established as of the grant date, the number of additional shares calculated by reference to the average Group share price increase will be adjusted positively, and if it is below the target, the number of additional shares will be adjusted negatively, but not below zero. The final number of additional shares to be delivered at the end of the four-year vesting period will be determined first on the basis of the Group share price development (share price multiplier) and then on the basis of the average ROE development (ROE multiplier). Group shares are delivered shortly after the SISU base component and SISU leverage component vest. The number of additional shares per SISU was capped at a maximum of three times the grant date value, with a delivery of no more than three shares, prior to the application of the scaling factor, which can be as high as up to 2.5. | ||
SISU base unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years 0 months 0 days | ||
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 | 4,700,000 | 9,600,000 | 14,700,000 |
Settled (in shares) | -4,600,000 | -4,800,000 | -4,900,000 |
Forfeited (in shares) | -100,000 | -100,000 | -200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0 | 4,700,000 | 9,600,000 |
of which vested (in shares) | 0 | 1,200,000 | 1,700,000 |
of which unvested (in shares) | 0 | 3,500,000 | 7,900,000 |
Incentive Share Unit (ISU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ISUs were the main form of share-based deferred compensation for all employees from 2006 to 2009. For 2009, ISUs were used for the deferred compensation awards granted to employees up to and including vice presidents. An ISU is similar to a share, but offers additional upside depending on the development of the Group share price, compared to predefined targets set on the grant date. For each ISU granted, the employee will receive at least one Group share (ISU base unit) over a three-year vesting period and could receive additional shares (ISU leverage unit) at the end of the three-year vesting period. The number of ISU leverage units to be converted to additional shares is calculated by multiplying the total number of ISU base units granted, less forfeitures, by a share price multiplier. The share price multiplier is determined based on the actual increase in the weighted-average monthly share price during the contractual term of the award versus the share price on the grant date. The ISU base unit vests equally on each of the three anniversaries of the grant date, whereas the ISU leverage unit will only vest on the third anniversary of the grant date. Group shares are delivered shortly after the ISU base units and the ISU leverage units vest. | ||
ISU base unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years 0 months 0 days | ||
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 | 1,200,000 | 3,600,000 | 13,300,000 |
Settled (in shares) | -100,000 | -1,800,000 | -8,800,000 |
Forfeited (in shares) | -500,000 | -600,000 | -900,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 600,000 | 1,200,000 | 3,600,000 |
of which vested (in shares) | 100,000 | 100,000 | 400,000 |
of which unvested (in shares) | 500,000 | 1,100,000 | 3,200,000 |
ISU leverage unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Value of Award in Shares | 0.986 | ||
ISU leverage unit | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Minimum Predefined Target Price | 53.71 | ||
Bank | Scaled Incentive Share Unit (SISU) | |||
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 | 4,600,000 | 9,400,000 | 14,400,000 |
Settled (in shares) | -4,500,000 | -4,700,000 | -4,800,000 |
Forfeited (in shares) | -100,000 | -100,000 | -200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0 | 4,600,000 | 9,400,000 |
of which vested (in shares) | 0 | 1,200,000 | 1,700,000 |
of which unvested (in shares) | 0 | 3,400,000 | 7,700,000 |
Bank | Incentive Share Unit (ISU) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 1,200,000 | 3,600,000 | 13,200,000 |
Settled (in shares) | -100,000 | -1,800,000 | -8,700,000 |
Forfeited (in shares) | -500,000 | -600,000 | -900,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 600,000 | 1,200,000 | 3,600,000 |
of which vested (in shares) | 100,000 | 100,000 | 400,000 |
of which unvested (in shares) | 500,000 | 1,100,000 | 3,200,000 |
Cashbased_awards_Details_5
Cash-based awards (Details 5) (CHF) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 16, 2015 | Dec. 31, 2012 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 1,419 | ||||
Contingent Capital Awards (CCA) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | CCA were granted in January 2015 and 2014 as part of 2014 and 2013 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA provide a conditional right to receive semi-annual cash payments of interest equivalents at a rate of 4.85% and 4.75% per annum over the six-month Swiss franc London Interbank Offered Rate (LIBOR) or 5.75% and 5.33% per annum over the six-month US dollar LIBOR, for Swiss franc and US-denominated awards for 2015 and 2014, respectively, until settled. Employees who received compensation in Swiss francs could elect to receive CCA denominated in Swiss francs or US dollars, and all other employees received CCA denominated in US dollars. CCA are scheduled to vest on the third anniversary of the grant date and will be expensed over three years from the grant date. However, because CCA qualify as additional tier 1 capital of the Group, the timing and form of distribution upon settlement is subject to approval by the Swiss Financial Market Supervisory Authority FINMA (FINMA). At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The Group will determine that fair value at its discretion. The Group intends to grant CCA as one of its annual deferred variable compensation awards in future years. CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero if any of the following trigger events were to occur: the Group's reported common equity tier 1 (CET1) ratio falls below 7%; or FINMA determines that cancellation of the CCA and other similar contingent capital instruments is necessary, or that the Group requires public sector capital support, in either case to prevent it from becoming insolvent or otherwise failing. | ||||
Estimated unrecognized compensation expense | 210 | ||||
Amount of PAF2 converted to other share plans | 516 | ||||
Contingent Capital Awards (CCA) | Grant Date, January 16, 2015 | 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 | 360 | ||||
Contingent Capital Awards (CCA) | Grant Date, January 16, 2015 | Subsequent Event | Forecast/Estimate | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 418 | ||||
Contingent Capital Awards (CCA) | Grant Date, March, 2014 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Amount reallocated by employees outside of Investment Banking | 684 | ||||
Contingent Capital Awards (CCA) | Grant Date, January 16, 2014 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 391 | ||||
Contingent Capital Awards (CCA) | Cliff vesting [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years 0 months 0 days | ||||
Plus Bond awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | Managing directors and directors in the Investment Banking division received a portion of their 2012 deferred variable compensation in the form of Plus Bond awards. The Plus Bond award is essentially a fixed income instrument, denominated in US dollars, which provides a coupon payment that is commensurate with market-based pricing. Plus Bond award holders are entitled to receive semi-annual cash payments on their adjusted award amounts at the rate of LIBOR plus 7.875% per annum until settlement. The Plus Bond will settle in the summer of 2016 based on the amount of the initial award less portfolio losses, if any, in excess of a first loss portion retained by the Group of USD 600 million. The value of the Plus Bond awards is based on the performance of a portfolio of unrated and sub-investment-grade asset-backed securities that are held in inventory by various trading desks of the Investment Banking division. While the Plus Bond award is a cash-based instrument, the Group reserves the right to settle the award in Group shares based on the share price at the time of final distribution. In addition, subject to oversight procedures, the Group retains the right to prepay all or a portion of the Plus Bond award in cash at any time and, in the event of certain regulatory developments or changes in capital treatment, exchange the award into Group shares. The Plus Bond award plan contributes to a reduction of the Group's risk-weighted assets and constitutes a risk transfer from the Group to the Plus Bond award holders. | ||||
Estimated unrecognized compensation expense | 4 | ||||
Plus Bond awards | Grant Date, January 17, 2013 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Amount reallocated by employees outside of Investment Banking | 38 | ||||
Plus Bond awards | Grant Date, December, 2012 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 187 | ||||
Plus Bond awards | Cliff vesting [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years 0 months 0 days | ||||
Restricted Cash Awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | Managing directors and directors in the Investment Banking division received the cash component of their 2012 variable compensation in the form of Restricted Cash Awards. These awards are cash payments made on the grant date, but are subject to a pro-rata repayment by the employee in the event of voluntary resignation or termination for cause within three years of the award grant. The Restricted Cash Award is reported as part of the deferred compensation award for the Group even though the award is fully settled at grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years 0 months 0 days | ||||
Estimated unrecognized compensation expense | 41 | ||||
Restricted Cash Awards | Grant Date, January 17, 2013 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 299 | ||||
Capital Opportunity Facility (COF) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021. | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years 0 months 0 days | ||||
Estimated unrecognized compensation expense | 5 | ||||
Amount of PAF2 converted to other share plans | 168 | ||||
2008 Partner Asset Facility (PAF) awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | As part of the 2008 annual compensation process, the Group granted employees in Investment Banking with a corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards are indexed to, and represent a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in Investment Banking. The notional value of the Asset Pool was based on the fair market value of the assets within the Asset Pool on December 31, 2008, and those assets will remain static throughout the contractual term of the award or until liquidated. The PAF holders will participate in the potential gains on the Asset Pool if the assets within the pool are liquidated at prices above the initial fair market value. If the assets within the Asset Pool are liquidated at prices below the initial fair market value, the PAF holders will bear the first loss on the Asset Pool. As a result, a significant portion of risk positions associated with the Asset Pool has been transferred to the employees and removed from the Group's risk-weighted assets, resulting in a reduction in capital usage. The PAF awards, which have a contractual term of eight years, are fully vested. Each PAF holder will receive a semi-annual cash interest payment of LIBOR plus 250 basis points applied to the notional value of the PAF award granted throughout the contractual term of the award. Beginning in the fifth year after the grant date, the PAF holders will receive an annual cash payment equal to 20% of the notional value of the PAF awards if the fair market value of the Asset Pool in that year has not declined below the initial fair market value of the Asset Pool. In the final year of the contractual term, the PAF holders will receive a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 8 years 0 months 0 days | ||||
2008 Partner Asset Facility (PAF) awards | Grant Date, June, 2012 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage of employees electing to exchange their existing awards for new awards | 41.00% | ||||
2011 Partner Asset Facility (PAF2) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | As part of the 2011 annual compensation process, the Group awarded a portion of their deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units are essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group's derivative activities, including both current and possible future swaps and other derivative transactions. The value of the award (for both the interest accrual and the final redemption) will be reduced if the amount of realized credit losses from a specific reference portfolio exceeds a pre-defined threshold. The Group will bear the first USD 500 million of such losses and the PAF2 holders will bear any losses in excess of USD 500 million, up to the full amount of the deferred compensation awarded. As a result, the PAF2 plan is a transfer of risk from the Group to employees. Employees at the managing director and director levels, including certain members of the Executive Board, received PAF2 awards. The PAF2 awards vested in the first quarter of 2012. The PAF2 units have a stated maturity of four years, but may be extended to nine years at the election of either the Group or the holders acting collectively. This election will not be made later than the end of the third year following the grant date. PAF2 units are denominated in Swiss francs and US dollars. Holders will receive a semi-annual cash interest payment equivalent to an annual return of 5% (Swiss franc-denominated awards) or 6.5% (US dollar-denominated awards) applied to the then current balance of the PAF2 units. At maturity, PAF2 holders will receive a final settlement in an amount equal to the original award value less any losses. The Group can settle the PAF2 units in cash or an equivalent value in shares at its discretion. | ||||
Number of employees impacted by PAF2 conversion | 5,084 | ||||
2011 Partner Asset Facility (PAF2) | Grant Date, January 19, 2012 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 499 | ||||
2011 Partner Asset Facility Conversion (PAF2) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | PAF2 awards were linked to a portfolio of the Group's credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards in March 2014, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: i) Capital Opportunity Facility (COF): participants elect for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; and ii) CCA: participants elect to receive CCA, with similar terms to the instruments granted as part of the 2013 compensation awards. The principal differences between the two forms of CCA are that these CCA are expected to settle approximately one year earlier and provide semi-annual cash payments of interest equivalents at slightly lower rates. Settlement is expected to occur in February 2016, subject to regulatory approvals. | ||||
Bank | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 1,406 | ||||
Bank | Contingent Capital Awards (CCA) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 210 | ||||
Bank | Contingent Capital Awards (CCA) | Grant Date, January 16, 2015 | 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 | 355 | ||||
Bank | Contingent Capital Awards (CCA) | Grant Date, January 16, 2015 | Subsequent Event | Forecast/Estimate | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 413 | ||||
Bank | Contingent Capital Awards (CCA) | Grant Date, January 16, 2014 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 391 | ||||
Bank | Contingent Capital Awards (CCA) | Cliff vesting [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years 0 months 0 days | ||||
Bank | Plus Bond awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 4 | ||||
Bank | Plus Bond awards | Cliff vesting [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years 0 months 0 days | ||||
Bank | Restricted Cash Awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 41 | ||||
Bank | Capital Opportunity Facility (COF) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 5 | ||||
Bank | 2011 Partner Asset Facility (PAF2) | Grant Date, January 19, 2012 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 497 |
APP_Cash_awards_Details_7
APP Cash awards (Details 7) (CHF) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Estimated unrecognized compensation expense | 1,419 | |
Adjustable Performance Plan cash awards | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | The Adjustable Performance Plan is a deferred compensation plan for the Executive Board, managing directors and directors. The Group introduced and granted Adjustable Performance Plan cash awards as part of deferred compensation for 2009 (2009 Adjustable Performance Plan) and 2010 (2010 Adjustable Performance Plan). The 2009 Adjustable Performance Plan cash awards were fully vested and expensed as of December 31, 2012 and were delivered in the first half of 2013. The 2010 Adjustable Performance Plan cash awards vest over a four-year period, with the final payout value subject to an upward or downward adjustment, depending on the financial performance of the specific business areas and the Group ROE. The adjustments are determined on an annual basis, increasing or decreasing the outstanding balances by a percentage equal to the reported ROE, unless the division that granted the awards incurs a pre-tax loss. In this case, outstanding awards in that division will be subject to a negative adjustment of 15% for every CHF 1 billion of loss, unless a negative ROE applies for that year and is greater than the divisional adjustment. For employees in Shared Services and other support functions, as well as for all Executive Board members, all outstanding 2010 Adjustable Performance Plan cash awards are linked to the Group's adjusted profit or loss and the Group ROE, but are not dependent upon the adjusted profit or loss of the business areas that they support. | |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 4 years 0 months 0 days | |
Adjustable Performance Plan cash awards | Grant Date, July, 2012 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Conversion price | 16.29 | |
Amount of APP cash awards that were converted into APP share awards | 498 | |
Percentage of employees electing to exchange their existing awards for new awards | 50.00% | |
Amount relating to the liability of APP cash awards reclassified into total shareholders' equity | 453 | |
Bank | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Estimated unrecognized compensation expense | 1,406 | |
Bank | Adjustable Performance Plan cash awards | Grant Date, July, 2012 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amount of APP cash awards that were converted into APP share awards | 479 | |
Percentage of employees electing to exchange their existing awards for new awards | 50.00% | |
Amount relating to the liability of APP cash awards reclassified into total shareholders' equity | 435 |
Related_parties_Details
Related parties (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
year | member | ||
member | |||
Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | 10 | 8 | 22 |
Additions | 3 | 4 | 3 |
Reductions | -8 | -2 | -17 |
Balance at end of period | 5 | 10 | 8 |
Loans to members of the Executive Board, number of members | 3 | 4 | |
Loans to members of the Executive Board, term (in years) | 10 | ||
Highest loan outstanding with an individual Executive Board member | 3 | ||
Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | 55 | 41 | 34 |
Additions | 6 | 16 | 12 |
Reductions | -45 | -2 | -5 |
Balance at end of period | 16 | 55 | 41 |
Loans to members of the Board of Directors, number of members | 3 | 5 | |
Loans made by Group or any of its subsidiaries to equity method investees | |||
Activity in loans to related parties | |||
Balance at beginning of period | 10 | 12 | 13 |
Net borrowings/(repayments) | 3 | -2 | -1 |
Balance at end of period | 13 | 10 | 12 |
Bank | |||
Activity in loans to related parties | |||
Balance at end of period | 6,453 | 6,770 | |
Bank | Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | 10 | 8 | 22 |
Additions | 3 | 4 | 3 |
Reductions | -8 | -2 | -17 |
Balance at end of period | 5 | 10 | 8 |
Loans to members of the Executive Board, number of members | 2 | 4 | |
Bank | Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | 55 | 41 | 33 |
Additions | 6 | 16 | 13 |
Reductions | -45 | -2 | -5 |
Balance at end of period | 16 | 55 | 41 |
Loans to members of the Board of Directors, number of members | 3 | 5 |
Related_parties_Details_2
Related parties (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | 3,131 | 3,381 |
Other unconsolidated SPEs | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | 80 | 77 |
Bank | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | 3,131 | 2,852 |
Related_parties_Details_3
Related parties (Details 3) | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Apr. 30, 2013 | Dec. 31, 2014 | Mar. 29, 2013 | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Share data in Millions, except Per Share data, unless otherwise specified | CHF | CHF | CHF | Subordinated mandatory and contingent convertible securities (MACCS) | Subordinated mandatory and contingent convertible securities (MACCS) | Subordinated mandatory and contingent convertible securities (MACCS) | Subordinated mandatory and contingent convertible securities (MACCS) | Tier 1 capital notes, exchange agreement, February 2011 | Qatar Investment Authority (QIA) and The Olayan Group | Qatar Investment Authority (QIA) and The Olayan Group | Qatar Investment Authority (QIA) and The Olayan Group | Qatar Investment Authority (QIA) and The Olayan Group | The Olayan Group | Affiliate of Qatar Investment Authority [Member] | Affiliate of Qatar Investment Authority [Member] | Bank | Bank |
CHF | CHF | CHF | Tier 1 capital notes, initial transaction, October 2008 | Tier 1 capital notes, initial transaction, October 2008 | Tier 1 capital notes, exchange agreement, February 2011 | Tier 1 capital notes, exchange agreement, February 2011 | Tier 1 capital notes, amended exchange agreement, July 2012 | Tier 1 capital notes, final exchange, October 2013 | Tier 1 capital notes, final exchange, October 2013 | CHF | CHF | ||||||
Tier 1 Capital Instrument, CHF | Tier 1 Capital Instrument, USD | Tier 1 Capital Instrument, CHF | Tier 1 Capital Instrument, USD | Tier 1 Capital Instrument, USD | Tier 1 Capital Instrument, CHF | Tier 1 Capital Instrument, USD | |||||||||||
CHF | USD ($) | CHF | USD ($) | USD ($) | CHF | USD ($) | |||||||||||
Mandatory and contingent convertible securities | |||||||||||||||||
Value of investor securities issued to raise capital | 3,800,000,000 | ||||||||||||||||
Securities without preferential subscription rights purchased by strategic investors | 2,000,000,000 | ||||||||||||||||
Amount of preferential subscription rights exercised by shareholders | 1,800,000,000 | ||||||||||||||||
Number of convertible shares | 233.5 | ||||||||||||||||
Conversion price of financial securities | 16.29 | ||||||||||||||||
Percentage of volume weighted average market price for the two days preceeding the transation to which the conversion price corresponds | 95.00% | ||||||||||||||||
Amount invested in Plus Bond instruments with thier own funds | 9,000,000 | ||||||||||||||||
Recorded investment, with a specific allowance | 1,297,000,000 | 1,412,000,000 | 1,040,000,000 | 1,125,000,000 | |||||||||||||
Subordinated debt | 2,500,000,000 | $3,450,000,000 | 2,500,000,000 | $3,450,000,000 | $1,725,000,000 | 2,500,000,000 | $1,720,000,000 | ||||||||||
Subordinated debt interest rate | 10.00% | 11.00% | 9.00% | 9.50% | 11.00% | 10.00% | 11.00% | ||||||||||
Minimum threshold of CET1 ratio resulting in conversion of subordinated debt, quarter end | 7.00% | ||||||||||||||||
Minimum threshold of CET1 ratio resulting in conversion of subordinated debt, interim date | 5.00% | ||||||||||||||||
Period over which the daily volume weighted average sales price is determined | 0 years 0 months 5 days |
Related_parties_Details_4
Related parties (Details 4) (Bank, CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | |||
Cash and due from banks | 2 | 0 | |
Interest-bearing deposits with banks | 2,862 | 1,870 | |
Trading assets | 220 | 159 | |
Net loans | 6,453 | 6,770 | |
Other assets | 27 | 28 | |
Total assets | 9,564 | 8,827 | |
Liabilities | |||
Due to banks/customer deposits | 1,916 | 2,329 | |
Trading liabilities | 15 | 12 | |
Long-term debt | 4,042 | 3,791 | |
Other liabilities | 224 | 199 | |
Total liabilities | 6,197 | 6,331 | |
Related party revenues and expenses | |||
Interest and dividend income | 70 | 45 | 50 |
Interest expense | -223 | -55 | -76 |
Net interest income | -153 | -10 | -26 |
Commissions and fees | -11 | -21 | 1 |
Other revenues | 178 | 172 | 174 |
Net revenues | 14 | 141 | 149 |
Total operating expenses | 165 | 288 | 271 |
Related party guarantees | |||
Guarantees | 2 | 1 | |
Credit guarantees and similar instruments | |||
Related party guarantees | |||
Guarantees | 1 | 0 | |
Performance guarantees and similar instruments | |||
Related party guarantees | |||
Guarantees | 1 | 1 |
Pension_and_other_postretireme2
Pension and other post-retirement benefits (Details) (CHF) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Jan. 31, 2015 |
Total benefit costs (CHF million) | |||||
Total benefit costs | 177 | 358 | 360 | ||
Fair value of plan assets (CHF million) | |||||
Beginning of the measurement period | 17,919 | ||||
End of the measurement period | 19,511 | 17,919 | |||
Funded status recognized (CHF million) | |||||
Funded status of the plan - overfunded/(underfunded) | 133 | 1,435 | |||
Amounts recognized in AOCI (CHF million) | |||||
Actuarial gains/(losses) | -4,010 | -2,757 | |||
Prior service credit/(cost) | 452 | 515 | |||
Total | -3,558 | -2,242 | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Tax | 375 | -388 | -1 | ||
Actuarial gains/(losses), Net | -1,453 | 744 | |||
Prior service credit/(cost), Net | 20 | ||||
Amortization of actuarial losses/ (gains), Net | 152 | 262 | |||
Amortization of prior service cost/(credit), Net | -76 | -72 | |||
Immediate recognition due to curtailment/settlement, Net | 41 | 15 | |||
Total amounts recognized in other comprehensive income, Net | -1,316 | 949 | |||
Defined benefit pension plans | |||||
Amounts recognized in AOCI (CHF million) | |||||
Actuarial gains/(losses) | -3,960 | -2,717 | |||
Prior service credit/(cost) | 435 | 512 | |||
Total | -3,525 | -2,205 | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | -1,861 | 1,027 | |||
Actuarial gains/(losses), Tax | 424 | -288 | |||
Actuarial gains/(losses), Net | -1,437 | 739 | |||
Prior service credit/(cost), Gross | 0 | ||||
Prior service credit/(cost), Tax | 0 | ||||
Prior service credit/(cost), Net | 0 | ||||
Amortization of actuarial losses/(gains), Gross | 189 | 337 | |||
Amortization of actuarial losses/(gains), Tax | -43 | -83 | |||
Amortization of actuarial losses/ (gains), Net | 146 | 254 | |||
Amortization of prior service cost/(credit), Gross | -88 | -92 | |||
Amortization of prior service cost/(credit), Tax | 18 | 20 | |||
Amortization of prior service cost/(credit), Net | -70 | -72 | |||
Immediate recognition due to curtailment/settlement, Gross | 51 | 18 | |||
Immediate recognition due to curtailment/settlement, Tax | -10 | -3 | |||
Immediate recognition due to curtailment/settlement, Net | 41 | 15 | |||
Total amounts recognized in other comprehensive income, Gross | -1,709 | 1,290 | |||
Total amounts recognized in other comprehensive income, Tax | 389 | -354 | |||
Total amounts recognized in other comprehensive income, Net | -1,320 | 936 | |||
Other tax impacts in other comprehensive income | 37 | ||||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 335 | ||||
Amortization of prior service cost/(credit) | -68 | ||||
Total | 267 | ||||
Defined benefit pension plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | 398 | ||||
Defined benefit pension plans - Switzerland | |||||
Defined benefit plan, Disclosure | |||||
Employees participating in defined benefit plans (as a percent) | 77.00% | 79.00% | |||
Value of plan assets (as a percent) | 80.00% | 83.00% | |||
Pension benefit obligation (as a percent) | 81.00% | 82.00% | |||
Total benefit costs (CHF million) | |||||
Service costs on benefit obligation | 253 | 347 | 347 | ||
Interest costs on benefit obligation | 338 | 304 | 378 | ||
Expected return on plan assets | -547 | -575 | -617 | ||
Amortization of recognized prior service cost/(credit) | -88 | -92 | -52 | ||
Amortization of recognized actuarial losses/(gains) | 137 | 258 | 144 | ||
Net periodic benefit costs | 93 | 242 | 200 | ||
Settlement losses/(gains) | 44 | 40 | 90 | ||
Curtailment losses/(gains) | -9 | -28 | -35 | ||
Special termination benefits | 17 | 19 | 19 | ||
Total benefit costs | 145 | 273 | 274 | ||
PBO (CHF million) | |||||
Beginning of the measurement period | 13,473 | 14,296 | |||
Plan participant contributions | 200 | 209 | |||
Service costs | 253 | 347 | 347 | ||
Interest costs | 338 | 304 | 378 | ||
Plan amendments | 0 | 0 | |||
Settlements | -169 | -208 | |||
Curtailments | -16 | -5 | |||
Special termination benefits | 17 | 19 | |||
Actuarial losses/(gains) | 2,280 | -736 | |||
Benefit payments | -715 | -753 | |||
Exchange rate losses/(gains) | 0 | 0 | |||
End of the measurement period | 15,661 | 13,473 | 14,296 | ||
Fair value of plan assets (CHF million) | |||||
Beginning of the measurement period | 14,912 | 14,340 | |||
Actual return on plan assets | 970 | 913 | |||
Employer contributions | 437 | 411 | |||
Plan participant contributions | 200 | 209 | |||
Settlements | -169 | -208 | |||
Benefit payments | -715 | -753 | |||
Exchange rate gains/(losses) | 0 | 0 | |||
End of the measurement period | 15,635 | 14,912 | 14,340 | ||
Funded status recognized (CHF million) | |||||
Funded status of the plan - overfunded/(underfunded) | -26 | 1,439 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | -26 | 1,439 | |||
Total amount recognized (CHF million) | |||||
Noncurrent assets | 0 | 1,439 | |||
Current liabilities | 0 | 0 | |||
Noncurrent liabilities | -26 | 0 | |||
Total amount recognized in the consolidated balance sheet at December 31 | -26 | 1,439 | |||
ABO (CHF million) | |||||
End of the measurement period | 15,110 | 13,043 | |||
Funded status of the plan - overfunded/(underfunded), basis ABO | 525 | 1,869 | |||
Net benefit pension cost (%) | |||||
Discount rate (as a percent) | 2.60% | 2.20% | 2.80% | ||
Salary increases (as a percent) | 1.20% | 1.20% | 1.40% | ||
Expected long-term rate of return on plan assets (as a percent) | 3.75% | 4.00% | 4.25% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 1.25% | 2.60% | 2.20% | ||
Salary increases (as a percent) | 1.00% | 1.20% | 1.20% | ||
Defined benefit pension plans - Switzerland | Forecast/Estimate | |||||
Health care cost assumptions | |||||
Approximate estimated impact of lower Swiss franc discount rate on US GAAP equity and CET1 capital from SNB announcement to lower interest rates on Swiss pension plan | 600 | ||||
Defined benefit pension plans - Switzerland, saving section | |||||
Defined benefit plan, Disclosure | |||||
Employee contributions, number of contribution levels | 3 | ||||
Defined benefit pension plans - Switzerland, saving section | Minimum | |||||
Defined benefit plan, Disclosure | |||||
Employee contributions (as a percent) | 5.00% | ||||
Employer contributions (as a percent) | 7.50% | ||||
Defined benefit pension plans - Switzerland, saving section | Maximum | |||||
Defined benefit plan, Disclosure | |||||
Employee contributions (as a percent) | 14.00% | ||||
Employer contributions (as a percent) | 25.00% | ||||
Defined benefit pension plans - International | |||||
Total benefit costs (CHF million) | |||||
Service costs on benefit obligation | 19 | 24 | 30 | ||
Interest costs on benefit obligation | 134 | 122 | 127 | ||
Expected return on plan assets | -178 | -161 | -164 | ||
Amortization of recognized prior service cost/(credit) | 0 | 0 | -1 | ||
Amortization of recognized actuarial losses/(gains) | 52 | 79 | 74 | ||
Net periodic benefit costs | 27 | 64 | 66 | ||
Settlement losses/(gains) | -2 | 0 | 0 | ||
Curtailment losses/(gains) | 0 | 0 | 0 | ||
Special termination benefits | 0 | 0 | 0 | ||
Total benefit costs | 25 | 64 | 66 | ||
PBO (CHF million) | |||||
Beginning of the measurement period | 2,843 | 2,773 | |||
Plan participant contributions | 0 | 0 | |||
Service costs | 19 | 24 | 30 | ||
Interest costs | 134 | 122 | 127 | ||
Plan amendments | 0 | 0 | |||
Settlements | -4 | -4 | |||
Curtailments | 0 | -2 | |||
Special termination benefits | 1 | 1 | |||
Actuarial losses/(gains) | 463 | 69 | |||
Benefit payments | -109 | -97 | |||
Exchange rate losses/(gains) | 192 | -43 | |||
End of the measurement period | 3,539 | 2,843 | 2,773 | ||
Fair value of plan assets (CHF million) | |||||
Beginning of the measurement period | 3,007 | 2,893 | |||
Actual return on plan assets | 637 | 183 | |||
Employer contributions | 135 | 67 | |||
Plan participant contributions | 0 | 0 | |||
Settlements | -2 | -4 | |||
Benefit payments | -109 | -97 | |||
Exchange rate gains/(losses) | 208 | -35 | |||
End of the measurement period | 3,876 | 3,007 | 2,893 | ||
Funded status recognized (CHF million) | |||||
Funded status of the plan - overfunded/(underfunded) | 337 | 164 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | 337 | 164 | |||
Total amount recognized (CHF million) | |||||
Noncurrent assets | 822 | 520 | |||
Current liabilities | -8 | -8 | |||
Noncurrent liabilities | -477 | -348 | |||
Total amount recognized in the consolidated balance sheet at December 31 | 337 | 164 | |||
ABO (CHF million) | |||||
End of the measurement period | 3,469 | 2,785 | |||
Net benefit pension cost (%) | |||||
Discount rate (as a percent) | 4.71% | 4.47% | 4.78% | ||
Salary increases (as a percent) | 4.31% | 4.02% | 4.03% | ||
Expected long-term rate of return on plan assets (as a percent) | 6.16% | 6.18% | 6.43% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 3.82% | 4.71% | 4.47% | ||
Salary increases (as a percent) | 4.19% | 4.31% | 4.02% | ||
Other post-retirement defined benefit plans | |||||
Amounts recognized in AOCI (CHF million) | |||||
Actuarial gains/(losses) | -50 | -40 | |||
Prior service credit/(cost) | 17 | 3 | |||
Total | -33 | -37 | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | -25 | 8 | |||
Actuarial gains/(losses), Tax | 9 | -3 | |||
Actuarial gains/(losses), Net | -16 | 5 | |||
Prior service credit/(cost), Gross | 32 | ||||
Prior service credit/(cost), Tax | -12 | ||||
Prior service credit/(cost), Net | 20 | ||||
Amortization of actuarial losses/(gains), Gross | 9 | 13 | |||
Amortization of actuarial losses/(gains), Tax | -3 | -5 | |||
Amortization of actuarial losses/ (gains), Net | 6 | 8 | |||
Amortization of prior service cost/(credit), Gross | -9 | 0 | |||
Amortization of prior service cost/(credit), Tax | 3 | 0 | |||
Amortization of prior service cost/(credit), Net | -6 | 0 | |||
Immediate recognition due to curtailment/settlement, Gross | 0 | 0 | |||
Immediate recognition due to curtailment/settlement, Tax | 0 | 0 | |||
Immediate recognition due to curtailment/settlement, Net | 0 | 0 | |||
Total amounts recognized in other comprehensive income, Gross | 7 | 21 | |||
Total amounts recognized in other comprehensive income, Tax | -3 | -8 | |||
Total amounts recognized in other comprehensive income, Net | 4 | 13 | |||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 8 | ||||
Amortization of prior service cost/(credit) | -13 | ||||
Total | -5 | ||||
Other post-retirement defined benefit plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | 10 | ||||
Other post-retirement defined benefit plans - International | |||||
Total benefit costs (CHF million) | |||||
Service costs on benefit obligation | 0 | 0 | 1 | ||
Interest costs on benefit obligation | 7 | 8 | 8 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of recognized prior service cost/(credit) | -9 | 0 | -2 | ||
Amortization of recognized actuarial losses/(gains) | 9 | 13 | 13 | ||
Net periodic benefit costs | 7 | 21 | 20 | ||
Settlement losses/(gains) | 0 | 0 | 0 | ||
Curtailment losses/(gains) | 0 | 0 | 0 | ||
Special termination benefits | 0 | 0 | 0 | ||
Total benefit costs | 7 | 21 | 20 | ||
PBO (CHF million) | |||||
Beginning of the measurement period | 168 | 180 | |||
Plan participant contributions | 0 | 0 | |||
Service costs | 0 | 0 | 1 | ||
Interest costs | 7 | 8 | 8 | ||
Plan amendments | -32 | 0 | |||
Settlements | 0 | 0 | |||
Curtailments | 0 | 0 | |||
Special termination benefits | 0 | 0 | |||
Actuarial losses/(gains) | 25 | -8 | |||
Benefit payments | -8 | -8 | |||
Exchange rate losses/(gains) | 18 | -4 | |||
End of the measurement period | 178 | 168 | 180 | ||
Fair value of plan assets (CHF million) | |||||
Beginning of the measurement period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 8 | 8 | |||
Plan participant contributions | 0 | 0 | |||
Settlements | 0 | 0 | |||
Benefit payments | -8 | -8 | |||
Exchange rate gains/(losses) | 0 | 0 | |||
End of the measurement period | 0 | 0 | 0 | ||
Funded status recognized (CHF million) | |||||
Funded status of the plan - overfunded/(underfunded) | -178 | -168 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | -178 | -168 | |||
Total amount recognized (CHF million) | |||||
Noncurrent assets | 0 | 0 | |||
Current liabilities | -10 | -8 | |||
Noncurrent liabilities | -168 | -160 | |||
Total amount recognized in the consolidated balance sheet at December 31 | -178 | -168 | |||
ABO (CHF million) | |||||
End of the measurement period | 178 | 168 | |||
Net benefit pension cost (%) | |||||
Discount rate (as a percent) | 5.10% | 4.30% | 4.70% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 4.20% | 5.10% | 4.30% | ||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.00% | 8.00% | 9.00% | ||
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | ||||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | 0.2 | 1.3 | 1.4 | ||
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 5 | 23 | 27 | ||
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.3 | 1 | 1.1 | ||
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | 4 | 19 | 22 | ||
Other post-retirement defined benefit plans - International | Forecast/Estimate | |||||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.00% | ||||
Bank | |||||
Total benefit costs (CHF million) | |||||
Total benefit costs | 32 | 85 | 86 | ||
Funded status recognized (CHF million) | |||||
Funded status of the plan - overfunded/(underfunded) | 159 | -4 | |||
Amounts recognized in AOCI (CHF million) | |||||
Actuarial gains/(losses) | -656 | -714 | |||
Prior service credit/(cost) | 17 | 3 | |||
Total | -639 | -711 | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Tax | 27 | -99 | -30 | ||
Actuarial gains/(losses), Net | 14 | -104 | |||
Prior service credit/(cost), Net | 20 | ||||
Amortization of actuarial losses/ (gains), Net | 44 | 58 | |||
Amortization of prior service cost/(credit), Net | -6 | ||||
Immediate recognition due to curtailment/settlement, Net | 2 | ||||
Total amounts recognized in other comprehensive income, Net | 72 | -44 | |||
Bank | Defined benefit pension plans - Switzerland | |||||
Total benefit costs (CHF million) | |||||
Entity's calculated amortization | 48 | 158 | 88 | ||
Entity's calculated reduction compared to group plan contribution | 277 | 131 | 197 | ||
PBO (CHF million) | |||||
Entity contribution to the group plan (as a percent) | 95.00% | ||||
Funded status recognized (CHF million) | |||||
Bank's calculated share in total overfunding/(under)funding of the Group plan on an PBO basis | -25 | 1,367 | |||
Bank | Defined benefit pension plans - Switzerland | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contributions by the entity to the group plan | 359 | ||||
Bank | Defined benefit pension plans - Switzerland, saving section | Minimum | |||||
Defined benefit plan, Disclosure | |||||
Employer contributions (as a percent) | 7.50% | ||||
Bank | Defined benefit pension plans - Switzerland, saving section | Maximum | |||||
Defined benefit plan, Disclosure | |||||
Employer contributions (as a percent) | 25.00% | ||||
Bank | Defined benefit pension plans - International | |||||
Total benefit costs (CHF million) | |||||
Service costs on benefit obligation | 19 | 24 | 30 | ||
Interest costs on benefit obligation | 134 | 122 | 127 | ||
Expected return on plan assets | -178 | -161 | -164 | ||
Amortization of recognized prior service cost/(credit) | 0 | 0 | -1 | ||
Amortization of recognized actuarial losses/(gains) | 52 | 79 | 74 | ||
Net periodic benefit costs | 27 | 64 | 66 | ||
Settlement losses/(gains) | -2 | 0 | 0 | ||
Total benefit costs | 25 | 64 | 66 | ||
PBO (CHF million) | |||||
Beginning of the measurement period | 2,843 | 2,773 | |||
Service costs | 19 | 24 | 30 | ||
Interest costs | 134 | 122 | 127 | ||
Plan amendments | 0 | 0 | |||
Settlements | -4 | -4 | |||
Curtailments | 0 | -2 | |||
Special termination benefits | 1 | 1 | |||
Actuarial losses/(gains) | 463 | 69 | |||
Benefit payments | -109 | -97 | |||
Exchange rate losses/(gains) | 192 | -43 | |||
End of the measurement period | 3,539 | 2,843 | 2,773 | ||
Fair value of plan assets (CHF million) | |||||
Beginning of the measurement period | 3,007 | 2,893 | |||
Actual return on plan assets | 637 | 183 | |||
Employer contributions | 135 | 67 | |||
Settlements | -2 | -4 | |||
Benefit payments | -109 | -97 | |||
Exchange rate gains/(losses) | 208 | -35 | |||
End of the measurement period | 3,876 | 3,007 | 2,893 | ||
Funded status recognized (CHF million) | |||||
Funded status of the plan - overfunded/(underfunded) | 337 | 164 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | 337 | 164 | |||
Total amount recognized (CHF million) | |||||
Noncurrent assets | 822 | 520 | |||
Current liabilities | -8 | -8 | |||
Noncurrent liabilities | -477 | -348 | |||
Total amount recognized in the consolidated balance sheet at December 31 | 337 | 164 | |||
ABO (CHF million) | |||||
End of the measurement period | 3,469 | 2,785 | |||
Amounts recognized in AOCI (CHF million) | |||||
Actuarial gains/(losses) | -606 | -674 | |||
Prior service credit/(cost) | 0 | 0 | |||
Total | -606 | -674 | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | -5 | -47 | |||
Actuarial gains/(losses), Tax | 35 | -62 | |||
Actuarial gains/(losses), Net | 30 | -109 | |||
Prior service credit/(cost), Gross | 0 | ||||
Prior service credit/(cost), Tax | 0 | ||||
Prior service credit/(cost), Net | 0 | ||||
Amortization of actuarial losses/(gains), Gross | 52 | 79 | |||
Amortization of actuarial losses/(gains), Tax | -14 | -29 | |||
Amortization of actuarial losses/ (gains), Net | 38 | 50 | |||
Amortization of prior service cost/(credit), Gross | 0 | ||||
Amortization of prior service cost/(credit), Tax | 0 | ||||
Amortization of prior service cost/(credit), Net | 0 | ||||
Immediate recognition due to curtailment/settlement, Gross | 2 | ||||
Immediate recognition due to curtailment/settlement, Tax | 0 | ||||
Immediate recognition due to curtailment/settlement, Net | 2 | ||||
Total amounts recognized in other comprehensive income, Gross | 47 | 34 | |||
Total amounts recognized in other comprehensive income, Tax | 21 | -91 | |||
Total amounts recognized in other comprehensive income, Net | 68 | -57 | |||
Other tax impacts in other comprehensive income | 37 | ||||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 58 | ||||
Amortization of prior service cost/(credit) | 0 | ||||
Total | 58 | ||||
Net benefit pension cost (%) | |||||
Discount rate (as a percent) | 4.71% | 4.47% | 4.78% | ||
Salary increases (as a percent) | 4.31% | 4.02% | 4.03% | ||
Expected long-term rate of return on plan assets (as a percent) | 6.16% | 6.18% | 6.43% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 3.82% | 4.71% | 4.47% | ||
Salary increases (as a percent) | 4.19% | 4.31% | 4.02% | ||
Bank | Defined benefit pension plans - International | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | 20 | ||||
Bank | Other post-retirement defined benefit plans - International | |||||
Total benefit costs (CHF million) | |||||
Service costs on benefit obligation | 0 | 0 | 1 | ||
Interest costs on benefit obligation | 7 | 8 | 8 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of recognized prior service cost/(credit) | -9 | 0 | -2 | ||
Amortization of recognized actuarial losses/(gains) | 9 | 13 | 13 | ||
Net periodic benefit costs | 7 | 21 | 20 | ||
Settlement losses/(gains) | 0 | 0 | 0 | ||
Total benefit costs | 7 | 21 | 20 | ||
PBO (CHF million) | |||||
Beginning of the measurement period | 168 | 180 | |||
Service costs | 0 | 0 | 1 | ||
Interest costs | 7 | 8 | 8 | ||
Plan amendments | -32 | 0 | |||
Settlements | 0 | 0 | |||
Curtailments | 0 | 0 | |||
Special termination benefits | 0 | 0 | |||
Actuarial losses/(gains) | 25 | -8 | |||
Benefit payments | -8 | -8 | |||
Exchange rate losses/(gains) | 18 | -4 | |||
End of the measurement period | 178 | 168 | 180 | ||
Fair value of plan assets (CHF million) | |||||
Beginning of the measurement period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 8 | 8 | |||
Settlements | 0 | 0 | |||
Benefit payments | -8 | -8 | |||
Exchange rate gains/(losses) | 0 | 0 | |||
End of the measurement period | 0 | 0 | 0 | ||
Funded status recognized (CHF million) | |||||
Funded status of the plan - overfunded/(underfunded) | -178 | -168 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | -178 | -168 | |||
Total amount recognized (CHF million) | |||||
Noncurrent assets | 0 | 0 | |||
Current liabilities | -10 | -8 | |||
Noncurrent liabilities | -168 | -160 | |||
Total amount recognized in the consolidated balance sheet at December 31 | -178 | -168 | |||
ABO (CHF million) | |||||
End of the measurement period | 178 | 168 | |||
Amounts recognized in AOCI (CHF million) | |||||
Actuarial gains/(losses) | -50 | -40 | |||
Prior service credit/(cost) | 17 | 3 | |||
Total | -33 | -37 | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | -25 | 8 | |||
Actuarial gains/(losses), Tax | 9 | -3 | |||
Actuarial gains/(losses), Net | -16 | 5 | |||
Prior service credit/(cost), Gross | 32 | ||||
Prior service credit/(cost), Tax | -12 | ||||
Prior service credit/(cost), Net | 20 | ||||
Amortization of actuarial losses/(gains), Gross | 9 | 13 | |||
Amortization of actuarial losses/(gains), Tax | -3 | -5 | |||
Amortization of actuarial losses/ (gains), Net | 6 | 8 | |||
Amortization of prior service cost/(credit), Gross | -9 | ||||
Amortization of prior service cost/(credit), Tax | 3 | ||||
Amortization of prior service cost/(credit), Net | -6 | ||||
Immediate recognition due to curtailment/settlement, Gross | 0 | ||||
Immediate recognition due to curtailment/settlement, Tax | 0 | ||||
Immediate recognition due to curtailment/settlement, Net | 0 | ||||
Total amounts recognized in other comprehensive income, Gross | 7 | 21 | |||
Total amounts recognized in other comprehensive income, Tax | -3 | -8 | |||
Total amounts recognized in other comprehensive income, Net | 4 | 13 | |||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 8 | ||||
Amortization of prior service cost/(credit) | -13 | ||||
Total | -5 | ||||
Net benefit pension cost (%) | |||||
Discount rate (as a percent) | 5.10% | 4.30% | 4.70% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 4.20% | 5.10% | 4.30% | ||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.00% | 8.00% | 9.00% | ||
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | ||||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | 0.2 | 1.3 | 1.4 | ||
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 5 | 23 | 27 | ||
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.3 | 1 | 1.1 | ||
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | 4 | 19 | 22 | ||
Bank | Other post-retirement defined benefit plans - International | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | 10 | ||||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.00% |
Pension_and_other_postretireme3
Pension and other post-retirement benefits (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
PBO | 15,661 | 13,473 | 14,296 |
ABO | 15,110 | 13,043 | |
Defined benefit pension plans - Switzerland | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 15,661 | 0 | |
ABO | 15,110 | 0 | |
Fair value of plan assets | 15,635 | 0 | |
Defined benefit pension plans - Switzerland | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
PBO | 3,539 | 2,843 | 2,773 |
ABO | 3,469 | 2,785 | |
Defined benefit pension plans - International | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,671 | 1,334 | |
ABO | 1,637 | 1,307 | |
Fair value of plan assets | 1,187 | 978 | |
Defined benefit pension plans - International | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,655 | 1,319 | |
ABO | 1,627 | 1,298 | |
Fair value of plan assets | 1,173 | 964 | |
Bank | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
PBO | 3,539 | 2,843 | 2,773 |
ABO | 3,469 | 2,785 | |
Bank | Defined benefit pension plans - International | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,671 | 1,334 | |
ABO | 1,637 | 1,307 | |
Fair value of plan assets | 1,187 | 978 | |
Bank | Defined benefit pension plans - International | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,655 | 1,319 | |
ABO | 1,627 | 1,298 | |
Fair value of plan assets | 1,173 | 964 |
Pension_and_other_postretireme4
Pension and other post-retirement benefits (Details 3) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 19,511 | 17,919 | |
Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 15,635 | 14,912 | 14,340 |
Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 3,876 | 3,007 | 2,893 |
Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 7,053 | 6,524 | |
Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 6,457 | 5,974 | |
Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 596 | 550 | |
Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 8,620 | 9,255 | |
Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 5,782 | 7,076 | |
Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,838 | 2,179 | |
Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 3,838 | 2,140 | 1,936 |
Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 3,396 | 1,862 | 1,742 |
Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 442 | 278 | 194 |
Group debt securities | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 134 | 129 | |
Group equity securities and options | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 131 | 147 | |
Cash and cash equivalents | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,983 | 3,370 | |
Cash and cash equivalents | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 279 | 399 | |
Cash and cash equivalents | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,983 | 3,335 | |
Cash and cash equivalents | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 191 | 66 | |
Cash and cash equivalents | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 35 | |
Cash and cash equivalents | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 88 | 333 | |
Cash and cash equivalents | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Cash and cash equivalents | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Debt securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 3,360 | 3,393 | |
Debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,046 | 1,529 | |
Debt securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 421 | 415 | |
Debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 189 | 335 | |
Debt securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,939 | 2,978 | |
Debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,590 | 1,017 | |
Debt securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 267 | 177 | |
Governments debt securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 338 | 395 | |
Governments debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 570 | 365 | |
Governments debt securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 338 | 395 | |
Governments debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 8 | 335 | |
Governments debt securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Governments debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 562 | 30 | |
Governments debt securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Governments debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Corporate debt securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 3,022 | 2,998 | |
Corporate debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,476 | 1,164 | |
Corporate debt securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 83 | 20 | |
Corporate debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 181 | 0 | |
Corporate debt securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,939 | 2,978 | |
Corporate debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,028 | 987 | |
Corporate debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 267 | 177 | 71 |
Corporate debt securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Corporate debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 267 | 177 | |
Equity securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 4,767 | 4,545 | |
Equity securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 882 | 613 | |
Equity securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,545 | 2,224 | |
Equity securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 216 | 172 | |
Equity securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,222 | 2,321 | |
Equity securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 666 | 441 | |
Equity securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Equity securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Real estate | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,680 | 1,689 | |
Real estate | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Real estate | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 534 | 564 | |
Real estate | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,263 | 1,219 | 1,169 |
Real estate | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,146 | 1,125 | |
Real estate - direct | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,146 | 1,123 | |
Real estate - direct | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Real estate - direct | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Real estate - direct | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,146 | 1,123 | 1,078 |
Real estate - direct | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,146 | 1,123 | |
Real estate - indirect | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 534 | 566 | |
Real estate - indirect | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 117 | 94 | |
Real estate - indirect | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Real estate - indirect | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Real estate - indirect | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 534 | 564 | |
Real estate - indirect | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Real estate - indirect | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 117 | 96 | 91 |
Real estate - indirect | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 2 | |
Real estate - indirect | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 117 | 94 | |
Alternative investments | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,845 | 1,915 | |
Alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 444 | 274 | |
Alternative investments | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 508 | 0 | |
Alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | -23 | |
Alternative investments | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 87 | 1,178 | |
Alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 386 | 290 | |
Alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,308 | 744 | 696 |
Alternative investments | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,250 | 737 | |
Alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 58 | 7 | |
Private equity - alternative investments | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 692 | 607 | |
Private equity - alternative investments | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Private equity - alternative investments | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Private equity - alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 692 | 607 | 666 |
Private equity - alternative investments | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 692 | 607 | |
Hedge funds | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 953 | 1,086 | |
Hedge funds | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 169 | 267 | |
Hedge funds | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Hedge funds | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Hedge funds | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 1,086 | |
Hedge funds | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 111 | 264 | |
Hedge funds | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,011 | 3 | 30 |
Hedge funds | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 953 | 0 | |
Hedge funds | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 58 | 3 | |
Other alternative investments | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,200 | 222 | |
Other alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 275 | 7 | |
Other alternative investments | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 508 | 0 | |
Other alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | -23 | |
Other alternative investments | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 87 | 92 | |
Other alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 275 | 26 | |
Other alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 605 | 134 | 0 |
Other alternative investments | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 605 | 130 | |
Other alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 4 | |
Other investments, plan assets | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 108 | 98 | |
Other investments, plan assets | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Other investments, plan assets | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 108 | 98 | |
Other investments, plan assets | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 3,876 | 3,007 | 2,893 |
Bank | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 596 | 550 | |
Bank | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,838 | 2,179 | |
Bank | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 442 | 278 | 194 |
Bank | Cash and cash equivalents | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 279 | 399 | |
Bank | Cash and cash equivalents | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 191 | 66 | |
Bank | Cash and cash equivalents | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 88 | 333 | |
Bank | Cash and cash equivalents | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 2,046 | 1,529 | |
Bank | Debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 189 | 335 | |
Bank | Debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,590 | 1,017 | |
Bank | Debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 267 | 177 | |
Bank | Governments debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 570 | 365 | |
Bank | Governments debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 8 | 335 | |
Bank | Governments debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 562 | 30 | |
Bank | Governments debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Corporate debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,476 | 1,164 | |
Bank | Corporate debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 181 | 0 | |
Bank | Corporate debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 1,028 | 987 | |
Bank | Corporate debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 267 | 177 | 71 |
Bank | Equity securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 882 | 613 | |
Bank | Equity securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 216 | 172 | |
Bank | Equity securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 666 | 441 | |
Bank | Equity securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Real estate - indirect | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 117 | 94 | |
Bank | Real estate - indirect | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Real estate - indirect | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Real estate - indirect | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 117 | 94 | 89 |
Bank | Alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 444 | 274 | |
Bank | Alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | -23 | |
Bank | Alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 386 | 290 | |
Bank | Alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 58 | 7 | 34 |
Bank | Private equity - alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 4 | |
Bank | Hedge funds | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 169 | 267 | |
Bank | Hedge funds | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Hedge funds | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 111 | 264 | |
Bank | Hedge funds | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 58 | 3 | 30 |
Bank | Other alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 275 | 7 | |
Bank | Other alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | -23 | |
Bank | Other alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 275 | 26 | |
Bank | Other alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 4 | 0 |
Bank | Other investments, plan assets | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 108 | 98 | |
Bank | Other investments, plan assets | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 | |
Bank | Other investments, plan assets | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 108 | 98 | |
Bank | Other investments, plan assets | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value (CHF million) | 0 | 0 |
Pension_and_other_postretireme5
Pension and other post-retirement benefits (Details 4) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 19,511 | 17,919 |
Defined benefit pension plans | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 7,053 | 6,524 |
Defined benefit pension plans | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 8,620 | 9,255 |
Defined benefit pension plans | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,140 | 1,936 |
Transfers In | 1,380 | 150 |
Transfers Out | -7 | -148 |
On assets still held at reporting date | 98 | 94 |
On assets sold during the period | 16 | 7 |
Purchases, sales, settlements | 180 | 118 |
Foreign currency translation impact | 31 | -17 |
End of the measurement period | 3,838 | 2,140 |
Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 177 | 71 |
Transfers In | 2 | 1 |
Transfers Out | 0 | -1 |
On assets still held at reporting date | -13 | 5 |
On assets sold during the period | 17 | 0 |
Purchases, sales, settlements | 65 | 103 |
Foreign currency translation impact | 19 | -2 |
End of the measurement period | 267 | 177 |
Defined benefit pension plans | Level 3 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,219 | 1,169 |
Transfers In | 0 | 0 |
Transfers Out | -2 | 0 |
On assets still held at reporting date | 32 | 52 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 3 | 0 |
Foreign currency translation impact | 11 | -2 |
End of the measurement period | 1,263 | 1,219 |
Defined benefit pension plans | Level 3 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,123 | 1,078 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 23 | 45 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 0 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,146 | 1,123 |
Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 96 | 91 |
Transfers In | 0 | 0 |
Transfers Out | -2 | 0 |
On assets still held at reporting date | 9 | 7 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 3 | 0 |
Foreign currency translation impact | 11 | -2 |
End of the measurement period | 117 | 96 |
Defined benefit pension plans | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 744 | 696 |
Transfers In | 1,378 | 149 |
Transfers Out | -5 | -147 |
On assets still held at reporting date | 79 | 37 |
On assets sold during the period | -1 | 7 |
Purchases, sales, settlements | 112 | 15 |
Foreign currency translation impact | 1 | -13 |
End of the measurement period | 2,308 | 744 |
Defined benefit pension plans | Level 3 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 607 | 666 |
Transfers In | 0 | 0 |
Transfers Out | -1 | -147 |
On assets still held at reporting date | 40 | 45 |
On assets sold during the period | 0 | 1 |
Purchases, sales, settlements | 46 | 47 |
Foreign currency translation impact | 0 | -5 |
End of the measurement period | 692 | 607 |
Defined benefit pension plans | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3 | 30 |
Transfers In | 953 | 2 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | -10 | -3 |
On assets sold during the period | -1 | 2 |
Purchases, sales, settlements | 65 | -27 |
Foreign currency translation impact | 1 | -1 |
End of the measurement period | 1,011 | 3 |
Defined benefit pension plans | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 134 | 0 |
Transfers In | 425 | 147 |
Transfers Out | -4 | 0 |
On assets still held at reporting date | 49 | -5 |
On assets sold during the period | 0 | 4 |
Purchases, sales, settlements | 1 | -5 |
Foreign currency translation impact | 0 | -7 |
End of the measurement period | 605 | 134 |
Defined benefit pension plans - Switzerland | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 14,912 | 14,340 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 15,635 | 14,912 |
Defined benefit pension plans - Switzerland | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 3,360 | 3,393 |
Defined benefit pension plans - Switzerland | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 3,022 | 2,998 |
Defined benefit pension plans - Switzerland | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 338 | 395 |
Defined benefit pension plans - Switzerland | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,680 | 1,689 |
Defined benefit pension plans - Switzerland | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,146 | 1,123 |
Defined benefit pension plans - Switzerland | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 534 | 566 |
Defined benefit pension plans - Switzerland | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,845 | 1,915 |
Defined benefit pension plans - Switzerland | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 692 | 607 |
Defined benefit pension plans - Switzerland | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 953 | 1,086 |
Defined benefit pension plans - Switzerland | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,200 | 222 |
Defined benefit pension plans - Switzerland | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 6,457 | 5,974 |
Defined benefit pension plans - Switzerland | Level 1 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 421 | 415 |
Defined benefit pension plans - Switzerland | Level 1 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 83 | 20 |
Defined benefit pension plans - Switzerland | Level 1 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 338 | 395 |
Defined benefit pension plans - Switzerland | Level 1 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 508 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 508 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 5,782 | 7,076 |
Defined benefit pension plans - Switzerland | Level 2 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,939 | 2,978 |
Defined benefit pension plans - Switzerland | Level 2 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,939 | 2,978 |
Defined benefit pension plans - Switzerland | Level 2 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 534 | 564 |
Defined benefit pension plans - Switzerland | Level 2 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 534 | 564 |
Defined benefit pension plans - Switzerland | Level 2 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 87 | 1,178 |
Defined benefit pension plans - Switzerland | Level 2 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 1,086 |
Defined benefit pension plans - Switzerland | Level 2 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 87 | 92 |
Defined benefit pension plans - Switzerland | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,862 | 1,742 |
Transfers In | 1,378 | 147 |
Transfers Out | -2 | -147 |
On assets still held at reporting date | 111 | 87 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 47 | 42 |
Exchange rate gains/(losses) on investments | 0 | -9 |
End of the measurement period | 3,396 | 1,862 |
Defined benefit pension plans - Switzerland | Level 3 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,146 | 1,125 |
Defined benefit pension plans - Switzerland | Level 3 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,146 | 1,123 |
Defined benefit pension plans - Switzerland | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 2 |
Defined benefit pension plans - Switzerland | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,250 | 737 |
Defined benefit pension plans - Switzerland | Level 3 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 692 | 607 |
Defined benefit pension plans - Switzerland | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 953 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 605 | 130 |
Defined benefit pension plans - International | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,007 | 2,893 |
Foreign currency translation impact | 208 | -35 |
End of the measurement period | 3,876 | 3,007 |
Defined benefit pension plans - International | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,046 | 1,529 |
Defined benefit pension plans - International | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,476 | 1,164 |
Defined benefit pension plans - International | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 570 | 365 |
Defined benefit pension plans - International | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 117 | 94 |
Defined benefit pension plans - International | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 444 | 274 |
Defined benefit pension plans - International | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 169 | 267 |
Defined benefit pension plans - International | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 275 | 7 |
Defined benefit pension plans - International | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 108 | 98 |
Defined benefit pension plans - International | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 596 | 550 |
Defined benefit pension plans - International | Level 1 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 189 | 335 |
Defined benefit pension plans - International | Level 1 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 181 | 0 |
Defined benefit pension plans - International | Level 1 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 8 | 335 |
Defined benefit pension plans - International | Level 1 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 1 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | -23 |
Defined benefit pension plans - International | Level 1 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 1 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | -23 |
Defined benefit pension plans - International | Level 1 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,838 | 2,179 |
Defined benefit pension plans - International | Level 2 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,590 | 1,017 |
Defined benefit pension plans - International | Level 2 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,028 | 987 |
Defined benefit pension plans - International | Level 2 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 562 | 30 |
Defined benefit pension plans - International | Level 2 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 2 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 386 | 290 |
Defined benefit pension plans - International | Level 2 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 111 | 264 |
Defined benefit pension plans - International | Level 2 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 275 | 26 |
Defined benefit pension plans - International | Level 2 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 108 | 98 |
Defined benefit pension plans - International | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 278 | 194 |
Transfers In | 2 | 3 |
Transfers Out | -5 | -1 |
On assets still held at reporting date | -13 | 7 |
On assets sold during the period | 16 | 7 |
Purchases, sales, settlements | 133 | 76 |
Foreign currency translation impact | 31 | -8 |
End of the measurement period | 442 | 278 |
Defined benefit pension plans - International | Level 3 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 267 | 177 |
Defined benefit pension plans - International | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 267 | 177 |
Defined benefit pension plans - International | Level 3 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 117 | 94 |
Defined benefit pension plans - International | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 58 | 7 |
Defined benefit pension plans - International | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 58 | 3 |
Defined benefit pension plans - International | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 4 |
Defined benefit pension plans - International | Level 3 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,007 | 2,893 |
Foreign currency translation impact | 208 | -35 |
End of the measurement period | 3,876 | 3,007 |
Bank | Defined benefit pension plans - International | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,046 | 1,529 |
Bank | Defined benefit pension plans - International | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,476 | 1,164 |
Bank | Defined benefit pension plans - International | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 570 | 365 |
Bank | Defined benefit pension plans - International | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 117 | 94 |
Bank | Defined benefit pension plans - International | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 444 | 274 |
Bank | Defined benefit pension plans - International | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 169 | 267 |
Bank | Defined benefit pension plans - International | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 275 | 7 |
Bank | Defined benefit pension plans - International | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 108 | 98 |
Bank | Defined benefit pension plans - International | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 596 | 550 |
Bank | Defined benefit pension plans - International | Level 1 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 189 | 335 |
Bank | Defined benefit pension plans - International | Level 1 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 181 | 0 |
Bank | Defined benefit pension plans - International | Level 1 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 8 | 335 |
Bank | Defined benefit pension plans - International | Level 1 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 1 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | -23 |
Bank | Defined benefit pension plans - International | Level 1 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 1 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | -23 |
Bank | Defined benefit pension plans - International | Level 1 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 2,838 | 2,179 |
Bank | Defined benefit pension plans - International | Level 2 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,590 | 1,017 |
Bank | Defined benefit pension plans - International | Level 2 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 1,028 | 987 |
Bank | Defined benefit pension plans - International | Level 2 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 562 | 30 |
Bank | Defined benefit pension plans - International | Level 2 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 2 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 386 | 290 |
Bank | Defined benefit pension plans - International | Level 2 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 111 | 264 |
Bank | Defined benefit pension plans - International | Level 2 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 275 | 26 |
Bank | Defined benefit pension plans - International | Level 2 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 108 | 98 |
Bank | Defined benefit pension plans - International | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 278 | 194 |
Transfers In | 2 | 3 |
Transfers Out | -4 | -1 |
On assets still held at reporting date | -14 | 7 |
On assets sold during the period | 16 | 7 |
Purchases, sales, settlements | 133 | 76 |
Foreign currency translation impact | 31 | -8 |
End of the measurement period | 442 | 278 |
Bank | Defined benefit pension plans - International | Level 3 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 267 | 177 |
Bank | Defined benefit pension plans - International | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 177 | 71 |
Transfers In | 2 | 1 |
Transfers Out | 0 | -1 |
On assets still held at reporting date | -13 | 5 |
On assets sold during the period | 17 | 0 |
Purchases, sales, settlements | 65 | 103 |
Foreign currency translation impact | 19 | -2 |
End of the measurement period | 267 | 177 |
Bank | Defined benefit pension plans - International | Level 3 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 94 | 89 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 9 | 7 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 3 | 0 |
Foreign currency translation impact | 11 | -2 |
End of the measurement period | 117 | 94 |
Bank | Defined benefit pension plans - International | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 7 | 34 |
Transfers In | 0 | 2 |
Transfers Out | -4 | 0 |
On assets still held at reporting date | -10 | -5 |
On assets sold during the period | -1 | 7 |
Purchases, sales, settlements | 65 | -27 |
Foreign currency translation impact | 1 | -4 |
End of the measurement period | 58 | 7 |
Bank | Defined benefit pension plans - International | Level 3 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 4 | |
Transfers In | 0 | |
Transfers Out | 0 | |
On assets still held at reporting date | -1 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | -3 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 0 | |
Bank | Defined benefit pension plans - International | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3 | 30 |
Transfers In | 0 | 2 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | -10 | -4 |
On assets sold during the period | -1 | 3 |
Purchases, sales, settlements | 65 | -28 |
Foreign currency translation impact | 1 | 0 |
End of the measurement period | 58 | 3 |
Bank | Defined benefit pension plans - International | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 4 | 0 |
Transfers In | 0 | 0 |
Transfers Out | -4 | 0 |
On assets still held at reporting date | 0 | 0 |
On assets sold during the period | 0 | 4 |
Purchases, sales, settlements | 0 | 4 |
Foreign currency translation impact | 0 | -4 |
End of the measurement period | 0 | 4 |
Bank | Defined benefit pension plans - International | Level 3 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
End of the measurement period | 0 | 0 |
Pension_and_other_postretireme6
Pension and other post-retirement benefits (Details 5) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Defined benefit pension plans - Switzerland | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Defined benefit pension plans - Switzerland | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 19.10% | 22.60% | |
Defined benefit pension plans - Switzerland | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.00% | ||
Defined benefit pension plans - Switzerland | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 21.50% | 22.80% | |
Defined benefit pension plans - Switzerland | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 35.00% | ||
Defined benefit pension plans - Switzerland | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 30.50% | 30.40% | |
Defined benefit pension plans - Switzerland | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 30.00% | ||
Defined benefit pension plans - Switzerland | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 10.70% | 11.30% | |
Defined benefit pension plans - Switzerland | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 12.00% | ||
Defined benefit pension plans - Switzerland | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 18.20% | 12.90% | |
Defined benefit pension plans - Switzerland | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 13.00% | ||
Defined benefit pension plans - Switzerland | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.00% | 0.00% | |
Defined benefit pension plans - Switzerland | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.00% | ||
Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Defined benefit pension plans - International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Defined benefit pension plans - International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 7.20% | 13.30% | |
Defined benefit pension plans - International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
Defined benefit pension plans - International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 52.70% | 50.70% | |
Defined benefit pension plans - International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 59.40% | ||
Defined benefit pension plans - International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 22.80% | 20.40% | |
Defined benefit pension plans - International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 24.30% | ||
Defined benefit pension plans - International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.00% | 3.10% | |
Defined benefit pension plans - International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.80% | ||
Defined benefit pension plans - International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 11.50% | 9.20% | |
Defined benefit pension plans - International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.40% | ||
Defined benefit pension plans - International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.80% | 3.30% | |
Defined benefit pension plans - International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.80% | ||
Bank | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Bank | Defined benefit pension plans - International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Bank | Defined benefit pension plans - International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 7.20% | 13.30% | |
Bank | Defined benefit pension plans - International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
Bank | Defined benefit pension plans - International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 52.70% | 50.70% | |
Bank | Defined benefit pension plans - International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 59.40% | ||
Bank | Defined benefit pension plans - International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 22.80% | 20.40% | |
Bank | Defined benefit pension plans - International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 24.30% | ||
Bank | Defined benefit pension plans - International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.00% | 3.10% | |
Bank | Defined benefit pension plans - International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.80% | ||
Bank | Defined benefit pension plans - International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 11.50% | 9.20% | |
Bank | Defined benefit pension plans - International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.40% | ||
Bank | Defined benefit pension plans - International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.80% | 3.30% | |
Bank | Defined benefit pension plans - International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.80% |
Pension_and_other_postretireme7
Pension and other post-retirement benefits (Details 6) (CHF) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Defined benefit pension plans | |
Estimated future benefit payments (CHF million) | |
Next twelve months | 1,206 |
Year two | 938 |
Year three | 911 |
Year four | 897 |
Year five | 938 |
For five years thereafter | 5,037 |
Other post-retirement defined benefit plans | |
Estimated future benefit payments (CHF million) | |
Next twelve months | 10 |
Year two | 10 |
Year three | 11 |
Year four | 11 |
Year five | 12 |
For five years thereafter | 59 |
Bank | Defined benefit pension plans - International | |
Estimated future benefit payments (CHF million) | |
Next twelve months | 79 |
Year two | 80 |
Year three | 86 |
Year four | 96 |
Year five | 109 |
For five years thereafter | 700 |
Bank | Other post-retirement defined benefit plans - International | |
Estimated future benefit payments (CHF million) | |
Next twelve months | 10 |
Year two | 10 |
Year three | 11 |
Year four | 11 |
Year five | 12 |
For five years thereafter | 59 |
Pension_and_other_postretireme8
Pension and other post-retirement benefits (Details 7) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | 182 | 179 | 221 |
Bank | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | 181 | 178 | 219 |
Contributions made by the Entity to the group defined benefit plan | 415 | 390 | 458 |
Derivatives_and_hedging_activi2
Derivatives and hedging activities (Details) (CHF) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value of derivative instruments | ||
Notional amount | 51,055.10 | 52,435.70 |
Positive replacement value (PRV) | 629.5 | 578.6 |
Negative replacement value (NRV) | 632.4 | 584.7 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years 0 months 0 days | |
Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 50,980.30 | 52,327.30 |
Positive replacement value (PRV) | 626.9 | 575.5 |
Negative replacement value (NRV) | 630.7 | 583.9 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 44,019.60 | 45,382 |
Positive replacement value (PRV) | 470.3 | 446.7 |
Negative replacement value (NRV) | 461.5 | 441.5 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 11,940.20 | 9,366.20 |
Positive replacement value (PRV) | 5.3 | 2.5 |
Negative replacement value (NRV) | 5.6 | 2.6 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 26,379 | 30,589.60 |
Positive replacement value (PRV) | 398.6 | 399.6 |
Negative replacement value (NRV) | 391.9 | 393.8 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 3,582.90 | 3,889.50 |
Positive replacement value (PRV) | 66.2 | 44.3 |
Negative replacement value (NRV) | 63.9 | 44.9 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 1,528.40 | 830.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 589.1 | 705.9 |
Positive replacement value (PRV) | 0.2 | 0.3 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 4,603.40 | 4,350 |
Positive replacement value (PRV) | 89.5 | 61.3 |
Negative replacement value (NRV) | 102.3 | 72.5 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 2,132.90 | 2,098 |
Positive replacement value (PRV) | 32.2 | 21.6 |
Negative replacement value (NRV) | 33.4 | 21.5 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 1,430.90 | 1,382.10 |
Positive replacement value (PRV) | 40 | 28.9 |
Negative replacement value (NRV) | 51 | 39.2 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 1,008.40 | 815.6 |
Positive replacement value (PRV) | 17.2 | 10.7 |
Negative replacement value (NRV) | 17.7 | 11.6 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 23.3 | 48.8 |
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 | 7.9 | 5.5 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0.2 |
Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 1,287.50 | 1,483.30 |
Positive replacement value (PRV) | 27 | 26.8 |
Negative replacement value (NRV) | 26.2 | 27.2 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 947.6 | 932.2 |
Positive replacement value (PRV) | 30.4 | 35.3 |
Negative replacement value (NRV) | 31 | 37.2 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 4.2 | 4 |
Positive replacement value (PRV) | 0.7 | 0.7 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 289.3 | 236.1 |
Positive replacement value (PRV) | 6.2 | 5.4 |
Negative replacement value (NRV) | 6.7 | 7.9 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 236.8 | 225.3 |
Positive replacement value (PRV) | 10.8 | 12.2 |
Negative replacement value (NRV) | 9.9 | 12 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 46.4 | 50.6 |
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 | 370.9 | 416.2 |
Positive replacement value (PRV) | 12.7 | 17 |
Negative replacement value (NRV) | 14.3 | 17.2 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 122.2 | 179.8 |
Positive replacement value (PRV) | 9.7 | 5.4 |
Negative replacement value (NRV) | 9.7 | 5.5 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 17.8 | 19.2 |
Positive replacement value (PRV) | 0.9 | 0.7 |
Negative replacement value (NRV) | 0.9 | 1.1 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 44.4 | 45.4 |
Positive replacement value (PRV) | 6.7 | 2.9 |
Negative replacement value (NRV) | 6.6 | 2.5 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 44.6 | 35.2 |
Positive replacement value (PRV) | 1.7 | 1.1 |
Negative replacement value (NRV) | 1.8 | 1 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 13.3 | 31.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 2.1 | 48.9 |
Positive replacement value (PRV) | 0.4 | 0.7 |
Negative replacement value (NRV) | 0.4 | 0.9 |
Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 74.8 | 108.4 |
Positive replacement value (PRV) | 2.6 | 3.1 |
Negative replacement value (NRV) | 1.7 | 0.8 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 51.1 | 68.5 |
Positive replacement value (PRV) | 2.6 | 2.8 |
Negative replacement value (NRV) | 1.3 | 0.7 |
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 | 51.1 | 68.5 |
Positive replacement value (PRV) | 2.6 | 2.8 |
Negative replacement value (NRV) | 1.3 | 0.7 |
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 | 23.7 | 39.9 |
Positive replacement value (PRV) | 0 | 0.3 |
Negative replacement value (NRV) | 0.4 | 0.1 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 14.2 | 30.5 |
Positive replacement value (PRV) | 0 | 0.3 |
Negative replacement value (NRV) | 0.3 | 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 | 9.5 | 9.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 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 | 51,055 | 52,436.60 |
Positive replacement value (PRV) | 629.8 | 578.7 |
Negative replacement value (NRV) | 632.7 | 584.6 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years 0 months 0 days | |
Bank | Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 50,984.80 | 52,333 |
Positive replacement value (PRV) | 627.3 | 575.7 |
Negative replacement value (NRV) | 631.2 | 583.9 |
Bank | Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 44,022.60 | 45,386 |
Positive replacement value (PRV) | 470.4 | 446.7 |
Negative replacement value (NRV) | 461.5 | 441.3 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 11,940.20 | 9,366.20 |
Positive replacement value (PRV) | 5.3 | 2.5 |
Negative replacement value (NRV) | 5.6 | 2.6 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 26,382 | 30,593.60 |
Positive replacement value (PRV) | 398.7 | 399.6 |
Negative replacement value (NRV) | 392 | 393.6 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 3,582.90 | 3,889.50 |
Positive replacement value (PRV) | 66.2 | 44.3 |
Negative replacement value (NRV) | 63.8 | 44.9 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 1,528.40 | 830.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 589.1 | 705.9 |
Positive replacement value (PRV) | 0.2 | 0.3 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 4,604 | 4,351.30 |
Positive replacement value (PRV) | 89.5 | 61.3 |
Negative replacement value (NRV) | 102.3 | 72.5 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 2,133.50 | 2,098.60 |
Positive replacement value (PRV) | 32.2 | 21.6 |
Negative replacement value (NRV) | 33.4 | 21.5 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 1,430.90 | 1,382.80 |
Positive replacement value (PRV) | 40 | 28.9 |
Negative replacement value (NRV) | 51 | 39.2 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 1,008.40 | 815.6 |
Positive replacement value (PRV) | 17.2 | 10.7 |
Negative replacement value (NRV) | 17.7 | 11.6 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 23.3 | 48.8 |
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 | 7.9 | 5.5 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0.2 |
Bank | Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 1,287.50 | 1,483.30 |
Positive replacement value (PRV) | 27 | 26.8 |
Negative replacement value (NRV) | 26.2 | 27.2 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 948.5 | 932.6 |
Positive replacement value (PRV) | 30.7 | 35.5 |
Negative replacement value (NRV) | 31.5 | 37.4 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 4.2 | 4 |
Positive replacement value (PRV) | 0.7 | 0.7 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 289.3 | 236.1 |
Positive replacement value (PRV) | 6.2 | 5.4 |
Negative replacement value (NRV) | 6.7 | 8 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 237.7 | 225.7 |
Positive replacement value (PRV) | 11.1 | 12.4 |
Negative replacement value (NRV) | 10.4 | 12.1 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 46.4 | 50.6 |
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 | 370.9 | 416.2 |
Positive replacement value (PRV) | 12.7 | 17 |
Negative replacement value (NRV) | 14.3 | 17.2 |
Bank | Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 122.2 | 179.8 |
Positive replacement value (PRV) | 9.7 | 5.4 |
Negative replacement value (NRV) | 9.7 | 5.5 |
Bank | Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 17.8 | 19.2 |
Positive replacement value (PRV) | 0.9 | 0.7 |
Negative replacement value (NRV) | 0.9 | 1.1 |
Bank | Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 44.4 | 45.5 |
Positive replacement value (PRV) | 6.7 | 2.9 |
Negative replacement value (NRV) | 6.6 | 2.5 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 44.6 | 35.1 |
Positive replacement value (PRV) | 1.7 | 1.1 |
Negative replacement value (NRV) | 1.8 | 1 |
Bank | Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 13.3 | 31.1 |
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 | 2.1 | 48.9 |
Positive replacement value (PRV) | 0.4 | 0.7 |
Negative replacement value (NRV) | 0.4 | 0.9 |
Bank | Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 70.2 | 103.6 |
Positive replacement value (PRV) | 2.5 | 3 |
Negative replacement value (NRV) | 1.5 | 0.7 |
Bank | Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 46.5 | 63.7 |
Positive replacement value (PRV) | 2.5 | 2.7 |
Negative replacement value (NRV) | 1.1 | 0.6 |
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 | 46.5 | 63.7 |
Positive replacement value (PRV) | 2.5 | 2.7 |
Negative replacement value (NRV) | 1.1 | 0.6 |
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 | 23.7 | 39.9 |
Positive replacement value (PRV) | 0 | 0.3 |
Negative replacement value (NRV) | 0.4 | 0.1 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 14.2 | 30.5 |
Positive replacement value (PRV) | 0 | 0.3 |
Negative replacement value (NRV) | 0.3 | 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 | 9.5 | 9.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 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) | 0 | 0 |
Derivatives_and_hedging_activi3
Derivatives and hedging activities (Details 2) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | -228 | 428 | 821 |
Gains/(losses) recognized in income on hedged items | 224 | -426 | -865 |
Net gains/(losses) on the ineffective portion | -4 | 2 | -44 |
Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | -231 | 437 | 834 |
Gains/(losses) recognized in income on hedged items | 227 | -435 | -878 |
Fair value hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | 3 | -9 | -13 |
Gains/(losses) recognized in income on hedged items | -3 | 9 | 13 |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | -1 | 1 | 0 |
Gains/(losses) recognized in AOCI on derivatives | -3 | 20 | 38 |
Gains/(losses) reclassified from AOCI into income | 13 | 0 | 0 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | -31 | ||
Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 40 | 7 | 8 |
Gains/(losses) reclassified from AOCI into income | 21 | 3 | 0 |
Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | -43 | 13 | 30 |
Gains/(losses) reclassified from AOCI into income | -8 | -3 | 0 |
Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | -1,672 | 504 | -81 |
Gains/(losses) reclassified from AOCI into income | 0 | 2 | 75 |
Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | -1,672 | 504 | -81 |
Gains/(losses) reclassified from AOCI into income | 0 | 2 | 75 |
Bank | Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | -139 | 369 | 836 |
Gains/(losses) recognized in income on hedged items | 133 | -366 | -881 |
Net gains/(losses) on the ineffective portion | -6 | 3 | -45 |
Bank | Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | -142 | 378 | 849 |
Gains/(losses) recognized in income on hedged items | 136 | -375 | -894 |
Bank | Fair value hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | 3 | -9 | -13 |
Gains/(losses) recognized in income on hedged items | -3 | 9 | 13 |
Bank | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | -1 | 1 | 0 |
Gains/(losses) recognized in AOCI on derivatives | -7 | 7 | 8 |
Gains/(losses) reclassified from AOCI into income | 16 | 3 | 0 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | -28 | ||
Bank | Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 40 | 7 | 8 |
Gains/(losses) reclassified from AOCI into income | 21 | 3 | 0 |
Bank | Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | -47 | 0 | 0 |
Gains/(losses) reclassified from AOCI into income | -5 | 0 | 0 |
Bank | Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | -1,672 | 504 | -81 |
Gains/(losses) reclassified from AOCI into income | 0 | 2 | 75 |
Bank | Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | -1,672 | 504 | -81 |
Gains/(losses) reclassified from AOCI into income | 0 | 2 | 75 |
Derivatives_and_hedging_activi4
Derivatives and hedging activities (Details 3) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Contingent credit risk | ||
Current net exposure | 15.1 | 12.9 |
Collateral posted | 13.1 | 11.8 |
Additional collateral required in a one-notch downgrade event | 1.3 | 1.4 |
Additional collateral required in a two-notch downgrade event | 3.2 | 3.4 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 14 | 11.7 |
Collateral posted | 12.2 | 10.6 |
Additional collateral required in a one-notch downgrade event | 0.7 | 0.6 |
Additional collateral required in a two-notch downgrade event | 2.2 | 2.3 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.8 | 1.1 |
Collateral posted | 0.9 | 1.2 |
Additional collateral required in a one-notch downgrade event | 0.5 | 0.8 |
Additional collateral required in a two-notch downgrade event | 0.8 | 1.1 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0.3 | 0.1 |
Additional collateral required in a one-notch downgrade event | 0.1 | 0 |
Additional collateral required in a two-notch downgrade event | 0.2 | 0 |
Bank | ||
Contingent credit risk | ||
Current net exposure | 15.1 | 12.9 |
Collateral posted | 13.1 | 11.8 |
Additional collateral required in a one-notch downgrade event | 1.3 | 1.4 |
Additional collateral required in a two-notch downgrade event | 3.2 | 3.4 |
Bank | Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 14 | 11.7 |
Collateral posted | 12.2 | 10.6 |
Additional collateral required in a one-notch downgrade event | 0.7 | 0.6 |
Additional collateral required in a two-notch downgrade event | 2.2 | 2.3 |
Bank | Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.8 | 1.1 |
Collateral posted | 0.9 | 1.2 |
Additional collateral required in a one-notch downgrade event | 0.5 | 0.8 |
Additional collateral required in a two-notch downgrade event | 0.8 | 1.1 |
Bank | Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0.3 | 0.1 |
Additional collateral required in a one-notch downgrade event | 0.1 | 0 |
Additional collateral required in a two-notch downgrade event | 0.2 | 0 |
Derivatives_and_hedging_activi5
Derivatives and hedging activities (Details 4) (CHF) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Credit protection sold/purchased | ||
Credit protection sold | -586 | -698.7 |
Credit protection purchased | 564.9 | 663.9 |
Net credit protection (sold)/purchased | -21.1 | -34.8 |
Other protection purchased | 114.5 | 109 |
Fair value of credit protection sold | 7.8 | 12.5 |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | -12.6 | -7.4 |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | -109.2 | -110.4 |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -388.2 | -489.6 |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -88.6 | -98.7 |
Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -83.5 | -98.9 |
Credit protection purchased | 80.2 | 95.9 |
Net credit protection (sold)/purchased | -3.3 | -3 |
Other protection purchased | 9.7 | 10 |
Fair value of credit protection sold | -1.1 | -0.4 |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -502.5 | -599.8 |
Credit protection purchased | 484.7 | 568 |
Net credit protection (sold)/purchased | -17.8 | -31.8 |
Other protection purchased | 104.8 | 99 |
Fair value of credit protection sold | 8.9 | 12.9 |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -428.7 | -525 |
Credit protection purchased | 413.9 | 500 |
Net credit protection (sold)/purchased | -14.8 | -25 |
Other protection purchased | 88.9 | 85 |
Fair value of credit protection sold | 6.7 | 8.5 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -157.3 | -173.7 |
Credit protection purchased | 151 | 163.9 |
Net credit protection (sold)/purchased | -6.3 | -9.8 |
Other protection purchased | 25.6 | 24 |
Fair value of credit protection sold | 1.1 | 4 |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | -370.4 | -414.6 |
Credit protection purchased | 353.9 | 392.8 |
Net credit protection (sold)/purchased | -16.5 | -21.8 |
Other protection purchased | 46.2 | 48.2 |
Fair value of credit protection sold | 4.6 | 7.7 |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | -78 | -91.2 |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -253.9 | -281.4 |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -38.5 | -42 |
Single-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -76.2 | -88.1 |
Credit protection purchased | 73 | 85 |
Net credit protection (sold)/purchased | -3.2 | -3.1 |
Other protection purchased | 8.6 | 8.9 |
Fair value of credit protection sold | -1.1 | -0.4 |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -294.2 | -326.5 |
Credit protection purchased | 280.9 | 307.8 |
Net credit protection (sold)/purchased | -13.3 | -18.7 |
Other protection purchased | 37.6 | 39.3 |
Fair value of credit protection sold | 5.7 | 8.1 |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -266.5 | -305.9 |
Credit protection purchased | 254 | 287.9 |
Net credit protection (sold)/purchased | -12.5 | -18 |
Other protection purchased | 32.7 | 37.7 |
Fair value of credit protection sold | 4.5 | 5.2 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -103.9 | -108.7 |
Credit protection purchased | 99.9 | 104.9 |
Net credit protection (sold)/purchased | -4 | -3.8 |
Other protection purchased | 13.5 | 10.5 |
Fair value of credit protection sold | 0.1 | 2.5 |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | -215.6 | -284.1 |
Credit protection purchased | 211 | 271.1 |
Net credit protection (sold)/purchased | -4.6 | -13 |
Other protection purchased | 68.3 | 60.8 |
Fair value of credit protection sold | 3.2 | 4.8 |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | -31.2 | -19.2 |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -134.3 | -208.2 |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -50.1 | -56.7 |
Multi-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -7.3 | -10.8 |
Credit protection purchased | 7.2 | 10.9 |
Net credit protection (sold)/purchased | -0.1 | 0.1 |
Other protection purchased | 1.1 | 1.1 |
Fair value of credit protection sold | 0 | 0 |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -208.3 | -273.3 |
Credit protection purchased | 203.8 | 260.2 |
Net credit protection (sold)/purchased | -4.5 | -13.1 |
Other protection purchased | 67.2 | 59.7 |
Fair value of credit protection sold | 3.2 | 4.8 |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -162.2 | -219.1 |
Credit protection purchased | 159.9 | 212.1 |
Net credit protection (sold)/purchased | -2.3 | -7 |
Other protection purchased | 56.2 | 47.3 |
Fair value of credit protection sold | 2.2 | 3.3 |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -53.4 | -65 |
Credit protection purchased | 51.1 | 59 |
Net credit protection (sold)/purchased | -2.3 | -6 |
Other protection purchased | 12.1 | 13.5 |
Fair value of credit protection sold | 1 | 1.5 |
Bank | ||
Credit protection sold/purchased | ||
Credit protection sold | -586 | -698.7 |
Credit protection purchased | 564.9 | 663.9 |
Net credit protection (sold)/purchased | -21.1 | -34.8 |
Other protection purchased | 114.5 | 109 |
Fair value of credit protection sold | 7.8 | 12.5 |
Bank | Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | -12.6 | -7.4 |
Bank | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | -109.2 | -110.4 |
Bank | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -388.2 | -489.6 |
Bank | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -88.6 | -98.7 |
Bank | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -83.5 | -98.9 |
Credit protection purchased | 80.2 | 95.9 |
Net credit protection (sold)/purchased | -3.3 | -3 |
Other protection purchased | 9.7 | 10 |
Fair value of credit protection sold | -1.1 | -0.4 |
Bank | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -502.5 | -599.8 |
Credit protection purchased | 484.7 | 568 |
Net credit protection (sold)/purchased | -17.8 | -31.8 |
Other protection purchased | 104.8 | 99 |
Fair value of credit protection sold | 8.9 | 12.9 |
Bank | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -428.7 | -525 |
Credit protection purchased | 413.9 | 500 |
Net credit protection (sold)/purchased | -14.8 | -25 |
Other protection purchased | 88.9 | 85 |
Fair value of credit protection sold | 6.7 | 8.5 |
Bank | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -157.3 | -173.7 |
Credit protection purchased | 151 | 163.9 |
Net credit protection (sold)/purchased | -6.3 | -9.8 |
Other protection purchased | 25.6 | 24 |
Fair value of credit protection sold | 1.1 | 4 |
Bank | Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | -370.4 | -414.6 |
Credit protection purchased | 353.9 | 392.8 |
Net credit protection (sold)/purchased | -16.5 | -21.8 |
Other protection purchased | 46.2 | 48.2 |
Fair value of credit protection sold | 4.6 | 7.7 |
Bank | Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | -78 | -91.2 |
Bank | Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -253.9 | -281.4 |
Bank | Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -38.5 | -42 |
Bank | Single-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -76.2 | -88.1 |
Credit protection purchased | 73 | 85 |
Net credit protection (sold)/purchased | -3.2 | -3.1 |
Other protection purchased | 8.6 | 8.9 |
Fair value of credit protection sold | -1.1 | -0.4 |
Bank | Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -294.2 | -326.5 |
Credit protection purchased | 280.9 | 307.8 |
Net credit protection (sold)/purchased | -13.3 | -18.7 |
Other protection purchased | 37.6 | 39.3 |
Fair value of credit protection sold | 5.7 | 8.1 |
Bank | Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -266.5 | -305.9 |
Credit protection purchased | 254 | 287.9 |
Net credit protection (sold)/purchased | -12.5 | -18 |
Other protection purchased | 32.7 | 37.7 |
Fair value of credit protection sold | 4.5 | 5.2 |
Bank | Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -103.9 | -108.7 |
Credit protection purchased | 99.9 | 104.9 |
Net credit protection (sold)/purchased | -4 | -3.8 |
Other protection purchased | 13.5 | 10.5 |
Fair value of credit protection sold | 0.1 | 2.5 |
Bank | Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | -215.6 | -284.1 |
Credit protection purchased | 211 | 271.1 |
Net credit protection (sold)/purchased | -4.6 | -13 |
Other protection purchased | 68.3 | 60.8 |
Fair value of credit protection sold | 3.2 | 4.8 |
Bank | Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | -31.2 | -19.2 |
Bank | Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -134.3 | -208.2 |
Bank | Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | -50.1 | -56.7 |
Bank | Multi-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -7.3 | -10.8 |
Credit protection purchased | 7.2 | 10.9 |
Net credit protection (sold)/purchased | -0.1 | 0.1 |
Other protection purchased | 1.1 | 1.1 |
Fair value of credit protection sold | 0 | 0 |
Bank | Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | -208.3 | -273.3 |
Credit protection purchased | 203.8 | 260.2 |
Net credit protection (sold)/purchased | -4.5 | -13.1 |
Other protection purchased | 67.2 | 59.7 |
Fair value of credit protection sold | 3.2 | 4.8 |
Bank | Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -162.2 | -219.1 |
Credit protection purchased | 159.9 | 212.1 |
Net credit protection (sold)/purchased | -2.3 | -7 |
Other protection purchased | 56.2 | 47.3 |
Fair value of credit protection sold | 2.2 | 3.3 |
Bank | Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | -53.4 | -65 |
Credit protection purchased | 51.1 | 59 |
Net credit protection (sold)/purchased | -2.3 | -6 |
Other protection purchased | 12.1 | 13.5 |
Fair value of credit protection sold | 1 | 1.5 |
Derivatives_and_hedging_activi6
Derivatives and hedging activities (Details 5) (CHF) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Credit Derivatives [Line Items] | ||
Credit protection sold | 586 | 698.7 |
Credit protection purchased | 564.9 | 663.9 |
Other protection purchased | 114.5 | 109 |
Other instruments | 22.1 | 11.7 |
Total credit derivatives | 1,287.50 | 1,483.30 |
Bank | ||
Credit Derivatives [Line Items] | ||
Credit protection sold | 586 | 698.7 |
Credit protection purchased | 564.9 | 663.9 |
Other protection purchased | 114.5 | 109 |
Other instruments | 22.1 | 11.7 |
Total credit derivatives | 1,287.50 | 1,483.30 |
Guarantees_and_commitments_Det
Guarantees and commitments (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Guarantees | ||
Maturity less than 1 year | 47,842 | 41,327 |
Maturity between 1 to 3 years | 8,965 | 12,967 |
Maturity between 3 to 5 years | 2,679 | 3,499 |
Maturity greater than 5 years | 2,920 | 2,811 |
Total gross amount | 62,406 | 60,604 |
Total net amount | 61,293 | 59,511 |
Carrying value | 1,071 | 839 |
Collateral received | 19,907 | 19,755 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,495 | 2,688 |
Maturity between 1 to 3 years | 733 | 621 |
Maturity between 3 to 5 years | 257 | 336 |
Maturity greater than 5 years | 601 | 569 |
Total gross amount | 4,086 | 4,214 |
Total net amount | 3,846 | 4,066 |
Carrying value | 30 | 14 |
Collateral received | 1,657 | 2,333 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,899 | 4,910 |
Maturity between 1 to 3 years | 1,284 | 1,985 |
Maturity between 3 to 5 years | 1,203 | 1,007 |
Maturity greater than 5 years | 106 | 144 |
Total gross amount | 7,492 | 8,046 |
Total net amount | 6,625 | 7,125 |
Carrying value | 43 | 107 |
Collateral received | 3,188 | 3,312 |
Securities lending indemnifications | ||
Guarantees | ||
Maturity less than 1 year | 12,257 | 11,479 |
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 | 12,257 | 11,479 |
Total net amount | 12,257 | 11,479 |
Carrying value | 0 | 0 |
Collateral received | 12,257 | 11,479 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 24,599 | 18,247 |
Maturity between 1 to 3 years | 6,157 | 9,544 |
Maturity between 3 to 5 years | 986 | 1,959 |
Maturity greater than 5 years | 1,816 | 1,900 |
Total gross amount | 33,558 | 31,650 |
Total net amount | 33,558 | 31,650 |
Carrying value | 954 | 715 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,592 | 4,003 |
Maturity between 1 to 3 years | 791 | 817 |
Maturity between 3 to 5 years | 233 | 197 |
Maturity greater than 5 years | 397 | 198 |
Total gross amount | 5,013 | 5,215 |
Total net amount | 5,007 | 5,191 |
Carrying value | 44 | 3 |
Collateral received | 2,805 | 2,631 |
Bank | ||
Guarantees | ||
Maturity less than 1 year | 47,619 | 41,121 |
Maturity between 1 to 3 years | 8,885 | 12,908 |
Maturity between 3 to 5 years | 2,646 | 3,470 |
Maturity greater than 5 years | 2,899 | 2,797 |
Total gross amount | 62,049 | 60,296 |
Total net amount | 60,936 | 59,203 |
Carrying value | 1,067 | 835 |
Collateral received | 19,839 | 19,692 |
Bank | Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,488 | 2,682 |
Maturity between 1 to 3 years | 733 | 621 |
Maturity between 3 to 5 years | 257 | 336 |
Maturity greater than 5 years | 593 | 569 |
Total gross amount | 4,071 | 4,208 |
Total net amount | 3,832 | 4,060 |
Carrying value | 30 | 14 |
Collateral received | 1,654 | 2,330 |
Bank | Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,798 | 4,819 |
Maturity between 1 to 3 years | 1,219 | 1,932 |
Maturity between 3 to 5 years | 1,178 | 982 |
Maturity greater than 5 years | 97 | 135 |
Total gross amount | 7,292 | 7,868 |
Total net amount | 6,425 | 6,946 |
Carrying value | 40 | 103 |
Collateral received | 3,155 | 3,277 |
Bank | Securities lending indemnifications | ||
Guarantees | ||
Maturity less than 1 year | 12,257 | 11,479 |
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 | 12,257 | 11,479 |
Total net amount | 12,257 | 11,479 |
Carrying value | 0 | 0 |
Collateral received | 12,257 | 11,479 |
Bank | Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 24,599 | 18,247 |
Maturity between 1 to 3 years | 6,157 | 9,544 |
Maturity between 3 to 5 years | 981 | 1,959 |
Maturity greater than 5 years | 1,815 | 1,900 |
Total gross amount | 33,552 | 31,650 |
Total net amount | 33,552 | 31,650 |
Carrying value | 954 | 715 |
Bank | Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,477 | 3,894 |
Maturity between 1 to 3 years | 776 | 811 |
Maturity between 3 to 5 years | 230 | 193 |
Maturity greater than 5 years | 394 | 193 |
Total gross amount | 4,877 | 5,091 |
Total net amount | 4,870 | 5,068 |
Carrying value | 43 | 3 |
Collateral received | 2,773 | 2,606 |
Guarantees_and_commitments_Det1
Guarantees and commitments (Details 2) (CHF) | 12 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2015 |
Guarantees | |
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | 6 |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | 0.6 |
Bank | |
Guarantees | |
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | 6 |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | 0.5 |
Guarantees_and_commitments_Det2
Guarantees and commitments (Details 3) (USD $) | 132 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2014 |
Guarantees | |
Residential mortgage loans sold | $171.70 |
Government-sponsored enterprises | |
Guarantees | |
Residential mortgage loans sold | 8.2 |
Private investors, primarily banks | |
Guarantees | |
Residential mortgage loans sold | 26.2 |
Non-agency securitizations | |
Guarantees | |
Residential mortgage loans sold | 137.3 |
Residential mortgage loans sold in non-agency securitizations that are still outstanding as of balance sheet date | 26.3 |
Borrower payments on mortgage loans sold | 91.5 |
Loan defaults on mortgage loans sold | 19.5 |
Bank | |
Guarantees | |
Residential mortgage loans sold | 171.7 |
Bank | Government-sponsored enterprises | |
Guarantees | |
Residential mortgage loans sold | 8.2 |
Bank | Private investors, primarily banks | |
Guarantees | |
Residential mortgage loans sold | 26.2 |
Bank | Non-agency securitizations | |
Guarantees | |
Residential mortgage loans sold | 137.3 |
Residential mortgage loans sold in non-agency securitizations that are still outstanding as of balance sheet date | 26.3 |
Borrower payments on mortgage loans sold | 91.5 |
Loan defaults on mortgage loans sold | $19.50 |
Guarantees_and_commitments_Det3
Guarantees and commitments (Details 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | $580 | $1,926 |
New claims | 1,620 | 1,247 |
Claims settled through repurchases | 0 | -7 |
Other settlements | -479 | -216 |
Total claims settled | -479 | -223 |
Claims rescinded | -17 | -28 |
Transfers to/from arbitration and litigation, net | -1,604 | -2,342 |
Balance at end of period | 100 | 580 |
Repurchase price at the time of settlement | 0 | -6 |
Other settlements, settlement value | -66 | -48 |
Provisions for outstanding repurchase claims | ||
Balance at beginning of period | 146 | 55 |
Increase/(decrease) in provisions, net | -74 | 145 |
Realized losses | -66 | -54 |
Balance at end of period | 6 | 146 |
Government-sponsored enterprises | ||
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | 77 | 67 |
New claims | 11 | 69 |
Claims settled through repurchases | 0 | -4 |
Other settlements | -58 | -31 |
Total claims settled | -58 | -35 |
Claims rescinded | -17 | -24 |
Transfers to/from arbitration and litigation, net | 0 | 0 |
Balance at end of period | 13 | 77 |
Private investors, primarily banks | ||
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | 420 | 464 |
New claims | 2 | 139 |
Claims settled through repurchases | 0 | -1 |
Other settlements | -416 | -178 |
Total claims settled | -416 | -179 |
Claims rescinded | 0 | -4 |
Transfers to/from arbitration and litigation, net | -2 | 0 |
Balance at end of period | 4 | 420 |
Non-agency securitizations | ||
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | 83 | 1,395 |
New claims | 1,607 | 1,039 |
Claims settled through repurchases | 0 | -2 |
Other settlements | -5 | -7 |
Total claims settled | -5 | -9 |
Claims rescinded | 0 | 0 |
Transfers to/from arbitration and litigation, net | -1,602 | -2,342 |
Balance at end of period | 83 | 83 |
Transfers to litigation in period | 0.3 | |
Bank | ||
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | 580 | 1,926 |
New claims | 1,620 | 1,247 |
Claims settled through repurchases | 0 | -7 |
Other settlements | -479 | -216 |
Total claims settled | -479 | -223 |
Claims rescinded | -17 | -28 |
Transfers to/from arbitration and litigation, net | -1,604 | -2,342 |
Balance at end of period | 100 | 580 |
Repurchase price at the time of settlement | 0 | -6 |
Other settlements, settlement value | -66 | -48 |
Provisions for outstanding repurchase claims | ||
Balance at beginning of period | 146 | 55 |
Increase/(decrease) in provisions, net | -74 | 145 |
Realized losses | -66 | -54 |
Balance at end of period | 6 | 146 |
Bank | Government-sponsored enterprises | ||
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | 77 | 67 |
New claims | 11 | 69 |
Claims settled through repurchases | 0 | -4 |
Other settlements | -58 | -31 |
Total claims settled | -58 | -35 |
Claims rescinded | -17 | -24 |
Transfers to/from arbitration and litigation, net | 0 | 0 |
Balance at end of period | 13 | 77 |
Bank | Private investors, primarily banks | ||
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | 420 | 464 |
New claims | 2 | 139 |
Claims settled through repurchases | 0 | -1 |
Other settlements | -416 | -178 |
Total claims settled | -416 | -179 |
Claims rescinded | 0 | -4 |
Transfers to/from arbitration and litigation, net | -2 | 0 |
Balance at end of period | 4 | 420 |
Bank | Non-agency securitizations | ||
Residential mortgage loans sold, outstanding repurchase claims | ||
Balance at beginning of period | 83 | 1,395 |
New claims | 1,607 | 1,039 |
Claims settled through repurchases | 0 | -2 |
Other settlements | -5 | -7 |
Total claims settled | -5 | -9 |
Claims rescinded | 0 | 0 |
Transfers to/from arbitration and litigation, net | -1,602 | -2,342 |
Balance at end of period | 83 | 83 |
Transfers to litigation in period | $0.30 |
Guarantees_and_commitments_Det4
Guarantees and commitments (Details 5) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Lease commitments (CHF million) | |||
In one year | 572 | ||
In two years | 533 | ||
In three years | 498 | ||
In four years | 478 | ||
In five years | 454 | ||
Thereafter | 3,941 | ||
Future operating lease commitments | 6,476 | ||
Less minimum non-cancellable sublease rentals | 231 | ||
Total net future minimum lease commitments | 6,245 | ||
Rental expense for operating leases (CHF million) | |||
Minimum rental expense | 572 | 642 | 631 |
Sublease rental income | -81 | -85 | -98 |
Total net expenses for operating leases | 491 | 557 | 533 |
Bank | |||
Lease commitments (CHF million) | |||
In one year | 571 | ||
In two years | 532 | ||
In three years | 497 | ||
In four years | 478 | ||
In five years | 454 | ||
Thereafter | 3,940 | ||
Future operating lease commitments | 6,472 | ||
Less minimum non-cancellable sublease rentals | 231 | ||
Total net future minimum lease commitments | 6,241 | ||
Rental expense for operating leases (CHF million) | |||
Minimum rental expense | 572 | 642 | 629 |
Sublease rental income | -81 | -85 | -97 |
Total net expenses for operating leases | 491 | 557 | 532 |
Guarantees_and_commitments_Det5
Guarantees and commitments (Details 6) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
One Cabot Street | ||
Sale Leaseback Transaction [Line Items] | ||
Related Party Transaction, Description of Transaction | OCS Investment SARL is a company wholly-owned by the Qatar Investment Authority, which is a minority shareholder of the Group. | |
One Cabot Street | Qatar Investment Authority [Member] | ||
Sale Leaseback Transaction [Line Items] | ||
Sale Leaseback Transaction, Date | In the first quarter of 2012 | |
Sale Leaseback Transaction, Description | office complex of its European headquarters at One Cabot Square in London | |
Sale Leaseback Transaction, Lease Terms | the Group sold the office complex of its European headquarters at One Cabot Square in London to OCS Investment SARL and leased back this property under an operating lease arrangement for 22 years, with two options to extend the lease by five years each. | |
Uetlihof | ||
Sale Leaseback Transaction [Line Items] | ||
Related Party Transaction, Description of Transaction | Norges Bank, a minority shareholder of the Group. | |
Uetlihof | Norwegian Government Pension Fund Global [Member] | ||
Sale Leaseback Transaction [Line Items] | ||
Sale Leaseback Transaction, Date | In the fourth quarter of 2012 | |
Sale Leaseback Transaction, Description | Uetlihof office complex in Zurich, the Group's principal office building worldwide | |
Sale Leaseback Transaction, Lease Terms | the Group sold the Uetlihof office complex in Zurich, the Group's principal office building worldwide, to Norges Bank, a minority shareholder of the Group, and leased back this property under an operating lease arrangement for 25 years, with the option to extend the lease by up to 15 years. Norges Bank, through its Investment Management unit, was acting as the buyer on behalf of the Norwegian Government Pension Fund Global. | |
Other transactions | ||
Sale Leaseback Transaction [Line Items] | ||
Sale Leaseback Transaction, Date | During 2014 and 2013 | |
Sale Leaseback Transaction, Description | own property | |
Sale Leaseback Transaction, Lease Terms | the Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and ten years and between five and ten years, respectively. | |
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | 17 | 78 |
Bank | One Cabot Street | ||
Sale Leaseback Transaction [Line Items] | ||
Related Party Transaction, Description of Transaction | OCS Investment SARL is a company wholly-owned by the Qatar Investment Authority, which is a minority shareholder of the Group. | |
Bank | One Cabot Street | Qatar Investment Authority [Member] | ||
Sale Leaseback Transaction [Line Items] | ||
Sale Leaseback Transaction, Date | In the first quarter of 2012 | |
Sale Leaseback Transaction, Description | office complex of its European headquarters at One Cabot Square in London | |
Sale Leaseback Transaction, Lease Terms | the Bank sold the office complex of its European headquarters at One Cabot Square in London to OCS Investment SARL and leased back this property under an operating lease arrangement for 22 years, with two options to extend the lease by five years each. | |
Bank | Uetlihof | ||
Sale Leaseback Transaction [Line Items] | ||
Related Party Transaction, Description of Transaction | Norges Bank, a minority shareholder of the Group. | |
Bank | Uetlihof | Norwegian Government Pension Fund Global [Member] | ||
Sale Leaseback Transaction [Line Items] | ||
Sale Leaseback Transaction, Date | In the fourth quarter of 2012 | |
Sale Leaseback Transaction, Description | Uetlihof office complex in Zurich, the Bank's principal office building worldwide | |
Sale Leaseback Transaction, Lease Terms | the Bank sold the Uetlihof office complex in Zurich, the Bank's principal office building worldwide, to Norges Bank, a minority shareholder of the Group, and leased back this property under an operating lease arrangement for 25 years, with the option to extend the lease by up to 15 years. Norges Bank, through its Investment Management unit, was acting as the buyer on behalf of the Norwegian Government Pension Fund Global. | |
Bank | Other transactions | ||
Sale Leaseback Transaction [Line Items] | ||
Sale Leaseback Transaction, Date | During 2014 and 2013 | |
Sale Leaseback Transaction, Description | own property | |
Sale Leaseback Transaction, Lease Terms | the Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and ten years and between five and ten years, respectively. | |
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | 17 | 78 |
Guarantees_and_commitments_Det6
Guarantees and commitments (Details 7) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other commitments | ||
Maturity less than 1 year | 43,773 | 62,108 |
Maturity between 1 to 3 years | 33,560 | 27,924 |
Maturity between 3 to 5 years | 46,534 | 35,481 |
Maturity greater than 5 years | 11,219 | 7,773 |
Total gross amount | 135,086 | 133,286 |
Total net amount | 130,139 | 128,968 |
Collateral received | 68,020 | 78,620 |
Unused revocable credit limits | 100,905 | 90,254 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 4,722 | 5,484 |
Maturity between 1 to 3 years | 11 | 27 |
Maturity between 3 to 5 years | 1 | 1 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 4,734 | 5,512 |
Total net amount | 4,575 | 5,452 |
Collateral received | 2,769 | 3,381 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 30,023 | 27,250 |
Maturity between 1 to 3 years | 32,781 | 26,877 |
Maturity between 3 to 5 years | 46,490 | 35,376 |
Maturity greater than 5 years | 10,996 | 7,487 |
Total gross amount | 120,290 | 96,990 |
Total net amount | 115,502 | 92,732 |
Collateral received | 56,959 | 47,996 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 8,292 | 26,893 |
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 | 8,292 | 26,893 |
Total net amount | 8,292 | 26,893 |
Collateral received | 8,292 | 26,893 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 736 | 2,481 |
Maturity between 1 to 3 years | 768 | 1,020 |
Maturity between 3 to 5 years | 43 | 104 |
Maturity greater than 5 years | 223 | 286 |
Total gross amount | 1,770 | 3,891 |
Total net amount | 1,770 | 3,891 |
Collateral received | 0 | 350 |
Bank | ||
Other commitments | ||
Maturity less than 1 year | 43,637 | 61,961 |
Maturity between 1 to 3 years | 33,530 | 27,899 |
Maturity between 3 to 5 years | 46,484 | 35,430 |
Maturity greater than 5 years | 11,188 | 7,769 |
Total gross amount | 134,839 | 133,059 |
Total net amount | 129,892 | 128,741 |
Collateral received | 68,019 | 78,619 |
Unused revocable credit limits | 97,608 | 87,161 |
Bank | Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 4,717 | 5,478 |
Maturity between 1 to 3 years | 11 | 27 |
Maturity between 3 to 5 years | 1 | 1 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 4,729 | 5,506 |
Total net amount | 4,570 | 5,446 |
Collateral received | 2,769 | 3,380 |
Bank | Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 29,938 | 27,154 |
Maturity between 1 to 3 years | 32,751 | 26,852 |
Maturity between 3 to 5 years | 46,440 | 35,326 |
Maturity greater than 5 years | 10,965 | 7,483 |
Total gross amount | 120,094 | 96,815 |
Total net amount | 115,306 | 92,557 |
Collateral received | 56,958 | 47,995 |
Bank | Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 8,292 | 26,893 |
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 | 8,292 | 26,893 |
Total net amount | 8,292 | 26,893 |
Collateral received | 8,292 | 26,893 |
Bank | Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 690 | 2,436 |
Maturity between 1 to 3 years | 768 | 1,020 |
Maturity between 3 to 5 years | 43 | 103 |
Maturity greater than 5 years | 223 | 286 |
Total gross amount | 1,724 | 3,845 |
Total net amount | 1,724 | 3,845 |
Collateral received | 0 | 351 |
Transfers_of_financial_assets_2
Transfers of financial assets and variable interest entities (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 7 | 4 | 56 |
Proceeds from transfer of assets | 5,335 | 5,574 | 6,156 |
Cash received on interests that continue to be held | 102 | 70 | 57 |
RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 13 | -8 | 3 |
Proceeds from transfer of assets | 22,728 | 24,523 | 15,143 |
Purchases of previously transferred financial assets or their underlying collateral | -4 | -10 | -25 |
Servicing fees | 2 | 4 | 3 |
Cash received on interests that continue to be held | 444 | 486 | 554 |
Other asset-backed financing activities | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 29 | 15 | 83 |
Proceeds from transfer of assets | 1,819 | 915 | 591 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | -213 | -621 |
Cash received on interests that continue to be held | 17 | 633 | 1,350 |
Bank | CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 7 | 4 | 56 |
Proceeds from transfer of assets | 5,335 | 5,574 | 6,156 |
Cash received on interests that continue to be held | 102 | 70 | 57 |
Bank | RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 13 | -8 | 3 |
Proceeds from transfer of assets | 22,728 | 24,523 | 15,143 |
Purchases of previously transferred financial assets or their underlying collateral | -4 | -10 | -25 |
Servicing fees | 2 | 4 | 3 |
Cash received on interests that continue to be held | 444 | 486 | 554 |
Bank | Other asset-backed financing activities | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 29 | 15 | 83 |
Proceeds from transfer of assets | 1,819 | 915 | 591 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | -213 | -621 |
Cash received on interests that continue to be held | 17 | 633 | 1,350 |
Transfers_of_financial_assets_3
Transfers of financial assets and variable interest entities (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 41,216 | 37,308 |
Total assets of SPE | 53,354 | 48,715 |
RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 49,884 | 45,571 |
Total assets of SPE | 50,017 | 48,741 |
Other asset-backed financing activities | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 26,176 | 27,854 |
Total assets of SPE | 26,176 | 27,854 |
Bank | CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 41,216 | 37,308 |
Total assets of SPE | 53,354 | 48,715 |
Bank | RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 49,884 | 45,571 |
Total assets of SPE | 50,017 | 48,741 |
Bank | Other asset-backed financing activities | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 26,176 | 27,854 |
Total assets of SPE | 26,176 | 27,854 |
Transfers_of_financial_assets_4
Transfers of financial assets and variable interest entities (Details 3) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 1,341 | 633 | 761 |
Weighted-average life, in years | 4 years 1 month 5 days | 7 years 3 months 18 days | 8 years 4 months 26 days |
CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 1.00% | 1.60% | 0.80% |
Expected credit losses (rate per annum), in % (as a percent) | 1.00% | 0.00% | 0.50% |
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) | 11.00% | 11.60% | 10.70% |
Expected credit losses (rate per annum), in % (as a percent) | 2.20% | 7.50% | 9.00% |
CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 1,242 | 476 | 654 |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 100 | 156 | 107 |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 4,023 | 2,993 | 2,219 |
Weighted-average life, in years | 7 years 8 months 11 days | 7 years 8 months 11 days | 5 years 0 months 0 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) | 1.50% | 2.00% | 0.10% |
Cash flow discount rate (rate per annum), in % (as a percent) | 1.90% | 0.00% | 0.10% |
Expected credit losses (rate per annum), in % (as a percent) | 0.40% | 0.00% | 0.00% |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 23.00% | 31.00% | 34.90% |
Cash flow discount rate (rate per annum), in % (as a percent) | 17.80% | 45.90% | 25.70% |
Expected credit losses (rate per annum), in % (as a percent) | 15.30% | 45.80% | 25.10% |
RMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 3,791 | 2,879 | 2,090 |
RMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 232 | 114 | 129 |
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 | 1,341 | 633 | 761 |
Weighted-average life, in years | 4 years 1 month 5 days | 7 years 3 months 18 days | 8 years 4 months 26 days |
Bank | CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 1.00% | 1.60% | 0.80% |
Expected credit losses (rate per annum), in % (as a percent) | 1.00% | 0.00% | 0.50% |
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) | 11.00% | 11.60% | 10.70% |
Expected credit losses (rate per annum), in % (as a percent) | 2.20% | 7.50% | 9.00% |
Bank | CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 1,242 | 476 | 654 |
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 | 100 | 156 | 107 |
Bank | RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 4,023 | 2,993 | 2,219 |
Weighted-average life, in years | 7 years 8 months 11 days | 7 years 8 months 11 days | 5 years 0 months 0 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) | 1.50% | 2.00% | 0.10% |
Cash flow discount rate (rate per annum), in % (as a percent) | 1.90% | 0.00% | 0.10% |
Expected credit losses (rate per annum), in % (as a percent) | 0.40% | 0.00% | 0.00% |
Bank | RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 23.00% | 31.00% | 34.90% |
Cash flow discount rate (rate per annum), in % (as a percent) | 17.80% | 45.90% | 25.70% |
Expected credit losses (rate per annum), in % (as a percent) | 15.30% | 45.80% | 25.10% |
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 | 3,791 | 2,879 | 2,090 |
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 | 232 | 114 | 129 |
Transfers_of_financial_assets_5
Transfers of financial assets and variable interest entities (Details 4) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 1,168 | 1,132 |
Weighted-average life, in years | 5 years 7 months 7 days | 6 years 6 months 1 day |
Impact on fair value from 10% adverse change in cash flow discount rate | -14 | -25.5 |
Impact on fair value from 20% adverse change in cash flow discount rate | -27.4 | -50 |
Impact on fair value from 10% adverse change in expected credit losses | -7.1 | -10.9 |
Impact on fair value from 20% adverse change in expected credit losses | -14 | -21.5 |
CMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 1.60% | 1.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.00% | 0.20% |
CMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 22.30% | 37.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 22.20% | 36.60% |
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 | 79 | 26 |
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 | 2,394 | 2,354 |
Weighted-average life, in years | 7 years 9 months 18 days | 8 years 7 months 7 days |
Impact on fair value from 10% adverse change in prepayment speed | -29.2 | -26.6 |
Impact on fair value from 20% adverse change in prepayment speed | -56.4 | -48.6 |
Impact on fair value from 10% adverse change in cash flow discount rate | -43.8 | -65 |
Impact on fair value from 20% adverse change in cash flow discount rate | -85.3 | -124.9 |
Impact on fair value from 10% adverse change in expected credit losses | -25.3 | -42.2 |
Impact on fair value from 20% adverse change in expected credit losses | -49.4 | -79.6 |
RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 1.00% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 1.70% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.00% | 0.10% |
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) | 36.60% | 23.50% |
Cash flow discount rate per annum, in % (as a percent) | 44.00% | 22.40% |
Expected credit losses rate (rate per annum), in % (as a percent) | 41.70% | 17.30% |
RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | 246 | 359 |
Other asset-backed financing activities | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | 212 | 284 |
Weighted-average life, in years | 3 years 7 months 6 days | 3 years 8 months 11 days |
Impact on fair value from 10% adverse change in cash flow discount rate | -1.2 | -2.4 |
Impact on fair value from 20% adverse change in cash flow discount rate | -2.4 | -4.9 |
Impact on fair value from 10% adverse change in expected credit losses | -0.4 | -0.4 |
Impact on fair value from 20% adverse change in expected credit losses | -0.7 | -0.7 |
Other asset-backed financing activities | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 0.30% | 1.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.40% | 0.70% |
Other asset-backed financing activities | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 21.20% | 23.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 13.10% | 21.00% |
Other asset-backed financing activities | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | 146 | 204 |
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 | 1,168 | 1,132 |
Weighted-average life, in years | 5 years 7 months 7 days | 6 years 6 months 1 day |
Impact on fair value from 10% adverse change in cash flow discount rate | -14 | -25.5 |
Impact on fair value from 20% adverse change in cash flow discount rate | -27.4 | -50 |
Impact on fair value from 10% adverse change in expected credit losses | -7.1 | -10.9 |
Impact on fair value from 20% adverse change in expected credit losses | -14 | -21.5 |
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) | 1.60% | 1.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.00% | 0.20% |
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) | 22.30% | 37.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 22.20% | 36.60% |
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 | 79 | 26 |
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 | 2,394 | 2,354 |
Weighted-average life, in years | 7 years 9 months 18 days | 8 years 7 months 7 days |
Impact on fair value from 10% adverse change in prepayment speed | -29.2 | -26.6 |
Impact on fair value from 20% adverse change in prepayment speed | -56.4 | -48.6 |
Impact on fair value from 10% adverse change in cash flow discount rate | -43.8 | -65 |
Impact on fair value from 20% adverse change in cash flow discount rate | -85.3 | -124.9 |
Impact on fair value from 10% adverse change in expected credit losses | -25.3 | -42.2 |
Impact on fair value from 20% adverse change in expected credit losses | -49.4 | -79.6 |
Bank | RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 1.00% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 1.70% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.00% | 0.10% |
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) | 36.60% | 23.50% |
Cash flow discount rate per annum, in % (as a percent) | 44.00% | 22.40% |
Expected credit losses rate (rate per annum), in % (as a percent) | 41.70% | 17.30% |
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 | 246 | 359 |
Bank | Other asset-backed financing activities | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | 212 | 284 |
Weighted-average life, in years | 3 years 7 months 6 days | 3 years 8 months 11 days |
Impact on fair value from 10% adverse change in cash flow discount rate | -1.2 | -2.4 |
Impact on fair value from 20% adverse change in cash flow discount rate | -2.4 | -4.9 |
Impact on fair value from 10% adverse change in expected credit losses | -0.4 | -0.4 |
Impact on fair value from 20% adverse change in expected credit losses | -0.7 | -0.7 |
Bank | Other asset-backed financing activities | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 0.30% | 1.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.40% | 0.70% |
Bank | Other asset-backed financing activities | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 21.20% | 23.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 13.10% | 21.00% |
Bank | Other asset-backed financing activities | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | 146 | 204 |
Transfers_of_financial_assets_6
Transfers of financial assets and variable interest entities (Details 5) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CMBS | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 26 | 432 |
CMBS | Other liabilities | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Liability to SPE, transfer of financial interest, sale treatment not achieved | -26 | -432 |
Other asset-backed financing activities | Trading assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 138 | 216 |
Other asset-backed financing activities | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 252 | 157 |
Other asset-backed financing activities | Other liabilities | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Liability to SPE, transfer of financial interest, sale treatment not achieved | -390 | -373 |
Bank | CMBS | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 26 | 432 |
Bank | CMBS | Other liabilities | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Liability to SPE, transfer of financial interest, sale treatment not achieved | -26 | -432 |
Bank | Other asset-backed financing activities | Trading assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 138 | 216 |
Bank | Other asset-backed financing activities | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 252 | 157 |
Bank | Other asset-backed financing activities | Other liabilities | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Liability to SPE, transfer of financial interest, sale treatment not achieved | -390 | -373 |
Transfers_of_financial_assets_7
Transfers of financial assets and variable interest entities (Details 6) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
VIE Disclosures | ||
Average maturity of CP (in days) | 49 | 19 |
Average maturity of conduit's assets (in years) | 1.8 | 2.1 |
Percentage of control in which Group is determined to have power (percent) | 50.00% | |
Minimum percentage of outstanding issuances held by primary beneficiary used under the previous consolidation model | 50.00% | |
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 79,349 | 68,692 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,022 |
Trading assets | 241,131 | 229,413 |
Investment securities | 2,791 | 2,987 |
Other investments | 8,613 | 10,329 |
Net loans | 272,551 | 247,054 |
Premises and equipment | 4,641 | 5,091 |
Other assets | 70,558 | 63,065 |
of which loans held-for-sale | 25,911 | 18,914 |
Customer deposits | 369,058 | 333,089 |
Trading liabilities | 72,655 | 76,635 |
Short-term borrowings | 25,921 | 20,193 |
Long-term debt | 177,898 | 130,042 |
Other liabilities | 50,970 | 51,447 |
Consolidated VIEs | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 1,493 | 952 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 660 | 1,959 |
Trading assets | 4,261 | 3,610 |
Investment securities | 0 | 100 |
Other investments | 2,105 | 1,983 |
Net loans | 245 | 4,207 |
Premises and equipment | 452 | 513 |
Other assets | 16,134 | 14,330 |
of which loans held-for-sale | 12,569 | 10,628 |
Total assets of consolidated VIEs | 25,350 | 27,654 |
Customer deposits | 3 | 265 |
Trading liabilities | 35 | 93 |
Short-term borrowings | 9,384 | 4,286 |
Long-term debt | 13,452 | 12,992 |
Other liabilities | 1,728 | 710 |
Total liabilities of consolidated VIEs | 24,602 | 18,346 |
Consolidated VIEs | Collateralized debt obligations | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 1,122 | 702 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 615 | 869 |
Investment securities | 0 | |
Other investments | 0 | 0 |
Net loans | 0 | 0 |
Premises and equipment | 0 | 0 |
Other assets | 8,726 | 7,516 |
of which loans held-for-sale | 8,689 | 7,479 |
Total assets of consolidated VIEs | 10,463 | 9,087 |
Customer deposits | 0 | 0 |
Trading liabilities | 6 | 9 |
Short-term borrowings | 0 | 0 |
Long-term debt | 10,318 | 9,067 |
Other liabilities | 27 | 34 |
Total liabilities of consolidated VIEs | 10,351 | 9,110 |
Consolidated VIEs | CP Conduit | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 0 | 1 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 660 | 1,959 |
Trading assets | 57 | 51 |
Investment securities | 100 | |
Other investments | 0 | 0 |
Net loans | 12 | 2,012 |
Premises and equipment | 0 | 0 |
Other assets | 262 | 1,473 |
of which loans held-for-sale | 0 | 0 |
Total assets of consolidated VIEs | 991 | 5,596 |
Customer deposits | 0 | 0 |
Trading liabilities | 0 | 0 |
Short-term borrowings | 9,384 | 4,280 |
Long-term debt | 18 | 17 |
Other liabilities | 29 | 16 |
Total liabilities of consolidated VIEs | 9,431 | 4,313 |
Consolidated VIEs | Financial intermediation - Securitizations | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 16 | 2 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 250 | 3 |
Investment securities | 0 | |
Other investments | 0 | 0 |
Net loans | 0 | 885 |
Premises and equipment | 0 | 0 |
Other assets | 4,741 | 3,353 |
of which loans held-for-sale | 3,500 | 3,093 |
Total assets of consolidated VIEs | 5,007 | 4,243 |
Customer deposits | 0 | 0 |
Trading liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 2,418 | 3,187 |
Other liabilities | 573 | 67 |
Total liabilities of consolidated VIEs | 2,991 | 3,254 |
Consolidated VIEs | Financial intermediation - Funds | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 187 | 100 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 1,715 | 1,687 |
Investment securities | 0 | |
Other investments | 30 | 0 |
Net loans | 0 | 0 |
Premises and equipment | 0 | 0 |
Other assets | 3 | 0 |
of which loans held-for-sale | 0 | 0 |
Total assets of consolidated VIEs | 1,935 | 1,787 |
Customer deposits | 0 | 0 |
Trading liabilities | 0 | 0 |
Short-term borrowings | 0 | 7 |
Long-term debt | 216 | 179 |
Other liabilities | 124 | 2 |
Total liabilities of consolidated VIEs | 340 | 188 |
Consolidated VIEs | Financial intermediation - Loans | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 109 | 87 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 867 | 665 |
Investment securities | 0 | |
Other investments | 1,651 | 1,491 |
Net loans | 24 | 779 |
Premises and equipment | 452 | 447 |
Other assets | 197 | 308 |
of which loans held-for-sale | 24 | 56 |
Total assets of consolidated VIEs | 3,300 | 3,777 |
Customer deposits | 0 | 0 |
Trading liabilities | 23 | 8 |
Short-term borrowings | 0 | 0 |
Long-term debt | 99 | 93 |
Other liabilities | 146 | 153 |
Total liabilities of consolidated VIEs | 268 | 254 |
Consolidated VIEs | Financial intermediation - Other | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 59 | 60 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 757 | 335 |
Investment securities | 0 | |
Other investments | 424 | 492 |
Net loans | 209 | 531 |
Premises and equipment | 0 | 66 |
Other assets | 2,205 | 1,680 |
of which loans held-for-sale | 356 | 0 |
Total assets of consolidated VIEs | 3,654 | 3,164 |
Customer deposits | 3 | 265 |
Trading liabilities | 6 | 76 |
Short-term borrowings | 0 | -1 |
Long-term debt | 383 | 449 |
Other liabilities | 829 | 438 |
Total liabilities of consolidated VIEs | 1,221 | 1,227 |
Bank | ||
VIE Disclosures | ||
Average maturity of CP (in days) | 49 | 19 |
Average maturity of conduit's assets (in years) | 1.8 | 2.1 |
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 78,000 | 68,081 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,013 |
Trading assets | 241,313 | 229,738 |
Investment securities | 2,379 | 1,627 |
Other investments | 8,467 | 10,207 |
Net loans | 255,928 | 231,157 |
Premises and equipment | 4,441 | 4,895 |
Other assets | 70,511 | 61,567 |
of which loans held-for-sale | 25,911 | 18,914 |
Customer deposits | 357,569 | 321,678 |
Trading liabilities | 72,667 | 76,812 |
Short-term borrowings | 25,921 | 20,193 |
Long-term debt | 172,947 | 126,741 |
Other liabilities | 50,648 | 51,100 |
Bank | Consolidated VIEs | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 1,493 | 952 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 660 | 1,959 |
Trading assets | 4,261 | 3,610 |
Investment securities | 0 | 100 |
Other investments | 2,105 | 1,983 |
Net loans | 245 | 4,207 |
Premises and equipment | 422 | 481 |
Other assets | 16,132 | 14,329 |
of which loans held-for-sale | 12,569 | 10,628 |
Total assets of consolidated VIEs | 25,318 | 27,621 |
Customer deposits | 3 | 265 |
Trading liabilities | 35 | 93 |
Short-term borrowings | 9,384 | 4,286 |
Long-term debt | 13,452 | 12,992 |
Other liabilities | 1,727 | 710 |
Total liabilities of consolidated VIEs | 24,601 | 18,346 |
Bank | Consolidated VIEs | Collateralized debt obligations | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 1,122 | 702 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 615 | 869 |
Investment securities | 0 | |
Other investments | 0 | 0 |
Net loans | 0 | 0 |
Premises and equipment | 0 | 0 |
Other assets | 8,726 | 7,516 |
of which loans held-for-sale | 8,689 | 7,479 |
Total assets of consolidated VIEs | 10,463 | 9,087 |
Customer deposits | 0 | 0 |
Trading liabilities | 6 | 9 |
Short-term borrowings | 0 | 0 |
Long-term debt | 10,318 | 9,067 |
Other liabilities | 27 | 34 |
Total liabilities of consolidated VIEs | 10,351 | 9,110 |
Bank | Consolidated VIEs | CP Conduit | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 0 | 1 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 660 | 1,959 |
Trading assets | 57 | 51 |
Investment securities | 100 | |
Other investments | 0 | 0 |
Net loans | 12 | 2,012 |
Premises and equipment | 0 | 0 |
Other assets | 262 | 1,473 |
of which loans held-for-sale | 0 | 0 |
Total assets of consolidated VIEs | 991 | 5,596 |
Customer deposits | 0 | 0 |
Trading liabilities | 0 | 0 |
Short-term borrowings | 9,384 | 4,280 |
Long-term debt | 18 | 17 |
Other liabilities | 29 | 16 |
Total liabilities of consolidated VIEs | 9,431 | 4,313 |
Bank | Consolidated VIEs | Financial intermediation - Securitizations | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 16 | 2 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 250 | 3 |
Investment securities | 0 | |
Other investments | 0 | 0 |
Net loans | 0 | 885 |
Premises and equipment | 0 | 0 |
Other assets | 4,741 | 3,353 |
of which loans held-for-sale | 3,500 | 3,093 |
Total assets of consolidated VIEs | 5,007 | 4,243 |
Customer deposits | 0 | 0 |
Trading liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 2,418 | 3,187 |
Other liabilities | 573 | 67 |
Total liabilities of consolidated VIEs | 2,991 | 3,254 |
Bank | Consolidated VIEs | Financial intermediation - Funds | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 187 | 100 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 1,715 | 1,687 |
Investment securities | 0 | |
Other investments | 30 | 0 |
Net loans | 0 | 0 |
Premises and equipment | 0 | 0 |
Other assets | 3 | 0 |
of which loans held-for-sale | 0 | 0 |
Total assets of consolidated VIEs | 1,935 | 1,787 |
Customer deposits | 0 | 0 |
Trading liabilities | 0 | 0 |
Short-term borrowings | 0 | 7 |
Long-term debt | 216 | 179 |
Other liabilities | 124 | 2 |
Total liabilities of consolidated VIEs | 340 | 188 |
Bank | Consolidated VIEs | Financial intermediation - Loans | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 109 | 87 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 867 | 665 |
Investment securities | 0 | |
Other investments | 1,651 | 1,491 |
Net loans | 24 | 779 |
Premises and equipment | 422 | 415 |
Other assets | 195 | 307 |
of which loans held-for-sale | 24 | 56 |
Total assets of consolidated VIEs | 3,268 | 3,744 |
Customer deposits | 0 | 0 |
Trading liabilities | 23 | 8 |
Short-term borrowings | 0 | 0 |
Long-term debt | 99 | 93 |
Other liabilities | 146 | 152 |
Total liabilities of consolidated VIEs | 268 | 253 |
Bank | Consolidated VIEs | Financial intermediation - Other | ||
Consolidated VIEs in which the Group was the primary beneficiary | ||
Cash and due from banks | 59 | 60 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Trading assets | 757 | 335 |
Investment securities | 0 | |
Other investments | 424 | 492 |
Net loans | 209 | 531 |
Premises and equipment | 0 | 66 |
Other assets | 2,205 | 1,680 |
of which loans held-for-sale | 356 | 0 |
Total assets of consolidated VIEs | 3,654 | 3,164 |
Customer deposits | 3 | 265 |
Trading liabilities | 6 | 76 |
Short-term borrowings | 0 | -1 |
Long-term debt | 383 | 449 |
Other liabilities | 828 | 439 |
Total liabilities of consolidated VIEs | 1,220 | 1,228 |
Transfers_of_financial_assets_8
Transfers of financial assets and variable interest entities (Details 7) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Non-consolidated VIEs | ||
Trading assets | 241,131 | 229,413 |
Net loans | 272,551 | 247,054 |
Other assets | 70,558 | 63,065 |
Other liabilities | 50,970 | 51,447 |
Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 7,508 | 7,520 |
Net loans | 8,871 | 7,565 |
Other assets | 213 | 53 |
Total variable interest assets, non-consolidated VIEs | 16,592 | 15,138 |
Maximum exposure to loss | 27,800 | 21,231 |
Non-consolidated VIE assets | 247,352 | 217,838 |
Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 179 | 183 |
Net loans | 211 | 2 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 390 | 185 |
Maximum exposure to loss | 752 | 186 |
Non-consolidated VIE assets | 8,604 | 10,211 |
Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 5,009 | 4,920 |
Net loans | 2,252 | 613 |
Other assets | 4 | 0 |
Total variable interest assets, non-consolidated VIEs | 7,265 | 5,533 |
Maximum exposure to loss | 12,775 | 7,496 |
Non-consolidated VIE assets | 120,157 | 101,524 |
Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 1,201 | 979 |
Net loans | 3,213 | 2,812 |
Other assets | 20 | 47 |
Total variable interest assets, non-consolidated VIEs | 4,434 | 3,838 |
Maximum exposure to loss | 4,589 | 4,026 |
Non-consolidated VIE assets | 56,413 | 55,509 |
Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 494 | 725 |
Net loans | 1,651 | 2,856 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 2,145 | 3,581 |
Maximum exposure to loss | 7,326 | 7,433 |
Non-consolidated VIE assets | 38,818 | 31,144 |
Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 625 | 713 |
Net loans | 1,544 | 1,282 |
Other assets | 189 | 6 |
Total variable interest assets, non-consolidated VIEs | 2,358 | 2,001 |
Maximum exposure to loss | 2,358 | 2,090 |
Non-consolidated VIE assets | 23,360 | 19,450 |
Bank | ||
Non-consolidated VIEs | ||
Trading assets | 241,313 | 229,738 |
Net loans | 255,928 | 231,157 |
Other assets | 70,511 | 61,567 |
Other liabilities | 50,648 | 51,100 |
Bank | Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 7,508 | 7,520 |
Net loans | 8,771 | 7,465 |
Other assets | 213 | 53 |
Total variable interest assets, non-consolidated VIEs | 16,492 | 15,038 |
Maximum exposure to loss | 27,700 | 21,131 |
Non-consolidated VIE assets | 236,162 | 206,913 |
Bank | Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 179 | 183 |
Net loans | 211 | 2 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 390 | 185 |
Maximum exposure to loss | 752 | 186 |
Non-consolidated VIE assets | 8,604 | 10,211 |
Bank | Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 5,009 | 4,920 |
Net loans | 2,252 | 613 |
Other assets | 4 | 0 |
Total variable interest assets, non-consolidated VIEs | 7,265 | 5,533 |
Maximum exposure to loss | 12,775 | 7,496 |
Non-consolidated VIE assets | 120,157 | 101,524 |
Bank | Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 1,201 | 979 |
Net loans | 3,113 | 2,712 |
Other assets | 20 | 47 |
Total variable interest assets, non-consolidated VIEs | 4,334 | 3,738 |
Maximum exposure to loss | 4,489 | 3,926 |
Non-consolidated VIE assets | 56,413 | 55,509 |
Bank | Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 494 | 725 |
Net loans | 1,651 | 2,856 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 2,145 | 3,581 |
Maximum exposure to loss | 7,326 | 7,433 |
Non-consolidated VIE assets | 38,818 | 31,144 |
Bank | Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 625 | 713 |
Net loans | 1,544 | 1,282 |
Other assets | 189 | 6 |
Total variable interest assets, non-consolidated VIEs | 2,358 | 2,001 |
Maximum exposure to loss | 2,358 | 2,090 |
Non-consolidated VIE assets | 12,170 | 8,525 |
Financial_instruments_Details_
Financial instruments (Details 2) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 0 | 311 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 96,587 |
Securities received as collateral | 26,854 | 22,800 |
Trading assets | 241,131 | 229,413 |
Investment securities | 2,791 | 2,987 |
Other investments | 5,654 | 7,596 |
Loans | 22,913 | 19,457 |
Other intangible assets (mortgage servicing rights) | 70 | 42 |
Other assets | 32,320 | 31,518 |
Netting impact | -590,000 | -544,900 |
Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 311 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 96,587 |
Securities received as collateral | 26,854 | 22,800 |
Trading assets | 241,131 | 229,413 |
Investment securities | 2,791 | 2,987 |
Other investments | 5,654 | 7,596 |
Loans | 22,913 | 19,457 |
Loans - of which commercial and industrial | 11,669 | 11,611 |
Loans - of which financial institutions | 7,721 | 5,806 |
Other intangible assets (mortgage servicing rights) | 70 | 42 |
Other assets | 32,320 | 31,518 |
Other assets - of which loans held-for-sale | 22,958 | 18,385 |
Netting impact | -590,011 | -544,905 |
Total assets at fair value | 436,320 | 411,238 |
Less other investments - equity at fair value attributable to noncontrolling interests | -1,029 | -3,176 |
Less assets consolidated under ASU 2009-17 | -12,278 | -11,454 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 423,013 | 396,608 |
Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 1,286 | 3,345 |
Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 585 | 2,236 |
Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 533 | 681 |
Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 483 | 503 |
Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 2,001 | 1,970 |
Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 1,920 | 1,645 |
Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 1,834 | 1,600 |
Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 902 | 2,001 |
Trading assets | 94,391 | 110,116 |
Investment securities | 2,683 | 2,886 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 37,031 | 47,409 |
Investment securities | 2,066 | 1,388 |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 745 | 1,558 |
Trading assets | 23,956 | 26,410 |
Investment securities | 313 | 606 |
Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 22,762 | 23,779 |
Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 5,550 | 5,672 |
Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 4,606 | 4,872 |
Investment securities | 490 | |
Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 25,952 | 20,799 |
Trading assets | 94,294 | 76,695 |
Investment securities | 108 | 101 |
Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 38,012 | 31,603 |
Netting impact | -588,917 | -543,873 |
Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 14,434 | 10,999 |
Recurring basis | Other assets | ||
Assets (CHF million) | ||
Netting impact | -1,094 | -1,032 |
Level 1 | Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 26,029 | 21,098 |
Trading assets | 125,723 | 122,452 |
Investment securities | 2,370 | 1,790 |
Other investments | 77 | 283 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Other intangible assets (mortgage servicing rights) | 0 | 0 |
Other assets | 2,457 | 4,861 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 156,656 | 150,484 |
Less other investments - equity at fair value attributable to noncontrolling interests | -75 | -246 |
Less assets consolidated under ASU 2009-17 | 0 | 0 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 156,581 | 150,238 |
Level 1 | Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 77 | 283 |
Level 1 | Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 121 | 409 |
Trading assets | 31,937 | 41,829 |
Investment securities | 2,368 | 1,788 |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 31,708 | 40,199 |
Investment securities | 2,066 | 1,386 |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 28 | 14 |
Investment securities | 0 | 0 |
Level 1 | Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Level 1 | Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Investment securities | 0 | |
Level 1 | Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 25,908 | 20,689 |
Trading assets | 86,333 | 70,322 |
Investment securities | 2 | 2 |
Level 1 | Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 4,467 | 6,610 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets (CHF million) | ||
Trading assets | 1,616 | 1,065 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets (CHF million) | ||
Trading assets | 118 | 8 |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets (CHF million) | ||
Trading assets | 2,711 | 5,278 |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Level 1 | Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 2,986 | 3,691 |
Level 2 | Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 311 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,206 | 96,383 |
Securities received as collateral | 825 | 1,702 |
Trading assets | 687,145 | 637,124 |
Investment securities | 418 | 1,195 |
Other investments | 294 | 344 |
Loans | 13,560 | 11,459 |
Loans - of which commercial and industrial | 5,816 | 6,302 |
Loans - of which financial institutions | 6,227 | 4,484 |
Other intangible assets (mortgage servicing rights) | 0 | 0 |
Other assets | 23,489 | 21,530 |
Other assets - of which loans held-for-sale | 16,107 | 12,770 |
Total assets at fair value | 830,241 | 770,575 |
Less other investments - equity at fair value attributable to noncontrolling interests | -133 | -149 |
Less assets consolidated under ASU 2009-17 | -9,123 | -8,996 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 820,985 | 761,430 |
Level 2 | Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 2 | Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 2 | Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 219 | 289 |
Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 181 | 174 |
Level 2 | Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 75 | 55 |
Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 70 | 15 |
Level 2 | Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Level 2 | Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 781 | 1,592 |
Trading assets | 57,989 | 63,218 |
Investment securities | 315 | 1,098 |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 4,869 | 6,980 |
Investment securities | 0 | 2 |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 745 | 1,558 |
Trading assets | 22,493 | 24,268 |
Investment securities | 313 | 606 |
Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 22,150 | 23,343 |
Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 5,293 | 5,255 |
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 3,185 | 3,305 |
Investment securities | 490 | |
Level 2 | Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 44 | 110 |
Trading assets | 6,395 | 5,778 |
Investment securities | 103 | 97 |
Level 2 | Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 615,639 | 563,649 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets (CHF million) | ||
Trading assets | 466,890 | 444,056 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets (CHF million) | ||
Trading assets | 89,101 | 60,807 |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets (CHF million) | ||
Trading assets | 26,644 | 28,763 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets (CHF million) | ||
Trading assets | 24,451 | 25,662 |
Level 2 | Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 7,122 | 4,479 |
Level 3 | Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77 | 204 |
Securities received as collateral | 0 | 0 |
Trading assets | 17,180 | 13,710 |
Investment securities | 3 | 2 |
Other investments | 5,283 | 6,969 |
Loans | 9,353 | 7,998 |
Loans - of which commercial and industrial | 5,853 | 5,309 |
Loans - of which financial institutions | 1,494 | 1,322 |
Other intangible assets (mortgage servicing rights) | 70 | 42 |
Other assets | 7,468 | 6,159 |
Other assets - of which loans held-for-sale | 6,851 | 5,615 |
Total assets at fair value | 39,434 | 35,084 |
Less other investments - equity at fair value attributable to noncontrolling interests | -821 | -2,781 |
Less assets consolidated under ASU 2009-17 | -3,155 | -2,458 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 35,458 | 29,845 |
Level 3 | Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 1,286 | 3,345 |
Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 585 | 2,236 |
Level 3 | Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 314 | 392 |
Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 302 | 329 |
Level 3 | Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 1,849 | 1,632 |
Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 1,850 | 1,630 |
Level 3 | Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 1,834 | 1,600 |
Level 3 | Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 4,465 | 5,069 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 454 | 230 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,435 | 2,128 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 612 | 436 |
Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 257 | 417 |
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 1,421 | 1,567 |
Investment securities | 0 | |
Level 3 | Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,566 | 595 |
Investment securities | 3 | 2 |
Level 3 | Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 6,823 | 5,217 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets (CHF million) | ||
Trading assets | 1,803 | 1,574 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets (CHF million) | ||
Trading assets | 301 | 484 |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets (CHF million) | ||
Trading assets | 1,063 | 1,240 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets (CHF million) | ||
Trading assets | 2,569 | 1,138 |
Level 3 | Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 4,326 | 2,829 |
Bank | ||
Assets (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 0 | 311 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 96,587 |
Securities received as collateral | 26,854 | 22,800 |
Trading assets | 241,313 | 229,738 |
Investment securities | 2,379 | 1,627 |
Other investments | 5,642 | 7,590 |
Loans | 22,913 | 19,457 |
Other intangible assets (mortgage servicing rights) | 70 | 42 |
Other assets | 32,321 | 31,518 |
Netting impact | -590,300 | -544,800 |
Bank | Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 311 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 96,587 |
Securities received as collateral | 26,854 | 22,800 |
Trading assets | 241,313 | 229,738 |
Investment securities | 2,379 | 1,627 |
Other investments | 5,642 | 7,590 |
Loans | 22,913 | 19,457 |
Loans - of which commercial and industrial | 11,669 | 11,611 |
Loans - of which financial institutions | 7,721 | 5,806 |
Other intangible assets (mortgage servicing rights) | 70 | 42 |
Other assets | 32,321 | 31,518 |
Other assets - of which loans held-for-sale | 22,958 | 18,385 |
Netting impact | -590,298 | -544,924 |
Total assets at fair value | 436,079 | 410,197 |
Less other investments - equity at fair value attributable to noncontrolling interests | -1,029 | -3,176 |
Less assets consolidated under ASU 2009-17 | -12,278 | -11,454 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 422,772 | 395,567 |
Bank | Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 1,268 | 3,339 |
Bank | Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 567 | 2,230 |
Bank | Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 533 | 681 |
Bank | Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 483 | 503 |
Bank | Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 2,007 | 1,970 |
Bank | Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 1,925 | 1,646 |
Bank | Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 1,834 | 1,600 |
Bank | Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 902 | 2,001 |
Trading assets | 94,405 | 110,115 |
Investment securities | 2,271 | 1,526 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 37,031 | 47,409 |
Investment securities | 1,962 | 1,164 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 745 | 1,558 |
Trading assets | 23,970 | 26,409 |
Investment securities | 309 | 262 |
Bank | Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 22,762 | 23,779 |
Bank | Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 5,550 | 5,672 |
Bank | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 4,606 | 4,872 |
Investment securities | 100 | |
Bank | Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 25,952 | 20,799 |
Trading assets | 94,493 | 76,835 |
Investment securities | 108 | 101 |
Bank | Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 37,979 | 31,788 |
Netting impact | -589,323 | -543,996 |
Bank | Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 14,436 | 11,000 |
Bank | Recurring basis | Other assets | ||
Assets (CHF million) | ||
Netting impact | -975 | -928 |
Bank | Level 1 | Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 26,029 | 21,098 |
Trading assets | 125,923 | 122,592 |
Investment securities | 1,964 | 1,165 |
Other investments | 77 | 283 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Other intangible assets (mortgage servicing rights) | 0 | 0 |
Other assets | 2,457 | 4,861 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 156,450 | 149,999 |
Less other investments - equity at fair value attributable to noncontrolling interests | -75 | -246 |
Less assets consolidated under ASU 2009-17 | 0 | 0 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 156,375 | 149,753 |
Bank | Level 1 | Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 77 | 283 |
Bank | Level 1 | Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 121 | 409 |
Trading assets | 31,937 | 41,829 |
Investment securities | 1,962 | 1,164 |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 31,708 | 40,199 |
Investment securities | 1,962 | 1,162 |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 28 | 14 |
Investment securities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Investment securities | 0 | |
Bank | Level 1 | Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 25,908 | 20,689 |
Trading assets | 86,532 | 70,463 |
Investment securities | 2 | 1 |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 4,467 | 6,610 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets (CHF million) | ||
Trading assets | 1,616 | 1,065 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets (CHF million) | ||
Trading assets | 118 | 8 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets (CHF million) | ||
Trading assets | 2,711 | 5,278 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets (CHF million) | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 2,987 | 3,690 |
Bank | Level 2 | Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 311 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,206 | 96,383 |
Securities received as collateral | 825 | 1,702 |
Trading assets | 687,533 | 637,432 |
Investment securities | 412 | 460 |
Other investments | 294 | 344 |
Loans | 13,560 | 11,459 |
Loans - of which commercial and industrial | 5,816 | 6,302 |
Loans - of which financial institutions | 6,227 | 4,484 |
Other intangible assets (mortgage servicing rights) | 0 | 0 |
Other assets | 23,371 | 21,426 |
Other assets - of which loans held-for-sale | 16,107 | 12,770 |
Total assets at fair value | 830,505 | 770,044 |
Less other investments - equity at fair value attributable to noncontrolling interests | -133 | -149 |
Less assets consolidated under ASU 2009-17 | -9,123 | -8,996 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 821,249 | 760,899 |
Bank | Level 2 | Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 219 | 289 |
Bank | Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 181 | 174 |
Bank | Level 2 | Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 75 | 55 |
Bank | Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 70 | 15 |
Bank | Level 2 | Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 781 | 1,592 |
Trading assets | 58,003 | 63,217 |
Investment securities | 309 | 362 |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 4,869 | 6,980 |
Investment securities | 0 | 2 |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 745 | 1,558 |
Trading assets | 22,507 | 24,267 |
Investment securities | 309 | 262 |
Bank | Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 22,150 | 23,343 |
Bank | Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 5,293 | 5,255 |
Bank | Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 3,185 | 3,305 |
Investment securities | 100 | |
Bank | Level 2 | Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 44 | 110 |
Trading assets | 6,395 | 5,777 |
Investment securities | 103 | 98 |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 616,012 | 563,957 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets (CHF million) | ||
Trading assets | 467,002 | 444,207 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets (CHF million) | ||
Trading assets | 89,102 | 60,846 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets (CHF million) | ||
Trading assets | 26,904 | 28,941 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets (CHF million) | ||
Trading assets | 24,451 | 25,662 |
Bank | Level 2 | Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 7,123 | 4,481 |
Bank | Level 3 | Recurring basis | ||
Assets (CHF million) | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77 | 204 |
Securities received as collateral | 0 | 0 |
Trading assets | 17,180 | 13,710 |
Investment securities | 3 | 2 |
Other investments | 5,271 | 6,963 |
Loans | 9,353 | 7,998 |
Loans - of which commercial and industrial | 5,853 | 5,309 |
Loans - of which financial institutions | 1,494 | 1,322 |
Other intangible assets (mortgage servicing rights) | 70 | 42 |
Other assets | 7,468 | 6,159 |
Other assets - of which loans held-for-sale | 6,851 | 5,615 |
Total assets at fair value | 39,422 | 35,078 |
Less other investments - equity at fair value attributable to noncontrolling interests | -821 | -2,781 |
Less assets consolidated under ASU 2009-17 | -3,155 | -2,458 |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 35,446 | 29,839 |
Bank | Level 3 | Recurring basis | Private equity | ||
Assets (CHF million) | ||
Other investments | 1,268 | 3,339 |
Bank | Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets (CHF million) | ||
Other investments | 567 | 2,230 |
Bank | Level 3 | Recurring basis | Hedge funds | ||
Assets (CHF million) | ||
Other investments | 314 | 392 |
Bank | Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets (CHF million) | ||
Other investments | 302 | 329 |
Bank | Level 3 | Recurring basis | Other equity investments | ||
Assets (CHF million) | ||
Other investments | 1,855 | 1,632 |
Bank | Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets (CHF million) | ||
Other investments | 1,855 | 1,631 |
Bank | Level 3 | Recurring basis | Life finance instruments | ||
Assets (CHF million) | ||
Other investments | 1,834 | 1,600 |
Bank | Level 3 | Recurring basis | Debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 4,465 | 5,069 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets (CHF million) | ||
Trading assets | 454 | 230 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,435 | 2,128 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets (CHF million) | ||
Trading assets | 612 | 436 |
Bank | Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets (CHF million) | ||
Trading assets | 257 | 417 |
Bank | Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets (CHF million) | ||
Trading assets | 1,421 | 1,567 |
Investment securities | 0 | |
Bank | Level 3 | Recurring basis | Equity securities | ||
Assets (CHF million) | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,566 | 595 |
Investment securities | 3 | 2 |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Assets (CHF million) | ||
Trading assets | 6,823 | 5,217 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets (CHF million) | ||
Trading assets | 1,803 | 1,574 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets (CHF million) | ||
Trading assets | 301 | 484 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets (CHF million) | ||
Trading assets | 1,063 | 1,240 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets (CHF million) | ||
Trading assets | 2,569 | 1,138 |
Bank | Level 3 | Recurring basis | Other | ||
Assets (CHF million) | ||
Trading assets | 4,326 | 2,829 |
Financial_instruments_Details_1
Financial instruments (Details 3) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liabilities (CHF million) | ||
Due to banks | 823 | 1,450 |
Customer deposits | 3,261 | 3,252 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 54,732 | 76,104 |
Obligation to return securities received as collateral | 26,854 | 22,800 |
Trading liabilities | 72,655 | 76,635 |
Short-term borrowings | 3,861 | 6,053 |
Long-term debt | 81,166 | 63,369 |
Other liabilities | 16,938 | 21,973 |
Netting impact | -595,000 | -547,800 |
Recurring basis | ||
Liabilities (CHF million) | ||
Due to banks | 823 | 1,450 |
Customer deposits | 3,261 | 3,252 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 54,732 | 76,104 |
Obligation to return securities received as collateral | 26,854 | 22,800 |
Trading liabilities | 72,655 | 76,635 |
Short-term borrowings | 3,861 | 6,053 |
Long-term debt | 81,166 | 63,369 |
Other liabilities | 16,938 | 21,973 |
Netting impact | -595,137 | -547,784 |
Total liabilities at fair value | 260,290 | 271,636 |
Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 8,616 | 9,081 |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 41,350 | 26,896 |
Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 13,078 | 12,061 |
Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 1,268 | 1,781 |
Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 902 | 2,001 |
Trading liabilities | 16,593 | 24,350 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 12,287 | 19,466 |
Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 745 | 1,558 |
Trading liabilities | 3,939 | 4,133 |
Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 25,952 | 20,799 |
Trading liabilities | 19,184 | 15,802 |
Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 36,878 | 36,483 |
Netting impact | -593,917 | -547,385 |
Recurring basis | Other liabilities | ||
Liabilities (CHF million) | ||
Netting impact | -1,220 | -399 |
Level 1 | Recurring basis | ||
Liabilities (CHF million) | ||
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 | 26,029 | 21,098 |
Trading liabilities | 35,332 | 40,392 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 61,361 | 61,490 |
Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 0 | 0 |
Level 1 | Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 121 | 409 |
Trading liabilities | 11,678 | 19,037 |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 11,530 | 18,863 |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 21 | 1 |
Level 1 | Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 25,908 | 20,689 |
Trading liabilities | 19,060 | 15,476 |
Level 1 | Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 4,594 | 5,879 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 1,585 | 896 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 234 | 14 |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 0 | 0 |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities (CHF million) | ||
Trading liabilities | 2,744 | 4,691 |
Level 2 | Recurring basis | ||
Liabilities (CHF million) | ||
Due to banks | 823 | 1,450 |
Customer deposits | 3,161 | 3,197 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 54,732 | 75,990 |
Obligation to return securities received as collateral | 825 | 1,702 |
Trading liabilities | 624,823 | 578,064 |
Short-term borrowings | 3,766 | 5,888 |
Long-term debt | 66,558 | 53,589 |
Other liabilities | 14,795 | 19,511 |
Total liabilities at fair value | 769,483 | 739,391 |
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 8,616 | 9,081 |
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 31,083 | 20,679 |
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 10,126 | 9,509 |
Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 652 | 638 |
Level 2 | Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 781 | 1,592 |
Trading liabilities | 4,914 | 5,311 |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 757 | 603 |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 745 | 1,558 |
Trading liabilities | 3,917 | 4,130 |
Level 2 | Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 44 | 110 |
Trading liabilities | 122 | 309 |
Level 2 | Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 619,787 | 572,444 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 458,894 | 439,446 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 101,461 | 71,547 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 23,479 | 25,942 |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities (CHF million) | ||
Trading liabilities | 26,746 | 30,622 |
Level 3 | Recurring basis | ||
Liabilities (CHF million) | ||
Due to banks | 0 | 0 |
Customer deposits | 100 | 55 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 114 |
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 6,417 | 5,564 |
Short-term borrowings | 95 | 165 |
Long-term debt | 14,608 | 9,780 |
Other liabilities | 3,363 | 2,861 |
Total liabilities at fair value | 24,583 | 18,539 |
Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 10,267 | 6,217 |
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 2,952 | 2,552 |
Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 616 | 1,143 |
Level 3 | Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 1 | 2 |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 1 | 2 |
Level 3 | Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 2 | 17 |
Level 3 | Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 6,414 | 5,545 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 1,202 | 1,129 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 560 | 938 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 2,760 | 1,230 |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities (CHF million) | ||
Trading liabilities | 1,466 | 1,896 |
Bank | ||
Liabilities (CHF million) | ||
Due to banks | 832 | 1,460 |
Customer deposits | 3,251 | 3,241 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 54,732 | 76,104 |
Obligation to return securities received as collateral | 26,854 | 22,800 |
Trading liabilities | 72,667 | 76,812 |
Short-term borrowings | 3,861 | 6,053 |
Long-term debt | 80,260 | 62,462 |
Other liabilities | 16,933 | 21,971 |
Netting impact | -595,300 | -547,600 |
Bank | Recurring basis | ||
Liabilities (CHF million) | ||
Due to banks | 832 | 1,460 |
Customer deposits | 3,251 | 3,241 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 54,732 | 76,104 |
Obligation to return securities received as collateral | 26,854 | 22,800 |
Trading liabilities | 72,667 | 76,812 |
Short-term borrowings | 3,861 | 6,053 |
Long-term debt | 80,260 | 62,462 |
Other liabilities | 16,933 | 21,971 |
Netting impact | -595,303 | -547,697 |
Total liabilities at fair value | 259,390 | 270,903 |
Bank | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 8,616 | 9,081 |
Bank | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 41,350 | 26,897 |
Bank | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 13,078 | 12,061 |
Bank | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 1,268 | 1,781 |
Bank | Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 902 | 2,001 |
Trading liabilities | 16,593 | 24,351 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 12,287 | 19,466 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 745 | 1,558 |
Trading liabilities | 3,939 | 4,137 |
Bank | Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 25,952 | 20,799 |
Trading liabilities | 19,199 | 15,802 |
Bank | Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 36,875 | 36,659 |
Netting impact | -594,277 | -547,423 |
Bank | Recurring basis | Other liabilities | ||
Liabilities (CHF million) | ||
Netting impact | -1,026 | -274 |
Bank | Level 1 | Recurring basis | ||
Liabilities (CHF million) | ||
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 | 26,029 | 21,098 |
Trading liabilities | 35,347 | 40,392 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 61,376 | 61,490 |
Bank | Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 121 | 409 |
Trading liabilities | 11,678 | 19,037 |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 11,530 | 18,863 |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 21 | 1 |
Bank | Level 1 | Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 25,908 | 20,689 |
Trading liabilities | 19,075 | 15,476 |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 4,594 | 5,879 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 1,585 | 896 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 234 | 14 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 0 | 0 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities (CHF million) | ||
Trading liabilities | 2,744 | 4,691 |
Bank | Level 2 | Recurring basis | ||
Liabilities (CHF million) | ||
Due to banks | 832 | 1,460 |
Customer deposits | 3,151 | 3,186 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 54,732 | 75,990 |
Obligation to return securities received as collateral | 825 | 1,702 |
Trading liabilities | 625,180 | 578,279 |
Short-term borrowings | 3,766 | 5,888 |
Long-term debt | 65,652 | 52,682 |
Other liabilities | 14,601 | 19,386 |
Total liabilities at fair value | 768,739 | 738,573 |
Bank | Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 8,616 | 9,081 |
Bank | Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 31,083 | 20,680 |
Bank | Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 10,126 | 9,509 |
Bank | Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 652 | 638 |
Bank | Level 2 | Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 781 | 1,592 |
Trading liabilities | 4,914 | 5,312 |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 757 | 603 |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 745 | 1,558 |
Trading liabilities | 3,917 | 4,134 |
Bank | Level 2 | Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 44 | 110 |
Trading liabilities | 122 | 309 |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 620,144 | 572,658 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 458,730 | 439,502 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 101,461 | 71,588 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 23,479 | 25,942 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities (CHF million) | ||
Trading liabilities | 27,266 | 30,800 |
Bank | Level 3 | Recurring basis | ||
Liabilities (CHF million) | ||
Due to banks | 0 | 0 |
Customer deposits | 100 | 55 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 114 |
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 6,417 | 5,564 |
Short-term borrowings | 95 | 165 |
Long-term debt | 14,608 | 9,780 |
Other liabilities | 3,358 | 2,859 |
Total liabilities at fair value | 24,578 | 18,537 |
Bank | Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 0 | 0 |
Bank | Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities (CHF million) | ||
Long-term debt | 10,267 | 6,217 |
Bank | Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities (CHF million) | ||
Long-term debt | 2,952 | 2,552 |
Bank | Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities (CHF million) | ||
Other liabilities | 616 | 1,143 |
Bank | Level 3 | Recurring basis | Debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 1 | 2 |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities (CHF million) | ||
Trading liabilities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 1 | 2 |
Bank | Level 3 | Recurring basis | Equity securities | ||
Liabilities (CHF million) | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 2 | 17 |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Liabilities (CHF million) | ||
Trading liabilities | 6,414 | 5,545 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 1,202 | 1,129 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 560 | 938 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities (CHF million) | ||
Trading liabilities | 2,760 | 1,230 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities (CHF million) | ||
Trading liabilities | 1,466 | 1,896 |
Financial_instruments_Details_2
Financial instruments (Details 4) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Assets measured at fair value on a recurring basis for level 3 | ||
Transfers in, assets | 8,885 | 7,429 |
Transfers out, assets | -9,512 | -9,761 |
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 | 204 | 0 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | -151 | 0 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 0 | 362 |
Settlements, assets | 0 | -153 |
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 | 4 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 24 | -9 |
Balance at end of period, assets | 77 | 204 |
Recurring basis | Trading assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 13,710 | 15,509 |
Transfers in, assets | 5,218 | 3,451 |
Transfers out, assets | -5,533 | -4,909 |
Purchases, assets | 10,449 | 10,034 |
Sales, assets | -9,277 | -10,130 |
Issuances, assets | 2,330 | 1,766 |
Settlements, assets | -3,535 | -2,511 |
Gain (loss) on transfers in/out included in trading revenues, assets | 102 | 423 |
Gain (loss) on all other activity included in trading revenues, assets | 2,076 | 563 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | -1 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 1,640 | -485 |
Balance at end of period, assets | 17,180 | 13,710 |
Recurring basis | Trading assets | Debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 5,069 | 5,888 |
Transfers in, assets | 1,260 | 1,418 |
Transfers out, assets | -3,018 | -1,977 |
Purchases, assets | 5,554 | 6,363 |
Sales, assets | -5,435 | -7,043 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | -60 | 165 |
Gain (loss) on all other activity included in trading revenues, assets | 535 | 465 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 560 | -210 |
Balance at end of period, assets | 4,465 | 5,069 |
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 | 2,128 | 3,192 |
Transfers in, assets | 392 | 571 |
Transfers out, assets | -756 | -552 |
Purchases, assets | 1,161 | 1,759 |
Sales, assets | -2,004 | -3,022 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | -68 | 109 |
Gain (loss) on all other activity included in trading revenues, assets | 402 | 157 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 180 | -86 |
Balance at end of period, assets | 1,435 | 2,128 |
Recurring basis | Trading assets | Debt securities | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 436 | 724 |
Transfers in, assets | 625 | 467 |
Transfers out, assets | -676 | -690 |
Purchases, assets | 732 | 1,012 |
Sales, assets | -659 | -1,162 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 11 | 11 |
Gain (loss) on all other activity included in trading revenues, assets | 81 | 91 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 62 | -17 |
Balance at end of period, assets | 612 | 436 |
Recurring basis | Trading assets | Debt securities | CMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 417 | 1,023 |
Transfers in, assets | 105 | 86 |
Transfers out, assets | -392 | -310 |
Purchases, assets | 415 | 497 |
Sales, assets | -282 | -866 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | -4 |
Gain (loss) on all other activity included in trading revenues, assets | -58 | 15 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 52 | -24 |
Balance at end of period, assets | 257 | 417 |
Recurring basis | Trading assets | Debt securities | Collateralized debt obligations | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,567 | 447 |
Transfers in, assets | 112 | 55 |
Transfers out, assets | -697 | -357 |
Purchases, assets | 2,593 | 3,072 |
Sales, assets | -2,402 | -1,810 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | -8 | 36 |
Gain (loss) on all other activity included in trading revenues, assets | 61 | 197 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 195 | -73 |
Balance at end of period, assets | 1,421 | 1,567 |
Recurring basis | Trading assets | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 595 | 485 |
Transfers in, assets | 939 | 303 |
Transfers out, assets | -469 | -237 |
Purchases, assets | 727 | 405 |
Sales, assets | -554 | -431 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 35 | 20 |
Gain (loss) on all other activity included in trading revenues, assets | 196 | 68 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | -1 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 97 | -17 |
Balance at end of period, assets | 1,566 | 595 |
Recurring basis | Trading assets | Derivative instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 5,217 | 6,650 |
Transfers in, assets | 2,156 | 1,442 |
Transfers out, assets | -1,168 | -2,208 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 2,330 | 1,766 |
Settlements, assets | -3,334 | -2,446 |
Gain (loss) on transfers in/out included in trading revenues, assets | 110 | 230 |
Gain (loss) on all other activity included in trading revenues, assets | 941 | -53 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 571 | -164 |
Balance at end of period, assets | 6,823 | 5,217 |
Recurring basis | Trading assets | Derivative instruments | Interest rate derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,574 | 1,859 |
Transfers in, assets | 70 | 244 |
Transfers out, assets | -40 | -363 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 197 | 279 |
Settlements, assets | -574 | -663 |
Gain (loss) on transfers in/out included in trading revenues, assets | 13 | 8 |
Gain (loss) on all other activity included in trading revenues, assets | 393 | 249 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 170 | -39 |
Balance at end of period, assets | 1,803 | 1,574 |
Recurring basis | Trading assets | Derivative instruments | Credit derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,138 | 1,294 |
Transfers in, assets | 1,891 | 923 |
Transfers out, assets | -575 | -633 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 536 | 627 |
Settlements, assets | -899 | -631 |
Gain (loss) on transfers in/out included in trading revenues, assets | -28 | 38 |
Gain (loss) on all other activity included in trading revenues, assets | 379 | -461 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 127 | -19 |
Balance at end of period, assets | 2,569 | 1,138 |
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 | 1,240 | 1,920 |
Transfers in, assets | 132 | 223 |
Transfers out, assets | -534 | -1,020 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 405 | 207 |
Settlements, assets | -417 | -538 |
Gain (loss) on transfers in/out included in trading revenues, assets | 120 | 184 |
Gain (loss) on all other activity included in trading revenues, assets | -26 | 330 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 143 | -66 |
Balance at end of period, assets | 1,063 | 1,240 |
Recurring basis | Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2,829 | 2,486 |
Transfers in, assets | 863 | 288 |
Transfers out, assets | -878 | -487 |
Purchases, assets | 4,168 | 3,266 |
Sales, assets | -3,288 | -2,656 |
Issuances, assets | 0 | 0 |
Settlements, assets | -201 | -65 |
Gain (loss) on transfers in/out included in trading revenues, assets | 17 | 8 |
Gain (loss) on all other activity included in trading revenues, assets | 404 | 83 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 412 | -94 |
Balance at end of period, assets | 4,326 | 2,829 |
Recurring basis | Investment securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2 | 170 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | -230 |
Purchases, assets | 0 | 165 |
Sales, assets | 0 | -82 |
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 | 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 |
Foreign currency translation impact, assets | 1 | -30 |
Balance at end of period, assets | 3 | 2 |
Recurring basis | Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,969 | 8,184 |
Transfers in, assets | 2 | 106 |
Transfers out, assets | -22 | -63 |
Purchases, assets | 978 | 1,715 |
Sales, assets | -3,884 | -3,585 |
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 | 201 | -2 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 531 | 791 |
Foreign currency translation impact, assets | 508 | -177 |
Balance at end of period, assets | 5,283 | 6,969 |
Recurring basis | Other investments | Hedge funds | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at end of period, assets | 314 | 392 |
Recurring basis | Other investments | Other equity investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at end of period, assets | 1,849 | 1,632 |
Recurring basis | Other investments | Other equity investments - of which private | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at end of period, assets | 1,850 | 1,630 |
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 | 1,600 | 1,818 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 204 | 189 |
Sales, assets | -333 | -365 |
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 | 179 | 1 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 184 | -43 |
Balance at end of period, assets | 1,834 | 1,600 |
Recurring basis | Other investments | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 5,369 | 6,366 |
Transfers in, assets | 2 | 106 |
Transfers out, assets | -22 | -63 |
Purchases, assets | 774 | 1,526 |
Sales, assets | -3,551 | -3,220 |
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 | 22 | -3 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 531 | 791 |
Foreign currency translation impact, assets | 324 | -134 |
Balance at end of period, assets | 3,449 | 5,369 |
Recurring basis | Loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 7,998 | 6,619 |
Transfers in, assets | 500 | 320 |
Transfers out, assets | -601 | -1,561 |
Purchases, assets | 1,024 | 800 |
Sales, assets | -2,012 | -1,673 |
Issuances, assets | 4,878 | 6,767 |
Settlements, assets | -3,168 | -2,920 |
Gain (loss) on transfers in/out included in trading revenues, assets | 3 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | -173 | -21 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | -2 | 0 |
Foreign currency translation impact, assets | 906 | -333 |
Balance at end of period, assets | 9,353 | 7,998 |
Recurring basis | Loans - of which commercial and industrial | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 5,309 | 4,778 |
Transfers in, assets | 253 | 305 |
Transfers out, assets | -349 | -315 |
Purchases, assets | 368 | 727 |
Sales, assets | -1,098 | -1,280 |
Issuances, assets | 3,346 | 3,541 |
Settlements, assets | -2,428 | -2,171 |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | -118 | -85 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | -4 | 0 |
Foreign currency translation impact, assets | 573 | -192 |
Balance at end of period, assets | 5,853 | 5,309 |
Recurring basis | Loans - of which financial institutions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,322 | 1,530 |
Transfers in, assets | 156 | 15 |
Transfers out, assets | -163 | -6 |
Purchases, assets | 16 | 71 |
Sales, assets | -422 | -207 |
Issuances, assets | 943 | 651 |
Settlements, assets | -482 | -650 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | -33 | -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 | 5 | 0 |
Foreign currency translation impact, assets | 152 | -34 |
Balance at end of period, assets | 1,494 | 1,322 |
Recurring basis | Other intangible assets. | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 42 | 43 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 29 | 12 |
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 | -7 | 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 | -12 |
Foreign currency translation impact, assets | 6 | -1 |
Balance at end of period, assets | 70 | 42 |
Recurring basis | Other assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,159 | 5,164 |
Transfers in, assets | 3,165 | 3,552 |
Transfers out, assets | -3,205 | -2,998 |
Purchases, assets | 7,852 | 4,781 |
Sales, assets | -6,713 | -4,213 |
Issuances, assets | 845 | 1,034 |
Settlements, assets | -1,448 | -1,148 |
Gain (loss) on transfers in/out included in trading revenues, assets | 165 | 5 |
Gain (loss) on all other activity included in trading revenues, assets | -5 | 199 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 653 | -217 |
Balance at end of period, assets | 7,468 | 6,159 |
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 | 5,615 | 4,463 |
Transfers in, assets | 3,154 | 3,539 |
Transfers out, assets | -3,174 | -2,918 |
Purchases, assets | 7,486 | 4,456 |
Sales, assets | -6,382 | -3,964 |
Issuances, assets | 845 | 1,034 |
Settlements, assets | -1,448 | -1,147 |
Gain (loss) on transfers in/out included in trading revenues, assets | 169 | 5 |
Gain (loss) on all other activity included in trading revenues, assets | -2 | 348 |
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 |
Foreign currency translation impact, assets | 589 | -201 |
Balance at end of period, assets | 6,851 | 5,615 |
Recurring basis | Other assets - of which loans held-for-sale | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Gain (loss) on all other activity included in trading revenues, assets | -22 | |
Recurring basis | Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 35,084 | 35,689 |
Transfers in, assets | 8,885 | 7,429 |
Transfers out, assets | -9,512 | -9,761 |
Purchases, assets | 20,332 | 17,507 |
Sales, assets | -21,886 | -19,683 |
Issuances, assets | 8,053 | 9,929 |
Settlements, assets | -8,151 | -6,732 |
Gain (loss) on transfers in/out included in trading revenues, assets | 270 | 428 |
Gain (loss) on all other activity included in trading revenues, assets | 2,092 | 752 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | -1 |
Gain (loss) on all other activity included in other revenues, assets | 529 | 779 |
Foreign currency translation impact, assets | 3,738 | -1,252 |
Balance at end of period, assets | 39,434 | 35,084 |
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 | 204 | 0 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | -151 | 0 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 0 | 362 |
Settlements, assets | 0 | -153 |
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 | 4 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 24 | -9 |
Balance at end of period, assets | 77 | 204 |
Bank | Recurring basis | Trading assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 13,710 | 15,451 |
Transfers in, assets | 5,218 | 3,451 |
Transfers out, assets | -5,533 | -4,909 |
Purchases, assets | 10,449 | 10,034 |
Sales, assets | -9,277 | -10,071 |
Issuances, assets | 2,330 | 1,766 |
Settlements, assets | -3,535 | -2,511 |
Gain (loss) on transfers in/out included in trading revenues, assets | 102 | 423 |
Gain (loss) on all other activity included in trading revenues, assets | 2,076 | 563 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | -1 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 1,640 | -486 |
Balance at end of period, assets | 17,180 | 13,710 |
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 | 5,069 | 5,830 |
Transfers in, assets | 1,260 | 1,418 |
Transfers out, assets | -3,018 | -1,977 |
Purchases, assets | 5,554 | 6,363 |
Sales, assets | -5,435 | -6,984 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | -60 | 165 |
Gain (loss) on all other activity included in trading revenues, assets | 535 | 465 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 560 | -211 |
Balance at end of period, assets | 4,465 | 5,069 |
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 | 2,128 | 3,192 |
Transfers in, assets | 392 | 571 |
Transfers out, assets | -756 | -552 |
Purchases, assets | 1,161 | 1,759 |
Sales, assets | -2,004 | -3,022 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | -68 | 109 |
Gain (loss) on all other activity included in trading revenues, assets | 402 | 157 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 180 | -86 |
Balance at end of period, assets | 1,435 | 2,128 |
Bank | Recurring basis | Trading assets | Debt securities | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 436 | 724 |
Transfers in, assets | 625 | 467 |
Transfers out, assets | -676 | -690 |
Purchases, assets | 732 | 1,012 |
Sales, assets | -659 | -1,162 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 11 | 11 |
Gain (loss) on all other activity included in trading revenues, assets | 81 | 91 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 62 | -17 |
Balance at end of period, assets | 612 | 436 |
Bank | Recurring basis | Trading assets | Debt securities | CMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 417 | 1,023 |
Transfers in, assets | 105 | 86 |
Transfers out, assets | -392 | -310 |
Purchases, assets | 415 | 497 |
Sales, assets | -282 | -866 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | -4 |
Gain (loss) on all other activity included in trading revenues, assets | -58 | 15 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 52 | -24 |
Balance at end of period, assets | 257 | 417 |
Bank | Recurring basis | Trading assets | Debt securities | Collateralized debt obligations | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,567 | 447 |
Transfers in, assets | 112 | 55 |
Transfers out, assets | -697 | -357 |
Purchases, assets | 2,593 | 3,072 |
Sales, assets | -2,402 | -1,810 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | -8 | 36 |
Gain (loss) on all other activity included in trading revenues, assets | 61 | 197 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 195 | -73 |
Balance at end of period, assets | 1,421 | 1,567 |
Bank | Recurring basis | Trading assets | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 595 | 485 |
Transfers in, assets | 939 | 303 |
Transfers out, assets | -469 | -237 |
Purchases, assets | 727 | 405 |
Sales, assets | -554 | -431 |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 35 | 20 |
Gain (loss) on all other activity included in trading revenues, assets | 196 | 68 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | -1 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 97 | -17 |
Balance at end of period, assets | 1,566 | 595 |
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 | 5,217 | 6,650 |
Transfers in, assets | 2,156 | 1,442 |
Transfers out, assets | -1,168 | -2,208 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 2,330 | 1,766 |
Settlements, assets | -3,334 | -2,446 |
Gain (loss) on transfers in/out included in trading revenues, assets | 110 | 230 |
Gain (loss) on all other activity included in trading revenues, assets | 941 | -53 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 571 | -164 |
Balance at end of period, assets | 6,823 | 5,217 |
Bank | Recurring basis | Trading assets | Derivative instruments | Interest rate derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,574 | 1,859 |
Transfers in, assets | 70 | 244 |
Transfers out, assets | -40 | -363 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 197 | 279 |
Settlements, assets | -574 | -663 |
Gain (loss) on transfers in/out included in trading revenues, assets | 13 | 8 |
Gain (loss) on all other activity included in trading revenues, assets | 393 | 249 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 170 | -39 |
Balance at end of period, assets | 1,803 | 1,574 |
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 | 1,138 | 1,294 |
Transfers in, assets | 1,891 | 923 |
Transfers out, assets | -575 | -633 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 536 | 627 |
Settlements, assets | -899 | -631 |
Gain (loss) on transfers in/out included in trading revenues, assets | -28 | 38 |
Gain (loss) on all other activity included in trading revenues, assets | 379 | -461 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 127 | -19 |
Balance at end of period, assets | 2,569 | 1,138 |
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 | 1,240 | 1,920 |
Transfers in, assets | 132 | 223 |
Transfers out, assets | -534 | -1,020 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 405 | 207 |
Settlements, assets | -417 | -538 |
Gain (loss) on transfers in/out included in trading revenues, assets | 120 | 184 |
Gain (loss) on all other activity included in trading revenues, assets | -26 | 330 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 143 | -66 |
Balance at end of period, assets | 1,063 | 1,240 |
Bank | Recurring basis | Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2,829 | 2,486 |
Transfers in, assets | 863 | 288 |
Transfers out, assets | -878 | -487 |
Purchases, assets | 4,168 | 3,266 |
Sales, assets | -3,288 | -2,656 |
Issuances, assets | 0 | 0 |
Settlements, assets | -201 | -65 |
Gain (loss) on transfers in/out included in trading revenues, assets | 17 | 8 |
Gain (loss) on all other activity included in trading revenues, assets | 404 | 83 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 412 | -94 |
Balance at end of period, assets | 4,326 | 2,829 |
Bank | Recurring basis | Investment securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2 | 170 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | -230 |
Purchases, assets | 0 | 165 |
Sales, assets | 0 | -82 |
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 | 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 |
Foreign currency translation impact, assets | 1 | -30 |
Balance at end of period, assets | 3 | 2 |
Bank | Recurring basis | Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,963 | 8,082 |
Transfers in, assets | 2 | 106 |
Transfers out, assets | -22 | -63 |
Purchases, assets | 931 | 1,270 |
Sales, assets | -3,845 | -3,014 |
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 | 201 | -2 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 534 | 776 |
Foreign currency translation impact, assets | 507 | -192 |
Balance at end of period, assets | 5,271 | 6,963 |
Bank | Recurring basis | Other investments | Hedge funds | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at end of period, assets | 314 | 392 |
Bank | Recurring basis | Other investments | Other equity investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at end of period, assets | 1,855 | 1,632 |
Bank | Recurring basis | Other investments | Other equity investments - of which private | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at end of period, assets | 1,855 | 1,631 |
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 | 1,600 | 1,818 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 204 | 189 |
Sales, assets | -333 | -365 |
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 | 179 | 1 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 184 | -43 |
Balance at end of period, assets | 1,834 | 1,600 |
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 | 5,363 | 6,264 |
Transfers in, assets | 2 | 106 |
Transfers out, assets | -22 | -63 |
Purchases, assets | 727 | 1,081 |
Sales, assets | -3,512 | -2,649 |
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 | 22 | -3 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 534 | 776 |
Foreign currency translation impact, assets | 323 | -149 |
Balance at end of period, assets | 3,437 | 5,363 |
Bank | Recurring basis | Loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 7,998 | 6,619 |
Transfers in, assets | 500 | 320 |
Transfers out, assets | -601 | -1,561 |
Purchases, assets | 1,024 | 800 |
Sales, assets | -2,012 | -1,673 |
Issuances, assets | 4,878 | 6,767 |
Settlements, assets | -3,168 | -2,920 |
Gain (loss) on transfers in/out included in trading revenues, assets | 3 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | -173 | -21 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | -2 | 0 |
Foreign currency translation impact, assets | 906 | -333 |
Balance at end of period, assets | 9,353 | 7,998 |
Bank | Recurring basis | Loans - of which commercial and industrial | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 5,309 | 4,778 |
Transfers in, assets | 253 | 305 |
Transfers out, assets | -349 | -315 |
Purchases, assets | 368 | 727 |
Sales, assets | -1,098 | -1,280 |
Issuances, assets | 3,346 | 3,541 |
Settlements, assets | -2,428 | -2,171 |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | -118 | -85 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | -4 | 0 |
Foreign currency translation impact, assets | 573 | -192 |
Balance at end of period, assets | 5,853 | 5,309 |
Bank | Recurring basis | Loans - of which financial institutions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,322 | 1,530 |
Transfers in, assets | 156 | 15 |
Transfers out, assets | -163 | -6 |
Purchases, assets | 16 | 71 |
Sales, assets | -422 | -207 |
Issuances, assets | 943 | 651 |
Settlements, assets | -482 | -650 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | -33 | -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 | 5 | 0 |
Foreign currency translation impact, assets | 152 | -34 |
Balance at end of period, assets | 1,494 | 1,322 |
Bank | Recurring basis | Other intangible assets. | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 42 | 43 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 29 | 12 |
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 | -7 | 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 | -12 |
Foreign currency translation impact, assets | 6 | -1 |
Balance at end of period, assets | 70 | 42 |
Bank | Recurring basis | Other assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,159 | 5,164 |
Transfers in, assets | 3,165 | 3,552 |
Transfers out, assets | -3,205 | -2,998 |
Purchases, assets | 7,852 | 4,781 |
Sales, assets | -6,713 | -4,213 |
Issuances, assets | 845 | 1,034 |
Settlements, assets | -1,448 | -1,148 |
Gain (loss) on transfers in/out included in trading revenues, assets | 165 | 5 |
Gain (loss) on all other activity included in trading revenues, assets | -5 | 199 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | 653 | -217 |
Balance at end of period, assets | 7,468 | 6,159 |
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 | 5,615 | 4,463 |
Transfers in, assets | 3,154 | 3,539 |
Transfers out, assets | -3,174 | -2,918 |
Purchases, assets | 7,486 | 4,456 |
Sales, assets | -6,382 | -3,964 |
Issuances, assets | 845 | 1,034 |
Settlements, assets | -1,448 | -1,147 |
Gain (loss) on transfers in/out included in trading revenues, assets | 169 | 5 |
Gain (loss) on all other activity included in trading revenues, assets | -2 | 348 |
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 |
Foreign currency translation impact, assets | 589 | -201 |
Balance at end of period, assets | 6,851 | 5,615 |
Bank | Recurring basis | Other assets - of which loans held-for-sale | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Gain (loss) on all other activity included in trading revenues, assets | -22 | |
Bank | Recurring basis | Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 35,078 | 35,529 |
Transfers in, assets | 8,885 | 7,429 |
Transfers out, assets | -9,512 | -9,761 |
Purchases, assets | 20,285 | 17,062 |
Sales, assets | -21,847 | -19,053 |
Issuances, assets | 8,053 | 9,929 |
Settlements, assets | -8,151 | -6,732 |
Gain (loss) on transfers in/out included in trading revenues, assets | 270 | 428 |
Gain (loss) on all other activity included in trading revenues, assets | 2,092 | 752 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | -1 |
Gain (loss) on all other activity included in other revenues, assets | 532 | 764 |
Foreign currency translation impact, assets | 3,737 | -1,268 |
Balance at end of period, assets | 39,422 | 35,078 |
Financial_instruments_Details_3
Financial instruments (Details 5) (Recurring basis, CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 114 | 0 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | -127 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 119 |
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 |
Foreign currency translation impact, liabilities | 13 | -5 |
Balance at end of period, liabilities | 0 | 114 |
Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 55 | 25 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 45 | 51 |
Settlements, liabilities | -19 | -3 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 16 | -13 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 3 | -5 |
Balance at end of period, liabilities | 100 | 55 |
Trading Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 5,564 | 5,356 |
Transfers in, liabilities | 2,471 | 1,503 |
Transfers out, liabilities | -1,655 | -1,537 |
Purchases, liabilities | 36 | 66 |
Sales, liabilities | -39 | -197 |
Issuances, liabilities | 1,526 | 1,561 |
Settlements, liabilities | -2,778 | -2,556 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 251 | 235 |
Gain (loss) on all other activity included in trading revenues, liabilities | 469 | 1,302 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 572 | -169 |
Balance at end of period, liabilities | 6,417 | 5,564 |
Trading Liabilities | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,129 | 1,357 |
Transfers in, liabilities | 56 | 75 |
Transfers out, liabilities | -109 | -134 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 72 | 107 |
Settlements, liabilities | -499 | -508 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 1 | 10 |
Gain (loss) on all other activity included in trading revenues, liabilities | 429 | 254 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 123 | -32 |
Balance at end of period, liabilities | 1,202 | 1,129 |
Trading Liabilities | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 938 | 1,648 |
Transfers in, liabilities | 0 | 13 |
Transfers out, liabilities | -2 | -21 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5 | 15 |
Settlements, liabilities | -239 | -662 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -4 | -16 |
Gain (loss) on all other activity included in trading revenues, liabilities | -205 | -21 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 67 | -18 |
Balance at end of period, liabilities | 560 | 938 |
Trading Liabilities | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,230 | 819 |
Transfers in, liabilities | 1,906 | 1,001 |
Transfers out, liabilities | -587 | -590 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 473 | 655 |
Settlements, liabilities | -885 | -856 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -16 | 39 |
Gain (loss) on all other activity included in trading revenues, liabilities | 496 | 186 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 143 | -24 |
Balance at end of period, liabilities | 2,760 | 1,230 |
Trading Liabilities | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,896 | 1,003 |
Transfers in, liabilities | 478 | 360 |
Transfers out, liabilities | -941 | -676 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 656 | 632 |
Settlements, liabilities | -890 | -380 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 273 | 210 |
Gain (loss) on all other activity included in trading revenues, liabilities | -201 | 831 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 195 | -84 |
Balance at end of period, liabilities | 1,466 | 1,896 |
Short-term borrowings. | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 165 | 124 |
Transfers in, liabilities | 67 | 43 |
Transfers out, liabilities | -74 | -99 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 382 | 318 |
Settlements, liabilities | -456 | -216 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -3 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | 3 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 14 | -8 |
Balance at end of period, liabilities | 95 | 165 |
Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 9,780 | 10,098 |
Transfers in, liabilities | 2,441 | 2,322 |
Transfers out, liabilities | -3,475 | -2,375 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 8,432 | 5,006 |
Settlements, liabilities | -3,870 | -5,330 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 144 | 25 |
Gain (loss) on all other activity included in trading revenues, liabilities | -338 | 321 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | -1 |
Foreign currency translation impact, liabilities | 1,494 | -286 |
Balance at end of period, liabilities | 14,608 | 9,780 |
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 | 6,217 | 6,189 |
Transfers in, liabilities | 1,468 | 453 |
Transfers out, liabilities | -1,931 | -1,226 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,930 | 3,602 |
Settlements, liabilities | -2,027 | -2,534 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -6 | -18 |
Gain (loss) on all other activity included in trading revenues, liabilities | -406 | -36 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | -1 |
Foreign currency translation impact, liabilities | 1,022 | -212 |
Balance at end of period, liabilities | 10,267 | 6,217 |
Long-term debt | Long-term debt - of which nonrecourse liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2,552 | 2,551 |
Transfers in, liabilities | 924 | 1,836 |
Transfers out, liabilities | -1,007 | -670 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,170 | 818 |
Settlements, liabilities | -1,153 | -2,128 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 155 | 24 |
Gain (loss) on all other activity included in trading revenues, liabilities | 10 | 151 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 301 | -30 |
Balance at end of period, liabilities | 2,952 | 2,552 |
Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2,861 | 2,848 |
Transfers in, liabilities | 121 | 227 |
Transfers out, liabilities | -133 | -149 |
Purchases, liabilities | 530 | 213 |
Sales, liabilities | -1,215 | -393 |
Issuances, liabilities | 649 | 10 |
Settlements, liabilities | -233 | -86 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 11 | -17 |
Gain (loss) on all other activity included in trading revenues, liabilities | 114 | 70 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 3 | 26 |
Gain (loss) on all other activity included in other revenues, liabilities | 361 | 217 |
Foreign currency translation impact, liabilities | 294 | -105 |
Balance at end of period, liabilities | 3,363 | 2,861 |
Other liabilities | Other liabilities - of which failed sales | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,143 | 1,160 |
Transfers in, liabilities | 76 | 176 |
Transfers out, liabilities | -50 | -82 |
Purchases, liabilities | 292 | 154 |
Sales, liabilities | -949 | -308 |
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 | 29 | 72 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | -2 | 0 |
Foreign currency translation impact, liabilities | 77 | -29 |
Balance at end of period, liabilities | 616 | 1,143 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 18,539 | 18,451 |
Transfers in, liabilities | 5,100 | 4,095 |
Transfers out, liabilities | -5,464 | -4,160 |
Purchases, liabilities | 566 | 279 |
Sales, liabilities | -1,254 | -590 |
Issuances, liabilities | 11,034 | 7,065 |
Settlements, liabilities | -7,356 | -8,191 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 403 | 243 |
Gain (loss) on all other activity included in trading revenues, liabilities | 261 | 1,683 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 3 | 26 |
Gain (loss) on all other activity included in other revenues, liabilities | 361 | 216 |
Foreign currency translation impact, liabilities | 2,390 | -578 |
Balance at end of period, liabilities | 24,583 | 18,539 |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 114 | 0 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | -127 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 119 |
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 |
Foreign currency translation impact, liabilities | 13 | -5 |
Balance at end of period, liabilities | 0 | 114 |
Bank | Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 55 | 25 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 45 | 51 |
Settlements, liabilities | -19 | -3 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 16 | -13 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 3 | -5 |
Balance at end of period, liabilities | 100 | 55 |
Bank | Trading Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 5,564 | 5,356 |
Transfers in, liabilities | 2,471 | 1,503 |
Transfers out, liabilities | -1,655 | -1,537 |
Purchases, liabilities | 36 | 66 |
Sales, liabilities | -39 | -197 |
Issuances, liabilities | 1,526 | 1,561 |
Settlements, liabilities | -2,778 | -2,556 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 251 | 235 |
Gain (loss) on all other activity included in trading revenues, liabilities | 469 | 1,302 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 572 | -169 |
Balance at end of period, liabilities | 6,417 | 5,564 |
Bank | Trading Liabilities | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,129 | 1,357 |
Transfers in, liabilities | 56 | 75 |
Transfers out, liabilities | -109 | -134 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 72 | 107 |
Settlements, liabilities | -499 | -508 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 1 | 10 |
Gain (loss) on all other activity included in trading revenues, liabilities | 429 | 254 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 123 | -32 |
Balance at end of period, liabilities | 1,202 | 1,129 |
Bank | Trading Liabilities | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 938 | 1,648 |
Transfers in, liabilities | 0 | 13 |
Transfers out, liabilities | -2 | -21 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5 | 15 |
Settlements, liabilities | -239 | -662 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -4 | -16 |
Gain (loss) on all other activity included in trading revenues, liabilities | -205 | -21 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 67 | -18 |
Balance at end of period, liabilities | 560 | 938 |
Bank | Trading Liabilities | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,230 | 819 |
Transfers in, liabilities | 1,906 | 1,001 |
Transfers out, liabilities | -587 | -590 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 473 | 655 |
Settlements, liabilities | -885 | -856 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -16 | 39 |
Gain (loss) on all other activity included in trading revenues, liabilities | 496 | 186 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 143 | -24 |
Balance at end of period, liabilities | 2,760 | 1,230 |
Bank | Trading Liabilities | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,896 | 1,003 |
Transfers in, liabilities | 478 | 360 |
Transfers out, liabilities | -941 | -676 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 656 | 632 |
Settlements, liabilities | -890 | -380 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 273 | 210 |
Gain (loss) on all other activity included in trading revenues, liabilities | -201 | 831 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 195 | -84 |
Balance at end of period, liabilities | 1,466 | 1,896 |
Bank | Short-term borrowings. | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 165 | 124 |
Transfers in, liabilities | 67 | 43 |
Transfers out, liabilities | -74 | -99 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 382 | 318 |
Settlements, liabilities | -456 | -216 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -3 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | 3 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 14 | -8 |
Balance at end of period, liabilities | 95 | 165 |
Bank | Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 9,780 | 10,098 |
Transfers in, liabilities | 2,441 | 2,322 |
Transfers out, liabilities | -3,475 | -2,375 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 8,432 | 5,006 |
Settlements, liabilities | -3,870 | -5,330 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 144 | 25 |
Gain (loss) on all other activity included in trading revenues, liabilities | -338 | 321 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | -1 |
Foreign currency translation impact, liabilities | 1,494 | -286 |
Balance at end of period, liabilities | 14,608 | 9,780 |
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 | 6,217 | 6,189 |
Transfers in, liabilities | 1,468 | 453 |
Transfers out, liabilities | -1,931 | -1,226 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,930 | 3,602 |
Settlements, liabilities | -2,027 | -2,534 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -6 | -18 |
Gain (loss) on all other activity included in trading revenues, liabilities | -406 | -36 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | -1 |
Foreign currency translation impact, liabilities | 1,022 | -212 |
Balance at end of period, liabilities | 10,267 | 6,217 |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2,552 | 2,551 |
Transfers in, liabilities | 924 | 1,836 |
Transfers out, liabilities | -1,007 | -670 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,170 | 818 |
Settlements, liabilities | -1,153 | -2,128 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 155 | 24 |
Gain (loss) on all other activity included in trading revenues, liabilities | 10 | 151 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 301 | -30 |
Balance at end of period, liabilities | 2,952 | 2,552 |
Bank | Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2,859 | 2,847 |
Transfers in, liabilities | 121 | 227 |
Transfers out, liabilities | -133 | -149 |
Purchases, liabilities | 530 | 213 |
Sales, liabilities | -1,215 | -393 |
Issuances, liabilities | 647 | 10 |
Settlements, liabilities | -233 | -86 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 11 | -17 |
Gain (loss) on all other activity included in trading revenues, liabilities | 114 | 70 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 3 | 26 |
Gain (loss) on all other activity included in other revenues, liabilities | 359 | 217 |
Foreign currency translation impact, liabilities | 295 | -106 |
Balance at end of period, liabilities | 3,358 | 2,859 |
Bank | Other liabilities | Other liabilities - of which failed sales | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,143 | 1,160 |
Transfers in, liabilities | 76 | 176 |
Transfers out, liabilities | -50 | -82 |
Purchases, liabilities | 292 | 154 |
Sales, liabilities | -949 | -308 |
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 | 29 | 72 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | -2 | 0 |
Foreign currency translation impact, liabilities | 77 | -29 |
Balance at end of period, liabilities | 616 | 1,143 |
Bank | Liabilities: | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 18,537 | 18,450 |
Transfers in, liabilities | 5,100 | 4,095 |
Transfers out, liabilities | -5,464 | -4,160 |
Purchases, liabilities | 566 | 279 |
Sales, liabilities | -1,254 | -590 |
Issuances, liabilities | 11,032 | 7,065 |
Settlements, liabilities | -7,356 | -8,191 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 403 | 243 |
Gain (loss) on all other activity included in trading revenues, liabilities | 261 | 1,683 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 3 | 26 |
Gain (loss) on all other activity included in other revenues, liabilities | 359 | 216 |
Foreign currency translation impact, liabilities | 2,391 | -579 |
Balance at end of period, liabilities | 24,578 | 18,537 |
Financial_instruments_Details_4
Financial instruments (Details 6) (Recurring basis, CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | 16,545 | 17,238 |
Transfers in, net assets/liabilities | 3,785 | 3,334 |
Transfers out, net assets/liabilities | -4,048 | -5,601 |
Purchases, net assets/liabilities | 19,766 | 17,228 |
Sales, net assets/liabilities | -20,632 | -19,093 |
Issuances, net assets/liabilities | -2,981 | 2,864 |
Settlements, net assets/liabilities | -795 | 1,459 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | -133 | 185 |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 1,831 | -931 |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | -3 | -27 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | 168 | 563 |
Foreign currency translation impact, net assets/liabilities | 1,348 | -674 |
Balance at beginning of period, net assets/liabilities | 14,851 | 16,545 |
Bank | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | 16,541 | 17,079 |
Transfers in, net assets/liabilities | 3,785 | 3,334 |
Transfers out, net assets/liabilities | -4,048 | -5,601 |
Purchases, net assets/liabilities | 19,719 | 16,783 |
Sales, net assets/liabilities | -20,593 | -18,463 |
Issuances, net assets/liabilities | -2,979 | 2,864 |
Settlements, net assets/liabilities | -795 | 1,459 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | -133 | 185 |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 1,831 | -931 |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | -3 | -27 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | 173 | 548 |
Foreign currency translation impact, net assets/liabilities | 1,346 | -689 |
Balance at beginning of period, net assets/liabilities | 14,844 | 16,541 |
Financial_instruments_Details_5
Financial instruments (Details 7) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 1,863 | -210 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -816 | -2,436 |
Transfers into level 3 assets | 8,885 | 7,429 |
Transfers out of level 3 assets | 9,512 | 9,761 |
Trading Revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 1,698 | -746 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -834 | -2,850 |
Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 165 | 536 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 18 | 414 |
Bank | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 1,868 | -225 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -811 | -2,607 |
Bank | Trading Revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 1,698 | -746 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -834 | -2,852 |
Bank | Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 170 | 521 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 23 | 245 |
Financial_instruments_Details_6
Financial instruments (Details 8) (Nonrecurring basis, CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Assets and liabilities recorded at fair value | ||
Loans | 1.4 | 0.3 |
Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | 1.2 | 0 |
Level 3 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0.2 | 0.3 |
Bank | ||
Assets and liabilities recorded at fair value | ||
Loans | 1.4 | 0.3 |
Bank | Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | 1.2 | 0 |
Bank | Level 3 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0.2 | 0.3 |
Financial_instruments_Details_7
Financial instruments (Details 9) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial instruments (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 1,244 | 1,515 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,022 |
Loans | 272,551 | 247,054 |
Other assets | 70,558 | 63,065 |
Due to banks and customer deposits | -395,067 | -356,197 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -70,119 | -94,032 |
Short-term borrowings | -25,921 | -20,193 |
Long-term debt | -177,898 | -130,042 |
Other liabilities | -50,970 | -51,447 |
Aggregate fair value | ||
Loans (CHF million) | ||
Non-interest-earning loans | 1,147 | 956 |
Financial instruments (CHF million) | ||
Interest-bearing deposits with banks | 0 | 311 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 96,587 |
Loans | 22,913 | 19,457 |
Other assets | 26,088 | 20,749 |
Due to banks and customer deposits | -914 | -690 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,732 | -76,104 |
Short-term borrowings | -3,861 | -6,053 |
Long-term debt | -81,166 | -63,369 |
Other liabilities | -1,268 | -1,780 |
Aggregate unpaid principal | ||
Loans (CHF million) | ||
Non-interest-earning loans | 3,816 | 3,262 |
Financial instruments (CHF million) | ||
Interest-bearing deposits with banks | 0 | 307 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,027 | 96,217 |
Loans | 23,782 | 19,653 |
Other assets | 33,091 | 25,756 |
Due to banks and customer deposits | -873 | -680 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,661 | -76,012 |
Short-term borrowings | -3,918 | -5,896 |
Long-term debt | -81,322 | -62,991 |
Other liabilities | -2,767 | -3,285 |
Difference | ||
Loans (CHF million) | ||
Non-interest-earning loans, Difference | -2,669 | -2,306 |
Financial instruments (CHF million) | ||
Interest-bearing deposits with banks | 0 | 4 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 256 | 370 |
Loans | -869 | -196 |
Other assets | -7,003 | -5,007 |
Due to banks and customer deposits | -41 | -10 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -71 | -92 |
Short-term borrowings | 57 | -157 |
Long-term debt | 156 | -378 |
Other liabilities | 1,499 | 1,505 |
Bank | ||
Financial instruments (CHF million) | ||
Cash and Due from Banks | 304 | 527 |
Interest-bearing deposits with banks | 4,104 | 3,385 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,013 |
Loans | 255,928 | 231,157 |
Other assets | 70,511 | 61,567 |
Due to banks and customer deposits | -384,075 | -344,825 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -70,119 | -94,032 |
Short-term borrowings | -25,921 | -20,193 |
Long-term debt | -172,947 | -126,741 |
Other liabilities | -50,648 | -51,100 |
Bank | Aggregate fair value | ||
Loans (CHF million) | ||
Non-interest-earning loans | 1,147 | 956 |
Financial instruments (CHF million) | ||
Interest-bearing deposits with banks | 0 | 311 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,283 | 96,587 |
Loans | 22,913 | 19,457 |
Other assets | 26,088 | 20,749 |
Due to banks and customer deposits | -914 | -690 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,732 | -76,104 |
Short-term borrowings | -3,861 | -6,053 |
Long-term debt | -80,260 | -62,462 |
Other liabilities | -1,268 | -1,780 |
Bank | Aggregate unpaid principal | ||
Loans (CHF million) | ||
Non-interest-earning loans | 3,816 | 3,262 |
Financial instruments (CHF million) | ||
Interest-bearing deposits with banks | 0 | 307 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 104,027 | 96,217 |
Loans | 23,782 | 19,653 |
Other assets | 33,091 | 25,756 |
Due to banks and customer deposits | -873 | -680 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -54,661 | -76,012 |
Short-term borrowings | -3,918 | -5,896 |
Long-term debt | -80,344 | -62,102 |
Other liabilities | -2,767 | -3,285 |
Bank | Difference | ||
Loans (CHF million) | ||
Non-interest-earning loans, Difference | -2,669 | -2,306 |
Financial instruments (CHF million) | ||
Interest-bearing deposits with banks | 0 | 4 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 256 | 370 |
Loans | -869 | -196 |
Other assets | -7,003 | -5,007 |
Due to banks and customer deposits | -41 | -10 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -71 | -92 |
Short-term borrowings | 57 | -157 |
Long-term debt | 84 | -360 |
Other liabilities | 1,499 | 1,505 |
Financial_instruments_Details_8
Financial instruments (Details 10) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and due from banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 0 | 0 | -13 |
Net gains/(losses) of which related to credit risk - on assets | 0 | 0 | -13 |
Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 8 | 10 | 12 |
Net gains/(losses) of which related to credit risk - on assets | -2 | -3 | 3 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 913 | 1,143 | 1,183 |
Other trading assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 0 | 0 | 10 |
Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 370 | 126 | 144 |
Net gains/(losses) of which related to credit risk - on assets | 5 | 11 | 34 |
Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 10 | 1,470 | 925 |
Net gains/(losses) of which related to credit risk - on assets | -151 | 26 | 318 |
Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,302 | 2,058 | 2,641 |
Net gains/(losses) of which related to credit risk - on assets | 387 | 604 | 355 |
Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | -59 | 0 | -22 |
Net gains/(losses) of which related to credit risk - on liabilities | -17 | -5 | 8 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 205 | -67 | -114 |
Short-term borrowings. | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 152 | -256 | -350 |
Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 858 | -2,759 | -7,905 |
Net gains/(losses) of which related to credit risk - on liabilities | 599 | -384 | -2,552 |
Fair Value, Option, Credit Risk, Changes in debt valuation adjustments on structured notes | 261 | -111 | -931 |
Vanilla debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) of which related to credit risk - on liabilities | 336 | -268 | -1,663 |
Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | -169 | 441 | 826 |
Net gains/(losses) of which related to credit risk - on liabilities | -156 | 112 | 912 |
Bank | Cash and due from banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 0 | 0 | -13 |
Net gains/(losses) of which related to credit risk - on assets | 0 | 0 | -13 |
Bank | Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 9 | 10 | 12 |
Net gains/(losses) of which related to credit risk - on assets | 3 | -3 | 3 |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 913 | 1,143 | 1,183 |
Bank | Other trading assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 0 | 0 | 10 |
Bank | Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 373 | 126 | 144 |
Net gains/(losses) of which related to credit risk - on assets | 5 | 11 | 34 |
Bank | Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 10 | 1,470 | 925 |
Net gains/(losses) of which related to credit risk - on assets | -151 | 26 | 318 |
Bank | Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,302 | 2,058 | 2,641 |
Net gains/(losses) of which related to credit risk - on assets | 387 | 604 | 355 |
Bank | Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | -59 | 0 | -22 |
Net gains/(losses) of which related to credit risk - on liabilities | -17 | -5 | 8 |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 205 | -67 | -114 |
Bank | Short-term borrowings. | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 152 | -256 | -350 |
Bank | Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 678 | -2,738 | -7,905 |
Net gains/(losses) of which related to credit risk - on liabilities | 527 | -334 | -2,552 |
Bank | Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | -175 | 413 | 826 |
Net gains/(losses) of which related to credit risk - on liabilities | -162 | 112 | 912 |
Financial_instruments_Details_9
Financial instruments (Details 11) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2,069 | 4,043 |
Redeemable | 2,186 | 3,458 |
Total fair value | 4,255 | 7,501 |
Unfunded commitments | 395 | 863 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 612 | 1,819 |
Redeemable attributable to non-controlling interest | 138 | 107 |
Unfunded commitments attributable to non-controlling interest | 185 | 405 |
High end of period of time, in years, that the underlying assets of non-redeemable funds are expected to be liquidated | 10 | |
Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 109 | 29 |
Redeemable | 1,906 | 3,097 |
Total fair value | 2,015 | 3,126 |
Unfunded commitments | 0 | 0 |
Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 7 | 1 |
Redeemable | 106 | 18 |
Total fair value | 113 | 19 |
Unfunded commitments | 0 | 0 |
Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 102 | 28 |
Redeemable | 1,842 | 3,096 |
Total fair value | 1,944 | 3,124 |
Unfunded commitments | 0 | 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 42.00% | 55.00% |
Percentage of investment subject to monthly redemption | 16.00% | 17.00% |
Percentage of investment subject to quarterly redemption | 14.00% | 9.00% |
Percentage of investment subject to annual redemption | 28.00% | 19.00% |
Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | -42 | -17 |
Total fair value | -42 | -17 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,960 | 4,014 |
Redeemable | 280 | 361 |
Total fair value | 2,240 | 4,375 |
Unfunded commitments | 395 | 863 |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 296 | 320 |
Redeemable | 237 | 361 |
Total fair value | 533 | 681 |
Unfunded commitments | 1 | 37 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 33.00% | |
Percentage of investment subject to quarterly redemption | 87.00% | 45.00% |
Percentage of investment subject to annual redemption | 11.00% | 21.00% |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,286 | 3,345 |
Redeemable | 0 | 0 |
Total fair value | 1,286 | 3,345 |
Unfunded commitments | 394 | 826 |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 378 | 349 |
Redeemable | 43 | 0 |
Total fair value | 421 | 349 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 296 | 320 |
Redeemable | 187 | 183 |
Total fair value | 483 | 503 |
Unfunded commitments | 1 | 6 |
Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 17 | 53 |
Redeemable | 0 | 0 |
Total fair value | 17 | 53 |
Unfunded commitments | 15 | 2 |
Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 0 | 25 |
Total fair value | 0 | 25 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 585 | 2,236 |
Redeemable | 0 | 0 |
Total fair value | 585 | 2,236 |
Unfunded commitments | 123 | 464 |
Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 302 | 350 |
Redeemable | 0 | 0 |
Total fair value | 302 | 350 |
Unfunded commitments | 98 | 110 |
Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 50 | 153 |
Total fair value | 50 | 153 |
Unfunded commitments | 0 | 31 |
Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 382 | 706 |
Redeemable | 0 | 0 |
Total fair value | 382 | 706 |
Unfunded commitments | 158 | 250 |
Bank | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2,051 | 4,037 |
Redeemable | 2,186 | 3,458 |
Total fair value | 4,237 | 7,495 |
Unfunded commitments | 394 | 863 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 612 | 1,819 |
Redeemable attributable to non-controlling interest | 138 | 107 |
Unfunded commitments attributable to non-controlling interest | 185 | 405 |
Bank | Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 109 | 29 |
Redeemable | 1,906 | 3,097 |
Total fair value | 2,015 | 3,126 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 7 | 1 |
Redeemable | 106 | 18 |
Total fair value | 113 | 19 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 102 | 28 |
Redeemable | 1,842 | 3,096 |
Total fair value | 1,944 | 3,124 |
Unfunded commitments | 0 | 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 42.00% | 55.00% |
Percentage of investment subject to monthly redemption | 16.00% | 17.00% |
Percentage of investment subject to quarterly redemption | 14.00% | 9.00% |
Percentage of investment subject to annual redemption | 28.00% | 19.00% |
Bank | Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | -42 | -17 |
Total fair value | -42 | -17 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,942 | 4,008 |
Redeemable | 280 | 361 |
Total fair value | 2,222 | 4,369 |
Unfunded commitments | 394 | 863 |
Bank | Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 296 | 320 |
Redeemable | 237 | 361 |
Total fair value | 533 | 681 |
Unfunded commitments | 1 | 37 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 33.00% | |
Percentage of investment subject to quarterly redemption | 87.00% | 45.00% |
Percentage of investment subject to annual redemption | 11.00% | 21.00% |
Bank | Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,268 | 3,339 |
Redeemable | 0 | 0 |
Total fair value | 1,268 | 3,339 |
Unfunded commitments | 393 | 826 |
Bank | Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 378 | 349 |
Redeemable | 43 | 0 |
Total fair value | 421 | 349 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 296 | 320 |
Redeemable | 187 | 183 |
Total fair value | 483 | 503 |
Unfunded commitments | 1 | 6 |
Bank | Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 17 | 53 |
Redeemable | 0 | 0 |
Total fair value | 17 | 53 |
Unfunded commitments | 15 | 2 |
Bank | Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 0 | 25 |
Total fair value | 0 | 25 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 567 | 2,230 |
Redeemable | 0 | 0 |
Total fair value | 567 | 2,230 |
Unfunded commitments | 122 | 464 |
Bank | Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 302 | 350 |
Redeemable | 0 | 0 |
Total fair value | 302 | 350 |
Unfunded commitments | 98 | 110 |
Bank | Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 50 | 153 |
Total fair value | 50 | 153 |
Unfunded commitments | 0 | 31 |
Bank | Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 382 | 706 |
Redeemable | 0 | 0 |
Total fair value | 382 | 706 |
Unfunded commitments | 158 | 250 |
Recovered_Sheet1
Financial instruments (Details 14) (Recurring basis, CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 7,406 | 6,026 |
Transfers out of level 1 to level 2, Trading assets | 1,424 | 277 |
Transfers to level 1 out of level 2, Trading liabilities | 7,067 | 4,692 |
Transfers out of level 1 to level 2, Trading liabilities | 835 | 46 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 861 | 11 |
Transfers out of level 1 to level 2, Trading liabilities | 658 | 18 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 133 | 248 |
Transfers out of level 1 to level 2, Trading liabilities | 90 | 17 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 6,073 | 4,433 |
Transfers out of level 1 to level 2, Trading liabilities | 87 | 11 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 1,108 | 499 |
Transfers out of level 1 to level 2, Trading assets | 533 | 92 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 513 | 437 |
Transfers out of level 1 to level 2, Trading assets | 391 | 183 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 5,785 | 5,090 |
Transfers out of level 1 to level 2, Trading assets | 500 | 2 |
Bank | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 7,406 | 6,026 |
Transfers out of level 1 to level 2, Trading assets | 1,424 | 277 |
Transfers to level 1 out of level 2, Trading liabilities | 7,067 | 4,692 |
Transfers out of level 1 to level 2, Trading liabilities | 835 | 46 |
Bank | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 861 | 11 |
Transfers out of level 1 to level 2, Trading liabilities | 658 | 18 |
Bank | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 133 | 248 |
Transfers out of level 1 to level 2, Trading liabilities | 90 | 17 |
Bank | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 6,073 | 4,433 |
Transfers out of level 1 to level 2, Trading liabilities | 87 | 11 |
Bank | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 1,108 | 499 |
Transfers out of level 1 to level 2, Trading assets | 533 | 92 |
Bank | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 513 | 437 |
Transfers out of level 1 to level 2, Trading assets | 391 | 183 |
Bank | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 5,785 | 5,090 |
Transfers out of level 1 to level 2, Trading assets | 500 | 2 |
Recovered_Sheet2
Financial instruments (Details 15) (Recurring basis, CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 77 | 204 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 350 | 90 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 350 | 350 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 350 | 178 | |
Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 17,180 | 13,710 | 15,509 |
Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,465 | 5,069 | 5,888 |
Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,435 | 2,128 | 3,192 |
Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 201 | 129 | |
Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | -88.00% | -83.00% | |
Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 97.00% | 96.00% | |
Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 68.00% | 62.00% | |
Correlation (in %) | 17.00% | 14.00% | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,051 | 807 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 9 | 22 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,644 | 957 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 361 | 348 | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 180 | 592 | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 124.00% | 112.00% | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 67.00% | 91.00% | |
Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 612 | 436 | 724 |
Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 2.00% | |
Default rate (in %) | 1.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 29.00% | 27.00% | |
Discount rate (in %) | 31.00% | 33.00% | |
Default rate (in %) | 19.00% | 25.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 8.00% | 7.00% | |
Discount rate (in %) | 9.00% | 9.00% | |
Default rate (in %) | 3.00% | 5.00% | |
Loss severity (in %) | 50.00% | 48.00% | |
Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 257 | 417 | 1,023 |
Trading assets | Debt securities | CMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 5.00% | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 0.00% | 1.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 10.00% | 12.00% | |
Prepayment rate (in %) | 20.00% | 20.00% | |
Discount rate (in %) | 28.00% | 30.00% | |
Default rate (in %) | 21.00% | 18.00% | |
Loss severity (in %) | 35.00% | 40.00% | |
Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 8.00% | 9.00% | |
Prepayment rate (in %) | 12.00% | 10.00% | |
Discount rate (in %) | 9.00% | 9.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 3.00% | 3.00% | |
Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,421 | 1,567 | 447 |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 286 | 278 | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 3.00% | 2.00% | |
Default rate (in %) | 0.00% | 1.00% | |
Loss severity (in %) | 3.00% | 25.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 20.00% | 30.00% | |
Discount rate (in %) | 23.00% | 24.00% | |
Default rate (in %) | 7.00% | 15.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 17.00% | 7.00% | |
Discount rate (in %) | 7.00% | 6.00% | |
Default rate (in %) | 2.00% | 3.00% | |
Loss severity (in %) | 35.00% | 68.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 89 | 118 | |
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 100.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 95.00% | 94.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 837 | 423 | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 93.00% | 85.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 196.00% | 101.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 191.00% | 98.00% | |
Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,566 | 595 | 485 |
Trading assets | Equity securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 26 | 35 | |
Trading assets | Equity securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 7.00% | |
Discount rate (in %) | 15.00% | 15.00% | |
Trading assets | Equity securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 7.00% | |
Discount rate (in %) | 15.00% | 15.00% | |
Trading assets | Equity securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 7.00% | |
Discount rate (in %) | 15.00% | 15.00% | |
Trading assets | Equity securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 765 | 270 | |
Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 3 | 3 | |
Price (in %) | 1.00% | ||
Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 13 | 12 | |
Price (in %) | 163.00% | ||
Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 9 | 7 | |
Price (in %) | 51.00% | ||
Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 6,823 | 5,217 | 6,650 |
Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,803 | 1,574 | 1,859 |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 9.00% | 15.00% | |
Credit spread (in bp) | 229 | 95 | |
Mean reversion (in %) | 5.00% | ||
Prepayment rate (in %) | 0.00% | 5.00% | |
Volatility (in %) | 2.00% | ||
Volatility skew (in %) | -9.00% | -9.00% | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Credit spread (in bp) | 1,218 | 2,054 | |
Mean reversion (in %) | 10.00% | ||
Prepayment rate (in %) | 33.00% | 31.00% | |
Volatility (in %) | 31.00% | ||
Volatility skew (in %) | 3.00% | 2.00% | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 76.00% | 82.00% | |
Credit spread (in bp) | 1,046 | 218 | |
Mean reversion (in %) | 10.00% | ||
Prepayment rate (in %) | 24.00% | 24.00% | |
Volatility (in %) | 6.00% | ||
Volatility skew (in %) | -1.00% | -1.00% | |
Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,569 | 1,138 | 1,294 |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 51 | ||
Correlation (in %) | 46.00% | 34.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 4.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 10.00% | 10.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 106 | ||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 6,087 | 2,054 | |
Prepayment rate (in %) | 9.00% | 17.00% | |
Recovery rate (in %) | 75.00% | 77.00% | |
Discount rate (in %) | 38.00% | 29.00% | |
Default rate (in %) | 43.00% | 16.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 80 | ||
Correlation (in %) | 83.00% | 83.00% | |
Credit spread (in bp) | 614 | 298 | |
Prepayment rate (in %) | 4.00% | 5.00% | |
Recovery rate (in %) | 20.00% | 25.00% | |
Discount rate (in %) | 18.00% | 14.00% | |
Default rate (in %) | 7.00% | 6.00% | |
Loss severity (in %) | 65.00% | 59.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,063 | 1,240 | 1,920 |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | -88.00% | -83.00% | |
Volatility (in %) | 0.00% | 2.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 96.00% | |
Volatility (in %) | 276.00% | 252.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 8.00% | 14.00% | |
Volatility (in %) | 27.00% | 26.00% | |
Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,326 | 2,829 | 2,486 |
Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 770 | 589 | |
Trading assets | Other | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 3 | 3 | |
Trading assets | Other | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 20 | 19 | |
Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 9 | 9 | |
Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 3,493 | 2,139 | |
Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 104.00% | 146.00% | |
Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 50.00% | 34.00% | |
Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 3 | 2 | 170 |
Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,283 | 6,969 | 8,184 |
Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,286 | 3,345 | |
Other investments | Hedge funds | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 314 | 392 | |
Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,849 | 1,632 | |
Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,834 | 1,600 | 1,818 |
Other investments | Life finance instruments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | 1 | |
Other investments | Life finance instruments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 21 | 21 | |
Other investments | Life finance instruments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 8 | 9 | |
Other investments | Other equity investments - of which private | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,850 | 1,630 | |
Other investments | Other equity investments - of which private | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 337 | 384 | |
Other investments | Other equity investments - of which private | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 897 | ||
Contingent probability (in %) | 69.00% | 59.00% | |
Other investments | Other equity investments - of which private | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 3,175 | ||
Contingent probability (in %) | 69.00% | 59.00% | |
Other investments | Other equity investments - of which private | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,207 | ||
Contingent probability (in %) | 69.00% | 59.00% | |
Other investments | Other equity investments - of which private | Net asset value | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,051 | ||
Other investments | Other equity investments - of which private | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 813 | ||
Other investments | Other equity investments - of which private | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 1 | ||
Other investments | Other equity investments - of which private | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 10 | ||
Other investments | Other equity investments - of which private | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 8 | ||
Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 3,449 | 5,369 | 6,366 |
Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 9,353 | 7,998 | 6,619 |
Loans - of which commercial and industrial | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,853 | 5,309 | 4,778 |
Loans - of which commercial and industrial | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,011 | 4,526 | |
Loans - of which commercial and industrial | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 34 | 50 | |
Recovery rate (in %) | 0.00% | ||
Loans - of which commercial and industrial | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,528 | 2,488 | |
Recovery rate (in %) | 100.00% | ||
Loans - of which commercial and industrial | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 462 | 504 | |
Recovery rate (in %) | 68.00% | ||
Loans - of which commercial and industrial | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 650 | 326 | |
Loans - of which commercial and industrial | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Loans - of which commercial and industrial | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 100.00% | |
Loans - of which commercial and industrial | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 82.00% | 69.00% | |
Loans - of which financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,494 | 1,322 | 1,530 |
Loans - of which financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 60 | 98 | |
Loans - of which financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 813 | 884 | |
Loans - of which financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 304 | 302 | |
Other intangible assets. | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 70 | 42 | 43 |
Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 7,468 | 6,159 | 5,164 |
Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 6,851 | 5,615 | 4,463 |
Other assets - of which loans held-for-sale | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,321 | 1,042 | |
Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 146 | 75 | |
Recovery rate (in %) | 1.00% | 1.00% | |
Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,047 | 2,389 | |
Recovery rate (in %) | 39.00% | 1.00% | |
Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 334 | 467 | |
Recovery rate (in %) | 30.00% | 0.00% | |
Other assets - of which loans held-for-sale | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,654 | 1,954 | |
Other assets - of which loans held-for-sale | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Other assets - of which loans held-for-sale | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 109.00% | 160.00% | |
Other assets - of which loans held-for-sale | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 99.00% | 99.00% | |
Other assets - of which loans held-for-sale | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,430 | 2,420 | |
Other assets - of which loans held-for-sale | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Other assets - of which loans held-for-sale | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 105.00% | |
Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 67.00% | 59.00% | |
Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 39,434 | 35,084 | 35,689 |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 77 | 204 | 0 |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 204 | ||
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 350 | 90 | |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 350 | 350 | |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 350 | 178 | |
Bank | Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 17,180 | 13,710 | 15,451 |
Bank | Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,465 | 5,069 | 5,830 |
Bank | Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,435 | 2,128 | 3,192 |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 201 | 129 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | -88.00% | -83.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 97.00% | 96.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 68.00% | 62.00% | |
Correlation (in %) | 17.00% | 14.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,051 | 807 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 9 | 22 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,644 | 957 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 361 | 348 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 180 | 592 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 124.00% | 112.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 67.00% | 91.00% | |
Bank | Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 612 | 436 | 724 |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 2.00% | |
Default rate (in %) | 1.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 29.00% | 27.00% | |
Discount rate (in %) | 31.00% | 33.00% | |
Default rate (in %) | 19.00% | 25.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 8.00% | 7.00% | |
Discount rate (in %) | 9.00% | 9.00% | |
Default rate (in %) | 3.00% | 5.00% | |
Loss severity (in %) | 50.00% | 48.00% | |
Bank | Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 257 | 417 | 1,023 |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 5.00% | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 0.00% | 1.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 10.00% | 12.00% | |
Prepayment rate (in %) | 20.00% | 20.00% | |
Discount rate (in %) | 28.00% | 30.00% | |
Default rate (in %) | 21.00% | 18.00% | |
Loss severity (in %) | 35.00% | 40.00% | |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 8.00% | 9.00% | |
Prepayment rate (in %) | 12.00% | 10.00% | |
Discount rate (in %) | 9.00% | 9.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 3.00% | 3.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,421 | 1,567 | 447 |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 286 | 278 | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 3.00% | 2.00% | |
Default rate (in %) | 0.00% | 1.00% | |
Loss severity (in %) | 3.00% | 25.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 20.00% | 30.00% | |
Discount rate (in %) | 23.00% | 24.00% | |
Default rate (in %) | 7.00% | 15.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 17.00% | 7.00% | |
Discount rate (in %) | 7.00% | 6.00% | |
Default rate (in %) | 2.00% | 3.00% | |
Loss severity (in %) | 35.00% | 68.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 89 | 118 | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 95.00% | 94.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 837 | 423 | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 93.00% | 85.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 196.00% | 101.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 191.00% | 98.00% | |
Bank | Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,566 | 595 | 485 |
Bank | Trading assets | Equity securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 26 | 35 | |
Bank | Trading assets | Equity securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 7.00% | |
Discount rate (in %) | 15.00% | 15.00% | |
Bank | Trading assets | Equity securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 7.00% | |
Discount rate (in %) | 15.00% | 15.00% | |
Bank | Trading assets | Equity securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 7.00% | |
Discount rate (in %) | 15.00% | 15.00% | |
Bank | Trading assets | Equity securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 765 | 270 | |
Bank | Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 3 | 3 | |
Price (in %) | 1.00% | ||
Bank | Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 13 | 12 | |
Price (in %) | 163.00% | ||
Bank | Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 9 | 7 | |
Price (in %) | 51.00% | ||
Bank | Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 6,823 | 5,217 | 6,650 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,803 | 1,574 | 1,859 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 9.00% | 15.00% | |
Credit spread (in bp) | 229 | 95 | |
Mean reversion (in %) | 5.00% | ||
Prepayment rate (in %) | 0.00% | 5.00% | |
Volatility (in %) | 2.00% | ||
Volatility skew (in %) | -9.00% | -9.00% | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Credit spread (in bp) | 1,218 | 2,054 | |
Mean reversion (in %) | 10.00% | ||
Prepayment rate (in %) | 33.00% | 31.00% | |
Volatility (in %) | 31.00% | ||
Volatility skew (in %) | 3.00% | 2.00% | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 76.00% | 82.00% | |
Credit spread (in bp) | 1,046 | 218 | |
Mean reversion (in %) | 10.00% | ||
Prepayment rate (in %) | 24.00% | 24.00% | |
Volatility (in %) | 6.00% | ||
Volatility skew (in %) | -1.00% | -1.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,569 | 1,138 | 1,294 |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 51 | ||
Correlation (in %) | 46.00% | 34.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 4.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 10.00% | 10.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 106 | ||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 6,087 | 2,054 | |
Prepayment rate (in %) | 9.00% | 17.00% | |
Recovery rate (in %) | 75.00% | 77.00% | |
Discount rate (in %) | 38.00% | 29.00% | |
Default rate (in %) | 43.00% | 16.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 80 | ||
Correlation (in %) | 83.00% | 83.00% | |
Credit spread (in bp) | 614 | 298 | |
Prepayment rate (in %) | 4.00% | 5.00% | |
Recovery rate (in %) | 20.00% | 25.00% | |
Discount rate (in %) | 18.00% | 14.00% | |
Default rate (in %) | 7.00% | 6.00% | |
Loss severity (in %) | 65.00% | 59.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,063 | 1,240 | 1,920 |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | -88.00% | -83.00% | |
Volatility (in %) | 0.00% | 2.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 96.00% | |
Volatility (in %) | 276.00% | 252.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 8.00% | 14.00% | |
Volatility (in %) | 27.00% | 26.00% | |
Bank | Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,326 | 2,829 | 2,486 |
Bank | Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 770 | 589 | |
Bank | Trading assets | Other | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 3 | 3 | |
Bank | Trading assets | Other | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 20 | 19 | |
Bank | Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 9 | 9 | |
Bank | Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 3,493 | 2,139 | |
Bank | Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 104.00% | 146.00% | |
Bank | Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 50.00% | 34.00% | |
Bank | Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 3 | 2 | 170 |
Bank | Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,271 | 6,963 | 8,082 |
Bank | Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,268 | 3,339 | |
Bank | Other investments | Hedge funds | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 314 | 392 | |
Bank | Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,855 | 1,632 | |
Bank | Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,834 | 1,600 | 1,818 |
Bank | Other investments | Life finance instruments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | 1 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 21 | 21 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 8 | 9 | |
Bank | Other investments | Other equity investments - of which private | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,855 | 1,631 | |
Bank | Other investments | Other equity investments - of which private | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 337 | 384 | |
Bank | Other investments | Other equity investments - of which private | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 897 | ||
Contingent probability (in %) | 69.00% | 59.00% | |
Bank | Other investments | Other equity investments - of which private | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 3,175 | ||
Contingent probability (in %) | 69.00% | 59.00% | |
Bank | Other investments | Other equity investments - of which private | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,207 | ||
Contingent probability (in %) | 69.00% | 59.00% | |
Bank | Other investments | Other equity investments - of which private | Net asset value | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,051 | ||
Bank | Other investments | Other equity investments - of which private | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 813 | ||
Bank | Other investments | Other equity investments - of which private | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 1 | ||
Bank | Other investments | Other equity investments - of which private | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 10 | ||
Bank | Other investments | Other equity investments - of which private | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 8 | ||
Bank | Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 3,437 | 5,363 | 6,264 |
Bank | Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 9,353 | 7,998 | 6,619 |
Bank | Loans - of which commercial and industrial | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,853 | 5,309 | 4,778 |
Bank | Loans - of which commercial and industrial | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,011 | 4,526 | |
Bank | Loans - of which commercial and industrial | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 34 | 50 | |
Recovery rate (in %) | 0.00% | ||
Bank | Loans - of which commercial and industrial | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,528 | 2,488 | |
Recovery rate (in %) | 100.00% | ||
Bank | Loans - of which commercial and industrial | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 462 | 504 | |
Recovery rate (in %) | 68.00% | ||
Bank | Loans - of which commercial and industrial | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 650 | 326 | |
Bank | Loans - of which commercial and industrial | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Loans - of which commercial and industrial | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 100.00% | |
Bank | Loans - of which commercial and industrial | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 82.00% | 69.00% | |
Bank | Loans - of which financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,494 | 1,322 | 1,530 |
Bank | Loans - of which financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 60 | 98 | |
Bank | Loans - of which financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 813 | 884 | |
Bank | Loans - of which financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 304 | 302 | |
Bank | Other intangible assets. | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 70 | 42 | 43 |
Bank | Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 7,468 | 6,159 | 5,164 |
Bank | Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 6,851 | 5,615 | 4,463 |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,321 | 1,042 | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 146 | 75 | |
Recovery rate (in %) | 1.00% | 1.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,047 | 2,389 | |
Recovery rate (in %) | 39.00% | 1.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 334 | 467 | |
Recovery rate (in %) | 30.00% | 0.00% | |
Bank | Other assets - of which loans held-for-sale | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,654 | 1,954 | |
Bank | Other assets - of which loans held-for-sale | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other assets - of which loans held-for-sale | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 109.00% | 160.00% | |
Bank | Other assets - of which loans held-for-sale | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 99.00% | 99.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,430 | 2,420 | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 105.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 67.00% | 59.00% | |
Bank | Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 39,422 | 35,078 | 35,529 |
Recovered_Sheet3
Financial instruments (Details 16) (Recurring basis, CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 114 | 0 | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 90 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 90 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 90 | ||
Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 55 | 100 | 25 |
Trading Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 5,564 | 6,417 | 5,356 |
Trading Liabilities | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,129 | 1,202 | 1,357 |
Trading Liabilities | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | -5 | -11 | |
Correlation (in %) | 17.00% | 9.00% | |
Gap risk (in %) | 20.00% | ||
Mean reversion (in %) | 5.00% | 5.00% | |
Prepayment rate (in %) | 5.00% | 0.00% | |
Trading Liabilities | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 148 | 85 | |
Correlation (in %) | 99.00% | 100.00% | |
Gap risk (in %) | 20.00% | ||
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 31.00% | 33.00% | |
Trading Liabilities | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 74 | 44 | |
Correlation (in %) | 62.00% | 78.00% | |
Gap risk (in %) | 20.00% | ||
Mean reversion (in %) | 6.00% | 9.00% | |
Prepayment rate (in %) | 23.00% | 21.00% | |
Trading Liabilities | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 938 | 560 | 1,648 |
Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | -10.00% | -10.00% | |
Prepayment rate (in %) | 19.00% | 22.00% | |
Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 31.00% | 33.00% | |
Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 48.00% | 50.00% | |
Prepayment rate (in %) | 25.00% | 28.00% | |
Trading Liabilities | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,230 | 2,760 | 819 |
Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 51 | ||
Correlation (in %) | 34.00% | 9.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 14.00% | 0.00% | |
Discount rate (in %) | 4.00% | 2.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 6.00% | 10.00% | |
Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 82 | ||
Correlation (in %) | 98.00% | 94.00% | |
Credit spread (in bp) | 2,052 | 6,087 | |
Prepayment rate (in %) | 17.00% | 12.00% | |
Recovery rate (in %) | 77.00% | 75.00% | |
Discount rate (in %) | 29.00% | 34.00% | |
Default rate (in %) | 15.00% | 43.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 64 | ||
Correlation (in %) | 55.00% | 57.00% | |
Credit spread (in bp) | 252 | 508 | |
Prepayment rate (in %) | 2.00% | 4.00% | |
Recovery rate (in %) | 43.00% | 28.00% | |
Discount rate (in %) | 14.00% | 17.00% | |
Default rate (in %) | 6.00% | 7.00% | |
Loss severity (in %) | 62.00% | 65.00% | |
Trading Liabilities | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,896 | 1,466 | 1,003 |
Trading Liabilities | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | -83.00% | -88.00% | |
Skew (in %) | 79.00% | 44.00% | |
Volatility (in %) | 2.00% | 1.00% | |
Trading Liabilities | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 96.00% | 97.00% | |
Skew (in %) | 152.00% | 260.00% | |
Volatility (in %) | 252.00% | 276.00% | |
Trading Liabilities | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 62.00% | 68.00% | |
Correlation (in %) | 14.00% | 17.00% | |
Skew (in %) | 118.00% | 110.00% | |
Volatility (in %) | 26.00% | 27.00% | |
Short-term borrowings. | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 165 | 95 | 124 |
Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 9,780 | 14,608 | 10,098 |
Long-term debt | Long-term debt - of which structured notes over two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 6,217 | 10,267 | 6,189 |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 8,002 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | -83.00% | -88.00% | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 5.00% | 4.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 99.00% | 99.00% | |
Gap risk (in %) | 5.00% | 3.00% | |
Volatility (in %) | 252.00% | 276.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 62.00% | 68.00% | |
Correlation (in %) | 16.00% | 18.00% | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 28.00% | 30.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 515 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 228 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 597 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 455 | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 2,552 | 2,952 | 2,551 |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 2,105 | 2,766 | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 217.00% | 109.00% | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 104.00% | 99.00% | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 301 | 90 | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 93.00% | 100.00% | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 13.00% | 7.00% | |
Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 2,861 | 3,363 | 2,848 |
Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,143 | 616 | 1,160 |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 195 | 124 | |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 813 | 852 | |
Recovery rate (in %) | 23.00% | 39.00% | |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,362 | 1,286 | |
Recovery rate (in %) | 23.00% | 39.00% | |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,185 | 912 | |
Recovery rate (in %) | 23.00% | 39.00% | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 829 | 450 | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 103.00% | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 63.00% | 63.00% | |
Liabilities: | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 18,539 | 24,583 | 18,451 |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 114 | 0 | 0 |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 90 | ||
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 90 | ||
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 90 | ||
Bank | Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 55 | 100 | 25 |
Bank | Trading Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 5,564 | 6,417 | 5,356 |
Bank | Trading Liabilities | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,129 | 1,202 | 1,357 |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | -5 | -11 | |
Correlation (in %) | 17.00% | 9.00% | |
Gap risk (in %) | 20.00% | ||
Mean reversion (in %) | 5.00% | 5.00% | |
Prepayment rate (in %) | 5.00% | 0.00% | |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 148 | 85 | |
Correlation (in %) | 99.00% | 100.00% | |
Gap risk (in %) | 20.00% | ||
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 31.00% | 33.00% | |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 74 | 44 | |
Correlation (in %) | 62.00% | 78.00% | |
Gap risk (in %) | 20.00% | ||
Mean reversion (in %) | 6.00% | 9.00% | |
Prepayment rate (in %) | 23.00% | 21.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 938 | 560 | 1,648 |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | -10.00% | -10.00% | |
Prepayment rate (in %) | 19.00% | 22.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 31.00% | 33.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 48.00% | 50.00% | |
Prepayment rate (in %) | 25.00% | 28.00% | |
Bank | Trading Liabilities | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,230 | 2,760 | 819 |
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 51 | ||
Correlation (in %) | 34.00% | 9.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 14.00% | 0.00% | |
Discount rate (in %) | 4.00% | 2.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 6.00% | 10.00% | |
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 82 | ||
Correlation (in %) | 98.00% | 94.00% | |
Credit spread (in bp) | 2,052 | 6,087 | |
Prepayment rate (in %) | 17.00% | 12.00% | |
Recovery rate (in %) | 77.00% | 75.00% | |
Discount rate (in %) | 29.00% | 34.00% | |
Default rate (in %) | 15.00% | 43.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 64 | ||
Correlation (in %) | 55.00% | 57.00% | |
Credit spread (in bp) | 252 | 508 | |
Prepayment rate (in %) | 2.00% | 4.00% | |
Recovery rate (in %) | 43.00% | 28.00% | |
Discount rate (in %) | 14.00% | 17.00% | |
Default rate (in %) | 6.00% | 7.00% | |
Loss severity (in %) | 62.00% | 65.00% | |
Bank | Trading Liabilities | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,896 | 1,466 | 1,003 |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | -83.00% | -88.00% | |
Skew (in %) | 79.00% | 44.00% | |
Volatility (in %) | 2.00% | 1.00% | |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 96.00% | 97.00% | |
Skew (in %) | 152.00% | 260.00% | |
Volatility (in %) | 252.00% | 276.00% | |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 62.00% | 68.00% | |
Correlation (in %) | 14.00% | 17.00% | |
Skew (in %) | 118.00% | 110.00% | |
Volatility (in %) | 26.00% | 27.00% | |
Bank | Short-term borrowings. | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 165 | 95 | 124 |
Bank | Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 9,780 | 14,608 | 10,098 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 6,217 | 10,267 | 6,189 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 8,002 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | -83.00% | -88.00% | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 5.00% | 4.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 99.00% | 99.00% | |
Gap risk (in %) | 5.00% | 3.00% | |
Volatility (in %) | 252.00% | 276.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 62.00% | 68.00% | |
Correlation (in %) | 16.00% | 18.00% | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 28.00% | 30.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 515 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 228 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 597 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 455 | ||
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 2,552 | 2,952 | 2,551 |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 2,105 | 2,766 | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 217.00% | 109.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 104.00% | 99.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 301 | 90 | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 93.00% | 100.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 13.00% | 7.00% | |
Bank | Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 2,859 | 3,358 | 2,847 |
Bank | Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 1,143 | 616 | 1,160 |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 195 | 124 | |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 813 | 852 | |
Recovery rate (in %) | 23.00% | 39.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,362 | 1,286 | |
Recovery rate (in %) | 23.00% | 39.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,185 | 912 | |
Recovery rate (in %) | 23.00% | 39.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 829 | 450 | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 103.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 63.00% | 63.00% | |
Bank | Liabilities: | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 18,537 | 24,578 | 18,450 |
Recovered_Sheet4
Financial instruments (Details 17) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial assets (CHF million) | ||
Loans | 272,551 | 247,054 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 395,067 | 356,197 |
Short-term borrowings | 25,921 | 20,193 |
Long-term debt | 177,898 | 130,042 |
Carrying Value | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 63,435 |
Loans | 245,866 | 223,902 |
Other financial assets | 148,473 | 142,656 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 390,984 | 351,476 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 17,928 |
Short-term borrowings | 22,061 | 14,140 |
Long-term debt | 96,732 | 66,673 |
Other financial liabilities | 85,066 | 96,611 |
Level 1 | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 0 | 0 |
Other financial assets | 80,520 | 72,134 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 217,482 | 212,418 |
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 financial liabilities | 15 | 1,129 |
Level 2 | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 62,891 |
Loans | 248,969 | 225,641 |
Other financial assets | 66,714 | 69,310 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 173,501 | 138,980 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 17,928 |
Short-term borrowings | 22,064 | 14,148 |
Long-term debt | 97,105 | 64,043 |
Other financial liabilities | 84,336 | 94,414 |
Level 3 | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 544 |
Loans | 3,678 | 3,940 |
Other financial assets | 1,579 | 1,568 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 0 | 9 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 1,201 | 3,774 |
Other financial liabilities | 586 | 1,085 |
Total - at fair value | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 63,435 |
Loans | 252,647 | 229,581 |
Other financial assets | 148,813 | 143,012 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 390,983 | 351,407 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 17,928 |
Short-term borrowings | 22,064 | 14,148 |
Long-term debt | 98,306 | 67,817 |
Other financial liabilities | 84,937 | 96,628 |
Bank | ||
Financial assets (CHF million) | ||
Loans | 255,928 | 231,157 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 384,075 | 344,825 |
Short-term borrowings | 25,921 | 20,193 |
Long-term debt | 172,947 | 126,741 |
Bank | Carrying Value | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 63,426 |
Loans | 230,340 | 209,070 |
Other financial assets | 149,925 | 143,831 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 379,992 | 340,104 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 17,928 |
Short-term borrowings | 22,061 | 14,140 |
Long-term debt | 92,687 | 64,279 |
Other financial liabilities | 84,874 | 96,655 |
Bank | Level 1 | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 0 | 0 |
Other financial assets | 79,170 | 71,522 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 208,759 | 203,960 |
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 financial liabilities | 15 | 1,128 |
Bank | Level 2 | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 62,882 |
Loans | 232,271 | 209,821 |
Other financial assets | 69,554 | 71,134 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 171,230 | 136,064 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 17,928 |
Short-term borrowings | 22,064 | 14,148 |
Long-term debt | 92,908 | 61,518 |
Other financial liabilities | 84,146 | 94,458 |
Bank | Level 3 | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 544 |
Loans | 3,678 | 3,940 |
Other financial assets | 1,482 | 1,473 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 0 | 9 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 1,201 | 3,774 |
Other financial liabilities | 585 | 1,085 |
Bank | Total - at fair value | Assets and liabilities not measured at fair value where a fair value is disclosed | ||
Financial assets (CHF million) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,925 | 63,426 |
Loans | 235,949 | 213,761 |
Other financial assets | 150,206 | 144,129 |
Financial liabilities (CHF million) | ||
Due to banks and deposits | 379,989 | 340,033 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,387 | 17,928 |
Short-term borrowings | 22,064 | 14,148 |
Long-term debt | 94,109 | 65,292 |
Other financial liabilities | 84,746 | 96,671 |
Assets_pledged_and_collateral_1
Assets pledged and collateral (Details) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Assets pledged and collateral (CHF million) | ||
Total assets pledged or assigned as collateral | 153,982 | 142,952 |
of which encumbered | 103,245 | 92,300 |
Fair value of collateral received with the right to sell or repledge | 444,852 | 359,517 |
of which sold or repledged | 336,228 | 267,896 |
Other information (CHF million) | ||
Cash and securities restricted under foreign banking regulations | 26,286 | 18,130 |
Swiss National Bank required minimum liquidity reserves | 2,202 | 2,447 |
Bank | ||
Assets pledged and collateral (CHF million) | ||
Total assets pledged or assigned as collateral | 148,345 | 137,207 |
of which encumbered | 103,245 | 92,300 |
Fair value of collateral received with the right to sell or repledge | 444,852 | 359,508 |
of which sold or repledged | 336,301 | 267,902 |
Other information (CHF million) | ||
Cash and securities restricted under foreign banking regulations | 26,286 | 18,130 |
Swiss National Bank required minimum liquidity reserves | 2,051 | 2,305 |
Capital_adequacy_Details
Capital adequacy (Details) (CHF) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Capital ratios % | ||
Minimum percentage of annual legal profits to be retained as general legal reserve | 5.00% | |
Maximum cumulative transfer to general reserve as a percentage of paid-in share capital | 20.00% | |
General legal reserves as a minimum percentage of paid-in share capital | 20.00% | |
Basel III | ||
Eligible capital (CHF million) | ||
CET1 capital | 43,322 | 42,989 |
Additional tier 1 capital | 6,482 | 3,072 |
Tier 1 capital | 49,804 | 46,061 |
Tier 2 capital | 10,947 | 10,227 |
Total eligible capital | 60,751 | 56,288 |
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 291,410 | 273,846 |
Capital ratios % | ||
CET1 ratio (as a percent) | 14.90% | 15.70% |
Tier 1 ratio (as a percent) | 17.10% | 16.80% |
Total capital ratio (as a percent) | 20.80% | 20.60% |
Credit risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 192,663 | 175,631 |
Market risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 34,468 | 39,133 |
Non-counterparty risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 5,866 | 6,007 |
Operational risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 58,413 | 53,075 |
Bank | Basel III | ||
Eligible capital (CHF million) | ||
CET1 capital | 40,853 | 37,700 |
Additional tier 1 capital | 6,261 | 3,069 |
Tier 1 capital | 47,114 | 40,769 |
Tier 2 capital | 10,997 | 11,577 |
Total eligible capital | 58,111 | 52,346 |
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 282,994 | 264,189 |
Capital ratios % | ||
CET1 ratio (as a percent) | 14.40% | 14.30% |
Tier 1 ratio (as a percent) | 16.60% | 15.40% |
Total capital ratio (as a percent) | 20.50% | 19.80% |
Bank | Credit risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 184,531 | 166,245 |
Bank | Market risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 34,439 | 39,111 |
Bank | Non-counterparty risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 5,611 | 5,758 |
Bank | Operational risk | Basel III | ||
Risk-weighted assets (CHF million) | ||
Risk-weighted assets | 58,413 | 53,075 |
Assets_under_management_Detail
Assets under management (Details) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Assets under management [Line Items] | ||
Assets in collective investment instruments managed by Credit Suisse | 158.6 | 160.3 |
Assets with discretionary mandates | 270.5 | 255.4 |
Other assets under management | 948.2 | 866.7 |
Assets under management (including double counting) | 1,377.30 | 1,282.40 |
of which double counting | 47.4 | 47 |
Net new assets (CHF billion) | ||
Total net new assets including double counting | 28.2 | 32.1 |
Discontinued operations | ||
Assets under management [Line Items] | ||
Assets under management (including double counting) | 0 | 29 |
Net new assets (CHF billion) | ||
Total net new assets including double counting | -2 | -4 |
Litigation_Details
Litigation (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
Pending Litigation | Pending Litigation | Pending Litigation | Tax and securities law matters | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | DLJ Mortgage Capital, Inc. | DLJ Mortgage Capital, Inc. | DLJ Mortgage Capital, Inc. | DLJ Mortgage Capital, Inc. | DLJ Mortgage Capital, Inc. | DLJ Mortgage Capital, Inc. | DLJ Mortgage Capital, Inc. | Credit Suisse AG Singapore Branch | Credit Suisse AG Singapore Branch | Bank parent company and other subsidiaries | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse International [Member] | Credit Suisse International [Member] | Credit Suisse International [Member] | Credit Suisse International [Member] | Credit Suisse Securities Europe Limited [Member] | Credit Suisse Securities Europe Limited [Member] | Credit Suisse Securities Europe Limited [Member] | |
CHF | Minimum | Maximum | CHF | Research-related litigation | Enron-related litigation | Enron-related litigation | Enron-related litigation | Refco-related litigation - SPhinX action | Mortgage-related matters - Class action litigations | Mortgage-related matters - Class action litigations | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions - dismissed case | Mortgage-related matters - Monoline insurer disputes | Mortgage-related matters - Monoline insurer disputes | Mortgage-related matters - Monoline insurer disputes | Mortgage-related matters - Monoline insurer disputes | Mortgage-related matters - Repurchase litigations | Mortgage-related matters - Repurchase litigations | Mortgage-related matters - Repurchase litigations | Mortgage-related matters - Repurchase litigations | Mortgage-related matters - Repurchase litigations | Mortgage-related matters - Repurchase litigations | Mortgage-related matters - Repurchase litigations | Singapore MAS matter | Singapore MAS matter | Bank loan litigation | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | ATA litigation | Caspian Energy litigation | Caspian Energy litigation | Icelandic bank litigation | Icelandic bank litigation | Fondazione MPS litigation | Icelandic bank litigation | Icelandic bank litigation | |
CHF | CHF | Punitive class action lawsuits | Connecticut Resources Recovery Authority v. Lay, et al | Connecticut Resources Recovery Authority v. Lay, et al | Silvercreek Management Inc v. Citigroup, Inc., et al | Joint Official Liquidators of various SPinX Funds and the trustee of the SPinX Trust | IndyMac Mortgage-Backed Securities Litigation | New Jersey Carpenters Health Fund v. Home Equity Mortgage Trust 2006-5 | The Charles Schwab Corporation | Massachusetts Mutual Life Insurance Company | The Union Central Life Insurance Company | IKB Deutsche Industriebank AG | Federal Deposit Insurance Corporation as receiver for Citizens National Bank and Strategic Capital Bank | Phoenix Light SF Ltd. | Royal Park Investments SA/NV | Federal Deposit Insurance Corporation as receiver for Colonial Bank | Federal Deposit Insurance Corporation as receiver for Colonial Bank | Federal Deposit Insurance Corporation as receiver for Colonial Bank | National Credit Union Administration Board as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union | Deutsche Zentral-Genossenschaftsbank AG, New York Branch | Federal Home Loan Banks of Seattle, San Francisco and Boston - Seatle action | Federal Home Loan Banks of Seattle, San Francisco and Boston - San Francisco action | Federal Home Loan Banks of Seattle, San Francisco and Boston - San Francisco action | Federal Home Loan Banks of Seattle, San Francisco and Boston - Boston action | National Credit Union Administration Board, as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union | Commerzbank AG, London Branch | CMFG Life Insurance Company | Federal Deposit Insurance Corporation as receiver for Colonial Bank | MBIA Insurance Corp. | Assured Guaranty Corp. | Financial Guaranty Insurance Company | CIFG Assurance North America, Inc. | Home Equity Mortgage Trust Series 2006-5 | Home Equity Mortgage Trust Series 2006-1, 2006-3 and 2006-4 | Home Equity Loan Trust Series 2006-HE7 | Home Equity Asset Trust Series 2006-8 | Home Equity Asset Trust Series 2007-1 | Home Equity Asset Trust Series 2007-2 | Home Equity Asset Trust Series 2007-3 | Monetary Authority of Singapore | Monetary Authority of Singapore | Homeowners in four real estate developments Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer | United States Department of Justice (DOJ) | US Securities and Exchange Commission (SEC) | US Department of Justice, the New York State Department of Financial Services, the Board of Governors of the US Federal Reserve System and the SEC | New York State Department of Financial Services | Board of Governors of the US Federal Reserve System | US Internal Revenue Service (IRS) | US District Court for the Eastern District of New York (EDNY) | Rosserlane Consultants Limited And Swingbrook Developments Limited | Rosserlane Consultants Limited And Swingbrook Developments Limited | Winding up committees of the Icelandic banks Kaupting and Landsbank | Winding up committees of the Icelandic banks Kaupting and Landsbank | Fondazione Monte dei Paschi di Siena | Winding up committees of the Icelandic banks Kaupting and Landsbank | Winding up committees of the Icelandic banks Kaupting and Landsbank | |||
US District Court for the District of Massachusetts | US District Court for the Southern District of Texas (SDT) | US District Court for the Southern District of Texas (SDT) | US District Court for the Southern District of Texas (SDT) | New York state court | US District Court for the Southern District of New York (SDNY) | US District Court for the Southern District of New York (SDNY) | California state court | US District Court for the District of Massachusetts | US District Court for the Southern District of New York (SDNY) | Supreme Court for the State of New York, New York County (SCNY) | US District Court for the Southern District of New York (SDNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Circuit court of Montgomery County, Alabama | US District Court for the Central District of California | US District Court for the Southern District of New York (SDNY) | US District Court for the District of Kansas | Supreme Court for the State of New York, New York County (SCNY) | Various state courts | Various state courts | Various state courts | Various state courts | US District Court for the Southern District of New York (SDNY) | Supreme Court for the State of New York, New York County (SCNY) | US District Court for the Western District of Wisconsin | US District Court for the Central District of California | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Minimum | Maximum | US District Court for the District of Idaho | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | English Court | English Court | District Court of Reykjavik Iceland | District Court of Reykjavik Iceland | Civil Court of Milan, Italy | District Court of Reykjavik Iceland | District Court of Reykjavik Iceland | ||||||
USD ($) | Minimum | Maximum | USD ($) | Minimum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | SGD | SGD | Minimum | USD ($) | Minimum | USD ($) | EUR (€) | EUR (€) | USD ($) | EUR (€) | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||
Litigation provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 2,332,000,000 | 892,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increases in litigation accruals | 2,899,000,000 | 1,618,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decreases in litigation accruals | -143,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decreases for settlement and other cash payments | -4,256,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation | 190,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | 1,022,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range of possible losses that are not covered by existing provisions | 0 | 1,800,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net litigation provisions recorded | 1,598,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated damages | 3,900,000,000 | 130,000,000 | 180,000,000 | 280,000,000 | 800,000,000 | 500,000,000 | 730,000,000 | 319,000,000 | 436,000,000 | 420,000,000 | 495,000,000 | 206,000,000 | 24,000,000,000 | 3,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
of which deposits at Refco | 263,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS offerings by third party | 1,400,000,000 | 110,000,000 | 141,000,000 | 311,000,000 | 283,000,000 | 394,000,000 | 9,500,000,000 | 5,700,000,000 | 1,900,000,000 | 259,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 9.00% | 97.00% | 20.00% | 49.00% | 12.00% | 23.00% | 18.00% | 7.00% | 6.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Value of RMBS issued by third party underwritten by CSS LLC | 1,600,000,000 | 125,000,000 | 107,000,000 | 65,000,000 | 97,000,000 | 28,000,000 | 362,000,000 | 360,000,000 | 153,000,000 | 34,000,000 | 92,000,000 | 311,000,000 | 111,000,000 | 249,000,000 | 1,700,000,000 | 2,200,000,000 | 373,000,000 | 229,000,000 | 121,000,000 | 70,000,000 | 12,000,000 | 770,000,000 | 570,000,000 | 240,000,000 | |||||||||||||||||||||||||||||||||||
Original principal balance of loans demanded to be repurchased | 549,000,000 | 2,200,000,000 | 37,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed payments on a credit default swap | 396,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fines, judgments and settlements paid | 340,000,000 | 2,000,000,000 | 196,000,000 | 2,815,000,000 | 715,000,000 | 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
of which disgorgement | 82,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which prejudgment interest | 64,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which civil money penalty | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which restitution | 666,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which fines | 1,333,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Statutory Reserves, deposited with the Monetary Authority of Singapore in a non-interest bearing account | 400,000,000 | 600,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Kyurovdag Oil and Energy Field, Held by Plaintiff | 51.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale price of investment | 245,000,000 | 700,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid by plaintiff | 9,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claw back claims | 170,000,000 | 16,000,000 | 22,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claim for enforcement of certain securities | 226,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Plaintiffs | 200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price funded by rights offer and issuance of unredeemable securities | 5,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price funded by rights offer of which invested by plaintiff | 2,900,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price funded by issuance of unredeemable securities, of which invested by plaintiff | € 490,000,000 |
Significant_subsidiaries_and_e2
Significant subsidiaries and equity method investments (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
BANK-now AG | Credit Suisse Group Finance (U.S.) Inc. | Credit Suisse Trust AG | Credit Suisse Trust Holdings Limited | CS LP Holdings AG | Inreska Limited | Neue Aargauer Bank AG | Savoy Hotel Baur en Ville AG | Credit Suisse AG | AJP Cayman Ltd | Banco Credit Suisse (Brasil) S.A. | Banco Credit Suisse (Mexico), S.A. | Banco de Investimentos Credit Suisse (Brasil) S.A. | Boston Re Ltd. | CJSC Bank Credit Suisse (Moscow) | Column Financial, Inc. | Credit Suisse (Australia) Limited | Credit Suisse (Brasil) Distribuidora de Titulos e Valoes Mobiliarios S.A. | Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliarios | Credit Suisse (Deutschland) Aktiengesellschaft | Credit Suisse (France) | Credit Suisse (Gibraltar) Limited | Credit Suisse (Channel Islands) Limited | Credit Suisse (Hong Kong) Limited | Credit Suisse (Italy) S.P.A. | Credit Suisse (Luxembourg) S.A. | Credit Suisse (Monaco) S.A.M. | Credit Suisse (Poland) SP. z o.o | Credit Suisse (Qatar) LLC | Credit Suisse (Singapore) Limited | Credit Suisse (UK) Limited | Credit Suisse (USA), Inc. | Credit Suisse Asset Management Fund Services (Luxembourg) S.A.C | Credit Suisse Asset Management (UK) Holding Limited | Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH | Credit Suisse Asset Management International Holding Ltd | Credit Suisse Asset Management Investments Ltd | Credit Suisse Asset Management Ltd | Credit Suisse Asset Management, LLC | Credit Suisse Business Analytics (India) Private Limited | Credit Suisse Capital LLC | Credit Suisse Energy (Canada) Limited | Credit Suisse Energy LLC | Credit Suisse Equities (Australia) Limited | Credit Suisse Finance (India) Private Limited | Credit Suisse First Boston (Latin America Holdings) LLC | Credit Suisse First Boston Finance B.V. | Credit Suisse First Boston Mortgage Capital LLC | Credit Suisse First Boston Next Fund, Inc. | Credit Suisse Fund Management S.A. | Credit Suisse Funds AG | Credit Suisse Hedging-Griffo Corretora de Valores S.A. | Credit Suisse Holding Europe (Luxembourg) S.A. | Credit Suisse Holdings (Australia) Limited | Credit Suisse Holdings (USA), Inc. | Credit Suisse International | Credit Suisse International (Bank) | Credit Suisse Leasing 92A, L.P. | Credit Suisse Life and Pensions AG | Credit Suisse Life (Bermuda) Ltd. | Credit Suisse Loan Funding LLC | Credit Suisse Management LLC | Credit Suisse Principal Investments Limited | Credit Suisse Prime Securities Services (USA) LLC | Credit Suisse Private Equity, LLC | Credit Suisse PSL GmbH | Credit Suisse Securities (Canada), Inc | Credit Suisse Securities (Europe) Limited | Credit Suisse Securities (Hong Kong) Limited | Credit Suisse Securities (India) Private Limited | Credit Suisse Securities (Japan) Limited | Credit Suisse Securities (Johannesburg) (Proprietary) Limited | Credit Suisse Securities (Malaysia) Sdn. Bhd. | Credit Suisse Securities (Moscow) | Credit Suisse Securities (Singapore) Pte Limited | Credit Suisse Securities (Thailand) Limited | Credit Suisse Securities (USA) LLC | Credit Suisse Services (India) Private Limited | CSAM Americas Holding Corp. | CS Non-Traditional Products Ltd. | DLJ Mortgage Capital, Inc. | DLJ LBO Plans Management, LLC | Merban Equity AG | SPS Holding Corporation | PT Credit Suisse Securities Indonesia | Credit Suisse Hypotheken AG | Asset Management Finance LLC | Credit Suisse Saudi Arabia | Credit Suisse Founder Securities Limited | E.L. and C. Baillieu Stockbroking (Holdings) Pty Ltd | ICBC Credit Suisse Asset Management Co., Ltd. | York Capital Management Global Advisors, LLC | Holding Verde Empreendimentos e Participacoes S.A. | Credit Suisse Group Finance (Guernsey) Limited | Credit Suisse Group (Guernsey) I Limited | Credit Suisse Group (Guernsey) II Limited | Credit Suisse Group (Guernsey) IV Limited | Swisscard AECS AG | SECB Swiss Euro Clearing Bank GmbH | |
CHF | USD ($) | CHF | GBP (£) | CHF | GBP (£) | CHF | CHF | CHF | JPY (¥) | BRL | MXN | BRL | USD ($) | USD ($) | USD ($) | AUD | BRL | BRL | EUR (€) | EUR (€) | GBP (£) | USD ($) | HKD | EUR (€) | CHF | EUR (€) | PLN | USD ($) | SGD | GBP (£) | USD ($) | CHF | GBP (£) | EUR (€) | CHF | CHF | GBP (£) | USD ($) | INR | USD ($) | USD ($) | USD ($) | AUD | INR | USD ($) | EUR (€) | USD ($) | USD ($) | CHF | CHF | BRL | CHF | AUD | USD ($) | USD ($) | USD ($) | USD ($) | CHF | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | USD ($) | CHF | CAD | USD ($) | HKD | INR | JPY (¥) | ZAR | MYR | RUB | SGD | THB | USD ($) | INR | USD ($) | USD ($) | USD ($) | USD ($) | CHF | USD ($) | IDR | CHF | USD ($) | SAR | ||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity interest in % | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 88.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 98.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 99.00% | 98.00% | 83.00% | 71.00% | 33.00% | 23.00% | 20.00% | 5.00% | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | 50.00% | 25.00% |
Nominal capital in million | 30 | $100 | 5 | £ 2 | 0.1 | £ 3 | 134.1 | 7.5 | 4,399.70 | ¥ 8,025.6 | 53.6 | 1,716.70 | 164.8 | $2 | $37.80 | $0 | 34.1 | 5 | 98.4 | € 130 | € 52.90 | £ 5 | $6.10 | 13,758 | € 139.60 | 150 | € 18 | 20 | $24 | 743.3 | £ 245.2 | $0 | 1.5 | £ 144.2 | € 6.10 | 20 | 0.1 | £ 45 | $1,086.80 | 40 | $737.60 | $0 | $0 | 62.5 | 1,050.10 | $23.80 | € 0 | $356.60 | $10 | 0.3 | 7 | 29.6 | 32.6 | 53.9 | $4,184.70 | $13,107.70 | $13,107.70 | $43.90 | 15 | $1 | $0 | $896.80 | ¥ 3,324 | $263.30 | $42.20 | 0 | 3.4 | $3,859.30 | 530.9 | 2,214.70 | ¥ 78,100 | 0 | 100 | 97.1 | 30 | 500 | $1,836.10 | 0.1 | $0 | $0.10 | $0 | $7.80 | 0.1 | $0.10 | 235,000 | 0.1 | $341.80 | 300 | |||||||||||
Equity interest held by other subsidiary in % | 98.00% | 98.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Voting rights held by other subsidiary in % | 43.00% | 80.00% | 80.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining voting interests held by parent in % | 2.00% |
Subsidiary_guarantee_informati2
Subsidiary guarantee information (Details) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed consolidating statements of operations (CHF million) | |||
Interest and dividend income | 19,061 | 19,556 | 22,090 |
Interest expense | -10,027 | -11,441 | -14,947 |
Net interest income | 9,034 | 8,115 | 7,143 |
Commissions and fees | 13,051 | 13,226 | 12,724 |
Trading revenues | 2,026 | 2,739 | 1,196 |
Other revenues | 2,131 | 1,776 | 2,548 |
Net revenues | 26,242 | 25,856 | 23,611 |
Provision for credit losses | 186 | 167 | 170 |
Compensation and benefits | 11,334 | 11,256 | 12,303 |
General and administrative expenses | 9,534 | 8,599 | 7,246 |
Commission expenses | 1,561 | 1,738 | 1,702 |
Total other operating expenses | 11,095 | 10,337 | 8,948 |
Total operating expenses | 22,429 | 21,593 | 21,251 |
Income tax expense | 1,405 | 1,276 | 465 |
Income from continuing operations | 2,222 | 2,820 | 1,725 |
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 |
Net income | 2,324 | 2,965 | 1,685 |
Net income/(loss) attributable to noncontrolling interests | 449 | 639 | 336 |
Net income attributable to shareholders | 1,875 | 2,326 | 1,349 |
of which from continuing operations | 1,773 | 2,181 | 1,389 |
of which from discontinued operations | 102 | 145 | -40 |
Income from continuing operations before taxes | 3,627 | 4,096 | 2,190 |
Credit Suisse (USA), Inc - Consolidated | |||
Condensed consolidating statements of operations (CHF million) | |||
Interest and dividend income | 6,392 | 6,579 | 7,625 |
Interest expense | -3,894 | -3,930 | -4,540 |
Net interest income | 2,498 | 2,649 | 3,085 |
Commissions and fees | 4,137 | 3,755 | 3,934 |
Trading revenues | 73 | -516 | 1,470 |
Other revenues | 1,358 | 1,529 | -37 |
Net revenues | 8,066 | 7,417 | 8,452 |
Provision for credit losses | -1 | 4 | -5 |
Compensation and benefits | 3,510 | 3,380 | 3,601 |
General and administrative expenses | 2,592 | 2,843 | 2,132 |
Commission expenses | 253 | 227 | 252 |
Total other operating expenses | 2,845 | 3,070 | 2,384 |
Total operating expenses | 6,355 | 6,450 | 5,985 |
Income tax expense | 620 | 8 | 1,251 |
Income from continuing operations | 1,092 | 955 | 1,221 |
Income/(loss) from discontinued operations, net of tax | 0 | 66 | 17 |
Net income | 1,092 | 1,021 | 1,238 |
Net income/(loss) attributable to noncontrolling interests | 406 | 575 | 281 |
Net income attributable to shareholders | 686 | 446 | 957 |
of which from continuing operations | 686 | 380 | 940 |
of which from discontinued operations | 0 | 66 | 17 |
Income from continuing operations before taxes | 1,712 | 963 | 2,472 |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations (CHF million) | |||
Interest and dividend income | 12,193 | 12,438 | 13,914 |
Interest expense | -6,014 | -7,377 | -10,217 |
Net interest income | 6,179 | 5,061 | 3,697 |
Commissions and fees | 8,750 | 9,302 | 8,609 |
Trading revenues | 1,717 | 3,271 | -307 |
Other revenues | 877 | 263 | 2,525 |
Net revenues | 17,523 | 17,897 | 14,524 |
Provision for credit losses | 126 | 89 | 93 |
Compensation and benefits | 7,872 | 7,807 | 8,618 |
General and administrative expenses | 6,981 | 5,811 | 5,073 |
Commission expenses | 1,295 | 1,499 | 1,433 |
Total other operating expenses | 8,276 | 7,310 | 6,506 |
Total operating expenses | 16,148 | 15,117 | 15,124 |
Income tax expense | 679 | 1,162 | -886 |
Income from continuing operations | 570 | 1,529 | 193 |
Income/(loss) from discontinued operations, net of tax | 102 | 79 | -57 |
Net income | 672 | 1,608 | 136 |
Net income/(loss) attributable to noncontrolling interests | 39 | 94 | 52 |
Net income attributable to shareholders | 633 | 1,514 | 84 |
of which from continuing operations | 531 | 1,435 | 141 |
of which from discontinued operations | 102 | 79 | -57 |
Income from continuing operations before taxes | 1,249 | 2,691 | -693 |
Bank | |||
Condensed consolidating statements of operations (CHF million) | |||
Interest and dividend income | 18,585 | 19,017 | 21,539 |
Interest expense | -9,908 | -11,307 | -14,757 |
Net interest income | 8,677 | 7,710 | 6,782 |
Commissions and fees | 12,887 | 13,057 | 12,543 |
Trading revenues | 1,790 | 2,755 | 1,163 |
Other revenues | 2,235 | 1,792 | 2,488 |
Net revenues | 25,589 | 25,314 | 22,976 |
Provision for credit losses | 125 | 93 | 88 |
Compensation and benefits | 11,382 | 11,187 | 12,219 |
General and administrative expenses | 9,573 | 8,654 | 7,205 |
Commission expenses | 1,548 | 1,726 | 1,685 |
Total other operating expenses | 11,121 | 10,380 | 8,890 |
Total operating expenses | 22,503 | 21,567 | 21,109 |
Income tax expense | 1,299 | 1,170 | 365 |
Income from continuing operations | 1,662 | 2,484 | 1,414 |
Income/(loss) from discontinued operations, net of tax | 102 | 145 | -40 |
Net income | 1,764 | 2,629 | 1,374 |
Net income/(loss) attributable to noncontrolling interests | 445 | 669 | 333 |
Net income attributable to shareholders | 1,319 | 1,960 | 1,041 |
of which from continuing operations | 1,217 | 1,815 | 1,081 |
of which from discontinued operations | 102 | 145 | -40 |
Income from continuing operations before taxes | 2,961 | 3,654 | 1,779 |
Group parent company | |||
Condensed consolidating statements of operations (CHF million) | |||
Interest and dividend income | 228 | 62 | 81 |
Interest expense | -316 | -60 | -79 |
Net interest income | -88 | 2 | 2 |
Commissions and fees | 7 | 4 | -12 |
Trading revenues | 159 | -23 | 1 |
Other revenues | 1,750 | 2,288 | 1,319 |
Net revenues | 1,828 | 2,271 | 1,310 |
Provision for credit losses | 0 | 0 | 0 |
Compensation and benefits | 53 | 59 | 56 |
General and administrative expenses | -101 | -135 | -101 |
Commission expenses | 0 | 1 | 1 |
Total other operating expenses | -101 | -134 | -100 |
Total operating expenses | -48 | -75 | -44 |
Income tax expense | 1 | 20 | 5 |
Income from continuing operations | 1,875 | 2,326 | 1,349 |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | 0 |
Net income | 1,875 | 2,326 | 1,349 |
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to shareholders | 1,875 | 2,326 | 1,349 |
of which from continuing operations | 1,875 | 2,326 | 1,349 |
of which from discontinued operations | 0 | 0 | 0 |
Income from continuing operations before taxes | 1,876 | 2,346 | 1,354 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations (CHF million) | |||
Interest and dividend income | 248 | 477 | 470 |
Interest expense | 197 | -74 | -111 |
Net interest income | 445 | 403 | 359 |
Commissions and fees | 157 | 165 | 193 |
Trading revenues | 77 | 7 | 32 |
Other revenues | -1,854 | -2,304 | -1,259 |
Net revenues | -1,175 | -1,729 | -675 |
Provision for credit losses | 61 | 74 | 82 |
Compensation and benefits | -101 | 10 | 28 |
General and administrative expenses | 62 | 80 | 142 |
Commission expenses | 13 | 11 | 16 |
Total other operating expenses | 75 | 91 | 158 |
Total operating expenses | -26 | 101 | 186 |
Income tax expense | 105 | 86 | 95 |
Income from continuing operations | -1,315 | -1,990 | -1,038 |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | 0 |
Net income | -1,315 | -1,990 | -1,038 |
Net income/(loss) attributable to noncontrolling interests | 4 | -30 | 3 |
Net income attributable to shareholders | -1,319 | -1,960 | -1,041 |
of which from continuing operations | -1,319 | -1,960 | -1,041 |
of which from discontinued operations | 0 | 0 | 0 |
Income from continuing operations before taxes | -1,210 | -1,904 | -943 |
Subsidiary_guarantee_informati3
Subsidiary guarantee information (Details 2) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive income (CHF million) | |||
Net income | 2,324 | 2,965 | 1,685 |
Gains/(losses) on cash flow hedges | -20 | 18 | 37 |
Foreign currency translation | 2,287 | -1,021 | -1,114 |
Unrealized gains/(losses) on securities | 12 | -32 | -15 |
Actuarial gains/(losses) | -1,253 | 1,044 | -50 |
Net prior service cost | -63 | -95 | 248 |
Other comprehensive income/(loss), net of tax | 963 | -86 | -894 |
Comprehensive income/(loss) | 3,287 | 2,879 | 791 |
Comprehensive income/(loss) attributable to noncontrolling interests | 540 | 525 | 211 |
Comprehensive income/(loss) attributable to shareholders | 2,747 | 2,354 | 580 |
Credit Suisse (USA), Inc - Consolidated | |||
Comprehensive income (CHF million) | |||
Net income | 1,092 | 1,021 | 1,238 |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | 2,238 | -668 | -567 |
Unrealized gains/(losses) on securities | 0 | -2 | 2 |
Actuarial gains/(losses) | -109 | 138 | 20 |
Net prior service cost | 14 | 0 | -2 |
Other comprehensive income/(loss), net of tax | 2,143 | -532 | -547 |
Comprehensive income/(loss) | 3,235 | 489 | 691 |
Comprehensive income/(loss) attributable to noncontrolling interests | 520 | 471 | 186 |
Comprehensive income/(loss) attributable to shareholders | 2,715 | 18 | 505 |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||
Comprehensive income (CHF million) | |||
Net income | 672 | 1,608 | 136 |
Gains/(losses) on cash flow hedges | -27 | 2 | 7 |
Foreign currency translation | 46 | -1,566 | -685 |
Unrealized gains/(losses) on securities | 21 | -16 | -45 |
Actuarial gains/(losses) | 167 | -181 | 39 |
Net prior service cost | 0 | 0 | 1 |
Other comprehensive income/(loss), net of tax | 207 | -1,761 | -683 |
Comprehensive income/(loss) | 879 | -153 | -547 |
Comprehensive income/(loss) attributable to noncontrolling interests | 94 | 163 | -91 |
Comprehensive income/(loss) attributable to shareholders | 785 | -316 | -456 |
Bank | |||
Comprehensive income (CHF million) | |||
Net income | 1,764 | 2,629 | 1,374 |
Gains/(losses) on cash flow hedges | -27 | 2 | 7 |
Foreign currency translation | 2,284 | -2,234 | -1,252 |
Unrealized gains/(losses) on securities | 21 | -18 | -43 |
Actuarial gains/(losses) | 58 | -43 | 59 |
Net prior service cost | 14 | 0 | -1 |
Other comprehensive income/(loss), net of tax | 2,350 | -2,293 | -1,230 |
Comprehensive income/(loss) | 4,114 | 336 | 144 |
Comprehensive income/(loss) attributable to noncontrolling interests | 614 | 634 | 95 |
Comprehensive income/(loss) attributable to shareholders | 3,500 | -298 | 49 |
Group parent company | |||
Comprehensive income (CHF million) | |||
Net income | 1,875 | 2,326 | 1,349 |
Gains/(losses) on cash flow hedges | 7 | 16 | 30 |
Foreign currency translation | -1 | 0 | 1 |
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 | 6 | 16 | 31 |
Comprehensive income/(loss) | 1,881 | 2,342 | 1,380 |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income/(loss) attributable to shareholders | 1,881 | 2,342 | 1,380 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||
Comprehensive income (CHF million) | |||
Net income | -1,315 | -1,990 | -1,038 |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | 4 | 1,213 | 137 |
Unrealized gains/(losses) on securities | -9 | -14 | 28 |
Actuarial gains/(losses) | -1,311 | 1,087 | -109 |
Net prior service cost | -77 | -95 | 249 |
Other comprehensive income/(loss), net of tax | -1,393 | 2,191 | 305 |
Comprehensive income/(loss) | -2,708 | 201 | -733 |
Comprehensive income/(loss) attributable to noncontrolling interests | -74 | -109 | 116 |
Comprehensive income/(loss) attributable to shareholders | -2,634 | 310 | -849 |
Subsidiary_guarantee_informati4
Subsidiary guarantee information (Details 3) (CHF) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Assets (CHF million) | ||||
Cash and due from banks | 79,349 | 68,692 | ||
Interest-bearing deposits with banks | 1,244 | 1,515 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,022 | ||
Securities received as collateral | 26,854 | 22,800 | ||
Trading assets | 241,131 | 229,413 | ||
Investment securities | 2,791 | 2,987 | ||
Other investments | 8,613 | 10,329 | ||
Net loans | 272,551 | 247,054 | ||
Premises and equipment | 4,641 | 5,091 | ||
Goodwill | 8,644 | 7,999 | ||
Other intangible assets | 249 | 210 | ||
Brokerage receivables | 41,629 | 52,045 | ||
Other assets | 70,558 | 63,065 | ||
Assets of discontinued operations held-for-sale | 0 | 1,584 | ||
Total assets | 921,462 | 872,806 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | 26,009 | 23,108 | ||
Customer deposits | 369,058 | 333,089 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 | ||
Obligation to return securities received as collateral | 26,854 | 22,800 | ||
Trading liabilities | 72,655 | 76,635 | ||
Short-term borrowings | 25,921 | 20,193 | ||
Long-term debt | 177,898 | 130,042 | ||
Brokerage payables | 56,977 | 73,154 | ||
Other liabilities | 50,970 | 51,447 | ||
Liabilities of discontinued operations held-for-sale | 0 | 1,140 | ||
Total liabilities | 876,461 | 825,640 | ||
Total shareholders' equity | 43,959 | 42,164 | ||
Noncontrolling interests | 1,042 | 5,002 | ||
Total equity | 45,001 | 47,166 | 42,284 | 41,085 |
Total liabilities and equity | 921,462 | 872,806 | ||
Credit Suisse (USA), Inc - Consolidated | ||||
Assets (CHF million) | ||||
Cash and due from banks | 4,572 | 4,965 | ||
Interest-bearing deposits with banks | 69 | 81 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 152,647 | 127,153 | ||
Securities received as collateral | 26,754 | 23,479 | ||
Trading assets | 74,980 | 73,582 | ||
Investment securities | 3 | 2 | ||
Other investments | 2,826 | 4,522 | ||
Net loans | 20,664 | 20,464 | ||
Premises and equipment | 892 | 891 | ||
Goodwill | 731 | 658 | ||
Other intangible assets | 115 | 78 | ||
Brokerage receivables | 25,009 | 25,667 | ||
Other assets | 24,738 | 18,120 | ||
Assets of discontinued operations held-for-sale | 11 | |||
Total assets | 334,000 | 299,673 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | 97 | 251 | ||
Customer deposits | 1 | 1 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 120,817 | 98,600 | ||
Obligation to return securities received as collateral | 26,754 | 23,479 | ||
Trading liabilities | 13,133 | 14,304 | ||
Short-term borrowings | 27,440 | 42,842 | ||
Long-term debt | 67,776 | 31,909 | ||
Brokerage payables | 44,029 | 55,749 | ||
Other liabilities | 13,103 | 11,310 | ||
Liabilities of discontinued operations held-for-sale | 19 | |||
Total liabilities | 313,150 | 278,464 | ||
Total shareholders' equity | 19,693 | 18,059 | ||
Noncontrolling interests | 1,157 | 3,150 | ||
Total equity | 20,850 | 21,209 | ||
Total liabilities and equity | 334,000 | 299,673 | ||
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | ||||
Assets (CHF million) | ||||
Cash and due from banks | 73,428 | 63,116 | ||
Interest-bearing deposits with banks | 4,035 | 3,304 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 10,561 | 32,860 | ||
Securities received as collateral | 100 | -679 | ||
Trading assets | 166,333 | 156,156 | ||
Investment securities | 2,376 | 1,625 | ||
Other investments | 5,641 | 5,685 | ||
Net loans | 235,264 | 210,693 | ||
Premises and equipment | 3,549 | 4,004 | ||
Goodwill | 7,035 | 6,463 | ||
Other intangible assets | 134 | 132 | ||
Brokerage receivables | 16,620 | 26,377 | ||
Other assets | 45,773 | 43,447 | ||
Assets of discontinued operations held-for-sale | 1,573 | |||
Total assets | 570,849 | 554,756 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | 26,409 | 22,896 | ||
Customer deposits | 357,568 | 321,677 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -50,698 | -4,568 | ||
Obligation to return securities received as collateral | 100 | -679 | ||
Trading liabilities | 59,534 | 62,508 | ||
Short-term borrowings | -1,519 | -22,649 | ||
Long-term debt | 105,171 | 94,832 | ||
Brokerage payables | 12,948 | 17,405 | ||
Other liabilities | 37,545 | 39,790 | ||
Liabilities of discontinued operations held-for-sale | 1,121 | |||
Total liabilities | 547,058 | 532,333 | ||
Total shareholders' equity | 23,202 | 21,408 | ||
Noncontrolling interests | 589 | 1,015 | ||
Total equity | 23,791 | 22,423 | ||
Total liabilities and equity | 570,849 | 554,756 | ||
Bank | ||||
Assets (CHF million) | ||||
Cash and due from banks | 78,000 | 68,081 | ||
Interest-bearing deposits with banks | 4,104 | 3,385 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 163,208 | 160,013 | ||
Securities received as collateral | 26,854 | 22,800 | ||
Trading assets | 241,313 | 229,738 | ||
Investment securities | 2,379 | 1,627 | ||
Other investments | 8,467 | 10,207 | ||
Net loans | 255,928 | 231,157 | ||
Premises and equipment | 4,441 | 4,895 | ||
Goodwill | 7,766 | 7,121 | ||
Other intangible assets | 249 | 210 | ||
Brokerage receivables | 41,629 | 52,044 | ||
Other assets | 70,511 | 61,567 | ||
Assets of discontinued operations held-for-sale | 0 | 1,584 | ||
Total assets | 904,849 | 854,429 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | 26,506 | 23,147 | ||
Customer deposits | 357,569 | 321,678 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 70,119 | 94,032 | ||
Obligation to return securities received as collateral | 26,854 | 22,800 | ||
Trading liabilities | 72,667 | 76,812 | ||
Short-term borrowings | 25,921 | 20,193 | ||
Long-term debt | 172,947 | 126,741 | ||
Brokerage payables | 56,977 | 73,154 | ||
Other liabilities | 50,648 | 51,100 | ||
Liabilities of discontinued operations held-for-sale | 0 | 1,140 | ||
Total liabilities | 860,208 | 810,797 | ||
Total shareholders' equity | 42,895 | 39,467 | ||
Noncontrolling interests | 1,746 | 4,165 | ||
Total equity | 44,641 | 43,632 | 42,883 | 39,334 |
Total liabilities and equity | 904,849 | 854,429 | ||
Group parent company | ||||
Assets (CHF million) | ||||
Cash and due from banks | 917 | 795 | ||
Interest-bearing deposits with banks | 0 | 0 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Securities received as collateral | 0 | 0 | ||
Trading assets | 0 | 0 | ||
Investment securities | 3,981 | 1,481 | ||
Other investments | 46,392 | 42,570 | ||
Net loans | 350 | 3,185 | ||
Premises and equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 0 | 0 | ||
Other assets | 221 | 243 | ||
Assets of discontinued operations held-for-sale | 0 | |||
Total assets | 51,861 | 48,274 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | 2,627 | 3,242 | ||
Customer deposits | 0 | 0 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | ||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 4,930 | 2,784 | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | 345 | 84 | ||
Liabilities of discontinued operations held-for-sale | 0 | |||
Total liabilities | 7,902 | 6,110 | ||
Total shareholders' equity | 43,959 | 42,164 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 43,959 | 42,164 | ||
Total liabilities and equity | 51,861 | 48,274 | ||
Other Group subsidiaries | Includes eliminations and consolidation adjustments | ||||
Assets (CHF million) | ||||
Cash and due from banks | 432 | -184 | ||
Interest-bearing deposits with banks | -2,860 | -1,870 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 9 | ||
Securities received as collateral | 0 | 0 | ||
Trading assets | -182 | -325 | ||
Investment securities | -3,569 | -121 | ||
Other investments | -46,246 | -42,448 | ||
Net loans | 16,273 | 12,712 | ||
Premises and equipment | 200 | 196 | ||
Goodwill | 878 | 878 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 0 | 1 | ||
Other assets | -174 | 1,255 | ||
Assets of discontinued operations held-for-sale | 0 | |||
Total assets | -35,248 | -29,897 | ||
Liabilities and equity (CHF million) | ||||
Due to banks | -3,124 | -3,281 | ||
Customer deposits | 11,489 | 11,411 | ||
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 | -12 | -177 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 21 | 517 | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | -23 | 263 | ||
Liabilities of discontinued operations held-for-sale | 0 | |||
Total liabilities | 8,351 | 8,733 | ||
Total shareholders' equity | -42,895 | -39,467 | ||
Noncontrolling interests | -704 | 837 | ||
Total equity | -43,599 | -38,630 | ||
Total liabilities and equity | -35,248 | -29,897 |
Subsidiary_guarantee_informati5
Subsidiary guarantee information (Details 4) (CHF) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities of continuing operations (CHF million) | |||
Net cash provided by/(used in) operating activities of continuing operations | -17,620 | 22,074 | -12,668 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | 275 | 538 | 184 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 11,685 | 17,120 | 46,952 |
Purchase of investment securities | -1,060 | -677 | -480 |
Proceeds from sale of investment securities | 930 | 176 | 936 |
Maturities of investment securities | 340 | 832 | 1,626 |
Investments in subsidiaries and other investments | -1,264 | -1,792 | -2,039 |
Proceeds from sale of other investments | 1,553 | 3,737 | 3,104 |
(Increase)/decrease in loans | -23,604 | -9,126 | -11,022 |
Proceeds from sale of loans | 1,255 | 1,483 | 1,090 |
Capital expenditures for premises and equipment and other intangible assets | -1,056 | -903 | -1,242 |
Proceeds from sale of premises and equipment and other intangible assets | 1 | 9 | 26 |
Other, net | 606 | 122 | 3,683 |
Net cash provided by/(used in) investing activities of continuing operations | -10,339 | 11,519 | 42,818 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | 26,040 | 22,463 | -12,567 |
Increase/(decrease) in short-term borrowings | 3,509 | 6,002 | -7,840 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -31,001 | -36,347 | -39,958 |
Issuances of long-term debt | 74,159 | 39,090 | 38,405 |
Repayments of long-term debt | -36,471 | -55,135 | -55,936 |
Issuances of common shares | 297 | 976 | 1,930 |
Sale of treasury shares | 9,394 | 9,764 | 8,355 |
Repurchase of treasury shares | -10,197 | -10,202 | -8,859 |
Dividends paid/capital repayments | -1,252 | -564 | -1,296 |
Excess tax benefits on share based awards | 0 | 0 | |
Other, net | -1,192 | -468 | 394 |
Net cash provided by/(used in) financing activities of continuing operations | 33,286 | -24,421 | -77,372 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 5,790 | -1,216 | -1,242 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | -460 | -1,027 | -346 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | 10,657 | 6,929 | -48,810 |
Cash and due from banks at beginning of period | 68,692 | 61,763 | 110,573 |
Cash and due from banks at end of period | 79,349 | 68,692 | 61,763 |
Credit Suisse (USA), Inc - Consolidated | |||
Operating activities of continuing operations (CHF million) | |||
Net cash provided by/(used in) operating activities of continuing operations | -12,175 | 6,078 | -4,354 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | -7,105 | -1 | -2 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -10,390 | -594 | 22,780 |
Purchase of investment securities | 0 | 0 | 0 |
Proceeds from sale of investment securities | 0 | 23 | 0 |
Maturities of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | -643 | 232 | -84 |
Proceeds from sale of other investments | 1,218 | 2,139 | 1,922 |
(Increase)/decrease in loans | 9,061 | 3,562 | 1,994 |
Proceeds from sale of loans | 0 | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | -317 | -238 | -364 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 16 |
Other, net | -11 | -87 | 235 |
Net cash provided by/(used in) investing activities of continuing operations | -8,187 | 5,036 | 26,497 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | -168 | 95 | 78 |
Increase/(decrease) in short-term borrowings | 14,532 | 22,124 | 5,508 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 2,999 | -29,400 | -20,167 |
Issuances of long-term debt | 6,607 | 687 | 1,625 |
Repayments of long-term debt | -2,559 | -4,219 | -6,996 |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | -1,128 | -178 | 0 |
Excess tax benefits on share based awards | 0 | 0 | |
Other, net | -791 | -165 | -1,749 |
Net cash provided by/(used in) financing activities of continuing operations | 19,492 | -11,056 | -21,701 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 485 | -74 | -120 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | -8 | 0 | 6 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | -393 | -16 | 328 |
Cash and due from banks at beginning of period | 4,965 | 4,981 | 4,653 |
Cash and due from banks at end of period | 4,572 | 4,965 | 4,981 |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||
Operating activities of continuing operations (CHF million) | |||
Net cash provided by/(used in) operating activities of continuing operations | -6,025 | 15,939 | -7,863 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | 6,378 | 444 | 317 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 22,067 | 17,714 | 24,153 |
Purchase of investment securities | -1,060 | -676 | -276 |
Proceeds from sale of investment securities | 118 | 153 | 936 |
Maturities of investment securities | 187 | 673 | 1,442 |
Investments in subsidiaries and other investments | -585 | -1,570 | -1,832 |
Proceeds from sale of other investments | 301 | 1,026 | 996 |
(Increase)/decrease in loans | -32,751 | -12,139 | -11,564 |
Proceeds from sale of loans | 1,255 | 1,483 | 1,090 |
Capital expenditures for premises and equipment and other intangible assets | -726 | -657 | -863 |
Proceeds from sale of premises and equipment and other intangible assets | 1 | 9 | 10 |
Other, net | 612 | 202 | 3,441 |
Net cash provided by/(used in) investing activities of continuing operations | -4,203 | 6,662 | 17,850 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | 27,305 | 22,535 | -14,083 |
Increase/(decrease) in short-term borrowings | -11,023 | -16,122 | -17,151 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -34,000 | -6,947 | -19,791 |
Issuances of long-term debt | 67,543 | 37,227 | 35,610 |
Repayments of long-term debt | -35,312 | -50,997 | -48,405 |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | 1,044 | -305 | -321 |
Excess tax benefits on share based awards | 0 | 42 | |
Other, net | 303 | 901 | 5,352 |
Net cash provided by/(used in) financing activities of continuing operations | 15,860 | -13,708 | -58,747 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 5,132 | -1,145 | -1,064 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | -452 | -1,027 | -352 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | 10,312 | 6,721 | -50,176 |
Cash and due from banks at beginning of period | 63,116 | 56,395 | 106,571 |
Cash and due from banks at end of period | 73,428 | 63,116 | 56,395 |
Bank | |||
Operating activities of continuing operations (CHF million) | |||
Net cash provided by/(used in) operating activities of continuing operations | -18,200 | 22,017 | -12,217 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | -727 | 443 | 315 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 11,677 | 17,120 | 46,933 |
Purchase of investment securities | -1,060 | -676 | -276 |
Proceeds from sale of investment securities | 118 | 176 | 936 |
Maturities of investment securities | 187 | 673 | 1,442 |
Investments in subsidiaries and other investments | -1,228 | -1,338 | -1,916 |
Proceeds from sale of other investments | 1,519 | 3,165 | 2,918 |
(Increase)/decrease in loans | -23,690 | -8,577 | -9,570 |
Proceeds from sale of loans | 1,255 | 1,483 | 1,090 |
Capital expenditures for premises and equipment and other intangible assets | -1,043 | -895 | -1,227 |
Proceeds from sale of premises and equipment and other intangible assets | 1 | 9 | 26 |
Other, net | 601 | 115 | 3,676 |
Net cash provided by/(used in) investing activities of continuing operations | -12,390 | 11,698 | 44,347 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | 27,137 | 22,630 | -14,005 |
Increase/(decrease) in short-term borrowings | 3,509 | 6,002 | -11,643 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -31,001 | -36,347 | -39,958 |
Issuances of long-term debt | 74,150 | 37,914 | 37,235 |
Repayments of long-term debt | -37,871 | -55,216 | -55,401 |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | -84 | -483 | -321 |
Excess tax benefits on share based awards | 0 | 0 | 42 |
Other, net | -488 | 736 | 3,603 |
Net cash provided by/(used in) financing activities of continuing operations | 35,352 | -24,764 | -80,448 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 5,617 | -1,219 | -1,184 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | -460 | -1,027 | -346 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | 9,919 | 6,705 | -49,848 |
Cash and due from banks at beginning of period | 68,081 | 61,376 | 111,224 |
Cash and due from banks at end of period | 78,000 | 68,081 | 61,376 |
Group parent company | |||
Operating activities of continuing operations (CHF million) | |||
Net cash provided by/(used in) operating activities of continuing operations | 609 | 400 | 357 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | 0 | 0 | 0 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 |
Purchase of investment securities | -2,217 | -1,402 | 0 |
Proceeds from sale of investment securities | 0 | 0 | 0 |
Maturities of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | -1,352 | -2,458 | -3,584 |
Proceeds from sale of other investments | 3 | 481 | 110 |
(Increase)/decrease in loans | 2,482 | 1,228 | 1,154 |
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 | -10 | 0 | 28 |
Net cash provided by/(used in) investing activities of continuing operations | -1,094 | -2,151 | -2,292 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | -669 | -500 | -1,015 |
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 | 2,217 | 2,292 | 10 |
Repayments of long-term debt | 0 | 0 | -1,149 |
Issuances of common shares | 297 | 976 | 1,930 |
Sale of treasury shares | 0 | 58 | 367 |
Repurchase of treasury shares | -742 | -217 | -495 |
Dividends paid/capital repayments | -1,125 | -154 | -944 |
Excess tax benefits on share based awards | 1 | 0 | |
Other, net | 609 | 75 | 3,180 |
Net cash provided by/(used in) financing activities of continuing operations | 587 | 2,531 | 1,884 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 20 | -4 | 57 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | 0 | 0 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | 122 | 776 | 6 |
Cash and due from banks at beginning of period | 795 | 19 | 13 |
Cash and due from banks at end of period | 917 | 795 | 19 |
Group Parent company - subsidiary that holds a banking license | |||
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Dividend income from investments | 150 | 161 | 166 |
Group Parent company - subsidiary that doesn't hold a banking license | |||
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Dividend income from investments | 113 | 208 | 46 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||
Operating activities of continuing operations (CHF million) | |||
Net cash provided by/(used in) operating activities of continuing operations | -29 | -343 | -808 |
Investing activities of continuing operations (CHF million) | |||
(Increase)/decrease in interest-bearing deposits with banks | 1,002 | 95 | -131 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 8 | 0 | 19 |
Purchase of investment securities | 2,217 | 1,401 | -204 |
Proceeds from sale of investment securities | 812 | 0 | 0 |
Maturities of investment securities | 153 | 159 | 184 |
Investments in subsidiaries and other investments | 1,316 | 2,004 | 3,461 |
Proceeds from sale of other investments | 31 | 91 | 76 |
(Increase)/decrease in loans | -2,396 | -1,777 | -2,606 |
Proceeds from sale of loans | 0 | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | -13 | -8 | -15 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 |
Other, net | 15 | 7 | -21 |
Net cash provided by/(used in) investing activities of continuing operations | 3,145 | 1,972 | 763 |
Financing activities of continuing operations (CHF million) | |||
Increase/(decrease) in due to banks and customer deposits | -428 | 333 | 2,453 |
Increase/(decrease) in short-term borrowings | 0 | 0 | 3,803 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 |
Issuances of long-term debt | -2,208 | -1,116 | 1,160 |
Repayments of long-term debt | 1,400 | 81 | 614 |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 9,394 | 9,706 | 7,988 |
Repurchase of treasury shares | -9,455 | -9,985 | -8,364 |
Dividends paid/capital repayments | -43 | 73 | -31 |
Excess tax benefits on share based awards | -1 | -42 | |
Other, net | -1,313 | -1,279 | -6,389 |
Net cash provided by/(used in) financing activities of continuing operations | -2,653 | -2,188 | 1,192 |
Effect of exchange rate changes on cash and due from banks (CHF million) | |||
Effect of exchange rate changes on cash and due from banks | 153 | 7 | -115 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | 0 | 0 |
Net increase/(decrease) in cash and due from banks (CHF million) | |||
Net increase/(decrease) in cash and due from banks | 616 | -552 | 1,032 |
Cash and due from banks at beginning of period | -184 | 368 | -664 |
Cash and due from banks at end of period | 432 | -184 | 368 |
Significant_valuation_and_inco1
Significant valuation and income recognition differences between US GAAP and - Swiss GAAP banking law (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | |
Percentage of voting interest held in the entities as a condition for consolidation | 100.00% |
Goodwill, maximum useful life (in years) | 5 |
Goodwill, maximum useful life for justified exceptional cases (in years) | 20 |
Intangible assets with indefinite lives, maximum useful life (in years) | 5 |
Loan commitment notice period for Swiss GAAP (in weeks) | 6 |