v2.4.0.6
Document and Entity Information
6 Months Ended
Jun. 30, 2013
Document Information [Line Items]  
Entity Registrant Name CREDIT SUISSE GROUP AG
Entity Central Index Key 0001159510
Document Type 6-K
Document Period End Date Jun. 30, 2013
Amendment Flag false
Current Fiscal Year End Date --12-31
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 1'591'967'354
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q2

v2.4.0.6
Consolidated statements of operations (CHF)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest and dividend income 6'219 4'824 7'044 11'043 12'339
Interest expense (3'578) (3'017) (5'430) (6'595) (8'841)
Net interest income 2'641 1'807 1'614 4'448 3'498
Commissions and fees 3'611 3'328 3'116 6'939 6'278
Trading revenues 357 1'815 1'156 2'172 1'345
Other revenues 417 220 375 637 1'177
Net revenues 7'026 7'170 6'261 14'196 12'298
Provision for credit losses 51 22 25 73 59
Compensation and benefits 2'973 3'024 3'005 5'997 6'716
General and administrative expenses 1'901 1'754 1'673 3'655 3'326
Commission expenses 462 479 427 941 868
Total other operating expenses 2'363 2'233 2'100 4'596 4'194
Total operating expenses 5'336 5'257 5'105 10'593 10'910
Income from continuing operations before taxes 1'639 1'891 1'131 3'530 1'329
Income tax expense 475 510 311 985 295
Net income 1'164 1'381 820 2'545 1'034
Net income/(loss) attributable to noncontrolling interests 119 78 32 197 202
Net income attributable to shareholders 1'045 1'303 788 2'348 832
Basic earnings per share (CHF)          
Basic earnings per share (in CHF per share) 0.54 0.76 0.46 1.31 0.51
Diluted earnings per share (CHF)          
Diluted earnings per share (in CHF per share) 0.52 0.75 0.44 1.28 0.49

v2.4.0.6
Consolidated statements of comprehensive income (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Comprehensive income (CHF million)          
Net income 1'164 1'381 820 2'545 1'034
Gains/(losses) on cash flow hedges (15) 2 (4) (13) 10
Foreign currency translation (166) 927 1'115 761 (2)
Unrealized gains/(losses) on securities (14) (7) (47) (21) 137
Actuarial gains/(losses) 81 70 46 151 119
Net prior service cost (31) (27) (14) (58) (36)
Other comprehensive income/(loss), net of tax (145) 965 1'096 820 228
Comprehensive income/(loss) 1'019 2'346 1'916 3'365 1'262
Comprehensive income/(loss) attributable to noncontrolling interests 110 205 217 315 208
Comprehensive income/(loss) attributable to shareholders 909 2'141 1'699 3'050 1'054

v2.4.0.6
Consolidated balance sheets (CHF)
In Millions, except Share data, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Assets (CHF million)        
Cash and due from banks 56'584 57'242 61'763 99'038
of which reported at fair value 386 575 569 475
Interest-bearing deposits with banks 1'563 1'781 1'945 2'328
of which reported at fair value 396 416 627 624
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 173'404 180'513 183'455 226'864
of which reported at fair value 99'972 106'474 113'664 148'721
Securities received as collateral, at fair value 21'675 33'199 30'045 30'191
of which encumbered 17'100 22'093 17'767 20'985
Trading assets, at fair value 245'834 264'201 256'399 284'058
of which encumbered 68'048 75'138 70'948 74'191
Investment securities 3'546 3'428 3'498 5'326
of which reported at fair value 3'546 3'428 3'498 5'324
Other investments 11'628 12'084 12'022 12'773
of which reported at fair value 8'603 9'053 8'994 9'710
Net loans 246'186 248'995 242'223 239'164
of which reported at fair value 19'570 22'652 20'000 20'515
of which encumbered 568 552 535 602
allowance for loan losses (900) (916) (922) (928)
Premises and equipment 5'459 5'593 5'618 6'846
Goodwill 8'554 8'584 8'389 8'665
Other intangible assets 237 256 243 278
of which reported at fair value 39 42 43 63
Brokerage receivables 72'247 58'538 45'768 50'411
Other assets 72'986 72'204 72'912 77'513
of which reported at fair value 38'168 35'746 37'275 37'002
of which encumbered 674 722 1'495 2'120
Total assets 919'903 946'618 924'280 1'043'455
Liabilities and equity (CHF million)        
Due to banks 29'440 35'033 31'014 41'325
of which reported at fair value 1'903 2'756 3'413 3'324
Customer deposits 328'389 316'681 308'312 312'683
of which reported at fair value 3'600 4'707 4'643 4'825
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 99'073 127'182 132'721 189'266
of which reported at fair value 79'443 102'500 108'784 143'714
Obligation to return securities received as collateral, at fair value 21'675 33'199 30'045 30'191
Trading liabilities, at fair value 89'917 91'490 90'816 115'782
Short-term borrowings 20'976 24'657 18'641 19'184
of which reported at fair value 5'620 5'941 4'513 4'456
Long-term debt 133'505 143'094 148'134 154'838
of which reported at fair value 63'942 64'547 65'384 66'952
Brokerage payables 91'404 73'466 64'676 75'822
Other liabilities 56'117 56'870 57'637 62'259
of which reported at fair value 23'740 25'233 26'871 29'818
Total liabilities 870'496 901'672 881'996 1'001'350
Common shares 64 54 53 51
Additional paid-in capital 27'196 23'808 23'636 21'930
Retained earnings 30'405 29'474 28'171 27'771
Treasury shares, at cost (62) (446) (459) (66)
Accumulated other comprehensive income/(loss) (15'201) (15'065) (15'903) (14'912)
Total shareholders' equity 42'402 37'825 35'498 34'774
Noncontrolling interests 7'005 7'121 6'786 7'331
Total equity 49'407 44'946 42'284 42'105
Total liabilities and equity 919'903 946'618 924'280 1'043'455
Additional share information        
Par value (in CHF per share) 0.04 0.04 0.04 0.04
Authorized shares (in shares) 2'269'616'660 [1] 2'118'134'039 [1] 2'118'134'039 [1] 2'118'134'039 [1]
Issued shares (in shares) 1'594'295'735 1'339'652'645 1'320'829'922 1'286'599'235
Treasury shares (in shares) 2'328'381 27'495'313 27'036'831 3'511'364
Common shares outstanding (in shares) 1'591'967'354 [2] 1'312'157'332 [3] 1'293'793'091 1'283'087'871 [4]
Consolidated VIEs
       
Assets (CHF million)        
Cash and due from banks 1'592 1'934 1'750 1'324
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1'336 0 117 118
Trading assets, at fair value 3'850 3'962 4'697 6'053
Investment securities 175 20 23 34
Other investments 2'196 2'339 2'289 2'327
Net loans 4'566 5'465 6'053 6'611
Premises and equipment 561 565 581 609
Other assets 15'410 14'497 14'536 11'946
Liabilities and equity (CHF million)        
Customer deposits 167 164 247 175
Trading liabilities, at fair value 106 111 125 1'256
Short-term borrowings 4'450 8'443 9'582 7'095
Long-term debt 15'450 14'508 14'532 13'860
Other liabilities 1'140 1'208 1'228 681
[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 662,873,212 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 BCN.
[3] At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 752,676,931 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.
[4] At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 805,730,391 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.

v2.4.0.6
Consolidated statements of changes in equity (CHF)
In Millions, unless otherwise specified
Total
Total shareholders' equity
Common shares
Additional paid-in capital
Retained earnings
Treasury shares, at cost
Accumulated other comprehensive income
Noncontrolling interests
Balance at Dez. 31, 2011 41'085 33'674 49 21'796 27'053 (90) (15'134) 7'411
Increase (decrease) in shareholders' equity                
Purchase of subsidiary shares from noncontrolling interests, changing ownership 44 44   44        
Purchase of subsidiary shares from noncontrolling interests, not changing ownership (311)             (311)
Sale of subsidiary shares to noncontrolling interests, not changing ownership 49             49
Net income/(loss) 1'034 832     832     202
Total other comprehensive income/(loss), net of tax 228 222         222 6
Issuance of common shares 1'323 1'323 2 1'321        
Sale of treasury shares 3'775 3'775   (1)   3'776    
Repurchase of treasury shares (3'862) (3'862)       (3'862)    
Share-based compensation, net of tax (88) (87)   (197)   110   (1)
Financial instruments indexed to own shares (16) (16)   (16)        
Dividends paid (1'150) (1'125)     (114)      
Dividends paid out of reserves from capital contributions       (1'011)        
Cash dividends paid to noncontrolling interest holders               (25)
Changes in redeemable noncontrolling interests (6) (6)   (6)        
Balance at Jun. 30, 2012 42'105 34'774 51 21'930 27'771 (66) (14'912) 7'331
Balance at Mrz. 31, 2012 40'864 33'585 49 22'262 27'097 0 (15'823) 7'279
Increase (decrease) in shareholders' equity                
Purchase of subsidiary shares from noncontrolling interests, changing ownership 44 44   44        
Purchase of subsidiary shares from noncontrolling interests, not changing ownership (194)             (194)
Sale of subsidiary shares to noncontrolling interests, not changing ownership 42             42
Net income/(loss) 820 788     788     32
Total other comprehensive income/(loss), net of tax 1'096 911         911 185
Issuance of common shares 1'319 1'319 2 1'317        
Sale of treasury shares 1'922 1'922   (33)   1'955    
Repurchase of treasury shares (2'128) (2'128)       (2'128)    
Share-based compensation, net of tax (488) (487)   (594)   107   (1)
Financial instruments indexed to own shares (57) (57)   (57)        
Dividends paid (1'137) (1'125)     (114)      
Dividends paid out of reserves from capital contributions       (1'011)        
Cash dividends paid to noncontrolling interest holders               (12)
Changes in redeemable noncontrolling interests 2 2   2        
Balance at Jun. 30, 2012 42'105 34'774 51 21'930 27'771 (66) (14'912) 7'331
Balance at Dez. 31, 2012 42'284 35'498 53 23'636 28'171 (459) (15'903) 6'786
Increase (decrease) in shareholders' equity                
Purchase of subsidiary shares from noncontrolling interests, not changing ownership (163)             (163)
Sale of subsidiary shares to noncontrolling interests, not changing ownership 294             294
Net income/(loss) 1'383 1'303     1'303     80
Total other comprehensive income/(loss), net of tax 965 838         838 127
Issuance of common shares 471 471 1 470        
Sale of treasury shares 2'183 2'183   (26)   2'209    
Repurchase of treasury shares (2'303) (2'303)       (2'303)    
Share-based compensation, net of tax (243) (243)   (350)   107    
Financial instruments indexed to own shares 80 80   80        
Dividends paid (11)              
Cash dividends paid to noncontrolling interest holders               (11)
Changes in redeemable noncontrolling interests (2) (2)   (2)        
Change in scope of consolidation, net 8             8
Balance at Mrz. 31, 2013 44'946 37'825 54 23'808 29'474 (446) (15'065) 7'121
Balance at Dez. 31, 2012 42'284 35'498 53 23'636 28'171 (459) (15'903) 6'786
Increase (decrease) in shareholders' equity                
Purchase of subsidiary shares from noncontrolling interests, not changing ownership [1],[2] (379)             (379)
Sale of subsidiary shares to noncontrolling interests, not changing ownership [2] 298             298
Net income/(loss) 2'545 2'348     2'348     197
Total other comprehensive income/(loss), net of tax 820 702         702 118
Issuance of common shares 4'185 4'185 11 4'174        
Sale of treasury shares 5'674 5'674   (45)   5'719    
Repurchase of treasury shares (5'479) (5'479)       (5'479)    
Share-based compensation, net of tax (218) (218)   (375) [3]   157    
Financial instruments indexed to own shares [4] (80) (80)   (80)        
Dividends paid (406) (383)     (114)      
Dividends paid out of reserves from capital contributions [5]       (269)        
Cash dividends paid to noncontrolling interest holders               (23)
Changes in redeemable noncontrolling interests (5) (5)   (5)        
Change in scope of consolidation, net 8             8
Balance at Jun. 30, 2013 49'407 42'402 64 27'196 30'405 (62) (15'201) 7'005
Balance at Mrz. 31, 2013 44'946 37'825 54 23'808 29'474 (446) (15'065) 7'121
Increase (decrease) in shareholders' equity                
Purchase of subsidiary shares from noncontrolling interests, not changing ownership [1],[2] (216)             (216)
Sale of subsidiary shares to noncontrolling interests, not changing ownership [2] 4             4
Net income/(loss) 1'162 1'045     1'045     117 [6]
Total other comprehensive income/(loss), net of tax (145) (136)         (136) (9)
Issuance of common shares 3'714 3'714 10 3'704        
Sale of treasury shares 3'491 3'491   (19)   3'510    
Repurchase of treasury shares (3'176) (3'176)       (3'176)    
Share-based compensation, net of tax 25 25   (25) [7]   50    
Dividends paid (395) (383)     (114)      
Dividends paid out of reserves from capital contributions [5]       (269)        
Cash dividends paid to noncontrolling interest holders               (12)
Changes in redeemable noncontrolling interests (3) (3)   (3)        
Balance at Jun. 30, 2013 49'407 42'402 64 27'196 30'405 (62) (15'201) 7'005
[1] Distributions to owners in funds include the return of original capital invested and any related dividends.
[2] Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
[3] Includes a net tax charge of CHF 10 million from the excess recognized compensation expense over fair value of shares delivered.
[4] 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.
[5] Paid out of reserves from capital contributions.
[6] Net income attributable to noncontrolling interests excludes CHF 2 million due to redeemable noncontrolling interests.
[7] Includes a net tax benefit of CHF 20 million from the excess fair value of shares delivered over recognized compensation expense.

v2.4.0.6
Consolidated statements of changes in equity (Parenthetical) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2013
Net income attributable to redeemable noncontrolling interests 2  
Tax benefit (charge) from the excess fair value of compensation expense 20 (10)

v2.4.0.6
Consolidated statements of cash flows (CHF)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating activities of continuing operations (CHF million)    
Net income 2'545 1'034
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million)    
Impairment, depreciation and amortization 667 624
Provision for credit losses 73 59
Deferred tax provision/(benefit) 638 (106)
Share of net income/(loss) from equity method investments 144 55
Trading assets and liabilities, net 17'098 (13'657)
(Increase)/decrease in other assets (26'428) (6'407)
Increase/(decrease) in other liabilities 22'101 6'340
Other, net (2'224) 1'636
Total adjustments 12'069 (11'456)
Net cash provided by/(used in) operating activities of continuing operations 14'614 (10'422)
Investing activities of continuing operations (CHF million)    
(Increase)/decrease in interest-bearing deposits with banks 529 (182)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 14'007 10'374
Purchase of investment securities (212) (208)
Proceeds from sale of investment securities 36 339
Maturities of investment securities 92 167
Investments in subsidiaries and other investments (901) (688)
Proceeds from sale of other investments 1'617 1'112
(Increase)/decrease in loans (3'598) (5'975)
Proceeds from sale of loans 484 522
Capital expenditures for premises and equipment and other intangible assets (440) (670)
Proceeds from sale of premises and equipment and other intangible assets 8 8
Other, net (2) 2'039
Net cash provided by/(used in) investing activities of continuing operations 11'620 6'838
Financing activities of continuing operations (CHF million)    
Increase/(decrease) in due to banks and customer deposits 15'593 (2'035)
Increase/(decrease) in short-term borrowings 5'896 (7'814)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (37'364) 11'587
Issuances of long-term debt 17'259 19'667
Repayments of long-term debt (33'622) (28'420)
Issuances of common shares 928 1'323
Sale of treasury shares 5'128 3'775
Repurchase of treasury shares (5'479) (3'862)
Dividends paid/capital repayments (406) (1'151)
Excess tax benefits related to share-based compensation   0
Other, net (464) (780)
Net cash provided by/(used in) financing activities of continuing operations (32'531) (7'710)
Effect of exchange rate changes on cash and due from banks (CHF million)    
Effect of exchange rate changes on cash and due from banks 1'118 (241)
Net increase/(decrease) in cash and due from banks (CHF million)    
Net increase/(decrease) in cash and due from banks (5'179) (11'535)
Cash and due from banks at beginning of period 61'763 110'573
Cash and due from banks at end of period 56'584 99'038
Cash paid for income taxes and interest (CHF million)    
Cash paid for income taxes 475 527
Cash paid for interest 6'596 8'578
Assets and liabilities sold in business divestitures (CHF million)    
Assets sold 36 0
Liabilities sold 8 0
Assets acquired and liabilities assumed in business acquisitions (CHF million)    
Fair value of assets acquired 0 2'418
Fair value of liabilities assumed 0 2'418

v2.4.0.6
Summary of significant accounting policies
6 Months Ended
Jun. 30, 2013
Summary of significant accounting policies
Note 1 Summary of significant accounting policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). These condensed consolidated financial statements should be read in conjunction with the US GAAP consolidated financial statements and notes thereto for the year ended December 31, 2012 included in the Credit Suisse Annual Report 2012.

> Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for a description of the Group’s significant accounting policies.



Certain financial information, which is normally included in annual consolidated financial statements prepared in accordance with US GAAP, but not required for interim reporting purposes, has been condensed or omitted. Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments that are necessary for a fair presentation of the condensed consolidated financial statements for the periods presented. The 1Q13 consolidated statements of operations and comprehensive income, the 1Q13 and 2Q12 consolidated balance sheets and the 2Q13, 1Q13 and 2Q12 consolidated statements of changes in equity have been added for convenience of the reader and are not a required presentation under US GAAP. The results of operations for interim periods are not indicative of results for the entire year.

In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.



v2.4.0.6
Recently issued accounting standards
6 Months Ended
Jun. 30, 2013
Recently issued accounting standards
Note 2 Recently issued accounting standards

Recently adopted accounting standards

The following provides the most relevant recently adopted accounting standards.

> Refer to “Note 2 – Recently issued accounting standards” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for a description of accounting standards adopted in 2012.



ASC Topic 210 – Balance Sheet

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-11, “Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11), an update to Accounting Standards Codification (ASC) Topic 210 – Balance Sheet. The amendments in ASU 2011-11 require an entity to prepare additional disclosures about offsetting and related arrangements. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (ASU 2013-01), an update to ASC Topic 210 – Balance Sheet. ASU 2013-01 clarifies the scope of ASU 2011-11. The adoption of ASU 2011-11 and ASU 2013-01 on January 1, 2013 did not have an impact on the Group’s financial position, results of operations or cash flows.

> Refer to “Note 20 – Offsetting of financial assets and financial liabilities” for further information.



ASC Topic 220 – Comprehensive Income

In January 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02), an update to ASC Topic 220 – Comprehensive Income. The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (AOCI) by component. The adoption of ASU 2013-02 on January 1, 2013 did not have an impact on the Group’s financial position, results of operations or cash flows.

> Refer to “Note 19 – Accumulated other comprehensive income and additional share information” for further information.



In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income” (ASU 2011-05), an update to ASC Topic 220 – Comprehensive Income. ASU 2011-05 provides the entity with an option to present total comprehensive income either in a single continuous statement or in two separate but consecutive statements. The adoption of ASU 2011-05 on January 1, 2012 did not have an impact on the Group’s financial position, results of operations or cash flows.



ASC Topic 360 – Property, Plant and Equipment

In December 2011, the FASB issued ASU 2011-10, “Derecognition of in Substance Real Estate – a Scope Clarification, a consensus of the FASB Emerging Issues Task Force” (ASU 2011-10), an update to ASC Topic 360 – Property, Plant and Equipment. The ASU specifies that the guidance in ASC Subtopic 360-20, Property, Plant and Equipment – Real Estate Sales, would apply to an entity that ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s non-recourse debt. The adoption of ASU 2011-10 on July 1, 2012 did not have a material impact on the Group’s financial position, results of operations or cash flows.



ASC Topic 830 – Foreign Currency Matters

In March 2013, the FASB issued 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 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. ASU 2013-05 is effective prospectively for interim and annual reporting periods beginning after December 15, 2013 with early adoption permitted. 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.



Standards to be adopted in future periods

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. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The Group is currently evaluating the impact of adoption of ASU 2013-08 on the Group’s financial position, results of operations or cash flows.



v2.4.0.6
Business developments
6 Months Ended
Jun. 30, 2013
Business developments and subsequent events
Note 3 Business developments and subsequent events

On July 1, 2013, the sale of Credit Suisse's ETF business to BlackRock was completed. Related gains of approximately CHF 140 million will be recognized in 3Q13.

In April 2013, Credit Suisse announced an agreement to sell Strategic Partners, Credit Suisse’s dedicated secondary private equity business, to Blackstone. The transaction is expected to close in 3Q13.

On April 8, 2013, Credit Suisse Group AG settled and delivered 233,452,670 of Group shares in connection with the conversion of CHF 3.8 billion of MACCS. Those shares consisted of 199,964,015 newly issued shares and 33,488,655 treasury shares. Settlement of the MACCS with registered shares utilizing authorized capital decreased debt liabilities and increased shareholders’ equity.



v2.4.0.6
Discontinued operations
6 Months Ended
Jun. 30, 2013
Discontinued operations
Note 4 Discontinued operations

The Group did not discontinue any material operations in 2Q13.



v2.4.0.6
Segment information
6 Months Ended
Jun. 30, 2013
Segment information
Note 5 Segment information

Overview

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. 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. Beginning in 1Q13, segment assets exclude intra-Group balances between the segments. Prior periods have been reclassified to conform to the current presentation.

> Refer to “Note 5 – Segment information” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information on segment information, revenue sharing and cost allocation, funding and taxes.



Net revenues and income before taxes

in 2Q13 1Q13 2Q12 6M13 6M12
Net revenues (CHF million)   
Private Banking & Wealth Management   3,424 3,285 3,398 6,709 6,873
Investment Banking   3,400 3,945 2,751 7,345 6,710
Corporate Center   80 (131) 78 (51) (1,488)
Noncontrolling interests without SEI   122 71 34 193 203
Net revenues   7,026 7,170 6,261 14,196 12,298
Income/(loss) before taxes (CHF million)   
Private Banking & Wealth Management   917 881 977 1,798 1,928
Investment Banking   754 1,300 314 2,054 1,221
Corporate Center   (137) (359) (180) (496) (1,998)
Noncontrolling interests without SEI   105 69 20 174 178
Income/(loss) before taxes   1,639 1,891 1,131 3,530 1,329




Total assets

end of 2Q13 1Q13 4Q12 2Q12
Total assets (CHF million)   
Private Banking & Wealth Management   279,340 284,588 275,683 277,922
Investment Banking   561,980 582,272 563,758 650,591
Corporate Center   74,316 75,339 80,733 110,350
Noncontrolling interests without SEI   4,267 4,419 4,106 4,592
Total assets   919,903 946,618 924,280 1,043,455
Beginning in 1Q13, segment assets exclude intra-Group balances between the segments. Prior periods have been reclassified to conform to the current presentation.




v2.4.0.6
Net interest income
6 Months Ended
Jun. 30, 2013
Net interest income
Note 6 Net interest income

in 2Q13 1Q13 2Q12 6M13 6M12
Net interest income (CHF million)   
Loans   1,210 1,190 1,232 2,400 2,445
Investment securities   13 12 26 25 47
Trading assets   3,705 2,425 4,418 6,130 7,084
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     705 671 786 1,376 1,558
Other   586 526 582 1,112 1,205
Interest and dividend income   6,219 4,824 7,044 11,043 12,339
Deposits   (258) (259) (353) (517) (741)
Short-term borrowings   (17) (80) (16) (97) (36)
Trading liabilities   (1,855) (1,243) (3,278) (3,098) (4,552)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     (397) (336) (527) (733) (897)
Long-term debt   (985) (1,044) (1,177) (2,029) (2,464)
Other   (66) (55) (79) (121) (151)
Interest expense   (3,578) (3,017) (5,430) (6,595) (8,841)
Net interest income   2,641 1,807 1,614 4,448 3,498




v2.4.0.6
Commissions and fees
6 Months Ended
Jun. 30, 2013
Commissions and fees
Note 7 Commissions and fees

in 2Q13 1Q13 2Q12 6M13 6M12
Commissions and fees (CHF million)   
Lending business   489 441 364 930 671
Investment and portfolio management   1,068 975 1,019 2,043 1,988
Other securities business   26 27 24 53 45
Fiduciary business   1,094 1,002 1,043 2,096 2,033
Underwriting   479 419 311 898 722
Brokerage   1,121 1,048 896 2,169 1,885
Underwriting and brokerage   1,600 1,467 1,207 3,067 2,607
Other services   428 418 502 846 967
Commissions and fees   3,611 3,328 3,116 6,939 6,278




v2.4.0.6
Trading revenues
6 Months Ended
Jun. 30, 2013
Trading revenues
Note 8 Trading revenues

in 2Q13 1Q13 2Q12 6M13 6M12
Trading revenues (CHF million)   
Interest rate products   (1,109) 1,697 636 588 304
Foreign exchange products   519 384 (554) 903 483
Equity/index-related products   571 (82) 757 489 942
Credit products   316 (360) 162 (44) (828)
Commodity, emission and energy products   148 43 17 191 88
Other products   (88) 133 138 45 356
Trading revenues   357 1,815 1,156 2,172 1,345
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types.


> Refer to “Note 8 – Trading revenues” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information on trading revenues and managing trading risks.



v2.4.0.6
Other revenues
6 Months Ended
Jun. 30, 2013
Other revenues
Note 9 Other revenues

in 2Q13 1Q13 2Q12 6M13 6M12
Other revenues (CHF million)   
Noncontrolling interests without SEI   152 64 50 216 194
Loans held-for-sale   2 (5) (9) (3) (19)
Long-lived assets held-for-sale   (7) (15) (1) (22) (3)
Equity method investments   30 36 33 66 64
Other investments   82 57 130 139 362
Other   158 83 172 241 579
Other revenues   417 220 375 637 1,177




v2.4.0.6
Provision for credit losses
6 Months Ended
Jun. 30, 2013
Provision for credit losses
Note 10 Provision for credit losses

in 2Q13 1Q13 2Q12 6M13 6M12
Provision for credit losses (CHF million)   
Provision for loan losses   49 20 24 69 51
Provision for lending-related and other exposures   2 2 1 4 8
Provision for credit losses   51 22 25 73 59




v2.4.0.6
Compensation and benefits
6 Months Ended
Jun. 30, 2013
Compensation and benefits
Note 11 Compensation and benefits

in 2Q13 1Q13 2Q12 6M13 6M12
Compensation and benefits (CHF million)   
Salaries and variable compensation   2,504 2,611 2,571 5,115 5,885
Social security   229 222 247 451 466
Other  1 240 191 187 431 365
Compensation and benefits  2 2,973 3,024 3,005 5,997 6,716
1
Includes pension and other post-retirement expense of CHF 157 million, CHF 110 million, CHF 129 million, CHF 267 million and CHF 241 million in 2Q13, 1Q13, 2Q12, 6M13 and 6M12, respectively.
2
Includes severance and other compensation expense relating to headcount reductions of CHF 90 million, CHF 67 million, CHF 123 million, CHF 157 million and CHF 168 million as of 2Q13, 1Q13, 2Q12, 6M13 and 6M12, respectively.




v2.4.0.6
General and administrative expenses
6 Months Ended
Jun. 30, 2013
General and administrative expenses
Note 12 General and administrative expenses

in 2Q13 1Q13 2Q12 6M13 6M12
General and administrative expenses (CHF million)   
Occupancy expenses   287 290 308 577 596
IT, machinery, etc.   377 385 372 762 715
Provisions and losses   273 170 13 443 82
Travel and entertainment   92 89 101 181 191
Professional services   466 454 473 920 908
Amortization and impairment of other intangible assets   7 6 7 13 21
Other   399 360 399 759 813
General and administrative expenses   1,901 1,754 1,673 3,655 3,326




v2.4.0.6
Earnings per share
6 Months Ended
Jun. 30, 2013
Earnings per share
Note 13 Earnings per share

in 2Q13 1Q13 2Q12 6M13 6M12
Basic net income attributable to shareholders (CHF million)   
Net income attributable to shareholders   1,045 1,303 788 2,348 832
Preferred securities dividends   (114) (114) (114) (114)
Net income attributable to shareholders for basic earnings per share     931 1,303 674 2,234 718
Available for common shares   852 1,033 615 1,918 659
Available for unvested share-based payment awards   70 93 59 164 59
Available for mandatory convertible securities  1 9 177 152
Diluted net income attributable to shareholders (CHF million)   
Net income attributable to shareholders for basic earnings per share     931 1,303 674 2,234 718
Income impact of assumed conversion on contracts that may be settled in shares or cash    2 (17) (5) (13) (22) (14)
Net income attributable to shareholders for diluted earnings per share     914 1,298 661 2,212 704
Available for common shares   838 1,033 602 1,904 645
Available for unvested share-based payment awards   67 92 59 160 59
Available for mandatory convertible securities  1 9 173 148
Weighted-average shares outstanding (million)   
Weighted-average shares outstanding for basic earnings per share available for common shares     1,574.9 1,354.6 1,323.0 1,464.8 1,304.0
Dilutive contracts that may be settled in shares or cash  3 23.1 24.9 26.4 23.5 16.7
Dilutive share options and warrants   1.9 2.0 6.4 1.9 5.5
Dilutive share awards   1.5 1.8 1.7 1.7 1.7
Weighted-average shares outstanding for diluted earnings per share available for common shares    4 1,601.4 1,383.3 1,357.5 1,491.9 1,327.9
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards     130.0 122.6 90.1 126.3 85.6
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities    1 20.4 231.8 126.1
Earnings per share available for common shares (CHF)   
Basic earnings per share available for common shares   0.54 0.76 0.46 1.31 0.51
Diluted earnings per share available for common shares   0.52 0.75 0.44 1.28 0.49
Prior periods have been adjusted to reflect the increase in the number of shares outstanding that arose from the 2Q13 stock dividend, as required under US GAAP.
1
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013.
2
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.
3
Reflects weighted-average shares outstanding on PAF2 units.
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 12.1 million, 13.7 million, 23.5 million, 12.9 million and 26.0 million for 2Q13, 1Q13, 2Q12, 6M13 and 6M12, respectively.




v2.4.0.6
Trading assets and liabilities
6 Months Ended
Jun. 30, 2013
Trading assets and liabilities
Note 14 Trading assets and liabilities

end of 2Q13 1Q13 4Q12 2Q12
Trading assets (CHF million)   
Debt securities   116,923 132,709 135,871 160,166
Equity securities  1 78,281 85,087 74,895 68,829
Derivative instruments  2 39,240 33,312 33,208 42,014
Other   11,390 13,093 12,425 13,049
Trading assets   245,834 264,201 256,399 284,058
Trading liabilities (CHF million)   
Short positions   49,214 52,348 51,303 67,239
Derivative instruments  2 40,703 39,142 39,513 48,543
Trading liabilities   89,917 91,490 90,816 115,782
1
Including convertible bonds.
2
Amounts shown net of cash collateral receivables and payables.




Cash collateral on derivative instruments

end of 2Q13 1Q13 4Q12 2Q12
Cash collateral – netted (CHF million)   1
Cash collateral paid   31,514 35,137 36,662 39,816
Cash collateral received   28,102 31,626 33,373 37,637
Cash collateral – not netted (CHF million)   2
Cash collateral paid   10,212 12,030 10,904 13,221
Cash collateral received   13,047 13,399 12,224 12,978
1
Recorded as cash collateral netting on derivative instruments in Note 20 – Offsetting of financial assets and financial liabilities.
2
Recorded as cash collateral on derivative instruments in Note 17 – Other assets and other liabilities.




v2.4.0.6
Investment securities
6 Months Ended
Jun. 30, 2013
Investment securities
Note 15 Investment securities

end of 2Q13 1Q13 4Q12 2Q12
Investment securities (CHF million)   
Debt securities held-to-maturity   0 0 0 2
Securities available-for-sale   3,546 3,428 3,498 5,324
Total investment securities   3,546 3,428 3,498 5,326




Investment securities by type

  2Q13 4Q12


end of


Amortized

cost
Gross

unrealized

gains
Gross

unrealized

losses


Fair

value


Amortized

cost
Gross

unrealized

gains
Gross

unrealized

losses


Fair

value
Investment securities by type (CHF million)   
Debt securities issued by the Swiss federal, cantonal or local governmental entities     436 17 2 451 452 31 0 483
Debt securities issued by foreign governments   1,544 55 0 1,599 1,523 82 0 1,605
Corporate debt securities   774 18 0 792 823 22 0 845
Collateralized debt obligations   593 14 0 607 448 22 0 470
Debt securities available-for-sale   3,347 104 2 3,449 3,246 157 0 3,403
Banks, trust and insurance companies   75 16 0 91 73 14 0 87
Industry and all other   6 0 0 6 8 0 0 8
Equity securities available-for-sale   81 16 0 97 81 14 0 95
Securities available-for-sale   3,428 120 2 3,546 3,327 171 0 3,498




Gross unrealized losses on investment securities and the related fair value

  Less than 12 months 12 months or more Total


end of


Fair

value
Gross

unrealized

losses


Fair

value
Gross

unrealized

losses


Fair

value
Gross

unrealized

losses
2Q13 (CHF million)   
Debt securities issued by the Swiss federal, cantonal or local governmental entities     110 2 0 0 110 2
Debt securities available-for-sale   110 2 0 0 110 2




There were no unrealized losses on investment securities as of the end of 4Q12. 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

  6M13 6M12


in
Debt

securities
Equity

securities
Debt

securities
Equity

securities
Additional information (CHF million)   
Proceeds from sales   27 9 9 330
Realized gains   0 0 1 154




Amortized cost, fair value and average yield of debt securities

    Debt securities

available-for-sale


end of


Amortized

cost


Fair

value
Average

yield

(in %)
2Q13 (CHF million)   
Due within 1 year   1,170 1,172 2.86
Due from 1 to 5 years   1,394 1,465 2.76
Due from 5 to 10 years   664 686 1.45
Due after 10 years   119 126 2.22
Total debt securities   3,347 3,449 2.52




v2.4.0.6
Loans, allowance for loan losses and credit quality
6 Months Ended
Jun. 30, 2013
Loans, allowance for loan losses and credit quality
Note 16 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 & 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 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.

> Refer to “Note 18 – Loans, allowance for loan losses and credit quality” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information on loans, allowance for loan losses, credit quality and impaired loans.



Loans

end of 2Q13 1Q13 4Q12 2Q12
Loans (CHF million)   
Mortgages   93,602 92,703 91,872 90,618
Loans collateralized by securities   30,316 29,251 27,363 26,281
Consumer finance   7,368 7,461 6,901 7,176
Consumer   131,286 129,415 126,136 124,075
Real estate   26,971 26,561 26,725 26,116
Commercial and industrial loans   63,348 64,833 62,709 61,813
Financial institutions   22,316 24,544 24,905 25,256
Governments and public institutions   3,255 4,642 2,729 2,903
Corporate & institutional   115,890 120,580 117,068 116,088
Gross loans   247,176 249,995 243,204 240,163
   of which held at amortized cost   227,606 227,343 223,204 219,648
   of which held at fair value   19,570 22,652 20,000 20,515
Net (unearned income)/deferred expenses   (90) (84) (59) (71)
Allowance for loan losses   (900) (916) (922) (928)
Net loans   246,186 248,995 242,223 239,164
Gross loans by location (CHF million)   
Switzerland   150,810 151,362 151,226 149,042
Foreign   96,366 98,633 91,978 91,121
Gross loans   247,176 249,995 243,204 240,163
Impaired loan portfolio (CHF million)   
Non-performing loans   904 929 859 921
Non-interest-earning loans   305 324 313 298
Total non-performing and non-interest-earning loans   1,209 1,253 1,172 1,219
Restructured loans   20 20 30 36
Potential problem loans   444 508 527 519
Total other impaired loans   464 528 557 555
Gross impaired loans   1,673 1,781 1,729 1,774




Allowance for loan losses by loan portfolio

  2Q13 1Q13 2Q12


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Allowance for loan losses (CHF million)   
Balance at beginning of period   285 631 916 288 634 922 295 613 908
Net movements recognized in statements of operations     15 34 49 21 (1) 20 25 (1) 24
Gross write-offs   (27) (72) (99) (33) (21) (54) (22) (22) (44)
Recoveries   7 22 29 5 2 7 3 9 12
Net write-offs   (20) (50) (70) (28) (19) (47) (19) (13) (32)
Provisions for interest   0 6 6 2 5 7 2 2 4
Foreign currency translation impact and other adjustments, net     2 (3) (1) 2 12 14 1 23 24
Balance at end of period   282 618 900 285 631 916 304 624 928
   of which individually evaluated for impairment   229 447 676 232 457 689 239 443 682
   of which collectively evaluated for impairment   53 171 224 53 174 227 65 181 246
Gross loans held at amortized cost (CHF million)   
Balance at end of period   131,276 96,330 227,606 129,405 97,938 227,343 124,064 95,584 219,648
   of which individually evaluated for impairment  1 607 1,066 1,673 646 1,135 1,781 635 1,139 1,774
   of which collectively evaluated for impairment   130,669 95,264 225,933 128,759 96,803 225,562 123,429 94,445 217,874




  6M13 6M12


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Allowance for loan losses (CHF million)   
Balance at beginning of period   288 634 922 289 621 910
Net movements recognized in statements of operations   36 33 69 47 4 51
Gross write-offs   (60) (93) (153) (48) (39) (87)
Recoveries   12 24 36 14 17 31
Net write-offs   (48) (69) (117) (34) (22) (56)
Provisions for interest   2 11 13 5 7 12
Foreign currency translation impact and other adjustments, net   4 9 13 (3) 14 11
Balance at end of period   282 618 900 304 624 928
1
Represents gross impaired loans both with and without a specific allowance.




Purchases, reclassifications and sales

  2Q13 1Q13 2Q12


in


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Loans held at amortized cost (CHF million)   
Purchases  1 0 423 423 0 1,692 1,692 348 2,445 2,793
Reclassifications from loans held-for-sale  2 0 62 62 0 44 44 0 85 85
Reclassifications to loans held-for-sale  3 0 132 132 0 176 176 0 341 341
Sales  3 0 70 70 0 117 117 0 264 264




  6M13 6M12


in


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Loans held at amortized cost (CHF million)   
Purchases  1 0 2,115 2,115 348 3,361 3,709
Reclassifications from loans held-for-sale  2 0 106 106 0 85 85
Reclassifications to loans held-for-sale  3 0 308 308 0 816 816
Sales  3 0 187 187 0 707 707
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, quantify, 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 internal risk ratings as credit quality indicators.

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.

> Refer to “Credit quality of loans held at amortized cost” in V – Consolidated financial statements – Credit Suisse Group – Note 18 – Loans, allowance for loan losses and credit quality in the Credit Suisse Annual Report 2012 for further information on internal ratings and the scope of the credit quality disclosures.



Gross loans held at amortized cost by internal counterparty rating

end of AAA AA A BBB BB B CCC CC C D Total
2Q13 (CHF million)   
Mortgages   305 2,287 16,855 55,857 17,125 921 45 3 0 204 93,602
Loans collateralized by securities   237 443 2,697 24,718 2,079 39 7 0 0 96 30,316
Consumer finance   0 51 234 3,487 2,255 839 65 0 153 274 7,358
Consumer   542 2,781 19,786 84,062 21,459 1,799 117 3 153 574 131,276
Real estate   274 805 3,640 13,278 7,954 363 3 0 0 86 26,403
Commercial and industrial loans   209 704 1,924 21,403 23,235 3,626 323 0 28 807 52,259
Financial institutions   2,206 2,086 3,176 5,937 1,891 741 1 0 0 115 16,153
Governments and public institutions   91 295 214 464 126 88 237 0 0 0 1,515
Corporate & institutional   2,780 3,890 8,954 41,082 33,206 4,818 564 0 28 1,008 96,330
Gross loans held at amortized cost   3,322 6,671 28,740 125,144 54,665 6,617 681 3 181 1,582 227,606
Value of collateral  1 2,865 4,953 26,053 114,761 46,507 3,613 181 3 24 808 199,768
4Q12 (CHF million)   
Mortgages   387 730 12,176 58,491 19,255 599 13 9 0 212 91,872
Loans collateralized by securities   79 57 948 23,357 2,728 92 6 1 0 95 27,363
Consumer finance   0 6 100 3,324 2,065 901 39 0 129 325 6,889
Consumer   466 793 13,224 85,172 24,048 1,592 58 10 129 632 126,124
Real estate   261 374 2,199 14,537 8,759 195 0 0 0 55 26,380
Commercial and industrial loans   238 325 1,580 22,040 23,070 3,467 209 1 47 763 51,740
Financial institutions   2,288 2,087 4,661 5,260 2,569 382 0 33 14 147 17,441
Governments and public institutions   131 50 360 521 127 101 229 0 0 0 1,519
Corporate & institutional   2,918 2,836 8,800 42,358 34,525 4,145 438 34 61 965 97,080
Gross loans held at amortized cost   3,384 3,629 22,024 127,530 58,573 5,737 496 44 190 1,597 223,204
Value of collateral  1 2,918 2,616 19,526 116,583 48,342 3,210 189 44 15 791 194,234
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






Up to

30 days


31–60

days


61–90

days
More

than

90 days




Total




Total
2Q13 (CHF million)   
Mortgages   93,259 138 14 8 183 343 93,602
Loans collateralized by securities   30,057 119 41 3 96 259 30,316
Consumer finance   6,482 503 96 77 200 876 7,358
Consumer   129,798 760 151 88 479 1,478 131,276
Real estate   26,148 155 4 10 86 255 26,403
Commercial and industrial loans   51,157 524 61 137 380 1,102 52,259
Financial institutions   15,584 434 15 1 119 569 16,153
Governments and public institutions   1,512 3 0 0 0 3 1,515
Corporate & institutional   94,401 1,116 80 148 585 1,929 96,330
Gross loans held at amortized cost   224,199 1,876 231 236 1,064 3,407 227,606
4Q12 (CHF million)   
Mortgages   91,527 156 17 11 161 345 91,872
Loans collateralized by securities   27,034 220 3 3 103 329 27,363
Consumer finance   6,116 420 90 52 211 773 6,889
Consumer   124,677 796 110 66 475 1,447 126,124
Real estate   26,221 107 2 2 48 159 26,380
Commercial and industrial loans   50,479 720 27 138 376 1,261 51,740
Financial institutions   17,208 53 2 34 144 233 17,441
Governments and public institutions   1,484 35 0 0 0 35 1,519
Corporate & institutional   95,392 915 31 174 568 1,688 97,080
Gross loans held at amortized cost   220,069 1,711 141 240 1,043 3,135 223,204




Impaired loans

> Refer to “Impaired loans” in V – Consolidated financial statements – Credit Suisse Group – Note 18 – Loans, allowance for loan losses and credit quality in the Credit Suisse Annual Report 2012 for further information on impaired loan categories and allowance for specifically identified credit losses on impaired loans.



Gross impaired loans by category

    Non-performing and

non-interest-earning loans


Other impaired loans


end of


Non-

performing

loans
Non-

interest-

earning

loans






Total


Restruc-

tured

loans


Potential

problem

loans






Total






Total
2Q13 (CHF million)   
Mortgages   177 13 190 0 44 44 234
Loans collateralized by securities   21 76 97 0 1 1 98
Consumer finance   267 7 274 0 1 1 275
Consumer   465 96 561 0 46 46 607
Real estate   83 7 90 0 11 11 101
Commercial and industrial loans   259 166 425 20 386 406 831
Financial institutions   97 36 133 0 1 1 134
Corporate & institutional   439 209 648 20 398 418 1,066
Gross impaired loans   904 305 1,209 20 444 464 1,673
4Q12 (CHF million)   
Mortgages   154 16 170 0 69 69 239
Loans collateralized by securities   18 74 92 0 3 3 95
Consumer finance   315 10 325 0 2 2 327
Consumer   487 100 587 0 74 74 661
Real estate   46 5 51 0 15 15 66
Commercial and industrial loans   268 170 438 30 373 403 841
Financial institutions   58 38 96 0 65 65 161
Corporate & institutional   372 213 585 30 453 483 1,068
Gross impaired loans   859 313 1,172 30 527 557 1,729




Gross impaired loan detail

  2Q13 4Q12


end of


Recorded

investment
Unpaid

principal

balance
Associated

specific

allowance


Recorded

investment
Unpaid

principal

balance
Associated

specific

allowance
Gross impaired loan detail (CHF million)   
Mortgages   221 211 27 206 197 32
Loans collateralized by securities   71 67 58 68 66 53
Consumer finance   257 237 144 302 280 154
Consumer   549 515 229 576 543 239
Real estate   101 93 21 63 55 22
Commercial and industrial loans   820 772 344 715 677 342
Financial institutions   132 130 82 157 155 93
Corporate & institutional   1,053 995 447 935 887 457
Gross impaired loans with a specific allowance   1,602 1,510 676 1,511 1,430 696
Mortgages   13 13 33 33
Loans collateralized by securities   27 27 27 28
Consumer finance   18 18 25 25
Consumer   58 58 85 86
Real estate   0 0 3 3
Commercial and industrial loans   11 13 126 128
Financial institutions   2 2 4 4
Corporate & institutional   13 15 133 135
Gross impaired loans without specific allowance   71 73 218 221
Gross impaired loans   1,673 1,583 676 1,729 1,651 696
   of which consumer 607 573 229 661 629 239
   of which corporate & institutional   1,066 1,010 447 1,068 1,022 457




Gross impaired loan detail (continued)

  2Q13 1Q13 2Q12


in




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis
Gross impaired loan detail (CHF million)   
Mortgages   210 1 1 192 0 0 218 1 1
Loans collateralized by securities   74 0 0 69 0 0 68 1 0
Consumer finance   258 0 0 280 0 0 273 0 0
Consumer   542 1 1 541 0 0 559 2 1
Real estate   74 0 0 62 0 0 53 0 0
Commercial and industrial loans   810 0 0 753 3 3 575 0 0
Financial institutions   135 0 0 155 0 0 223 1 1
Governments and public institutions   0 0 0 0 0 0 6 0 0
Corporate & institutional   1,019 0 0 970 3 3 857 1 1
Gross impaired loans with a specific allowance   1,561 1 1 1,511 3 3 1,416 3 2
Mortgages   26 0 0 38 0 0 47 0 0
Loans collateralized by securities   27 0 0 28 0 0 1 0 0
Consumer finance   18 0 0 37 0 0 37 0 0
Consumer   71 0 0 103 0 0 85 0 0
Real estate   11 0 0 3 0 0 19 0 0
Commercial and industrial loans   91 0 0 119 0 0 307 2 2
Financial institutions   3 0 0 3 0 0 11 0 0
Corporate & institutional   105 0 0 125 0 0 337 2 2
Gross impaired loans without specific allowance   176 0 0 228 0 0 422 2 2
Gross impaired loans   1,737 1 1 1,739 3 3 1,838 5 4
   of which consumer 613 1 1 644 0 0 644 2 1
   of which corporate & institutional   1,124 0 0 1,095 3 3 1,194 3 3




Gross impaired loan detail (continued)

  6M13 6M12


in




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis
Gross impaired loan detail (CHF million)   
Mortgages   201 1 1 219 1 1
Loans collateralized by securities   71 0 0 68 1 0
Consumer finance   269 0 0 285 2 2
Consumer   541 1 1 572 4 3
Real estate   68 0 0 54 0 0
Commercial and industrial loans   782 3 3 624 2 1
Financial institutions   145 0 0 215 1 1
Governments and public institutions   0 0 0 6 0 0
Corporate & institutional   995 3 3 899 3 2
Gross impaired loans with a specific allowance   1,536 4 4 1,471 7 5
Mortgages   32 0 0 51 0 0
Loans collateralized by securities   27 0 0 1 0 0
Consumer finance   28 0 0 36 0 0
Consumer   87 0 0 88 0 0
Real estate   7 0 0 18 0 0
Commercial and industrial loans   103 0 0 236 2 2
Financial institutions   3 0 0 11 0 0
Corporate & institutional   113 0 0 265 2 2
Gross impaired loans without specific allowance   200 0 0 353 2 2
Gross impaired loans   1,736 4 4 1,824 9 7
   of which consumer 628 1 1 660 4 3
   of which corporate & institutional   1,108 3 3 1,164 5 4




v2.4.0.6
Other assets and other liabilities
6 Months Ended
Jun. 30, 2013
Other assets and other liabilities
Note 17 Other assets and other liabilities

end of 2Q13 1Q13 4Q12 2Q12
Other assets (CHF million)   
Cash collateral on derivative instruments   10,212 12,030 10,904 13,221
Cash collateral on non-derivative transactions   1,905 1,672 1,995 2,920
Derivative instruments used for hedging   2,387 2,667 3,930 3,435
Assets held-for-sale   23,763 20,281 20,343 20,741
   of which loans   23,284 19,772 19,894 20,115
   of which real estate   478 508 442 619
Assets held for separate accounts   12,032 13,023 13,414 14,410
Interest and fees receivable   5,733 5,350 5,861 6,029
Deferred tax assets   6,599 6,968 7,102 8,825
Prepaid expenses   809 862 538 706
Failed purchases   3,131 2,997 2,699 2,861
Other   6,415 6,354 6,126 4,365
Other assets   72,986 72,204 72,912 77,513
Other liabilities (CHF million)   
Cash collateral on derivative instruments   13,047 13,399 12,224 12,978
Cash collateral on non-derivative transactions   1,957 1,660 1,246 1,564
Derivative instruments used for hedging   763 931 1,182 1,682
Provisions  1 1,251 1,511 1,362 1,078
   of which off-balance sheet risk   65 63 60 66
Liabilities held for separate accounts   12,032 13,023 13,414 14,410
Interest and fees payable   7,665 6,395 6,752 7,565
Current tax liabilities   853 886 863 817
Deferred tax liabilities   165 160 130 200
Failed sales   2,944 3,234 4,336 5,895
Other   15,440 15,671 16,128 16,070
Other liabilities   56,117 56,870 57,637 62,259
1
Includes provisions for bridge commitments.




v2.4.0.6
Long-term debt
6 Months Ended
Jun. 30, 2013
Long-term debt
Note 18 Long-term debt

end of 2Q13 1Q13 4Q12 2Q12
Long-term debt (CHF million)   
Senior   102,475 111,962 115,861 120,627
Subordinated   15,580 16,624 17,741 20,351
Non-recourse liabilities from consolidated VIEs   15,450 14,508 14,532 13,860
Long-term debt   133,505 143,094 148,134 154,838
   of which reported at fair value   63,942 64,547 65,384 66,952




Structured notes by product

end of 2Q13 1Q13 4Q12
Structured notes (CHF million)   
Equity   21,946 22,652 23,761
Fixed income   6,072 6,593 6,559
Emerging markets  1 2,126 1,979 3,304
Credit   2,643 2,340 1,893
Other   1,533 1,372 1,120
Total structured notes   34,320 34,936 36,637
1
Transactions where the return is based on a referenced underlying or counterparty specific to emerging markets.




v2.4.0.6
Accumulated other comprehensive income
6 Months Ended
Jun. 30, 2013
Accumulated other comprehensive income
Note 19 Accumulated other comprehensive income and additional share information

Accumulated other comprehensive income



Gains/

(losses)

on cash

flow hedges




Cumulative

translation

adjustments
Unrealized

gains/

(losses)

on

securities




Actuarial

gains/

(losses)


Net prior

service

credit/

(cost)
Accumu-

lated other

compre-

hensive

income
2Q13 (CHF million)   
Balance at beginning of period   (27) (11,967) 77 (3,731) 583 (15,065)
Increase/(decrease)   (22) (159) (14) 15 0 (180)
Increase/(decrease) due to equity method investments   5 0 0 0 0 5
Reclassification adjustments, included in net income   2 2 0 66 (31) 39
Total increase/(decrease)   (15) (157) (14) 81 (31) (136)
Balance at end of period   (42) (12,124) 63 (3,650) 552 (15,201)
1Q13 (CHF million)   
Balance at beginning of period   (29) (12,767) 84 (3,801) 610 (15,903)
Increase/(decrease)   5 754 (7) 6 0 758
Increase/(decrease) due to equity method investments   (3) 0 0 0 0 (3)
Reclassification adjustments, included in net income   0 46 0 64 (27) 83
Total increase/(decrease)   2 800 (7) 70 (27) 838
Balance at end of period   (27) (11,967) 77 (3,731) 583 (15,065)
2Q12 (CHF million)   
Balance at beginning of period   (52) (12,716) 283 (3,678) 340 (15,823)
Increase/(decrease)   1 930 15 4 0 950
Increase/(decrease) due to equity method investments   (5) 0 0 0 0 (5)
Reclassification adjustments, included in net income   0 0 (62) 42 (14) (34)
Total increase/(decrease)   (4) 930 (47) 46 (14) 911
Balance at end of period   (56) (11,786) 236 (3,632) 326 (14,912)
6M13 (CHF million)   
Balance at beginning of period   (29) (12,767) 84 (3,801) 610 (15,903)
Increase/(decrease)   (17) 595 (21) 21 0 578
Increase/(decrease) due to equity method investments   2 0 0 0 0 2
Reclassification adjustments, included in net income   2 48 0 130 (58) 122
Total increase/(decrease)   (13) 643 (21) 151 (58) 702
Balance at end of period   (42) (12,124) 63 (3,650) 552 (15,201)
6M12 (CHF million)   
Balance at beginning of period   (66) (11,778) 99 (3,751) 362 (15,134)
Increase/(decrease)   0 (9) 271 35 0 297
Increase/(decrease) due to equity method investments   10 0 0 0 0 10
Reclassification adjustments, included in net income   0 1 (134) 84 (36) (85)
Total increase/(decrease)   10 (8) 137 119 (36) 222
Balance at end of period   (56) (11,786) 236 (3,632) 326 (14,912)




Details on significant reclassification adjustments

in 2Q13 1Q13 6M13
Reclassification adjustments, included in net income (CHF million)   
Cumulative translation adjustments  
   Sale of subsidiaries   2 46 1 48
Actuarial gains/(losses)  
   Amortization of recognized actuarial losses  2 88 86 174
   Tax expense/(benefit)   (22) (22) (44)
   Net of tax   66 64 130
Net prior service credit/(cost)  
   Amortization of recognized prior service credit/(cost)  2 (40) (34) (74)
   Tax expense/(benefit)   9 7 16
   Net of tax   (31) (27) (58)
1
Reflects a net impairment provision of CHF 46 million on the sale of JO Hambro which is expected to settle in 3Q13. Upon settlement, a further estimated CHF 34 million is expected to be 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 pension costs. Refer to "Note 23 – Pension and other post-retirement benefits" for further information.




Additional share information

2Q13 1Q13 2Q12 6M13 6M12
Common shares issued   
Balance at beginning of period   1,339,652,645 1,320,829,922 1,224,513,920 1,320,829,922 1,224,333,062
Issuance of common shares   254,643,090 18,822,723 62,085,315 273,465,813 62,266,173
   of which MACCS settlement   199,964,015 0 0 199,964,015 0
   of which share-based compensation   17,126,788 18,822,723 37,889,728 35,949,511 38,070,586
Balance at end of period   1,594,295,735 1,339,652,645 1,286,599,235 1,594,295,735 1,286,599,235
Treasury shares   
Balance at beginning of period   (27,495,313) (27,036,831) 0 (27,036,831) (4,010,074)
Sale of treasury shares   144,989,659 85,932,507 93,628,678 230,922,166 167,997,714
   of which MACCS settlement   33,488,655 0 0 33,488,655 0
Repurchase of treasury shares   (121,624,269) (90,504,926) (101,754,767) (212,129,195) (172,239,045)
Share-based compensation   1,801,542 4,113,937 4,614,725 5,915,479 4,740,041
Balance at end of period   (2,328,381) (27,495,313) (3,511,364) (2,328,381) (3,511,364)
Common shares outstanding   
Balance at end of period   1,591,967,354 1 1,312,157,332 2 1,283,087,871 3 1,591,967,354 1 1,283,087,871 3
1
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 662,873,212 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 BCN.
2
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 752,676,931 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.
3
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 805,730,391 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.




v2.4.0.6
Offsetting of financial assets and financial liabilities
6 Months Ended
Jun. 30, 2013
Offsetting of financial assets and financial liabilities
Note 20 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 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

  2Q13 4Q12


end of
Derivative

assets
Derivative

liabilities
Derivative

assets
Derivative

liabilities
Gross derivatives subject to enforcable master netting agreements (CHF billion)   
OTC-cleared   285.7 285.0 365.3 365.5
OTC   254.2 244.9 337.6 327.9
Exchange-traded   0.3 0.1 0.3 0.2
Interest rate products   540.2 530.0 703.2 693.6
OTC   65.4 75.7 60.5 73.2
Exchange-traded   0.1 0.1 0.0 0.0
Foreign exchange products   65.5 75.8 60.5 73.2
OTC   16.5 17.3 12.7 15.2
Exchange-traded   16.0 16.9 13.7 14.1
Equity/index-related products   32.5 34.2 26.4 29.3
OTC-cleared   3.5 3.3 3.0 2.7
OTC   25.1 25.3 27.1 26.8
Credit derivatives   28.6 28.6 30.1 29.5
OTC   6.7 7.2 5.8 5.6
Exchange-traded   1.3 1.6 1.5 1.7
Other products   8.0 8.8 7.3 7.3
OTC-cleared   289.2 288.3 368.3 368.2
OTC   367.9 370.4 443.7 448.7
Exchange-traded   17.7 18.7 15.5 16.0
Total gross derivatives subject to enforceable master netting agreements   674.8 677.4 827.5 832.9
Offsetting (CHF billion)   
OTC-cleared   (286.1) (286.1) (367.2) (367.5)
OTC   (343.9) (347.3) (418.7) (421.8)
Exchange-traded   (16.9) (16.9) (14.3) (14.2)
Offsetting   (646.9) (650.3) (800.2) (803.5)
   of which counterparty netting   (618.8) (618.8) (766.8) (766.8)
   of which cash collateral netting   (28.1) (31.5) (33.4) (36.7)
Net derivatives presented in the consolidated balance sheets (CHF billion)   
OTC-cleared   3.1 2.2 1.1 0.7
OTC   24.0 23.1 25.0 26.9
Exchange-traded   0.8 1.8 1.2 1.8
Total net derivatives subject to enforceable master netting agreements   27.9 27.1 27.3 29.4
Total derivatives not subject to enforceable master netting agreements  1 13.7 14.4 9.8 11.3
Total net derivatives presented in the consolidated balance sheets   41.6 41.5 37.1 40.7
   of which recorded in trading assets and trading liabilities   39.2 40.7 33.2 39.5
   of which recorded in other assets and other liabilities   2.4 0.8 3.9 1.2
1
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.




Reverse repurchase and repurchase agreements and securities lending and borrowing transactions

Reverse repurchase and repurchase agreements are generally covered by global master repurchase agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreements are terminated and are settled net in one single payment. Transactions under such agreements are netted in the consolidated balance sheets if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. The amounts offset are measured on the same basis as the underlying transaction (i.e., on an accrual basis or fair value basis).

Securities lending and borrowing transactions are generally executed under global master securities lending agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreement are terminated and are settled net in one single payment. Transactions under these agreements are netted in the consolidated balance sheets if they meet the same right of offset criteria as for reverse repurchase and repurchase agreements. In general, most securities lending and borrowing transactions do not meet the criterion of having the same settlement date specified at inception of the transaction, and therefore they are not eligible for netting in the consolidated balance sheets. However, securities lending and borrowing transactions with explicit maturity dates may be eligible for netting in the consolidated balance sheets.

Reverse repurchase and repurchase agreements are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. As is the case in the Group’s normal course of business, substantially all of the collateral received that may be sold or repledged was sold or repledged as of June 30, 2013 and December 31, 2012. 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

  2Q13 4Q12
end of Gross Offsetting Net Gross Offsetting Net
Securities purchased under resale agreements and securities borrowing transactions (CHF billion)     
Securities purchased under resale agreements   130.0 (38.7) 91.3 141.4 (41.1) 100.3
Securities borrowing transactions   27.2 (2.2) 25.0 20.9 (2.0) 18.9
Total subject to enforceable master netting agreements   157.2 (40.9) 116.3 162.3 (43.1) 119.2
Total not subject to enforceable master netting agreements  1 57.1 57.1 64.3 64.3
Total   214.3 (40.9) 173.4 2 226.6 (43.1) 183.5 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 99,972 million and CHF 113,664 million of the total net amount as of the end of 2Q13 and 4Q12, 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

  2Q13 4Q12
end of Gross Offsetting Net Gross Offsetting Net
Securities sold under repurchase agreements and securities lending transactions (CHF billion)     
Securities sold under repurchase agreements   100.5 (40.9) 59.6 99.7 (43.1) 56.6
Securities lending transactions   10.2 0.0 10.2 10.8 0.0 10.8
Obligation to return securities received as collateral, at fair value   21.1 0.0 21.1 25.9 0.0 25.9
Total subject to enforceable master netting agreements   131.8 (40.9) 90.9 136.4 (43.1) 93.3
Total not subject to enforceable master netting agreements  1 29.9 29.9 69.5 69.5
Total   161.7 (40.9) 120.8 205.9 (43.1) 162.8
   of which securities sold under repurchase agreements and securities    lending transactions 140.0 (40.9) 99.1 2 175.8 (43.1) 132.7 2
   of which obligation to return securities received as collateral, at fair value 21.7 0.0 21.7 30.1 0.0 30.1
1
Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
2
CHF 79,443 million and CHF 108,784 million of the total net amount as of the end of 2Q13 and 4Q12, 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

  2Q13 4Q12


end of






Net




Financial

instruments
1 Cash

collateral

received/

pledged
1



Net

exposure






Net




Financial

instruments
1 Cash

collateral

received/

pledged
1



Net

exposure
Financial assets subject to enforceable master netting agreements (CHF billion)     
Derivatives   27.9 5.9 0.2 21.8 27.3 5.1 0.0 22.2
Securities purchased under resale agreements   91.3 91.2 0.1 0.0 100.3 100.3 0.0 0.0
Securities borrowing transactions   25.0 23.2 0.0 1.8 18.9 17.4 0.0 1.5
Total financial assets subject to enforceable master netting agreements     144.2 120.3 0.3 23.6 146.5 122.8 0.0 23.7
Financial liabilities subject to enforceable master netting agreements (CHF billion)     
Derivatives   27.1 7.4 0.6 19.1 29.4 7.9 0.0 21.5
Securities sold under repurchase agreements   59.6 59.4 0.2 0.0 56.6 56.4 0.2 0.0
Securities lending transactions   10.2 9.7 0.0 0.5 10.8 10.2 0.0 0.6
Obligation to return securities received as collateral, at fair value   21.1 19.9 0.0 1.2 25.9 24.2 0.0 1.7
Total financial liabilities subject to enforceable master netting agreements     118.0 96.4 0.8 20.8 122.7 98.7 0.2 23.8
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.



v2.4.0.6
Tax
6 Months Ended
Jun. 30, 2013
Tax
Note 21 Tax

The income tax expense of CHF 475 million recorded in 2Q13 mainly reflected the impact of the geographical mix of results and a tax charge relating to the re-assessment of a pre-existing deferred tax asset in Switzerland due to changes in earnings-mix assumptions in the current year. Overall, net deferred tax assets decreased CHF 374 million to CHF 6,434 million as of the end of 2Q13 compared to 1Q13. The decrease in net deferred tax assets primarily related to earnings.

The presentation of net deferred tax assets related to net operating losses, net deferred tax assets on temporary differences and net deferred tax liabilities is in accordance with ASC Topic 740 – Income Taxes guidance to interim reporting. Nettable gross deferred tax liabilities are allocated on a pro-rata basis to gross deferred tax assets on net operating losses and gross deferred tax assets on temporary differences. This approach is aligned with the underlying treatment of netting gross deferred tax assets and liabilities under the Basel III framework. Valuation allowances have been allocated against such deferred tax assets on net operating losses first with any remainder allocated to such deferred tax assets on temporary differences. This presentation is considered the most appropriate disclosure given the underlying nature of the gross deferred tax balances.

As of June 30, 2013, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 7.0 billion which are considered indefinitely reinvested. The Group would need to accrue and pay taxes on these undistributed earnings if such earnings were repatriated. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings.

The Group is currently subject to ongoing tax audits and inquiries with the tax authorities in a number of jurisdictions, including the US, the UK and Switzerland. Although the timing of the completion of these audits is uncertain, it is reasonably possible that some of these audits and inquiries will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease between zero and CHF 3 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 – 2009; Brazil – 2008; Japan – 2008; the UK – 2006; the US – 2006; and the Netherlands – 2005.



Effective tax rate

in 2Q13 1Q13 2Q12 6M13 6M12
Effective tax rate (%)   
Effective tax rate   29.0 27.0 27.5 27.9 22.2




Reconciliation of taxes computed at the Swiss statutory rate

in 2Q13
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)     
Income tax expense computed at the statutory tax rate of 22%   361
Increase/(decrease) in income taxes resulting from  
   Foreign tax rate differential   96
   Other non-deductible expenses   86
   Changes in deferred tax valuation allowance   (99)
   Lower taxed income   (30)
   Income taxable to noncontrolling interests   (43)
   Other   104
Income tax expense   475




Foreign tax rate differential

2Q13 included a foreign tax expense of CHF 96 million in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US.



Other non-deductible expenses

2Q13 included non-deductible interest expenses of CHF 58 million and non-deductible bank levy costs and other non-deductible compensation expenses of CHF 28 million.



Changes in deferred tax valuation allowance

2Q13 included the impact of the utilization of valuation allowances of CHF 99 million in respect of three of the Group’s operating entities, two in the UK and one in Asia, relating to current year earnings.



Lower taxed income

2Q13 included a CHF 17 million income tax benefit mainly as a result of foreign branch earnings beneficially impacting the earnings mix and CHF 13 million related to non-taxable life insurance income.



Other

2Q13 included a tax charge of CHF 66 million relating to the decrease of deferred tax assets in one of the Group’s operating entities in Switzerland. This charge is related to the re-assessment of a pre-existing deferred tax asset due to changes in earnings-mix assumptions in the current year. 2Q13 also included a CHF 24 million income tax expense relating to the increase of tax contingency accruals.



Net deferred tax assets

end of 2Q13 1Q13
Net deferred tax assets (CHF million)   
Deferred tax assets   6,599 6,968
   of which net operating losses   1,857 1,915
   of which deductible temporary differences   4,742 5,053
Deferred tax liabilities   (165) (160)
Net deferred tax assets   6,434 6,808




v2.4.0.6
Employee deferred compensation
6 Months Ended
Jun. 30, 2013
Employee deferred compensation
Note 22 Employee deferred compensation

The Group’s current and previous deferred compensation plans include share awards, performance share awards, Plus Bond awards, Partner Asset Facilities awards, Adjustable Performance Plan awards, Restricted Cash Awards, Scaled Incentive Share Units (SISUs), Incentive Share Units (ISUs) and other cash awards.

> Refer to “Note 27 – Employee deferred compensation” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information.



The following tables show the expense for deferred compensation awards recognized in the consolidated statements of operations, the estimated unrecognized expense for deferred compensation awards granted in 2Q13 and prior periods and the associated remaining requisite service period over which the unrecognized expense will be recognized. The estimated unrecognized deferred compensation expense was based on the fair value of each award on the date of grant and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments.



Deferred compensation expense

in 2Q13 1Q13 2Q12 6M13 6M12
Deferred compensation expense (CHF million)
Share awards   203 254 211 457 417
Performance share awards   126 204 96 330 199
Plus Bond awards  1 6 10 0 16 0
2011 Partner Asset Facility awards  2 (23) (7) (19) (30) 515
Adjustable Performance Plan share awards   16 5 0 21 0
Adjustable Performance Plan cash awards  3 2 (3) 98 (1) 206
Restricted Cash Awards   37 54 45 91 86
Scaled Incentive Share Units   17 7 32 24 62
Incentive Share Units  3 0 (2) 15 (2) 34
2008 Partner Asset Facility awards  2 11 42 12 53 61
Other cash awards   120 117 71 237 161
Total deferred compensation expense   515 681 561 1,196 1,741
1
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in 1Q13 and expensed over a three-year vesting period.
2
Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period.
3
Includes clawbacks.




Estimated unrecognized deferred compensation expense

end of 2Q13
Estimated unrecognized deferred compensation expense (CHF million)   
Share awards   1,183
Performance share awards   494
Plus Bond awards   28
Adjustable Performance Plan share awards   26
Adjustable Performance Plan cash awards   33
Restricted Cash Awards   206
Scaled Incentive Share Units   33
Other cash awards   160
Total   2,163
 
Aggregate remaining weighted-average requisite service period (years)   
Aggregate remaining weighted-average requisite service period   1.8




Share-based award activity

  2Q13 6M13


Number of awards (in millions)






Share

awards




Performance

share

awards
Adjustable

Performance

Plan

share

awards






SISU

awards






ISU

awards






Share

awards




Performance

share

awards
Adjustable

Performance

Plan

share

awards






SISU

awards






ISU

awards
Share-based award activities   
Balance at beginning of period   80.8 44.8 21.2 5.8 2.3 55.8 23.3 30.8 9.6 3.6
Granted   0.3 0.0 0.0 0.0 0.0 39.2 26.6 1.2 1 0.0 0.0
Settled   (4.9) (2.8) (6.5) (1.1) (0.5) (18.1) (7.6) (17.2) (4.8) (1.7)
Forfeited   (0.7) (0.3) (0.1) 0.0 (0.1) (1.4) (0.6) (0.2) (0.1) (0.2)
Balance at end of period   75.5 41.7 14.6 4.7 1.7 75.5 41.7 14.6 4.7 1.7
   of which vested   4.1 1.4 0.7 1.1 0.1 4.1 1.4 0.7 1.1 0.1
   of which unvested   71.4 40.3 13.9 3.6 1.6 71.4 40.3 13.9 3.6 1.6
1
Represents additional units earned in 1Q13 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards.




v2.4.0.6
Pension and other post-retirement benefits
6 Months Ended
Jun. 30, 2013
Pension and other post-retirement benefits
Note 23 Pension and other post-retirement benefits

The Group previously disclosed that it expected to contribute CHF 471 million to the Swiss and international defined benefit plans and other post-retirement defined benefit plans in 2013. As of the end of 2Q13, CHF 230 million of contributions had been made.



Components of total pension costs

in 2Q13 1Q13 2Q12 6M13 6M12
Total pension costs (CHF million)   
Service costs on benefit obligation   94 94 95 188 190
Interest costs on benefit obligation   108 109 128 217 256
Expected return on plan assets   (184) (184) (196) (368) (390)
Amortization of recognized prior service cost/(credit)   (23) (23) (13) (46) (27)
Amortization of recognized actuarial losses   87 86 58 173 115
Net periodic pension costs   82 82 72 164 144
Settlement losses/(gains)   1 0 0 1 0
Curtailment losses/(gains)   (17) (11) (4) (28) (19)
Special termination benefits   4 8 0 12 6
Total pension costs   70 79 68 149 131




v2.4.0.6
Derivatives and hedging activities
6 Months Ended
Jun. 30, 2013
Derivatives and hedging activities
Note 24 Derivatives and hedging activities

> Refer to “Note 30 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information.



Fair value of derivative instruments

The tables below present gross derivative replacement values by type of contract and balance sheet location and whether the derivative is used for trading purposes or in a qualifying hedging relationship. Notional amounts have also been provided as an indication of the volume of derivative activity within the Group.

Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value.

> Refer to “Note 27 – Financial instruments” for further information.



Fair value of derivative instruments

  Trading Hedging 1


end of 2Q13


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)
Derivative instruments (CHF billion)   
Forwards and forward rate agreements   10,366.8 8.6 8.5 0.0 0.0 0.0
Swaps   31,995.1 479.0 472.3 69.8 2.6 0.8
Options bought and sold (OTC)   3,961.1 51.1 51.3 0.0 0.0 0.0
Futures   1,357.7 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   639.5 0.4 0.3 0.0 0.0 0.0
Interest rate products   48,320.2 539.1 532.4 69.8 2.6 0.8
Forwards   2,385.9 25.5 23.8 23.5 0.1 0.3
Swaps   1,377.3 31.1 42.6 0.0 0.0 0.0
Options bought and sold (OTC)   1,131.8 13.7 15.0 0.0 0.0 0.0
Futures   60.1 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   5.3 0.1 0.1 0.0 0.0 0.0
Foreign exchange products   4,960.4 70.4 81.5 23.5 0.1 0.3
Forwards   5.1 0.7 0.0 0.0 0.0 0.0
Swaps   221.5 5.7 7.0 0.0 0.0 0.0
Options bought and sold (OTC)   255.9 12.8 11.8 0.0 0.0 0.0
Futures   52.0 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   471.0 18.6 19.2 0.0 0.0 0.0
Equity/index-related products   1,005.5 37.8 38.0 0.0 0.0 0.0
Credit derivatives  2 1,696.6 29.3 29.2 0.0 0.0 0.0
Forwards   28.0 2.1 3.0 0.0 0.0 0.0
Swaps   51.1 3.8 2.9 0.0 0.0 0.0
Options bought and sold (OTC)   45.0 1.9 2.0 0.0 0.0 0.0
Futures   35.1 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   58.1 1.4 1.7 0.0 0.0 0.0
Other products  3 217.3 9.2 9.6 0.0 0.0 0.0
Total derivative instruments   56,200.0 685.8 690.7 93.3 2.7 1.1
The notional amount, PRV and NRV (trading and hedging) was CHF 56,293.3 billion, CHF 688.5 billion and CHF 691.8 billion, respectively, as of June 30, 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 of derivative instruments (continued)

  Trading Hedging 1


end of 4Q12


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)
Derivative instruments (CHF billion)   
Forwards and forward rate agreements   8,055.9 2.6 2.5 0.0 0.0 0.0
Swaps   29,155.2 635.6 630.1 62.8 3.9 1.5
Options bought and sold (OTC)   3,739.9 62.4 62.6 0.0 0.0 0.0
Futures   1,145.4 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   952.0 0.3 0.2 0.0 0.0 0.0
Interest rate products   43,048.4 700.9 695.4 62.8 3.9 1.5
Forwards   2,133.4 21.6 21.3 19.6 0.2 0.1
Swaps   1,336.3 32.2 46.6 0.0 0.0 0.0
Options bought and sold (OTC)   985.3 9.7 10.7 0.0 0.0 0.0
Futures   83.8 2 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   3.6 0.0 0.0 0.0 0.0 0.0
Foreign exchange products   4,542.4 63.5 78.6 19.6 0.2 0.1
Forwards   5.5 0.6 0.0 0.0 0.0 0.0
Swaps   211.0 4.6 5.8 0.0 0.0 0.0
Options bought and sold (OTC)   214.9 11.4 11.1 0.0 0.0 0.0
Futures   74.4 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   338.2 13.7 14.1 0.0 0.0 0.0
Equity/index-related products   844.0 30.3 31.0 0.0 0.0 0.0
Credit derivatives  3 1,694.4 30.6 29.8 0.0 0.0 0.0
Forwards   31.3 1.1 1.4 0.0 0.0 0.0
Swaps   55.3 3.6 3.1 0.0 0.0 0.0
Options bought and sold (OTC)   54.2 1.6 1.6 0.0 0.0 0.0
Futures   35.6 2 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   50.4 1.6 1.7 0.0 0.0 0.0
Other products  4 226.8 7.9 7.8 0.0 0.0 0.0
Total derivative instruments   50,356.0 833.2 842.6 82.4 4.1 1.6
The notional amount, PRV and NRV (trading and hedging) was CHF 50,438.4 billion, CHF 837.3 billion and CHF 844.2 billion, respectively, as of December 31, 2012.
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
2
Prior period has been corrected to reclassify the notional amounts from other products to foreign exchange products.
3
Primarily credit default swaps.
4
Primarily precious metals, commodity, energy and emission products.




Netting of derivative instruments

> Refer to “Derivatives” in Note 20 – Offsetting of financial assets and financial liabilities for further information of the netting of derivative instruments.



Fair value hedges

in 2Q13 1Q13 2Q12 6M13 6M12
Gains/(losses) recognized in income on derivatives (CHF million)   
Interest rate products   249 88 385 337 436
Foreign exchange products   (6) (2) (12) (8) (13)
Total   243 86 373 329 423
Gains/(losses) recognized in income on hedged items (CHF million)   
Interest rate products   (253) (86) (398) (339) (462)
Foreign exchange products   6 2 10 8 12
Total   (247) (84) (388) (331) (450)
Details of fair value hedges (CHF million)   
Net gains/(losses) on the ineffective portion   (4) 2 (15) (2) (27)
Represents gains/(losses) recognized in trading revenues.




Cash flow hedges

in 2Q13 1Q13 2Q12 6M13 6M12
Gains/(losses) recognized in AOCI on derivatives (CHF million)   
Interest rate products   (25) 5 1 (20) 0
Foreign exchange products   5 (3) (5) 2 10
Total   (20) 2 (4) (18) 10
Gains/(losses) reclassified from AOCI into income (CHF million)   
Interest rate products  1 (1) 1 0 0 0
Foreign exchange products  2 (1) (1) 0 (2) 0
Total   (2) 0 0 (2) 0
1
Included in trading revenues.
2
Included in other revenues.




As of the end of 2Q13, 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 four years.

The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 9 million.



Net investment hedges

in 2Q13 1Q13 2Q12 6M13 6M12
Gains/(losses) recognized in AOCI on derivatives (CHF million)   
Foreign exchange products   260 (551) (467) (291) (201)
Total   260 (551) (467) (291) (201)
Gains/(losses) reclassified from AOCI into income (CHF million)   
Foreign exchange products  1 0 0 0 0 77
Total   0 0 0 0 77
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

  2Q13 4Q12


end of


Bilateral

counterparties
Special

purpose

entities


Accelerated

terminations




Total


Bilateral

counterparties
Special

purpose

entities


Accelerated

terminations




Total
Contingent credit risk (CHF billion)   
Current net exposure   11.4 1.4 0.2 13.0 15.3 1.4 0.6 17.3
Collateral posted   10.2 1.4 11.6 13.4 1.4 14.8
Additional collateral required in a one-notch downgrade event   0.2 0.5 0.0 0.7 0.2 0.5 0.0 0.7
Additional collateral required in a two-notch downgrade event   2.8 1.3 0.0 4.1 2.7 1 1.5 0.5 4.7
1
Additional collateral required in a two-notch downgrade event has been corrected.




Credit derivatives

> Refer to “Note 30 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information on credit derivatives.



Credit protection sold/purchased

The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” tables. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract.

Certain cash collateralized debt obligations (CDOs) and other derivative instruments were excluded as they do not fall within the scope of US GAAP rules. Total return swaps (TRS) of CHF 6.3 billion and CHF 6.0 billion as of the end of 2Q13 and 4Q12, 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

Credit protection sold is the maximum potential payout, which is based on the notional value of derivatives and represents the amount of future payments that the Group would be required to make as a result of credit risk-related events.



Credit protection purchased

Credit protection purchased represents those instruments where the underlying reference instrument is identical to the reference instrument of the credit protection sold.



Other protection purchased

In the normal course of business, the Group purchases protection to offset the risk of credit protection sold that may have similar, but not identical, reference instruments and may use similar, but not identical, products, which reduces the total credit derivative exposure. Other protection purchased is based on the notional value of the instruments.



Fair value of credit protection sold

The fair values of the credit protection sold give an indication of the amount of payment risk, as the negative fair values increase when the potential payment under the derivative contracts becomes more probable.



Credit protection sold/purchased

  2Q13 4Q12


end of


Credit

protection

sold


Credit

protection

purchased
1 Net credit

protection

(sold)/

purchased


Other

protection

purchased
Fair value

of credit

protection

sold


Credit

protection

sold


Credit

protection

purchased
1 Net credit

protection

(sold)/

purchased


Other

protection

purchased
Fair value

of credit

protection

sold
Single-name instruments (CHF billion)   
Investment grade  2 (382.5) 358.9 (23.6) 45.1 1.6 (394.6) 373.9 (20.7) 56.0 2.5
Non-investment grade   (132.7) 128.1 (4.6) 12.3 0.2 (135.4) 129.3 (6.1) 11.3 (0.4)
Total single-name instruments   (515.2) 487.0 (28.2) 57.4 1.8 (530.0) 3 503.2 3 (26.8) 67.3 3 2.1 3
   of which sovereigns   (117.1) 113.6 (3.5) 9.1 (1.7) (119.4) 117.1 (2.3) 10.3 (0.7)
   of which non-sovereigns   (398.1) 373.4 (24.7) 48.3 3.5 (410.6) 386.1 (24.5) 57.0 2.8
Multi-name instruments (CHF billion)   
Investment grade  2 (223.9) 217.2 (6.7) 32.5 0.0 (222.2) 207.1 (15.1) 20.6 (0.7)
Non-investment grade   (67.3) 70.3 4 3.0 10.8 (1.2) (62.8) 56.1 4 (6.7) 9.8 (1.6)
Total multi-name instruments   (291.2) 287.5 (3.7) 43.3 (1.2) (285.0) 3 263.2 3 (21.8) 30.4 3 (2.3) 3
   of which sovereigns   (12.6) 12.5 (0.1) 0.2 0.0 (13.5) 13.1 (0.4) 0.4 (0.1)
   of which non-sovereigns   (278.6) 275.0 (3.6) 43.1 (1.2) (271.5) 250.1 (21.4) 30.0 (2.2)
Total instruments (CHF billion)   
Investment grade  2 (606.4) 576.1 (30.3) 77.6 1.6 (616.8) 581.0 (35.8) 76.6 1.8
Non-investment grade   (200.0) 198.4 (1.6) 23.1 (1.0) (198.2) 185.4 (12.8) 21.1 (2.0)
Total instruments   (806.4) 774.5 (31.9) 100.7 0.6 (815.0) 766.4 (48.6) 97.7 (0.2)
   of which sovereigns   (129.7) 126.1 (3.6) 9.3 (1.7) (132.9) 130.2 (2.7) 10.7 (0.8)
   of which non-sovereigns   (676.7) 648.4 (28.3) 91.4 2.3 (682.1) 636.2 (45.9) 87.0 0.6
1
Represents credit protection purchased with identical underlyings and recoveries.
2
Based on internal ratings of BBB and above.
3
Credit protection instruments have been corrected to reclassify certain single-name instruments to multi-name instruments.
4
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 2Q13 4Q12
Credit derivatives (CHF billion)   
Credit protection sold   806.4 815.0
Credit protection purchased   774.5 766.4
Other protection purchased   100.7 97.7
Other instruments  1 15.0 15.3
Total credit derivatives   1,696.6 1,694.4
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

less

than

1 year
Maturity

between

1 to 5

years
Maturity

greater

than

5 years






Total
2Q13 (CHF billion)   
Single-name instruments   118.3 328.8 68.1 515.2
Multi-name instruments   18.5 187.1 85.6 291.2
Total instruments   136.8 515.9 153.7 806.4
4Q12 (CHF billion)   
Single-name instruments   125.0 326.0 79.0 530.0
Multi-name instruments   42.7 171.0 71.3 285.0
Total instruments   167.7 497.0 150.3 815.0




v2.4.0.6
Guarantees and commitments
6 Months Ended
Jun. 30, 2013
Guarantees and commitments
Note 25 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 Group’s current best estimate of payments that will be required under existing guarantee arrangements.

Guarantees provided by the Group are classified as follows: credit guarantees and similar instruments, performance guarantees and similar instruments, securities lending indemnifications, derivatives and other guarantees.

> Refer to “Guarantees” in V – Consolidated financial statements – Credit Suisse Group – Note 31 – Guarantees and commitments in the Credit Suisse Annual Report 2012 for a detailed description of guarantees.



Guarantees



end of
Maturity

less than

1 year
Maturity

greater than

1 year
Total

gross

amount
Total

net

amount
1

Carrying

value


Collateral

received
2Q13 (CHF million)   
Credit guarantees and similar instruments   10,409 2,371 12,780 12,552 9 1,932
Performance guarantees and similar instruments   4,783 4,308 9,091 8,188 83 3,012
Securities lending indemnifications   12,578 0 12,578 12,578 0 12,578
Derivatives  2 17,793 17,842 35,635 35,635 1,132 3
Other guarantees   3,862 1,222 5,084 5,070 3 2,628
Total guarantees   49,425 25,743 75,168 74,023 1,227 20,150
4Q12 (CHF million)   
Credit guarantees and similar instruments  4 10,104 2,483 12,587 12,200 53 1,920
Performance guarantees and similar instruments   5,160 4,371 9,531 8,793 139 3,336
Securities lending indemnifications   12,211 0 12,211 12,211 0 12,211
Derivatives  2 21,197 14,218 35,415 35,415 985 3
Other guarantees   4,297 1,122 5,419 5,397 3 2,812
Total guarantees   52,969 22,194 75,163 74,016 1,180 20,279
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.




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, 2012 to June 30, 2013 was CHF 0.7 billion. These deposit insurance guarantees were reflected in other guarantees. For the period July 1, 2013 to June 30, 2014, the Group’s share in the deposit insurance guarantee program based on FINMA’s estimate will be CHF 0.6 billion.



PAF2 transaction

The Group’s results are impacted by the risk of counterparty defaults and the potential for changes in counterparty credit spreads related to derivative trading activities of the Group. In 1Q12, the Group entered into the 2011 Partner Asset Facility (PAF2) transaction to hedge the counterparty credit risk of a referenced portfolio of derivatives and their credit spread volatility. The hedge covers approximately USD 12 billion notional amount of expected positive exposure from counterparties of the Group, and is addressed in three layers: (i) first loss (USD 0.5 billion), (ii) mezzanine (USD 0.8 billion) and (iii) senior (USD 11 billion). The first loss element is retained by the Group and actively managed through normal credit procedures. The mezzanine layer was hedged by transferring the risk of default and counterparty credit spread movements to eligible employees in the form of PAF2 awards, as part of their deferred compensation granted in the annual compensation process.

The model used to value the PAF2 awards is the standard Gaussian copula valuation model used for synthetic collateralized debt obligation (CDO) trades with adjustments necessary to incorporate the specific nature of the PAF2 transaction. The key model inputs are notional value, correlation assumption, credit spreads, liquidity and recovery rates of the portfolio, the Group’s own credit spread and the maturity of the trade. In the model, the credit spreads of the counterparties determine the respective probability of default. Such probability is used to compute the expected value of the cash flows contingent on survival and on default of the counterparties in the reference portfolio. The credit spreads are sourced using observable data from CDS on the specific reference entity. Where a specific reference entity curve does not exist for a reference name in the portfolio, a proxy curve is used. The expected value of the counterparty exposure on default determines the equivalent notional value for the given name. This is computed from the effective positive exposure which is the weighted average over time of the expected exposure used by the Group for counterparty risk management. As of the end of 2Q13, the carrying value of the PAF2 awards was CHF 598 million. The amount of the PAF2 awards compensation expense for 2Q13 was a credit of CHF 17 million and is included in the amount reflected in the “Deferred compensation expense” table in Note 22 – Employee deferred compensation, which includes deferred compensation expense for a smaller plan unrelated to the hedging aspects of this transaction.

The Group has purchased protection on the senior layer to hedge against the potential for future counterparty credit spread volatility. This was executed through a CDS, accounted for at fair value, with a third-party entity. The value of the senior layer is calculated using the same model as for the PAF2 awards. As of the end of 2Q13, the CDS had a positive replacement value of CHF 17 million and was reflected in credit derivatives in the “Fair value of derivative instruments” table in Note 24 – Derivatives and hedging activities. The Group also has a credit support facility with this entity that allows the Group to provide credit support in connection with other assets that are commonly financed through the issuance of commercial paper (CP) and, in connection with the CDS, to provide immediately available funding to this entity in certain circumstances. Among others, such circumstances include: (i) a disruption of the CP market such that the entity cannot issue or roll a CP to fund the CDS payment or repay a maturing CP; (ii) the interest payable on the CP exceeds certain thresholds and the Group instructed the entity to draw on the facility instead of issuing a CP; (iii) a CP was issued by the entity to fund a CDS payment and subsequently the short-term rating of the facility provider is downgraded; or (iv) to repay any outstanding CP at the maturity date of the facility. Any funded amount may be settled by the assignment of the rights and obligations of the CDS to the Group. The credit support facility is accounted for on an accrual basis and is reflected in credit guarantees and similar instruments in the “Guarantees” table. As of the end of 2Q13, the carrying value of the credit support facility included in this table was zero (in million Swiss francs). The transaction overall is a four-year transaction, but can be extended to nine years. The Group has the right to terminate the third-party transaction for certain reasons, including certain regulatory developments.

In December 2012, the BCBS published updated regulatory guidance that makes the PAF2 transaction as currently structured ineligible for counterparty credit spread hedging under the Basel III framework. As a result of this new guidance, the Group has the right to exercise the regulatory call to restructure or terminate the CDS and the credit support facility layer at par and terminate the mezzanine layer at fair value. The Group is in the process of negotiating a restructuring of the transaction in order for the PAF2 transaction as a whole to remain an eligible counterparty credit spread hedge under Basel III. If a restructuring is not completed, the Group may terminate the transaction.



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 balance for GSEs, private investors and non-agency securitizations, the Group is unable to estimate reasonably possible losses in excess of the amounts accrued because the Group has limited reliable information about the status of such loans following their sale. With respect to outstanding repurchase claims from private investors and non-agency securitizations, the Group is unable to estimate reasonably possible losses in excess of the amounts accrued due to the Group’s limited history of resolving such repurchase claims.

The following tables present the total amount of residential mortgage loans sold during the period from January 1, 2004 to June 30, 2013 by counterparty type and the development of outstanding repurchase claims and provisions for outstanding repurchase claims in 2Q13, 1Q13 and 2Q12, including realized losses from the repurchase of residential mortgage loans sold.



Residential mortgage loans sold

January 1, 2004 to June 30, 2013 (USD billion)   
Government-sponsored enterprises   8.2
Private investors  1 23.1
Non-agency securitizations   132.5 2
Total residential mortgage loans sold   163.8
1
Primarily banks.
2
The outstanding balance of residential mortgage loans sold was USD 27.4 billion as of the end of 2Q13. The difference of the total balance of mortgage loans sold and the outstanding balance as of the end of 2Q13 is attributable to borrower payments of USD 87.3 billion and losses of USD 17.8 billion due to loan defaults.




Residential mortgage loans sold – outstanding repurchase claims

  2Q13 1Q13
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Outstanding repurchase claims (USD million)   
Balance at beginning of period   67 482 1,398 1,947 67 464 1,395 1,926
New claims   24 93 149 266 12 22 340 374
   Claims settled through repurchases   (1) 0 (2) (3) 1 (3) 0 0 (3) 1
   Other settlements   (5) (155) (4) (164) 2 (3) 0 (3) (6) 2
Total claims settled   (6) (155) (6) (167) (6) 0 (3) (9)
Claims rescinded   (4) 0 0 (4) (6) (4) 0 (10)
Transfers to/from arbitration and litigation, net  3 0 0 (347) (347) 0 0 (334) (334)
Balance at end of period   81 420 1,194 1,695 67 482 1,398 1,947




  2Q12
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Outstanding repurchase claims (USD million)   
Balance at beginning of period   50 437 762 1,249
New claims   25 14 242 281
   Claims settled through repurchases   (2) 0 (3) (5) 1
   Other settlements   (2) (1) (6) (9) 2
Total claims settled   (4) (1) (9) (14)
Claims rescinded   0 (2) 0 (2)
Transfers to/from arbitration and litigation, net  3 0 0 (144) (144)
Balance at end of period   71 448 851 1,370
1
Settled at a repurchase price of USD 3 million, USD 3 million and USD 6 million in 2Q13, 1Q13 and 2Q12, respectively.
2
Settled at USD 20 million, USD 5 million and USD 7 million in 2Q13, 1Q13 and 2Q12, respectively.
3
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation.




Residential mortgage loans sold – outstanding repurchase claims (continued)

  6M13 6M12
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Outstanding repurchase claims (USD million)   
Balance at beginning of period   67 464 1,395 1,926 68 432 243 743
New claims   36 115 489 640 36 22 777 835
   Claims settled through repurchases   (4) 0 (2) (6) 1 (3) 0 (5) (8) 1
   Other settlements   (8) (155) (7) (170) 2 (4) (1) (8) (13) 2
Total claims settled   (12) (155) (9) (176) (7) (1) (13) (21)
Claims rescinded   (10) (4) 0 (14) (26) (5) 0 (31)
Transfers to/from arbitration and litigation, net  3 0 0 (681) (681) 0 0 (156) (156)
Balance at end of period   81 420 1,194 1,695 71 448 851 1,370
1
Settled at a repurchase price of USD 6 million and USD 9 million in 6M13 and 6M12, respectively.
2
Settled at USD 25 million and USD 10 million in 6M13 and 6M12, respectively.
3
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation.




Provisions for outstanding repurchase claims

2Q13 1Q13 2Q12 6M13 6M12
Provisions for outstanding repurchase claims (USD million)   1
Balance at beginning of period   59 55 49 55 59
Increase/(decrease) in provisions, net   62 12 20 74 16
Realized losses  2 (23) (8) 3 (13) 3 (31) (19) 3
Balance at end of period  4 98 59 56 98 56
1
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 29 – Litigation" for further information.
2
Includes indemnifications paid to resolve loan repurchase claims.
3
Primarily related to government-sponsored enterprises and non-agency securitizations.
4
Primarily related to government-sponsored enterprises.




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 29 – 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 include disposal-related contingencies in connection with the sale of assets or businesses, and other indemnifications. These guarantees are not reflected in the “Guarantees” table.

> Refer to “Disposal-related contingencies and other indemnifications” in V – Consolidated financial statements – Credit Suisse Group – Note 31 – Guarantees and commitments in the Credit Suisse Annual Report 2012 for a description of these guarantees.



Other commitments

Other commitments of the Group are classified as follows: irrevocable commitments under documentary credits, loan commitments, forward reverse repurchase agreements and other commitments.

> Refer to “Other commitments” in V – Consolidated financial statements – Credit Suisse Group – Note 31 – Guarantees and commitments in the Credit Suisse Annual Report 2012 for a description of these commitments.



Other commitments

  2Q13 4Q12


end of
Maturity

less than

1 year
Maturity

greater than

1 year
Total

gross

amount
Total

net

amount
1

Collateral

received
Maturity

less than

1 year
Maturity

greater than

1 year
Total

gross

amount
Total

net

amount
1

Collateral

received
Other commitments (CHF million)   
Irrevocable commitments under documentary credits     5,660 29 5,689 5,574 3,160 6,217 41 6,258 6,061 3,219
Loan commitments   170,538 74,593 245,131 2 239,693 163,905 169,462 67,648 237,110 2 231,639 153,460
Forward reverse repurchase agreements     43,192 0 43,192 43,192 43,192 45,556 0 45,556 45,556 45,556
Other commitments   3,807 1,531 5,338 5,338 167 949 1,612 2,561 2,561 131
Total other commitments   223,197 76,153 299,350 293,797 210,424 222,184 69,301 291,485 285,817 202,366
1
Total net amount is computed as the gross amount less any participations.
2
Includes CHF 140,510 million and CHF 139,709 million of unused credit limits as of the end of 2Q13 and 4Q12, respectively, which were revocable at the Group's sole discretion upon notice to the client.




v2.4.0.6
Transfers of financial assets and variable interest entities
6 Months Ended
Jun. 30, 2013
Transfers of financial assets and variable interest entities
Note 26 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 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 CMBS, RMBS and asset-backed securities (ABS) that are collateralized by the assets transferred to the SPE and that pay a return based on the returns on those assets. Investors in these mortgage-backed securities or ABS typically have recourse to the assets in the SPEs, unless a third-party guarantee has been received to further enhance the creditworthiness of the assets. The investors and the SPEs have no recourse to the Group’s assets. The Group is typically an underwriter of, and makes a market in, these securities.

The Group also transacts in re-securitizations of previously issued RMBS securities. Typically, certificates issued out of an existing securitization vehicle are sold into a newly created and separate securitization vehicle. Often, these re-securitizations are initiated in order to repackage an existing security to give the investor a higher rated tranche.

The Group also uses SPEs for other asset-backed financings relating to client-driven activity and for Group tax or regulatory purposes. Types of structures included in this category include 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 6M13 and 6M12 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 6M13 6M12
Gains and cash flows (CHF million)   
CMBS  
Net gain  1 1 23
Proceeds from transfer of assets   3,631 3,718
Cash received on interests that continue to be held   32 35
RMBS  
Net gain/(loss)  1 2 (2)
Proceeds from transfer of assets   14,257 8,483
Purchases of previously transferred financial assets or its underlying collateral     (8) (11)
Servicing fees   2 1
Cash received on interests that continue to be held   275 246
Other asset-backed financings  
Net gain  1 7 71
Proceeds from transfer of assets   553 279
Purchases of previously transferred financial assets or its underlying collateral    2 (65) (161)
Cash received on interests that continue to be held   329 582
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 Group may have continuing involvement in the financial assets that are transferred to an SPE which may take several forms, including, but not limited to, servicing, recourse and guarantee arrangements, agreements to purchase or redeem transferred assets, derivative instruments, pledges of collateral and beneficial interests in the transferred assets.

> Refer to “Transfer of financial assets” in V – Consolidated financial statements – Credit Suisse Group – Note 32 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2012 for a detailed description of continuing involvement in transferred financial assets.



The following table provides the outstanding principal balance of assets to which the Group continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of the end of 2Q13 and 4Q12, regardless of when the transfer of assets occurred.



Principal amounts outstanding and total assets of SPEs resulting from continuing involvement

end of 2Q13 4Q12
CHF million   
CMBS  
Principal amount outstanding   33,203 30,050
Total assets of SPE   48,661 45,407
RMBS  
Principal amount outstanding   51,891 58,112
Total assets of SPE   53,731 60,469
Other asset-backed financings  
Principal amount outstanding   28,467 32,805
Total assets of SPE   28,518 32,805
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 “Note 27 – Financial instruments” for information on fair value hierarchy levels.



Key economic assumptions used in measuring fair value of beneficial interests at time of transfer

2Q13 4Q12
at time of transfer CMBS RMBS CMBS RMBS
CHF million, except where indicated
Fair value of beneficial interests   158 1,963 761 2,219
   of which level 2   141 1,922 654 2,090
   of which level 3   17 41 107 129
Weighted-average life, in years   8.9 7.0 8.4 5.0
Prepayment speed assumption (rate per annum), in %  1 2 6.3 31.0 2 0.1 34.9
Cash flow discount rate (rate per annum), in %  3 1.6 8.2 0.0 45.9 0.8 10.7 0.1 25.7
Expected credit losses (rate per annum), in %   0.0 7.5 0.0 45.8 0.5 9.0 0.0 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 % 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 2Q13 and 4Q12.



Key economic assumptions used in measuring fair value of beneficial interests held in SPEs

  2Q13 4Q12






CMBS
1





RMBS
Other asset-

backed

financing

activities
2





CMBS
1





RMBS
Other asset-

backed

financing

activities
2
CHF million, except where indicated
Fair value of beneficial interests   537 1,658 452 274 1,929 692
   of which non-investment grade   96 127 428 90 342 686
Weighted-average life, in years   6.2 7.8 4.6 4.0 5.2 3.6
Prepayment speed assumption (rate per annum), in %  3 2.1 33.8 0.1 27.6
Impact on fair value from 10% adverse change   (19.4) (38.5)
Impact on fair value from 20% adverse change   (37.3) (74.3)
Cash flow discount rate (rate per annum), in %  4 1.2 36.2 1.4 33.4 0.8 19.6 1.1 50.2 0.2 42.8 0.7 51.7
Impact on fair value from 10% adverse change   (9.5) (41.5) (0.6) (14.8) (62.8) (1.0)
Impact on fair value from 20% adverse change   (18.6) (80.6) (1.2) (19.9) (93.5) (1.8)
Expected credit losses (rate per annum), in %   1.0 34.2 2.5 16.9 0.3 19.3 0.9 49.5 0.9 42.8 0.3 51.4
Impact on fair value from 10% adverse change   (4.5) (23.8) (0.5) (14.4) (55.9) (0.8)
Impact on fair value from 20% adverse change   (8.8) (46.5) (1.0) (19.2) (80.3) (1.6)
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 % 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 2Q13 and 4Q12.

> Refer to “Note 28 – Assets pledged and collateral” for further information.



Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved

end of 2Q13 4Q12
CHF million   
CMBS  
Other assets   406 467
Liability to SPE, included in Other liabilities   (406) (467)
Other asset-backed financings  
Trading assets   617 1,171
Other assets   7 913
Liability to SPE, included in Other liabilities   (624) (2,084)






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.

> Refer to “Variable interest entities” in V – Consolidated financial statements – Credit Suisse Group – Note 32 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2012 for a detailed description of VIEs, CDOs, CP conduit or financial intermediation.



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.



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 21 days and 27 days as of 2Q13 and 4Q12, respectively. As of 2Q13 and 4Q12, 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 loans or receivables in the consumer sector, including auto and equipment loans or leases, student loans, residential mortgages and advance financing receivables. As of 2Q13 and 4Q12, those assets had an average rating of AA, based on the lowest of each asset’s external or internal rating, and an average maturity of 1.5 years and 2.9 years as of 2Q13 and 4Q12, respectively.



Financial intermediation

The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients.

Financial intermediation consists of securitizations, funds, loans and other vehicles.



Consolidated VIEs

The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Group consolidates all VIEs related to financial intermediation for which it was the primary beneficiary.

The consolidated VIEs tables provide the carrying amounts and classifications of the assets and liabilities of consolidated VIEs as of the end of 2Q13 and 4Q12.



Consolidated VIEs in which the Group was the primary beneficiary

  Financial intermediation


end of


CDO
CP

Conduit
Securi-

tizations


Funds


Loans


Other


Total
2Q13 (CHF million)   
Cash and due from banks   1,353 2 4 154 53 26 1,592
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 1,336 0 0 0 0 1,336
Trading assets   1,004 57 35 1,935 616 203 3,850
Investment securities   0 175 0 0 0 0 175
Other investments   0 0 0 0 1,607 589 2,196
Net loans   0 2,671 825 0 538 532 4,566
Premises and equipment   0 0 0 0 494 67 561
Other assets   8,541 1,495 3,027 4 510 1,833 15,410
   of which loans held-for-sale   8,499 0 2,823 0 67 0 11,389
Total assets of consolidated VIEs   10,898 5,736 3,891 2,093 3,818 3,250 29,686
Customer deposits   0 0 0 0 0 167 167
Trading liabilities   14 0 0 0 7 85 106
Short-term borrowings   0 4,440 0 10 0 0 4,450
Long-term debt   10,884 14 3,733 282 97 440 15,450
Other liabilities   25 7 78 10 154 866 1,140
Total liabilities of consolidated VIEs   10,923 4,461 3,811 302 258 1,558 21,313
4Q12 (CHF million)   
Cash and due from banks   1,534 27 0 125 44 20 1,750
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 117 0 0 0 0 117
Trading assets   1,064 196 14 1,861 565 997 4,697
Investment securities   0 23 0 0 0 0 23
Other investments   0 0 0 0 1,712 577 2,289
Net loans   0 4,360 859 0 405 429 6,053
Premises and equipment   0 0 0 0 509 72 581
Other assets   7,369 1,637 3,111 4 572 1,843 14,536
   of which loans held-for-sale   7,324 0 3,110 0 71 0 10,505
Total assets of consolidated VIEs   9,967 6,360 3,984 1,990 3,807 3,938 30,046
Customer deposits   0 0 0 0 0 247 247
Trading liabilities   20 0 0 0 4 101 125
Short-term borrowings   0 5,776 0 3 0 3,803 9,582
Long-term debt   9,944 14 3,608 500 38 428 14,532
Other liabilities   45 6 97 7 168 905 1,228
Total liabilities of consolidated VIEs   10,009 5,796 3,705 510 210 5,484 25,714




Non-consolidated VIEs

The non-consolidated VIEs tables provide the carrying amounts and classification of the assets and liabilities of variable interests recorded in the Group’s consolidated balance sheets, maximum exposure to loss and total assets of the non-consolidated VIEs.

Certain VIEs have not been included in the following table, including VIEs structured by third parties in which the Group’s interest is in the form of securities held in the Group’s inventory, certain single-asset financing vehicles not sponsored by the Group to which the Group provides financing but has very little risk of loss due to over-collateralization and guarantees, failed sales where the Group does not have any other holdings and other entities out of scope.

> Refer to “Variable interest entities” in V – Consolidated financial statements – Credit Suisse Group – Note 32 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2012 for further information on non-consolidated VIEs.



Non-consolidated VIEs

  Financial intermediation


end of


CDO
Securi-

tizations


Funds


Loans


Other


Total
2Q13 (CHF million)   
Trading assets   95 5,326 1,095 763 634 7,913
Net loans   1 421 2,484 3,424 1,174 7,504
Other assets   0 0 25 0 4 29
Total variable interest assets   96 5,747 3,604 4,187 1,812 15,446
Maximum exposure to loss   105 17,807 3,811 6,699 1,914 30,336
Non-consolidated VIE assets   7,007 109,492 60,215 25,662 15,608 217,984
4Q12 (CHF million)   
Trading assets   100 3,210 1,143 868 600 5,921
Net loans   8 111 2,148 3,572 1,668 7,507
Other assets   0 17 49 0 4 70
Total variable interest assets   108 3,338 3,340 4,440 2,272 13,498
Maximum exposure to loss   108 14,123 3,575 4,906 3,039 25,751
Non-consolidated VIE assets   5,163 103,990 52,268 22,304 15,491 199,216








v2.4.0.6
Financial instruments
6 Months Ended
Jun. 30, 2013
Financial instruments
Note 27 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.

> Refer to “Note 33 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information on the Group’s concentrations of credit risk.





Fair value measurement



A significant portion of the Group’s financial instruments are carried at fair value. Deterioration of financial markets could significantly impact the fair value of these financial instruments and the results of operations.

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 CVA) is considered when measuring the fair value of assets and the impact of changes in the Group’s own credit spreads (known as DVA) 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. This change to the fair value measurement guidance is consistent with industry practice. 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.



Assets and liabilities measured at fair value on a recurring basis



end of 2Q13


Level 1


Level 2


Level 3
Netting

impact
1

Total
Assets (CHF million)   
Cash and due from banks   0 386 0 0 386
Interest-bearing deposits with banks   0 396 0 0 396
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 99,972 0 0 99,972
   Debt   216 186 0 0 402
      of which corporates   0 184 0 0 184
   Equity   20,714 559 0 0 21,273
Securities received as collateral   20,930 745 0 0 21,675
   Debt   46,148 66,264 4,511 0 116,923
      of which foreign governments   45,429 6,863 30 0 52,322
      of which corporates   47 25,266 2,057 0 27,370
      of which RMBS   0 29,510 906 0 30,416
      of which CMBS   0 2,237 306 0 2,543
      of which CDO   0 2,317 865 0 3,182
   Equity   71,520 6,338 423 0 78,281
   Derivatives   15,978 663,276 6,579 (646,593) 39,240
      of which interest rate products   7,229 530,479 1,560
      of which foreign exchange products   49 69,797 505
      of which equity/index-related products   8,249 27,452 2,076
      of which credit derivatives   0 27,652 1,627
   Other   4,735 3,655 3,000 0 11,390
Trading assets   138,381 739,533 14,513 (646,593) 245,834
   Debt   2,025 1,107 317 0 3,449
      of which foreign governments   1,575 2 22 0 1,599
      of which corporates   0 672 120 0 792
      of which CDO   0 432 175 0 607
   Equity   2 93 2 0 97
Investment securities   2,027 1,200 319 0 3,546
   Private equity   0 0 3,980 0 3,980
      of which equity funds   0 0 2,617 0 2,617
   Hedge funds   0 348 133 0 481
      of which debt funds   0 218 40 0 258
   Other equity investments   247 83 2,099 0 2,429
      of which private   0 48 2,099 0 2,147
   Life finance instruments   0 0 1,713 0 1,713
Other investments   247 431 7,925 0 8,603
Loans   0 12,421 7,149 0 19,570
      of which commercial and industrial loans   0 6,189 4,899 0 11,088
      of which financial institutions   0 4,865 1,298 0 6,163
Other intangible assets (mortgage servicing rights)   0 0 39 0 39
Other assets   4,962 26,876 6,631 (301) 38,168
      of which loans held-for-sale   0 16,891 5,842 0 22,733
Total assets at fair value   166,547 881,960 36,576 (646,894) 438,189
Less other investments - equity at fair value attributable to noncontrolling interests   (221) (133) (3,584) 0 (3,938)
Less assets consolidated under ASU 2009-17  2 0 (9,190) (3,372) 0 (12,562)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework     166,326 872,637 29,620 (646,894) 421,689
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 2Q13


Level 1


Level 2


Level 3
Netting

impact
1

Total
Liabilities (CHF million)   
Due to banks   0 1,903 0 0 1,903
Customer deposits   0 3,538 62 0 3,600
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     0 79,443 0 0 79,443
   Debt   216 186 0 0 402
      of which corporates   0 184 0 0 184
   Equity   20,714 559 0 0 21,273
Obligations to return securities received as collateral   20,930 745 0 0 21,675
   Debt   24,011 9,277 10 0 33,298
      of which foreign governments   23,723 2,573 0 0 26,296
      of which corporates   74 5,745 10 0 5,829
   Equity   15,498 389 21 0 15,908
   Derivatives   15,150 670,205 5,338 (649,982) 40,711
      of which interest rate products   6,895 524,316 1,095
      of which foreign exchange products   75 80,097 1,312
      of which equity/index-related products   7,528 29,276 1,244
      of which credit derivatives   0 27,823 1,361
Trading liabilities   54,659 679,871 5,369 (649,982) 89,917
Short-term borrowings   0 5,427 193 0 5,620
Long-term debt   17 52,965 10,960 0 63,942
      of which treasury debt over two years   0 10,538 0 0 10,538
      of which structured notes over two years   0 19,652 6,306 0 25,958
      of which non-recourse liabilities   17 11,377 3,088 0 14,482
Other liabilities   0 21,387 2,677 (324) 23,740
      of which failed sales   0 1,342 936 0 2,278
Total liabilities at fair value   75,606 845,279 19,261 (650,306) 289,840
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 4Q12


Level 1


Level 2


Level 3
Netting

impact
1

Total
Assets (CHF million)   
Cash and due from banks   0 569 0 0 569
Interest-bearing deposits with banks   0 627 0 0 627
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 113,664 0 0 113,664
   Debt   92 350 0 0 442
      of which corporates   0 320 0 0 320
   Equity   29,585 18 0 0 29,603
Securities received as collateral   29,677 368 0 0 30,045
   Debt   55,592 74,391 5,888 0 135,871
      of which foreign governments   53,918 11,032 79 0 65,029
      of which corporates   1 25,932 3,192 0 29,125
      of which RMBS   0 30,392 724 0 31,116
      of which CMBS   0 4,335 1,023 0 5,358
      of which CDO   0 2,620 447 0 3,067
   Equity   66,664 7,746 485 0 74,895
   Derivatives   3,428 823,016 6,650 (799,886) 33,208
      of which interest rate products   703 698,297 1,859
      of which foreign exchange products   1 62,717 754
      of which equity/index-related products   2,538 25,820 1,920
      of which credit derivatives   0 29,274 1,294
   Other   7,203 2,736 2,486 0 12,425
Trading assets   132,887 907,889 15,509 (799,886) 256,399
   Debt   2,066 1,168 169 0 3,403
      of which foreign governments   1,583 1 21 0 1,605
      of which corporates   0 720 125 0 845
      of which CDO   0 447 23 0 470
   Equity   4 90 1 0 95
Investment securities   2,070 1,258 170 0 3,498
   Private equity   0 0 3,958 0 3,958
      of which equity funds   0 0 2,633 0 2,633
   Hedge funds   0 470 165 0 635
      of which debt funds   0 349 84 0 433
   Other equity investments   271 69 2,243 0 2,583
      of which private   0 61 2,245 0 2,306
   Life finance instruments   0 0 1,818 0 1,818
Other investments   271 539 8,184 0 8,994
Loans   0 13,381 6,619 0 20,000
      of which commercial and industrial loans   0 6,191 4,778 0 10,969
      of which financial institutions   0 5,934 1,530 0 7,464
Other intangible assets (mortgage servicing rights)   0 0 43 0 43
Other assets   5,439 26,912 5,164 (240) 37,275
      of which loans held-for-sale   0 14,899 4,463 0 19,362
Total assets at fair value   170,344 1,065,207 35,689 (800,126) 471,114
Less other investments - equity at fair value attributable to noncontrolling interests   (240) (99) (3,292) 0 (3,631)
Less assets consolidated under ASU 2009-17  2 0 (8,769) (2,745) 0 (11,514)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework     170,104 1,056,339 29,652 (800,126) 455,969
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 4Q12


Level 1


Level 2


Level 3
Netting

impact
1

Total
Liabilities (CHF million)   
Due to banks   0 3,413 0 0 3,413
Customer deposits   0 4,618 25 0 4,643
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     0 108,784 0 0 108,784
   Debt   92 350 0 0 442
      of which corporates   0 320 0 0 320
   Equity   29,585 18 0 0 29,603
Obligations to return securities received as collateral   29,677 368 0 0 30,045
   Debt   25,782 7,014 196 0 32,992
      of which foreign governments   25,623 1,476 0 0 27,099
      of which corporates   0 5,030 196 0 5,226
   Equity   17,912 389 6 0 18,307
   Derivatives   3,173 834,228 5,154 (803,038) 39,517
      of which interest rate products   628 693,430 1,357
      of which foreign exchange products   1 76,963 1,648
      of which equity/index-related products   2,305 27,684 1,003
      of which credit derivatives   0 28,952 819
Trading liabilities   46,867 841,631 5,356 (803,038) 90,816
Short-term borrowings   0 4,389 124 0 4,513
Long-term debt   218 55,068 10,098 0 65,384
      of which treasury debt over two years   0 10,565 0 0 10,565
      of which structured notes over two years   0 22,543 6,189 0 28,732
      of which non-recourse liabilities   218 11,006 2,551 0 13,775
Other liabilities   0 24,399 2,848 (376) 26,871
      of which failed sales   0 2,523 1,160 0 3,683
Total liabilities at fair value   76,762 1,042,670 18,451 (803,414) 334,469
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 6M13, 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 primarily from trading assets. The transfers were primarily in equity as suitable closing prices were unobtainable as of the end of 6M13.



Transfers between level 1 and level 2

  6M13 6M12


in
Transfers

to level 1

out of level 2
Transfers

out of level 1

to level 2
Transfers

to level 1

out of level 2
Transfers

out of level 1

to level 2
Assets (CHF million)   
   Debt   471 85 47 96
   Equity   422 171 99 202
   Derivatives   4,093 1 4,374 16
Trading assets   4,986 257 4,520 314
Liabilities (CHF million)   
   Debt   6 17 26 32
   Equity   250 17 43 20
   Derivatives   3,536 9 5,116 66
Trading liabilities   3,792 43 5,185 118




Assets and liabilities measured at fair value on a recurring basis for level 3
  Trading revenues Other revenues


6M13


Balance at

beginning

of period




Transfers

in




Transfers

out






Purchases






Sales






Issuances






Settlements


On

transfers

in / out
1

On

all

other


On

transfers

in / out
1

On

all

other
Foreign

currency

translation

impact


Balance

at end

of period
Assets (CHF million)   
   Debt   5,888 465 (979) 3,291 (4,604) 0 0 130 150 0 0 170 4,511
      of which corporates   3,192 146 (483) 1,009 (2,020) 0 0 113 9 0 0 91 2,057
      of which RMBS   724 257 (292) 758 (638) 0 0 6 64 0 0 27 906
      of which CMBS   1,023 26 (100) 129 (821) 0 0 (3) 33 0 0 19 306
      of which CDO   447 14 (39) 1,384 (1,008) 0 0 2 45 0 0 20 865
   Equity   485 190 (173) 139 (236) 0 0 6 (2) 0 0 14 423
   Derivatives   6,650 916 (897) 0 0 721 (1,004) 96 (97) 0 0 194 6,579
      of which interest rate products   1,859 42 (198) 0 0 164 (198) 2 (161) 0 0 50 1,560
      of which equity/index-related products   1,920 149 (258) 0 0 116 (225) 62 250 0 0 62 2,076
      of which credit derivatives   1,294 721 (262) 0 0 111 (302) 33 (9) 0 0 41 1,627
   Other   2,486 165 (224) 2,727 (2,133) 0 (65) 1 (46) 0 0 89 3,000
Trading assets   15,509 1,736 (2,273) 6,157 (6,973) 721 (1,069) 233 5 0 0 467 14,513
Investment securities   170 0 0 166 (17) 0 0 0 0 0 0 0 319
   Equity   6,366 0 (40) 745 (1,329) 0 0 0 (2) 0 276 196 6,212
   Life finance instruments   1,818 0 0 100 (186) 0 0 0 (80) 0 0 61 1,713
Other investments   8,184 0 (40) 845 (1,515) 0 0 0 (82) 0 276 257 7,925
Loans   6,619 93 (1,644) 368 (834) 3,593 (1,193) (1) (81) 0 0 229 7,149
   of which commercial and industrial loans   4,778 81 (322) 368 (595) 1,346 (780) 0 (126) 0 0 149 4,899
   of which financial institutions   1,530 11 (2) 1 (119) 240 (363) 0 (49) 0 0 49 1,298
Other intangible assets   43 0 0 0 0 0 0 0 0 0 (6) 2 39
Other assets   5,164 1,551 (1,556) 2,673 (1,707) 700 (501) 16 133 0 0 158 6,631
   of which loans held-for-sale  2 4,463 1,540 (1,554) 2,494 (1,538) 700 (501) 15 92 0 0 131 5,842
Total assets at fair value   35,689 3,380 (5,513) 10,209 (11,046) 5,014 (2,763) 248 (25) 0 270 1,113 36,576
Liabilities (CHF million)   
Customer deposits   25 0 0 0 0 53 0 0 (13) 0 0 (3) 62
Trading liabilities   5,356 1,024 (814) 53 (155) 489 (1,125) 124 252 0 0 165 5,369
   of which interest rate derivatives   1,357 59 (132) 0 0 82 (43) 3 (269) 0 0 38 1,095
   of which foreign exchange derivatives   1,648 15 (14) 0 0 13 (472) (1) 73 0 0 50 1,312
   of which equity/index-related derivatives   1,003 111 (302) 0 0 275 (308) 90 341 0 0 34 1,244
   of which credit derivatives   819 808 (267) 0 0 71 (226) 40 89 0 0 27 1,361
Short-term borrowings   124 46 (34) 0 0 203 (86) (4) (61) 0 0 5 193
Long-term debt   10,098 1,728 (1,209) 0 0 2,818 (2,787) 16 (51) 0 0 347 10,960
   of which structured notes over two years   6,189 321 (893) 0 0 1,966 (1,160) 12 (352) 0 0 223 6,306
   of which non-recourse liabilities   2,551 1,369 (196) 0 0 438 (1,274) 10 114 0 0 76 3,088
Other liabilities   2,848 31 (131) 62 (280) 1 (58) (16) (18) 26 135 77 2,677
   of which failed sales   1,160 12 (77) 45 (230) 0 0 (4) (8) 0 0 38 936
Total liabilities at fair value   18,451 2,829 (2,188) 115 (435) 3,564 (4,056) 120 109 26 135 591 19,261
Net assets/(liabilities) at fair value   17,238 551 (3,325) 10,094 (10,611) 1,450 1,293 128 (134) (26) 135 522 17,315
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 gains recorded in trading revenues of CHF 90 million primarily related to subprime exposures in the RMBS and CMBS businesses 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


6M12


Balance at

beginning

of period




Transfers

in




Transfers

out






Purchases












Sales












Issuances












Settlements


On

transfers

in / out
1

On

all

other


On

transfers

in / out
1

On

all

other
Foreign

currency

translation

impact


Balance

at end

of period
Assets (CHF million)   
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     1,204 0 0 0 0 0 0 0 (25) 0 0 7 1,186
Securities received as collateral   193 0 (195) 0 0 0 0 0 0 0 0 2 0
   Debt   10,028 1,269 (1,477) 3,338 (5,310) 0 0 28 34 0 0 25 7,935
      of which corporates   5,076 479 (665) 2,268 (3,323) 0 0 35 232 0 0 23 4,125
      of which RMBS   1,786 517 (545) 477 (999) 0 0 (11) 26 0 0 2 1,253
      of which CMBS   1,517 111 (154) 206 (142) 0 0 (5) (170) 0 0 1 1,364
      of which CDO   727 136 (44) 300 (485) 0 0 1 17 0 0 2 654
   Equity   467 287 (39) 198 (446) 0 0 16 (52) 0 0 (2) 429
   Derivatives   9,587 912 (1,128) 0 0 701 (1,656) 73 55 0 0 42 8,586
      of which interest rate products   2,547 55 (247) 0 0 152 (369) 11 34 0 0 12 2,195
      of which equity/index-related products   2,732 396 (459) 0 0 259 (616) 57 (129) 0 0 7 2,247
      of which credit derivatives   2,171 455 (328) 0 0 145 (385) 0 22 0 0 11 2,091
   Other   2,196 110 (115) 1,239 (1,128) 0 0 (2) 10 0 0 17 2,327
Trading assets   22,278 2,578 (2,759) 4,775 (6,884) 701 (1,656) 115 47 0 0 82 19,277
Investment securities   102 0 0 0 (7) 0 0 0 0 0 0 (3) 92
   Equity   7,076 4 (48) 420 (629) 0 0 0 1 0 381 31 7,236
   Life finance instruments   1,969 0 0 70 (154) 0 0 0 25 0 0 12 1,922
Other investments   9,045 4 (48) 490 (783) 0 0 0 26 0 381 43 9,158
Loans   6,842 220 (97) 327 (712) 1,779 (1,803) 5 (186) 0 0 25 6,400
   of which commercial and industrial loans   4,559 114 (97) 92 (353) 1,095 (1,459) 5 12 0 0 10 3,978
   of which financial institutions   2,179 76 0 227 (345) 496 (329) 0 (221) 0 0 10 2,093
Other intangible assets   70 0 0 2 0 0 0 0 0 0 (9) 0 63
Other assets   7,469 1,180 (1,593) 1,513 (1,744) 101 (664) 54 318 0 0 1 6,635
   of which loans held-for-sale   6,901 1,155 (1,592) 1,465 (1,662) 101 (665) 53 286 0 0 10 6,052
Total assets at fair value   47,203 3,982 (4,692) 7,107 (10,130) 2,581 (4,123) 174 180 0 372 157 42,811
Liabilities (CHF million)   
Obligation to return securities received as collateral   193 0 (195) 0 0 0 0 0 0 0 0 2 0
Trading liabilities   7,343 704 (980) 36 (271) 465 (1,282) 41 47 0 0 28 6,131
      of which interest rate derivatives   1,588 79 (377) 0 0 63 (66) 23 13 0 0 11 1,334
      of which foreign exchange derivatives   2,836 1 (167) 0 0 0 (496) 20 1 0 0 10 2,205
      of which equity/index-related derivatives   1,022 62 (109) 0 0 236 (191) (32) (99) 0 0 0 889
      of which credit derivatives   1,520 520 (313) 0 0 69 (459) 30 (113) 0 0 2 1,256
Short-term borrowings   236 4 (60) 0 0 129 (233) (6) 9 0 0 (1) 78
Long-term debt   12,715 1,493 (1,654) 0 0 1,438 (2,852) 116 351 0 0 70 11,677
   of which structured notes over two years   7,576 657 (852) 0 0 1,039 (1,517) 59 152 0 0 53 7,167
   of which non-recourse liabilities   3,585 744 (716) 0 0 173 (1,171) 53 147 0 0 6 2,821
Other liabilities   3,891 131 (46) 273 (668) 1 (219) (7) 80 0 115 7 3,558
   of which failed sales   1,909 72 (19) 266 (661) 0 (46) 0 144 0 0 6 1,671
Total liabilities at fair value   24,378 2,332 (2,935) 309 (939) 2,033 (4,586) 144 487 0 115 106 21,444
Net assets/(liabilities) at fair value   22,825 1,650 (1,757) 6,798 (9,191) 548 463 30 (307) 0 257 51 21,367
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)

  6M13 6M12


in
Trading

revenues
Other

revenues
Total

revenues
Trading

revenues
Other

revenues
Total

revenues
Gains and losses on assets and liabilities (CHF million)   
Net realized/unrealized gains/(losses) included in net revenues   (6) 109 103 1 (277) 257 (20) 1
Whereof:  
   Unrealized gains/(losses) relating    to assets and liabilities still held as of the reporting date     (1,079) 103 (976) 113 318 431
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 6M13 were CHF 3,380 million, primarily from trading assets and loans held-for-sale. The transfers were primarily in the corporate credit and private equity businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 6M13 were CHF 5,513 million, primarily in trading assets, loans and loans held-for-sale. The transfers out of level 3 assets were primarily in the Brazil trading, private equity, corporate credit, prime services and rates businesses due to improved observability of pricing data and increased availability of pricing information from external providers.

Transfers into level 3 assets during 2Q13 were CHF 2,128 million, primarily from trading assets and loans held-for-sale. The transfers were primarily in the corporate credit and private equity businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2Q13 were CHF 2,174 million, primarily in trading assets, loans held-for-sale and loans. The transfers out of level 3 assets were primarily in the corporate credit, private equity and prime services businesses due to improved observability of pricing data and increased availability of pricing information from external providers.



Qualitative disclosures of valuation techniques

Overview

The Group has implemented and maintains a valuation control framework, which is supported by policies and procedures that define the principles for controlling the valuation of the Group’s financial instruments. Product Control and Risk Management create, review and approve significant valuation policies and procedures. The framework includes three main internal processes: (i) valuation governance; (ii) independent price verification and significant unobservable inputs review; and (iii) a cross-functional pricing model review. Through this framework, the Group determines the reasonableness of the fair value of its financial instruments.

On a monthly basis, meetings are held for each business line with senior representatives of the Front Office and Product Control to discuss independent price verification results, valuation adjustments, and other significant valuation issues. On a quarterly basis, a review of significant changes in the fair value of financial instruments is undertaken by Product Control and conclusions are reached regarding the reasonableness of those changes. Additionally, on a quarterly basis, meetings are held for each business line with senior representatives of the Front Office, Product Control, Risk Management, and Financial Accounting to discuss independent price verification results, valuation issues, business and market updates, as well as a review of significant changes in fair value from the prior quarter, significant unobservable inputs and prices used in valuation techniques, and valuation adjustments.

The results of these meetings are aggregated for presentation to the Valuation and Risk Management Committee (VARMC) and the Audit Committee. The VARMC, which is comprised of Executive Board members and the heads of the business and control functions, meets to review and ratify valuation review conclusions, and to resolve significant valuation issues for the Group. Oversight of the valuation control framework is through specific and regular reporting on valuation directly to the Group’s Executive Board through the VARMC.

One of the key components of the governance process is the segregation of duties between the Front Office and Product Control. The Front Office is responsible for measuring inventory at fair value on a daily basis, while Product Control is responsible for independently reviewing and validating those valuations on a periodic basis. The Front Office values the inventory using, wherever possible, observable market data which may include executed transactions, dealer quotes, or broker quotes for the same or similar instruments. Product Control validates this inventory using independently sourced data that also includes executed transactions, dealer quotes, and broker quotes.

Product Control utilizes independent pricing service data as part of 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”.



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. 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 rates, default rates, loss severity and discount rates. 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 instrument. Level 2 and level 3 equities include fund-linked products, convertible bonds or equity securities with restrictions that are not traded in active markets. Significant unobservable inputs may include earnings before interest, taxes, depreciation and amortization (EBITDA) multiple, 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. Some observable exchange prices may not be considered executable at the reporting date and may have been adjusted for liquidity concerns. For those instruments where liquidity adjustments have been made to the exchange price, such as long-dated option contracts, the instrument has been included in level 2 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.



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, volatility skew, prepayment rate, credit spread, basis spread and mean reversion.



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, buyback probability and gap risk.

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 price. 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 net asset values (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. As of June 30, 2013, the fair value of investments valued at an amount other than NAV where it is probable they will be sold was CHF 287 million. The remaining actions to complete the sales include steps that are usual and customary for sales of such investments in the secondary market. Substantial increases (decreases) in the NAV for private equity and hedge funds would result in a higher (lower) fair value.

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 inputs may include credit spread, contingent probability and EBITDA multiple. The availability of information used in these modeling techniques is often limited and involves significant judgment in evaluating these different factors over time. As a result, these investments are included in level 3 of the fair value hierarchy.



Life finance instruments

Life finance instruments include Single Premium Immediate Annuities (SPIA) and other premium finance instruments. Life finance instruments are valued in a similar manner as described for life settlement and premium finance instruments under the other trading assets section above.



Loans

The Group’s loan portfolio which is measured at fair value primarily consists of commercial and industrial loans and loans to financial institutions. Within these categories, loans measured at fair value include commercial loans, real estate loans, corporate loans, leverage finance loans and emerging market loans. Fair value is based on recent transactions and quoted prices, where available. Where recent transactions and quoted prices are not available, fair value may be determined by relative value benchmarking (which includes pricing based upon another position in the same capital structure, other comparable loan issues, generic industry credit spreads, implied credit spreads derived from CDS for the specific borrower, and enterprise valuations) or calculated based on the exit price of the collateral, based on current market conditions.

Both the funded and unfunded portion of revolving credit lines on the corporate lending portfolio are valued using a 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 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 and price.

Generally, the interrelationships between volatility, skew, correlation, gap risk and credit spreads 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 basis spread, buyback probability, EBITDA multiple, market implied life expectancy (for life finance instruments), prepayment rate, correlation, recovery rate, price, skew, volatility, volatility skew and contingent probability, in general, an increase in the significant unobservable input would increase the fair value. For level 3 assets instruments with a significant unobservable input of capitalization rate, gap risk, default rate, discount rate, loss severity, credit spread and market implied life expectancy (for life settlement and premium finance instruments), in general, an increase in the significant unobservable input would decrease the fair value.

For level 3 liabilities an increase in the related significant unobservable inputs would have the inverse impact on fair value. An increase in the significant unobservable input mean reversion 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 2Q13


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
Weighted

average
1
CHF million, except where indicated
Debt   4,511
   of which corporates   2,057
      of which   136 Option model Correlation, in % (83) 93 15
  Buyback probability, in % 2 50 100 61
      of which   872 Market comparable Price, in % 0 136 90
      of which   797 Discounted cash flow Credit spread, in bp 54 650 406
   of which RMBS   906 Discounted cash flow Discount rate, in % 1 38 10
  Prepayment rate, in % 0 26 7
  Default rate, in % 0 25 7
  Loss severity, in % 0 100 39
   of which CMBS   306 Discounted cash flow Capitalization rate, in % 4 12 9
  Discount rate, in % 0 34 15
  Prepayment rate, in % 0 10 7
  Default rate, in % 0 15 4
  Loss severity, in % 0 50 14
   of which CDO   865
      of which   175 Vendor price Price, in % 0 138 102
      of which   442 Discounted cash flow Discount rate, in % 3 19 6
  Prepayment rate, in % 0 20 16
  Default rate, in % 1 3 2
  Loss severity, in % 25 50 33
      of which   86 Market comparable Price, in % 84 97 87
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 2Q13


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
Weighted

average
1
CHF million, except where indicated
Equity   423
      of which   191 Market comparable EBITDA multiple 3 12 8
      of which   41 Discounted cash flow Capitalization rate, in % 7 7 7
  Discount rate, in % 15 15 15
Derivatives   6,579
   of which interest rate products   1,560 Option model Correlation, in % 17 100 72
  Prepayment rate, in % 2 45 28
  Volatility, in % 2 31 7
  Volatility skew, in % (9) 4 (2)
  Credit spread, in bp 21 500 92
   of which equity/index-related products   2,076 Option model Correlation, in % (83) 93 15
  Volatility, in % 4 148 30
   of which credit derivatives   1,627 Discounted cash flow Credit spread, in bp 1 2,688 140
  Recovery rate, in % 0 77 25
  Discount rate, in % 0 38 10
  Default rate, in % 0 25 11
  Loss severity, in % 0 100 58
  Correlation, in % 41 97 60
  Prepayment rate, in % 0 25 5
Other   3,000
      of which   2,313 Market comparable Price, in % 0 123 38
      of which     553 Discounted cash flow Market implied life expectancy, in years 4 20 10
Trading assets   14,513
Investment securities   319
Private equity   3,980 2 2 2 2 2
Hedge funds   133 2 2 2 2 2
Other equity investments   2,099
   of which private   2,099
      of which   650 Discounted cash flow Credit spread, in bp 963 1,315 1,123
  Contingent probability, in % 50 50 50
      of which   963 Market comparable EBITDA multiple 2 12 8
Life finance instruments     1,713 Discounted cash flow Market implied life expectancy, in years 1 22 9
Other investments   7,925
Loans   7,149
   of which commercial and industrial loans   4,899
      of which   4,459 Discounted cash flow Credit spread, in bp 37 2,527 507
      of which   282 Market comparable Price, in % 0 100 48
   of which financial institutions   1,298 Discounted cash flow Credit spread, in bp 99 920 461
Other intangible assets (mortgage servicing rights)   39
Other assets   6,631
   of which loans held-for-sale   5,842
      of which   2,546 Vendor price Price, in % 1 150 103
      of which   796 Discounted cash flow Credit spread, in bp 110 1,710 522
      of which   1,786 Market comparable Price, in % 0 116 73
Total level 3 assets at fair value   36,576
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 assets at fair value (continued)



end of 4Q12


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
CHF million, except where indicated
Debt   5,888
   of which corporates   3,192
      of which   754 Option model Correlation, in % (87) 97
  Buyback probability, in % 1 50 100
      of which   797 Market comparable Price, in % 0 146
      of which   1,231 Discounted cash flow Credit spread, in bp 0 2,439
   of which RMBS   724 Discounted cash flow Discount rate, in % 2 50
  Prepayment rate, in % 0 55
  Default rate, in % 0 25
  Loss severity, in % 0 100
   of which CMBS   1,023 Discounted cash flow Capitalization rate, in % 5 12
  Internal rate of return, in % 9 15
  Discount rate, in % 2 35
  Prepayment rate, in % 0 10
  Default rate, in % 0 40
  Loss severity, in % 0 90
   of which CDO   447
      of which   193 Vendor price Price, in % 0 102
      of which   123 Discounted cash flow Discount rate, in % 2 35
  Prepayment rate, in % 0 40
  Default rate, in % 0 25
  Loss severity, in % 0 100
      of which   78 Market comparable Price, in % 80 93
1
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 4Q12


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
CHF million, except where indicated
Equity   485
      of which   237 Market comparable EBITDA multiple 3 12
      of which   26 Discounted cash flow Capitalization rate, in % 7 7
Derivatives   6,650
   of which interest rate products   1,859 Option model Correlation, in % 17 100
  Prepayment rate, in % 2 45
  Volatility, in % (5) 31
  Credit spread, in bp 34 157
   of which equity/index-related products   1,920 Option model Correlation, in % (87) 97
  Volatility, in % 2 157
   of which credit derivatives   1,294 Discounted cash flow Credit spread, in bp 1 5,843
  Recovery rate, in % 0 75
  Discount rate, in % 2 35
  Default rate, in % 0 25
  Loss severity, in % 0 100
  Correlation, in % 30 97
  Prepayment rate, in % 0 40
Other   2,486
      of which   1,891 Market comparable Price, in % 0 103
      of which   564 Discounted cash flow Life expectancy, in years 4 20
Trading assets   15,509
Investment securities   170
Private equity   3,958 1 1 1 1
Hedge funds   165 1 1 1 1
Other equity investments   2,243
   of which private   2,245
      of which   759 Discounted cash flow Credit spread, in bp 1,070 2,049
  Contingent probability, in % 50 50
      of which   903 Market comparable EBITDA multiple 2 13
Life finance instruments   1,818 Discounted cash flow Life expectancy, in years 1 23
Other investments   8,184
Loans   6,619
   of which commercial and industrial loans   4,778 Discounted cash flow Credit spread, in bp 0 2,763
   of which financial institutions   1,530 Discounted cash flow Credit spread, in bp 0 888
Other intangible assets (mortgage servicing rights)   43
Other assets   5,164
   of which loans held-for-sale   4,463
      of which   2,031 Vendor price Price, in % 0 103
      of which   328 Discounted cash flow Credit spread, in bp 20 1,458
      of which   2,009 Market comparable Price, in % 0 115
Total level 3 assets at fair value   35,689
1
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 2Q13


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
Weighted

average
1
CHF million, except where indicated   
Customer deposits   62
Trading liabilities   5,369
   of which interest rate derivatives   1,095 Option model Basis spread, in bp (21) 211 106
  Correlation, in % (30) 99 62
  Mean reversion, in % 2 3 10 7
  Prepayment rate, in % 5 45 31
   of which foreign exchange derivatives   1,312 Option model Correlation, in % (10) 70 50
  Prepayment rate, in % 20 32 26
   of which equity/index-related derivatives   1,244 Option model Correlation, in % (83) 93 15
  Skew, in % 59 129 94
  Volatility, in % 4 148 29
  Buyback probability, in % 3 50 100 61
  Gap risk, in % 4 0 8 0
   of which credit derivatives   1,361 Discounted cash flow Credit spread, in bp 1 2,688 151
  Discount rate, in % 0 38 10
  Default rate, in % 0 25 11
  Recovery rate, in % 20 77 42
  Loss severity, in % 0 100 58
  Correlation, in % 42 98 46
  Prepayment rate, in % 0 25 3
Short-term borrowings   193
Long-term debt   10,960
   of which structured notes over two years   6,306 Option model Correlation, in % (83) 99 16
  Volatility, in % 4 148 29
  Buyback probability, in % 3 50 100 61
  Gap risk, in % 4 0 8 0
   of which non-recourse liabilities   3,088
      of which   2,763 Vendor price Price, in % 0 150 103
      of which   262 Market comparable Price, in % 0 87 7
Other liabilities   2,677
   of which failed sales   936
      of which   651 Market comparable Price, in % 0 99 74
      of which   263 Discounted cash flow Credit spread, in bp 175 1,710 965
  Recovery rate, in % 10 10 10
Total level 3 liabilities at fair value   19,261
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.




Quantitative information about level 3 liabilities at fair value (continued)



end of 4Q12


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
CHF million, except where indicated   
Customer deposits   25
Trading liabilities   5,356
   of which interest rate derivatives   1,357 Option model Basis spread, in bp (28) 54
  Correlation, in % 17 100
  Mean reversion, in % 1 (33) 5
  Prepayment rate, in % 4 45
   of which foreign exchange derivatives   1,648 Option model Correlation, in % (10) 70
  Prepayment rate, in % 4 22
   of which equity/index-related derivatives   1,003 Option model Correlation, in % (87) 97
  Skew, in % 56 128
  Volatility, in % 2 157
  Buyback probability, in % 2 50 100
  Gap risk, in % 3 0 4
   of which credit derivatives   819 Discounted cash flow Credit spread, in bp 0 5,843
  Discount rate, in % 2 35
  Default rate, in % 0 25
  Recovery rate, in % 0 77
  Loss severity, in % 0 100
  Correlation, in % 0 47
  Prepayment rate, in % 0 40
Short-term borrowings   124
Long-term debt   10,098
   of which structured notes over two years   6,189 Option model Correlation, in % (87) 97
  Volatility, in % 2 157
  Buyback probability, in % 2 50 100
  Gap risk, in % 3 0 12
   of which non-recourse liabilities   2,551
      of which   2,255 Vendor price Price, in % 0 103
      of which   230 Market comparable Price, in % 0 87
Other liabilities   2,848
   of which failed sales   1,160
      of which   646 Market comparable Price, in % 0 100
      of which   290 Discounted cash flow Credit spread, in bp 0 1,532
Total level 3 liabilities at fair value   18,451
1
Management's best estimate of the speed at which interest rates will revert to the long-term average.
2
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
3
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates.




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 each 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 ten 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

  2Q13 4Q12


end of


Non-

redeemable




Redeemable


Total

fair value
Unfunded

commit-

ments


Non-

redeemable




Redeemable


Total

fair value
Unfunded

commit-

ments
Fair value and unfunded commitments (CHF million)   
   Debt funds   126 18 144 0 127 38 165 0
   Equity funds   29 3,275 1 3,304 0 52 3,810 2 3,862 0
   Equity funds sold short   0 (89) (89) 0 0 (111) (111) 0
Total funds held in trading assets and liabilities   155 3,204 3,359 0 179 3,737 3,916 0
   Debt funds   40 218 258 22 69 364 433 157
   Equity funds   3 32 35 0 3 43 46 0
   Others   3 185 188 33 3 153 156 46
Hedge funds   46 435 3 481 55 75 560 4 635 203
   Debt funds   111 0 111 3 97 0 97 17
   Equity funds   2,617 0 2,617 594 2,633 0 2,633 724
   Real estate funds   406 0 406 134 382 0 382 131
   Others   846 0 846 195 846 0 846 198
Private equities   3,980 0 3,980 926 3,958 0 3,958 1,070
Equity method investments   372 0 372 0 385 0 385 0
Total funds held in other investments   4,398 435 4,833 981 4,418 560 4,978 1,273
Total fair value   4,553 5 3,639 6 8,192 981 7 4,597 5 4,297 6 8,894 1,273 7
1
52 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 18 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 18 % is redeemable on a monthly basis with a notice period primarily of less than 30 days and 11 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
2
57 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 17 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 13 % is redeemable on a monthly basis with a notice period primarily of less than 30 days and 13 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
3
54 % 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 , 23 % is redeemable on demand with a notice period primarily of less than 30 days and 17 % is redeemable on an annual basis with a notice period of more than 60 days .
4
66 % 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 , 19 % is redeemable on demand with a notice period primarily of less than 30 days and 11 % is redeemable on an annual basis with a notice period of more than 60 days .
5
Includes CHF 2,169 million and CHF 1,958 million attributable to noncontrolling interests in 2Q13 and 4Q12, respectively.
6
Includes CHF 112 million and CHF 107 million attributable to noncontrolling interests in 2Q13 and 4Q12, respectively.
7
Includes CHF 503 million and CHF 418 million attributable to noncontrolling interests in 2Q13 and 4Q12, 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 2Q13 4Q12
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion)     
Assets held-for-sale recorded at fair value on a nonrecurring basis     0.4 0.5
   of which level 3   0.4 0.5






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.

> Refer to “Note 33 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for further information on the Group’s election of the fair value option for certain of its financial statement captions.







Difference between the aggregate fair value and the aggregate unpaid principal balances on loans and financial instruments

  2Q13 4Q12


end of
Aggregate

fair

value
Aggregate

unpaid

principal




Difference
Aggregate

fair

value
Aggregate

unpaid

principal




Difference
Loans (CHF million)   
Non-interest-earning loans   715 3,090 (2,375) 920 3,810 (2,890)
Financial instruments (CHF million)   
Interest-bearing deposits with banks   396 391 5 627 615 12
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     99,972 99,602 370 113,664 113,196 468
Loans   19,570 20,470 (900) 20,000 20,278 (278)
Other assets  1 25,863 31,188 (5,325) 22,060 29,787 (7,727)
Due to banks and customer deposits   (780) (774) (6) (531) (493) (38)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     (79,443) (79,373) (70) (108,784) (108,701) (83)
Short-term borrowings   (5,620) (5,562) (58) (4,513) (4,339) (174)
Long-term debt   (63,942) (65,054) 1,112 (65,384) (66,998) 1,614
Other liabilities   (2,278) (3,741) 1,463 (3,683) (6,186) 2,503
1
Primarily loans held-for-sale.




Gains and losses on financial instruments

  6M13 6M12


in
Net

gains/

(losses)
Net

gains/

(losses)
Financial instruments (CHF million)   
Cash and due from banks   0 (12) 2
   of which related to credit risk   0 (13)
Interest-bearing deposits with banks   4 1 0
   of which related to credit risk   (2) 0
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     532 1 628 1
Other trading assets   0 10 2
Other investments   (34) 2 26 2
   of which related to credit risk   0 10
Loans   224 1 1 2
   of which related to credit risk   (107) 259
Other assets   1,128 1 1,223 1
   of which related to credit risk   300 268
Due to banks and customer deposits   13 2 4 2
   of which related to credit risk   (1) 16
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     40 2 30 2
Short-term borrowings   6 2 (131) 2
Long-term debt   800 2 (3,005) 2
   of which related to credit risk  3 10 (1,298)
Other liabilities   239 2 265 2
   of which related to credit risk   51 294
1
Primarily recognized in net interest income.
2
Primarily recognized in trading revenues.
3
Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (20) million and CHF 38 million in 6M13, respectively, and CHF (785) million and CHF (500) million in 6M12, respectively.






Disclosures about the fair value of financial instruments not carried at fair value in the consolidated balance sheet



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

value


Fair value
end of Level 1 Level 2 Level 3 Total
2Q13 (CHF million)
Financial assets  
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions     73,432 0 72,911 521 73,432
Loans   222,575 0 221,822 4,454 226,276
Other financial assets  1 152,471 58,890 92,207 1,806 152,903
Financial liabilities  
Due to banks and deposits   352,326 207,672 144,555 10 352,237
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions     19,630 0 19,630 0 19,630
Short-term borrowings   15,357 0 15,363 0 15,363
Long-term debt   69,563 0 65,972 4,364 70,336
Other financial liabilities  2 117,769 0 116,533 1,151 117,684
4Q12 (CHF million)
Financial assets  
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions     69,791 0 69,764 27 69,791
Loans   218,281 0 221,030 4,482 225,512
Other financial assets  1 132,147 63,900 66,798 1,772 132,470
Financial liabilities  
Due to banks and deposits   331,270 200,838 130,313 9 331,160
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions     23,937 0 23,939 0 23,939
Short-term borrowings   14,128 0 14,131 0 14,131
Long-term debt   82,750 0 79,846 4,546 84,392
Other financial liabilities  2 89,361 0 88,121 1,171 89,292
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.




v2.4.0.6
Assets pledged and collateral
6 Months Ended
Jun. 30, 2013
Assets pledged and collateral
Note 28 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 2Q13 4Q12
Assets pledged (CHF million)   
Total assets pledged or assigned as collateral   146,389 151,419
   of which encumbered   86,390 90,745




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 2Q13 4Q12
Collateral (CHF million)   
Fair value of collateral received with the right to sell or repledge     387,061 402,793
   of which sold or repledged   293,292 292,514




v2.4.0.6
Litigation
6 Months Ended
Jun. 30, 2013
Litigation
Note 29 Litigation

The Group is involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its businesses. The Group’s material proceedings, related provisions and estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions are described in Note 37 – Litigation in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 and updated in subsequent quarterly reports (including 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 litigation provisions (including estimated fees and expenses of external lawyers and other service providers) 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 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.

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, the Group has disclosed the amount of damages claimed and certain other quantifiable information that is publicly available.

The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed in Note 37 referenced above and updated in quarterly reports and below for which the Group believes an estimate is possible is zero to CHF 2.3 billion.

In 2Q13, the Group recorded net litigation provisions of CHF 155 million. After taking into account its litigation provisions, the Group believes, based on currently available information and advice of counsel, that the results of its legal proceedings, in the aggregate, will not have a material adverse effect on the Group’s financial condition. However, in light of the inherent uncertainties of such proceedings, including those brought by regulators or other governmental authorities, the ultimate cost to the Group of resolving such proceedings may exceed current litigation provisions and any excess may be material to its operating results for any particular period, depending, in part, upon the operating results for such period.



Mortgage-related matters

The amounts disclosed below do not reflect actual realized plaintiff losses to date or anticipated future litigation exposure. Rather, unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as alleged in these actions and do not include any reduction in principal amounts since issuance.



Individual investor actions

On April 24, 2013, the Supreme Court of the State of New York, New York County (SCNY) dismissed the action brought by Phoenix Light SF Ltd. and affiliated entities against Credit Suisse Securities (USA) LLC (CSS LLC) and its affiliates, although plaintiffs were granted leave to replead. On May 28, 2013, The Union Central Life Insurance Company and affiliated entities filed a letter motion to propose a second amended complaint in the action brought against CSS LLC and its affiliates and employees. On May 13, 2013, following a settlement, a West Virginia state court dismissed with prejudice the action brought by West Virginia Investment Management Board against CSS LLC. On June 20, 2013, the US District Court for the Central District of California dismissed in part the action pending in such court against CSS LLC brought by the FDIC, as receiver for Colonial Bank; the remaining claims 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).



Repurchase litigations

On May 31, 2013, Asset Backed Securities Corporation Home Equity Loan Trust Series AMQ 2007-HE2 filed an action against DLJ Mortgage Capital, Inc. (DLJ) in the SCNY, alleging that DLJ breached representations and warranties in respect of certain mortgage loans and failed to repurchase such mortgage loans as required under the applicable agreements. No damages amount is alleged.



Auction Rate Securities

On May 22, 2013, the Group and Elbit Systems Ltd (Elbit) settled Elbit’s lawsuit in the US District Court for the Southern District of New York seeking approximately USD 16 million related to the purchase of auction rate securities, alleging federal securities law claims and state law aiding and abetting fraud and unjust enrichment causes of action.



Tax matters

Credit Suisse has been responding to subpoenas and other requests for information from the United States Department of Justice (DOJ), SEC and other authorities involving historical Private Banking services provided on a cross-border basis to US persons. US authorities are investigating possible violations of US tax and securities laws. In particular, the DOJ is investigating whether US clients violated their US tax obligations and whether Credit Suisse and certain of its employees assisted such clients. The SEC is investigating 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 have been indicted and one former employee pleaded guilty to conduct while employed at other financial institutions that did not involve Credit Suisse. Credit Suisse received a grand jury target letter from the DOJ. We understand that certain US authorities are also investigating other Swiss and non-US financial institutions. We have been conducting an internal investigation and are continuing to cooperate with the authorities both in the US and Switzerland to resolve this matter in a responsible manner that complies with our legal obligations. Our provision of Swiss-based information to these US authorities has been in accordance with permission granted by Swiss authorities including the Swiss Federal Council. In early July 2013 the Federal Council announced that it would also provide permission to banks, including Credit Suisse, to transmit information on the destination of assets of US clients who closed their Swiss bank account. Credit Suisse has applied for and received such permission from the Federal Council.



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. These additional reserves will be returned to each bank within one year, assuming it has satisfied the MAS that it has adopted sufficient measures to address the identified deficiencies.



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 the International Swaps and Derivatives Association, Inc. (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. The next step in the process is for the named entities to provide written responses.

In addition, certain Credit Suisse entities, as well as other banks, have been named in civil litigation in the US. Further, Credit Suisse (USA), Inc. has received civil investigative demands from the DOJ.



v2.4.0.6
Subsidiary guarantee information
6 Months Ended
Jun. 30, 2013
Subsidiary guarantee information
Note 30 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.



Condensed consolidating statements of operations



in 2Q13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   1,690 4,392 6,082 13 124 6,219
Interest expense   (1,053) (2,507) (3,560) (11) (7) (3,578)
Net interest income   637 1,885 2,522 2 117 2,641
Commissions and fees   1,076 2,488 3,564 1 46 3,611
Trading revenues   (466) 822 356 0 1 357
Other revenues   280 139 419 1,039 2 (1,041) 417
Net revenues   1,527 5,334 6,861 1,042 (877) 7,026
Provision for credit losses   2 33 35 0 16 51
Compensation and benefits   896 1,989 2,885 18 70 2,973
General and administrative expenses   508 1,416 1,924 (34) 11 1,901
Commission expenses   58 401 459 0 3 462
Total other operating expenses   566 1,817 2,383 (34) 14 2,363
Total operating expenses   1,462 3,806 5,268 (16) 84 5,336
Income/(loss) before taxes   63 1,495 1,558 1,058 (977) 1,639
Income tax expense/(benefit)   (28) 483 455 13 7 475
Net income/(loss)   91 1,012 1,103 1,045 (984) 1,164
Net income/(loss) attributable to noncontrolling interests   98 222 320 0 (201) 119
Net income/(loss) attributable to shareholders   (7) 790 783 1,045 (783) 1,045
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 2Q13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   91 1,012 1,103 1,045 (984) 1,164
   Gains/(losses) on cash flow hedges   0 (21) (21) 6 0 (15)
   Foreign currency translation   (15) (151) (166) 0 0 (166)
   Unrealized gains/(losses) on securities   0 (6) (6) 0 (8) (14)
   Actuarial gains/(losses)   10 4 14 0 67 81
   Net prior service credit/(cost)   0 0 0 0 (31) (31)
Other comprehensive income/(loss), net of tax   (5) (174) (179) 6 28 (145)
Comprehensive income/(loss)   86 838 924 1,051 (956) 1,019
Comprehensive income/(loss) attributable to noncontrolling interests   94 201 295 0 (185) 110
Comprehensive income/(loss) attributable to shareholders   (8) 637 629 1,051 (771) 909
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of operations



in 2Q12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   1,996 4,909 6,905 21 118 7,044
Interest expense   (1,175) (4,232) (5,407) (19) (4) (5,430)
Net interest income   821 677 1,498 2 114 1,614
Commissions and fees   913 2,144 3,057 3 56 3,116
Trading revenues   (497) 1,578 1,081 0 75 1,156
Other revenues   129 232 361 789 2 (775) 375
Net revenues   1,366 4,631 5,997 794 (530) 6,261
Provision for credit losses   0 10 10 0 15 25
Compensation and benefits   814 2,171 2,985 23 (3) 3,005
General and administrative expenses   383 1,295 1,678 (24) 19 1,673
Commission expenses   58 365 423 1 3 427
Total other operating expenses   441 1,660 2,101 (23) 22 2,100
Total operating expenses   1,255 3,831 5,086 0 19 5,105
Income/(loss) before taxes   111 790 901 794 (564) 1,131
Income tax expense   33 221 254 6 51 311
Net income/(loss)   78 569 647 788 (615) 820
Net income/(loss) attributable to noncontrolling interests   13 70 83 0 (51) 32
Net income/(loss) attributable to shareholders   65 499 564 788 (564) 788
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 2Q12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   78 569 647 788 (615) 820
   Gains/(losses) on cash flow hedges   0 2 2 (5) (1) (4)
   Foreign currency translation   999 108 1,107 0 8 1,115
   Unrealized gains/(losses) on securities   0 (52) (52) 0 5 (47)
   Actuarial gains/(losses)   10 4 14 0 32 46
   Net prior service credit/(cost)   0 0 0 0 (14) (14)
Other comprehensive income/(loss), net of tax   1,009 62 1,071 (5) 30 1,096
Comprehensive income/(loss)   1,087 631 1,718 783 (585) 1,916
Comprehensive income/(loss) attributable to noncontrolling interests   208 262 470 0 (253) 217
Comprehensive income/(loss) attributable to shareholders   879 369 1,248 783 (332) 1,699
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of operations



in 6M13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   3,402 7,370 10,772 27 244 11,043
Interest expense   (2,027) (4,467) (6,494) (23) (78) (6,595)
Net interest income   1,375 2,903 4,278 4 166 4,448
Commissions and fees   2,030 4,810 6,840 3 96 6,939
Trading revenues   (459) 2,623 2,164 0 8 2,172
Other revenues   497 163 660 2,314 2 (2,337) 637
Net revenues   3,443 10,499 13,942 2,321 (2,067) 14,196
Provision for credit losses   2 35 37 0 36 73
Compensation and benefits   1,821 4,102 5,923 32 42 5,997
General and administrative expenses   1,015 2,679 3,694 (74) 35 3,655
Commission expenses   121 814 935 0 6 941
Total other operating expenses   1,136 3,493 4,629 (74) 41 4,596
Total operating expenses   2,957 7,595 10,552 (42) 83 10,593
Income/(loss) before taxes   484 2,869 3,353 2,363 (2,186) 3,530
Income tax expense   71 868 939 15 31 985
Net income/(loss)   413 2,001 2,414 2,348 (2,217) 2,545
Net income/(loss) attributable to noncontrolling interests   167 368 535 0 (338) 197
Net income/(loss) attributable to shareholders   246 1,633 1,879 2,348 (1,879) 2,348
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 6M13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   413 2,001 2,414 2,348 (2,217) 2,545
   Gains/(losses) on cash flow hedges   0 (17) (17) 4 0 (13)
   Foreign currency translation   724 44 768 0 (7) 761
   Unrealized gains/(losses) on securities   0 (10) (10) 0 (11) (21)
   Actuarial gains/(losses)   20 8 28 0 123 151
   Net prior service cost   0 0 0 0 (58) (58)
Other comprehensive income/(loss), net of tax   744 25 769 4 47 820
Comprehensive income/(loss)   1,157 2,026 3,183 2,352 (2,170) 3,365
Comprehensive income/(loss) attributable to noncontrolling interests   286 479 765 0 (450) 315
Comprehensive income/(loss) attributable to shareholders   871 1,547 2,418 2,352 (1,720) 3,050
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of operations



in 6M12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   3,837 8,224 12,061 52 226 12,339
Interest expense   (2,209) (6,576) (8,785) (50) (6) (8,841)
Net interest income   1,628 1,648 3,276 2 220 3,498
Commissions and fees   1,873 4,285 6,158 5 115 6,278
Trading revenues   243 1,198 1,441 0 (96) 1,345
Other revenues   415 747 1,162 817 2 (802) 1,177
Net revenues   4,159 7,878 12,037 824 (563) 12,298
Provision for credit losses   (4) 36 32 0 27 59
Compensation and benefits   1,973 4,718 6,691 35 (10) 6,716
General and administrative expenses   800 2,520 3,320 (53) 59 3,326
Commission expenses   114 746 860 1 7 868
Total other operating expenses   914 3,266 4,180 (52) 66 4,194
Total operating expenses   2,887 7,984 10,871 (17) 56 10,910
Income/(loss) before taxes   1,276 (142) 1,134 841 (646) 1,329
Income tax expense/(benefit)   432 (155) 277 9 9 295
Net income/(loss)   844 13 857 832 (655) 1,034
Net income/(loss) attributable to noncontrolling interests   199 89 288 0 (86) 202
Net income/(loss) attributable to shareholders   645 (76) 569 832 (569) 832
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 6M12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   844 13 857 832 (655) 1,034
   Gains/(losses) on cash flow hedges   0 1 1 10 (1) 10
   Foreign currency translation   169 (282) (113) 0 111 (2)
   Unrealized gains/(losses) on securities   0 122 122 0 15 137
   Actuarial gains/(losses)   19 7 26 0 93 119
   Net prior service cost   (1) 1 0 0 (36) (36)
Other comprehensive income/(loss), net of tax   187 (151) 36 10 182 228
Comprehensive income/(loss)   1,031 (138) 893 842 (473) 1,262
Comprehensive income/(loss) attributable to noncontrolling interests   229 102 331 0 (123) 208
Comprehensive income/(loss) attributable to shareholders   802 (240) 562 842 (350) 1,054
1
Includes eliminations and consolidation adjustments.




Condensed consolidating balance sheets



end of 2Q13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Assets (CHF million)   
Cash and due from banks   4,942 52,587 57,529 3 (948) 56,584
Interest-bearing deposits with banks   86 2,222 2,308 0 (745) 1,563
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     121,158 52,237 173,395 0 9 173,404
Securities received as collateral   22,502 (827) 21,675 0 0 21,675
Trading assets   86,589 159,423 246,012 0 (178) 245,834
Investment securities   0 2,072 2,072 0 1,474 3,546
Other investments   5,801 5,629 11,430 40,916 (40,718) 11,628
Net loans   21,967 207,776 229,743 4,175 12,268 246,186
Premises and equipment   1,026 4,234 5,260 0 199 5,459
Goodwill   601 7,075 7,676 0 878 8,554
Other intangible assets   86 151 237 0 0 237
Brokerage receivables   37,474 34,772 72,246 0 1 72,247
Other assets   19,835 52,798 72,633 242 111 72,986
Total assets   322,067 580,149 902,216 45,336 (27,649) 919,903
Liabilities and equity (CHF million)   
Due to banks   247 29,307 29,554 2,451 (2,565) 29,440
Customer deposits   0 316,482 316,482 0 11,907 328,389
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     111,386 (12,313) 99,073 0 0 99,073
Obligation to return securities received as collateral   22,502 (827) 21,675 0 0 21,675
Trading liabilities   19,154 70,789 89,943 0 (26) 89,917
Short-term borrowings   29,994 (9,018) 20,976 0 0 20,976
Long-term debt   36,228 96,561 132,789 418 298 133,505
Brokerage payables   68,473 22,931 91,404 0 0 91,404
Other liabilities   11,811 44,052 55,863 65 189 56,117
Total liabilities   299,795 557,964 857,759 2,934 9,803 870,496
Total shareholders' equity   18,531 18,056 36,587 42,402 (36,587) 42,402
Noncontrolling interests   3,741 4,129 7,870 0 (865) 7,005
Total equity   22,272 22,185 44,457 42,402 (37,452) 49,407
 
Total liabilities and equity   322,067 580,149 902,216 45,336 (27,649) 919,903
1
Includes eliminations and consolidation adjustments.




Condensed consolidating balance sheets



end of 4Q12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Assets (CHF million)   
Cash and due from banks   4,388 56,988 61,376 19 368 61,763
Interest-bearing deposits with banks   86 3,633 3,719 0 (1,774) 1,945
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     124,976 58,470 183,446 0 9 183,455
Securities received as collateral   34,980 (4,935) 30,045 0 0 30,045
Trading assets   87,958 168,644 256,602 0 (203) 256,399
Investment securities   0 1,939 1,939 0 1,559 3,498
Other investments   5,899 5,917 11,816 35,088 (34,882) 12,022
Net loans   22,945 204,553 227,498 4,459 10,266 242,223
Premises and equipment   1,062 4,354 5,416 0 202 5,618
Goodwill   581 6,929 7,510 0 879 8,389
Other intangible assets   77 166 243 0 0 243
Brokerage receivables   20,545 25,223 45,768 0 0 45,768
Other assets   15,469 57,313 72,782 173 (43) 72,912
Total assets   318,966 589,194 908,160 39,739 (23,619) 924,280
Liabilities and equity (CHF million)   
Due to banks   164 30,410 30,574 3,753 (3,313) 31,014
Customer deposits   1 297,689 297,690 0 10,622 308,312
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     127,666 5,055 132,721 0 0 132,721
Obligation to return securities received as collateral   34,980 (4,935) 30,045 0 0 30,045
Trading liabilities   23,332 67,759 91,091 0 (275) 90,816
Short-term borrowings   20,102 (5,264) 14,838 0 3,803 18,641
Long-term debt   35,485 111,512 146,997 437 700 148,134
Brokerage payables   44,400 20,276 64,676 0 0 64,676
Other liabilities   12,008 45,359 57,367 51 219 57,637
Total liabilities   298,138 567,861 865,999 4,241 11,756 881,996
Total shareholders' equity   17,318 17,449 34,767 35,498 (34,767) 35,498
Noncontrolling interests   3,510 3,884 7,394 0 (608) 6,786
Total equity   20,828 21,333 42,161 35,498 (35,375) 42,284
 
Total liabilities and equity   318,966 589,194 908,160 39,739 (23,619) 924,280
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of cash flows



in 6M13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Operating activities of continuing operations (CHF million)
Net cash provided by/(used in) operating activities of continuing operations   1,908 12,669 14,577 169 2 (132) 14,614
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks   3 1,556 1,559 0 (1,030) 529
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     7,978 6,029 14,007 0 0 14,007
Purchase of investment securities   0 (212) (212) 0 0 (212)
Proceeds from sale of investment securities   0 36 36 0 0 36
Maturities of investment securities   0 39 39 0 53 92
Investments in subsidiaries and other investments   224 (863) (639) 0 (262) (901)
Proceeds from sale of other investments   910 438 1,348 32 237 1,617
(Increase)/decrease in loans   1,739 (3,513) (1,774) 541 (2,365) (3,598)
Proceeds from sales of loans   0 484 484 0 0 484
Capital expenditures for premises and equipment and other intangible assets   (119) (317) (436) 0 (4) (440)
Proceeds from sale of premises and equipment and other intangible assets   0 8 8 0 0 8
Other, net   (61) 59 (2) 0 0 (2)
Net cash provided by/(used in) investing activities of continuing operations   10,674 3,744 14,418 573 (3,371) 11,620
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits   76 14,745 14,821 (1,314) 2,086 15,593
Increase/(decrease) in short-term borrowings   9,118 (3,222) 5,896 0 0 5,896
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     (20,405) (16,959) (37,364) 0 0 (37,364)
Issuances of long-term debt   679 16,338 17,017 5 237 17,259
Repayments of long-term debt   (1,974) (31,113) (33,087) (288) (247) (33,622)
Issuances of common shares   0 0 0 928 0 928
Sale of treasury shares   0 0 0 38 5,090 5,128
Repurchase of treasury shares   0 0 0 (192) (5,287) (5,479)
Dividends paid   0 (147) (147) (154) (105) (406)
Other, net   323 (1,417) (1,094) 221 409 (464)
Net cash provided by/(used in) financing activities of continuing operations   (12,183) (21,775) (33,958) (756) 2,183 (32,531)
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks   155 961 1,116 (2) 4 1,118
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks   554 (4,401) (3,847) (16) (1,316) (5,179)
 
Cash and due from banks at beginning of period   4,388 56,988 61,376 19 368 61,763
Cash and due from banks at end of period   4,942 52,587 57,529 3 (948) 56,584
1
Includes eliminations and consolidation adjustments.
2
Consists of dividend payments from Group companies of CHF 161 million and CHF 21 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



in 6M12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Operating activities of continuing operations (CHF million)
Net cash provided by/(used in) operating activities of continuing operations   (8,011) (2,032) (10,043) 190 2 (569) (10,422)
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks   (1) (268) (269) 0 87 (182)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     (6,167) 16,522 10,355 0 19 10,374
Purchase of investment securities   0 (25) (25) 0 (183) (208)
Proceeds from sale of investment securities   0 339 339 0 0 339
Maturities of investment securities   0 106 106 0 61 167
Investments in subsidiaries and other investments   (163) (452) (615) (45) (28) (688)
Proceeds from sale of other investments   608 448 1,056 0 56 1,112
(Increase)/decrease in loans   2,084 (7,469) (5,385) 719 (1,309) (5,975)
Proceeds from sales of loans   0 522 522 0 0 522
Capital expenditures for premises and equipment and other intangible assets   (170) (494) (664) 0 (6) (670)
Proceeds from sale of premises and equipment and other intangible assets   2 6 8 0 0 8
Other, net   214 1,817 2,031 28 (20) 2,039
Net cash provided by/(used in) investing activities of continuing operations   (3,593) 11,052 7,459 702 (1,323) 6,838
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits   213 (3,220) (3,007) (586) 1,558 (2,035)
Increase/(decrease) in short-term borrowings   678 (8,492) (7,814) 0 0 (7,814)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     15,780 (4,193) 11,587 0 0 11,587
Issuances of long-term debt   444 18,550 18,994 5 668 19,667
Repayments of long-term debt   (3,727) (23,712) (27,439) (660) (321) (28,420)
Issuances of common shares   0 0 0 1,323 0 1,323
Sale of treasury shares   0 0 0 361 3,414 3,775
Repurchase of treasury shares   0 0 0 (472) (3,390) (3,862)
Dividends paid   0 (176) (176) (944) (31) (1,151)
Excess tax benefits related to share-based compensation   0 14 14 0 (14) 0
Other, net   (1,467) 615 (852) 77 (5) (780)
Net cash provided by/(used in) financing activities of continuing operations   11,921 (20,614) (8,693) (896) 1,879 (7,710)
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks   31 (228) (197) 57 (101) (241)
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks   348 (11,822) (11,474) 53 (114) (11,535)
 
Cash and due from banks at beginning of period   3,698 107,526 111,224 13 (664) 110,573
Cash and due from banks at end of period   4,046 95,704 99,750 66 (778) 99,038
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.




v2.4.0.6
Summary of significant accounting policies (Policies)
6 Months Ended
Jun. 30, 2013
Basis of presentation
Basis of presentation

The accompanying unaudited condensed consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). These condensed consolidated financial statements should be read in conjunction with the US GAAP consolidated financial statements and notes thereto for the year ended December 31, 2012 included in the Credit Suisse Annual Report 2012.

> Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2012 for a description of the Group’s significant accounting policies.



Certain financial information, which is normally included in annual consolidated financial statements prepared in accordance with US GAAP, but not required for interim reporting purposes, has been condensed or omitted. Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments that are necessary for a fair presentation of the condensed consolidated financial statements for the periods presented. The 1Q13 consolidated statements of operations and comprehensive income, the 1Q13 and 2Q12 consolidated balance sheets and the 2Q13, 1Q13 and 2Q12 consolidated statements of changes in equity have been added for convenience of the reader and are not a required presentation under US GAAP. The results of operations for interim periods are not indicative of results for the entire year.

In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.



v2.4.0.6
Segment information (Tables)
6 Months Ended
Jun. 30, 2013
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment
Net revenues and income before taxes

in 2Q13 1Q13 2Q12 6M13 6M12
Net revenues (CHF million)   
Private Banking & Wealth Management   3,424 3,285 3,398 6,709 6,873
Investment Banking   3,400 3,945 2,751 7,345 6,710
Corporate Center   80 (131) 78 (51) (1,488)
Noncontrolling interests without SEI   122 71 34 193 203
Net revenues   7,026 7,170 6,261 14,196 12,298
Income/(loss) before taxes (CHF million)   
Private Banking & Wealth Management   917 881 977 1,798 1,928
Investment Banking   754 1,300 314 2,054 1,221
Corporate Center   (137) (359) (180) (496) (1,998)
Noncontrolling interests without SEI   105 69 20 174 178
Income/(loss) before taxes   1,639 1,891 1,131 3,530 1,329




Total assets

end of 2Q13 1Q13 4Q12 2Q12
Total assets (CHF million)   
Private Banking & Wealth Management   279,340 284,588 275,683 277,922
Investment Banking   561,980 582,272 563,758 650,591
Corporate Center   74,316 75,339 80,733 110,350
Noncontrolling interests without SEI   4,267 4,419 4,106 4,592
Total assets   919,903 946,618 924,280 1,043,455
Beginning in 1Q13, segment assets exclude intra-Group balances between the segments. Prior periods have been reclassified to conform to the current presentation.




v2.4.0.6
Net interest income (Tables)
6 Months Ended
Jun. 30, 2013
Net interest income
in 2Q13 1Q13 2Q12 6M13 6M12
Net interest income (CHF million)   
Loans   1,210 1,190 1,232 2,400 2,445
Investment securities   13 12 26 25 47
Trading assets   3,705 2,425 4,418 6,130 7,084
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     705 671 786 1,376 1,558
Other   586 526 582 1,112 1,205
Interest and dividend income   6,219 4,824 7,044 11,043 12,339
Deposits   (258) (259) (353) (517) (741)
Short-term borrowings   (17) (80) (16) (97) (36)
Trading liabilities   (1,855) (1,243) (3,278) (3,098) (4,552)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     (397) (336) (527) (733) (897)
Long-term debt   (985) (1,044) (1,177) (2,029) (2,464)
Other   (66) (55) (79) (121) (151)
Interest expense   (3,578) (3,017) (5,430) (6,595) (8,841)
Net interest income   2,641 1,807 1,614 4,448 3,498




v2.4.0.6
Commissions and fees (Tables)
6 Months Ended
Jun. 30, 2013
Commissions and fees
in 2Q13 1Q13 2Q12 6M13 6M12
Commissions and fees (CHF million)   
Lending business   489 441 364 930 671
Investment and portfolio management   1,068 975 1,019 2,043 1,988
Other securities business   26 27 24 53 45
Fiduciary business   1,094 1,002 1,043 2,096 2,033
Underwriting   479 419 311 898 722
Brokerage   1,121 1,048 896 2,169 1,885
Underwriting and brokerage   1,600 1,467 1,207 3,067 2,607
Other services   428 418 502 846 967
Commissions and fees   3,611 3,328 3,116 6,939 6,278




v2.4.0.6
Trading revenues (Tables)
6 Months Ended
Jun. 30, 2013
Trading revenues
in 2Q13 1Q13 2Q12 6M13 6M12
Trading revenues (CHF million)   
Interest rate products   (1,109) 1,697 636 588 304
Foreign exchange products   519 384 (554) 903 483
Equity/index-related products   571 (82) 757 489 942
Credit products   316 (360) 162 (44) (828)
Commodity, emission and energy products   148 43 17 191 88
Other products   (88) 133 138 45 356
Trading revenues   357 1,815 1,156 2,172 1,345
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.




v2.4.0.6
Other revenues (Tables)
6 Months Ended
Jun. 30, 2013
Other revenues
in 2Q13 1Q13 2Q12 6M13 6M12
Other revenues (CHF million)   
Noncontrolling interests without SEI   152 64 50 216 194
Loans held-for-sale   2 (5) (9) (3) (19)
Long-lived assets held-for-sale   (7) (15) (1) (22) (3)
Equity method investments   30 36 33 66 64
Other investments   82 57 130 139 362
Other   158 83 172 241 579
Other revenues   417 220 375 637 1,177




v2.4.0.6
Provision for credit losses (Tables)
6 Months Ended
Jun. 30, 2013
Provision for credit losses
in 2Q13 1Q13 2Q12 6M13 6M12
Provision for credit losses (CHF million)   
Provision for loan losses   49 20 24 69 51
Provision for lending-related and other exposures   2 2 1 4 8
Provision for credit losses   51 22 25 73 59




v2.4.0.6
Compensation and benefits (Tables)
6 Months Ended
Jun. 30, 2013
Compensation and benefits
in 2Q13 1Q13 2Q12 6M13 6M12
Compensation and benefits (CHF million)   
Salaries and variable compensation   2,504 2,611 2,571 5,115 5,885
Social security   229 222 247 451 466
Other  1 240 191 187 431 365
Compensation and benefits  2 2,973 3,024 3,005 5,997 6,716
1
Includes pension and other post-retirement expense of CHF 157 million, CHF 110 million, CHF 129 million, CHF 267 million and CHF 241 million in 2Q13, 1Q13, 2Q12, 6M13 and 6M12, respectively.
2
Includes severance and other compensation expense relating to headcount reductions of CHF 90 million, CHF 67 million, CHF 123 million, CHF 157 million and CHF 168 million as of 2Q13, 1Q13, 2Q12, 6M13 and 6M12, respectively.




v2.4.0.6
General and administrative expenses (Tables)
6 Months Ended
Jun. 30, 2013
General and administrative expenses
in 2Q13 1Q13 2Q12 6M13 6M12
General and administrative expenses (CHF million)   
Occupancy expenses   287 290 308 577 596
IT, machinery, etc.   377 385 372 762 715
Provisions and losses   273 170 13 443 82
Travel and entertainment   92 89 101 181 191
Professional services   466 454 473 920 908
Amortization and impairment of other intangible assets   7 6 7 13 21
Other   399 360 399 759 813
General and administrative expenses   1,901 1,754 1,673 3,655 3,326




v2.4.0.6
Earnings per share (Tables)
6 Months Ended
Jun. 30, 2013
Earnings per share
in 2Q13 1Q13 2Q12 6M13 6M12
Basic net income attributable to shareholders (CHF million)   
Net income attributable to shareholders   1,045 1,303 788 2,348 832
Preferred securities dividends   (114) (114) (114) (114)
Net income attributable to shareholders for basic earnings per share     931 1,303 674 2,234 718
Available for common shares   852 1,033 615 1,918 659
Available for unvested share-based payment awards   70 93 59 164 59
Available for mandatory convertible securities  1 9 177 152
Diluted net income attributable to shareholders (CHF million)   
Net income attributable to shareholders for basic earnings per share     931 1,303 674 2,234 718
Income impact of assumed conversion on contracts that may be settled in shares or cash    2 (17) (5) (13) (22) (14)
Net income attributable to shareholders for diluted earnings per share     914 1,298 661 2,212 704
Available for common shares   838 1,033 602 1,904 645
Available for unvested share-based payment awards   67 92 59 160 59
Available for mandatory convertible securities  1 9 173 148
Weighted-average shares outstanding (million)   
Weighted-average shares outstanding for basic earnings per share available for common shares     1,574.9 1,354.6 1,323.0 1,464.8 1,304.0
Dilutive contracts that may be settled in shares or cash  3 23.1 24.9 26.4 23.5 16.7
Dilutive share options and warrants   1.9 2.0 6.4 1.9 5.5
Dilutive share awards   1.5 1.8 1.7 1.7 1.7
Weighted-average shares outstanding for diluted earnings per share available for common shares    4 1,601.4 1,383.3 1,357.5 1,491.9 1,327.9
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards     130.0 122.6 90.1 126.3 85.6
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities    1 20.4 231.8 126.1
Earnings per share available for common shares (CHF)   
Basic earnings per share available for common shares   0.54 0.76 0.46 1.31 0.51
Diluted earnings per share available for common shares   0.52 0.75 0.44 1.28 0.49
Prior periods have been adjusted to reflect the increase in the number of shares outstanding that arose from the 2Q13 stock dividend, as required under US GAAP.
1
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013.
2
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.
3
Reflects weighted-average shares outstanding on PAF2 units.
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 12.1 million, 13.7 million, 23.5 million, 12.9 million and 26.0 million for 2Q13, 1Q13, 2Q12, 6M13 and 6M12, respectively.




v2.4.0.6
Trading assets and liabilities (Tables)
6 Months Ended
Jun. 30, 2013
Trading assets and liabilities
end of 2Q13 1Q13 4Q12 2Q12
Trading assets (CHF million)   
Debt securities   116,923 132,709 135,871 160,166
Equity securities  1 78,281 85,087 74,895 68,829
Derivative instruments  2 39,240 33,312 33,208 42,014
Other   11,390 13,093 12,425 13,049
Trading assets   245,834 264,201 256,399 284,058
Trading liabilities (CHF million)   
Short positions   49,214 52,348 51,303 67,239
Derivative instruments  2 40,703 39,142 39,513 48,543
Trading liabilities   89,917 91,490 90,816 115,782
1
Including convertible bonds.
2
Amounts shown net of cash collateral receivables and payables.




Cash collateral receivables and payables
Cash collateral on derivative instruments

end of 2Q13 1Q13 4Q12 2Q12
Cash collateral – netted (CHF million)   1
Cash collateral paid   31,514 35,137 36,662 39,816
Cash collateral received   28,102 31,626 33,373 37,637
Cash collateral – not netted (CHF million)   2
Cash collateral paid   10,212 12,030 10,904 13,221
Cash collateral received   13,047 13,399 12,224 12,978
1
Recorded as cash collateral netting on derivative instruments in Note 20 – Offsetting of financial assets and financial liabilities.
2
Recorded as cash collateral on derivative instruments in Note 17 – Other assets and other liabilities.




v2.4.0.6
Investment securities (Tables)
6 Months Ended
Jun. 30, 2013
Investment securities
end of 2Q13 1Q13 4Q12 2Q12
Investment securities (CHF million)   
Debt securities held-to-maturity   0 0 0 2
Securities available-for-sale   3,546 3,428 3,498 5,324
Total investment securities   3,546 3,428 3,498 5,326




Investment securities by type
Investment securities by type

  2Q13 4Q12


end of


Amortized

cost
Gross

unrealized

gains
Gross

unrealized

losses


Fair

value


Amortized

cost
Gross

unrealized

gains
Gross

unrealized

losses


Fair

value
Investment securities by type (CHF million)   
Debt securities issued by the Swiss federal, cantonal or local governmental entities     436 17 2 451 452 31 0 483
Debt securities issued by foreign governments   1,544 55 0 1,599 1,523 82 0 1,605
Corporate debt securities   774 18 0 792 823 22 0 845
Collateralized debt obligations   593 14 0 607 448 22 0 470
Debt securities available-for-sale   3,347 104 2 3,449 3,246 157 0 3,403
Banks, trust and insurance companies   75 16 0 91 73 14 0 87
Industry and all other   6 0 0 6 8 0 0 8
Equity securities available-for-sale   81 16 0 97 81 14 0 95
Securities available-for-sale   3,428 120 2 3,546 3,327 171 0 3,498




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


Fair

value
Gross

unrealized

losses


Fair

value
Gross

unrealized

losses


Fair

value
Gross

unrealized

losses
2Q13 (CHF million)   
Debt securities issued by the Swiss federal, cantonal or local governmental entities     110 2 0 0 110 2
Debt securities available-for-sale   110 2 0 0 110 2




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

  6M13 6M12


in
Debt

securities
Equity

securities
Debt

securities
Equity

securities
Additional information (CHF million)   
Proceeds from sales   27 9 9 330
Realized gains   0 0 1 154




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


Amortized

cost


Fair

value
Average

yield

(in %)
2Q13 (CHF million)   
Due within 1 year   1,170 1,172 2.86
Due from 1 to 5 years   1,394 1,465 2.76
Due from 5 to 10 years   664 686 1.45
Due after 10 years   119 126 2.22
Total debt securities   3,347 3,449 2.52




v2.4.0.6
Loans, allowance for loan losses and credit quality (Tables)
6 Months Ended
Jun. 30, 2013
Loans
Loans

end of 2Q13 1Q13 4Q12 2Q12
Loans (CHF million)   
Mortgages   93,602 92,703 91,872 90,618
Loans collateralized by securities   30,316 29,251 27,363 26,281
Consumer finance   7,368 7,461 6,901 7,176
Consumer   131,286 129,415 126,136 124,075
Real estate   26,971 26,561 26,725 26,116
Commercial and industrial loans   63,348 64,833 62,709 61,813
Financial institutions   22,316 24,544 24,905 25,256
Governments and public institutions   3,255 4,642 2,729 2,903
Corporate & institutional   115,890 120,580 117,068 116,088
Gross loans   247,176 249,995 243,204 240,163
   of which held at amortized cost   227,606 227,343 223,204 219,648
   of which held at fair value   19,570 22,652 20,000 20,515
Net (unearned income)/deferred expenses   (90) (84) (59) (71)
Allowance for loan losses   (900) (916) (922) (928)
Net loans   246,186 248,995 242,223 239,164
Gross loans by location (CHF million)   
Switzerland   150,810 151,362 151,226 149,042
Foreign   96,366 98,633 91,978 91,121
Gross loans   247,176 249,995 243,204 240,163
Impaired loan portfolio (CHF million)   
Non-performing loans   904 929 859 921
Non-interest-earning loans   305 324 313 298
Total non-performing and non-interest-earning loans   1,209 1,253 1,172 1,219
Restructured loans   20 20 30 36
Potential problem loans   444 508 527 519
Total other impaired loans   464 528 557 555
Gross impaired loans   1,673 1,781 1,729 1,774




Allowance for loan losses
Allowance for loan losses by loan portfolio

  2Q13 1Q13 2Q12


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Allowance for loan losses (CHF million)   
Balance at beginning of period   285 631 916 288 634 922 295 613 908
Net movements recognized in statements of operations     15 34 49 21 (1) 20 25 (1) 24
Gross write-offs   (27) (72) (99) (33) (21) (54) (22) (22) (44)
Recoveries   7 22 29 5 2 7 3 9 12
Net write-offs   (20) (50) (70) (28) (19) (47) (19) (13) (32)
Provisions for interest   0 6 6 2 5 7 2 2 4
Foreign currency translation impact and other adjustments, net     2 (3) (1) 2 12 14 1 23 24
Balance at end of period   282 618 900 285 631 916 304 624 928
   of which individually evaluated for impairment   229 447 676 232 457 689 239 443 682
   of which collectively evaluated for impairment   53 171 224 53 174 227 65 181 246
Gross loans held at amortized cost (CHF million)   
Balance at end of period   131,276 96,330 227,606 129,405 97,938 227,343 124,064 95,584 219,648
   of which individually evaluated for impairment  1 607 1,066 1,673 646 1,135 1,781 635 1,139 1,774
   of which collectively evaluated for impairment   130,669 95,264 225,933 128,759 96,803 225,562 123,429 94,445 217,874




  6M13 6M12


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Allowance for loan losses (CHF million)   
Balance at beginning of period   288 634 922 289 621 910
Net movements recognized in statements of operations   36 33 69 47 4 51
Gross write-offs   (60) (93) (153) (48) (39) (87)
Recoveries   12 24 36 14 17 31
Net write-offs   (48) (69) (117) (34) (22) (56)
Provisions for interest   2 11 13 5 7 12
Foreign currency translation impact and other adjustments, net   4 9 13 (3) 14 11
Balance at end of period   282 618 900 304 624 928
1
Represents gross impaired loans both with and without a specific allowance.




Purchases, reclassifications and sales
Purchases, reclassifications and sales

  2Q13 1Q13 2Q12


in


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Loans held at amortized cost (CHF million)   
Purchases  1 0 423 423 0 1,692 1,692 348 2,445 2,793
Reclassifications from loans held-for-sale  2 0 62 62 0 44 44 0 85 85
Reclassifications to loans held-for-sale  3 0 132 132 0 176 176 0 341 341
Sales  3 0 70 70 0 117 117 0 264 264




  6M13 6M12


in


Consumer
Corporate &

institutional


Total


Consumer
Corporate &

institutional


Total
Loans held at amortized cost (CHF million)   
Purchases  1 0 2,115 2,115 348 3,361 3,709
Reclassifications from loans held-for-sale  2 0 106 106 0 85 85
Reclassifications to loans held-for-sale  3 0 308 308 0 816 816
Sales  3 0 187 187 0 707 707
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

end of AAA AA A BBB BB B CCC CC C D Total
2Q13 (CHF million)   
Mortgages   305 2,287 16,855 55,857 17,125 921 45 3 0 204 93,602
Loans collateralized by securities   237 443 2,697 24,718 2,079 39 7 0 0 96 30,316
Consumer finance   0 51 234 3,487 2,255 839 65 0 153 274 7,358
Consumer   542 2,781 19,786 84,062 21,459 1,799 117 3 153 574 131,276
Real estate   274 805 3,640 13,278 7,954 363 3 0 0 86 26,403
Commercial and industrial loans   209 704 1,924 21,403 23,235 3,626 323 0 28 807 52,259
Financial institutions   2,206 2,086 3,176 5,937 1,891 741 1 0 0 115 16,153
Governments and public institutions   91 295 214 464 126 88 237 0 0 0 1,515
Corporate & institutional   2,780 3,890 8,954 41,082 33,206 4,818 564 0 28 1,008 96,330
Gross loans held at amortized cost   3,322 6,671 28,740 125,144 54,665 6,617 681 3 181 1,582 227,606
Value of collateral  1 2,865 4,953 26,053 114,761 46,507 3,613 181 3 24 808 199,768
4Q12 (CHF million)   
Mortgages   387 730 12,176 58,491 19,255 599 13 9 0 212 91,872
Loans collateralized by securities   79 57 948 23,357 2,728 92 6 1 0 95 27,363
Consumer finance   0 6 100 3,324 2,065 901 39 0 129 325 6,889
Consumer   466 793 13,224 85,172 24,048 1,592 58 10 129 632 126,124
Real estate   261 374 2,199 14,537 8,759 195 0 0 0 55 26,380
Commercial and industrial loans   238 325 1,580 22,040 23,070 3,467 209 1 47 763 51,740
Financial institutions   2,288 2,087 4,661 5,260 2,569 382 0 33 14 147 17,441
Governments and public institutions   131 50 360 521 127 101 229 0 0 0 1,519
Corporate & institutional   2,918 2,836 8,800 42,358 34,525 4,145 438 34 61 965 97,080
Gross loans held at amortized cost   3,384 3,629 22,024 127,530 58,573 5,737 496 44 190 1,597 223,204
Value of collateral  1 2,918 2,616 19,526 116,583 48,342 3,210 189 44 15 791 194,234
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






Up to

30 days


31–60

days


61–90

days
More

than

90 days




Total




Total
2Q13 (CHF million)   
Mortgages   93,259 138 14 8 183 343 93,602
Loans collateralized by securities   30,057 119 41 3 96 259 30,316
Consumer finance   6,482 503 96 77 200 876 7,358
Consumer   129,798 760 151 88 479 1,478 131,276
Real estate   26,148 155 4 10 86 255 26,403
Commercial and industrial loans   51,157 524 61 137 380 1,102 52,259
Financial institutions   15,584 434 15 1 119 569 16,153
Governments and public institutions   1,512 3 0 0 0 3 1,515
Corporate & institutional   94,401 1,116 80 148 585 1,929 96,330
Gross loans held at amortized cost   224,199 1,876 231 236 1,064 3,407 227,606
4Q12 (CHF million)   
Mortgages   91,527 156 17 11 161 345 91,872
Loans collateralized by securities   27,034 220 3 3 103 329 27,363
Consumer finance   6,116 420 90 52 211 773 6,889
Consumer   124,677 796 110 66 475 1,447 126,124
Real estate   26,221 107 2 2 48 159 26,380
Commercial and industrial loans   50,479 720 27 138 376 1,261 51,740
Financial institutions   17,208 53 2 34 144 233 17,441
Governments and public institutions   1,484 35 0 0 0 35 1,519
Corporate & institutional   95,392 915 31 174 568 1,688 97,080
Gross loans held at amortized cost   220,069 1,711 141 240 1,043 3,135 223,204




Gross impaired loans by category
Gross impaired loans by category

    Non-performing and

non-interest-earning loans


Other impaired loans


end of


Non-

performing

loans
Non-

interest-

earning

loans






Total


Restruc-

tured

loans


Potential

problem

loans






Total






Total
2Q13 (CHF million)   
Mortgages   177 13 190 0 44 44 234
Loans collateralized by securities   21 76 97 0 1 1 98
Consumer finance   267 7 274 0 1 1 275
Consumer   465 96 561 0 46 46 607
Real estate   83 7 90 0 11 11 101
Commercial and industrial loans   259 166 425 20 386 406 831
Financial institutions   97 36 133 0 1 1 134
Corporate & institutional   439 209 648 20 398 418 1,066
Gross impaired loans   904 305 1,209 20 444 464 1,673
4Q12 (CHF million)   
Mortgages   154 16 170 0 69 69 239
Loans collateralized by securities   18 74 92 0 3 3 95
Consumer finance   315 10 325 0 2 2 327
Consumer   487 100 587 0 74 74 661
Real estate   46 5 51 0 15 15 66
Commercial and industrial loans   268 170 438 30 373 403 841
Financial institutions   58 38 96 0 65 65 161
Corporate & institutional   372 213 585 30 453 483 1,068
Gross impaired loans   859 313 1,172 30 527 557 1,729




Gross impaired loan detail
Gross impaired loan detail

  2Q13 4Q12


end of


Recorded

investment
Unpaid

principal

balance
Associated

specific

allowance


Recorded

investment
Unpaid

principal

balance
Associated

specific

allowance
Gross impaired loan detail (CHF million)   
Mortgages   221 211 27 206 197 32
Loans collateralized by securities   71 67 58 68 66 53
Consumer finance   257 237 144 302 280 154
Consumer   549 515 229 576 543 239
Real estate   101 93 21 63 55 22
Commercial and industrial loans   820 772 344 715 677 342
Financial institutions   132 130 82 157 155 93
Corporate & institutional   1,053 995 447 935 887 457
Gross impaired loans with a specific allowance   1,602 1,510 676 1,511 1,430 696
Mortgages   13 13 33 33
Loans collateralized by securities   27 27 27 28
Consumer finance   18 18 25 25
Consumer   58 58 85 86
Real estate   0 0 3 3
Commercial and industrial loans   11 13 126 128
Financial institutions   2 2 4 4
Corporate & institutional   13 15 133 135
Gross impaired loans without specific allowance   71 73 218 221
Gross impaired loans   1,673 1,583 676 1,729 1,651 696
   of which consumer 607 573 229 661 629 239
   of which corporate & institutional   1,066 1,010 447 1,068 1,022 457




Gross impaired loan detail (continued)

  2Q13 1Q13 2Q12


in




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis
Gross impaired loan detail (CHF million)   
Mortgages   210 1 1 192 0 0 218 1 1
Loans collateralized by securities   74 0 0 69 0 0 68 1 0
Consumer finance   258 0 0 280 0 0 273 0 0
Consumer   542 1 1 541 0 0 559 2 1
Real estate   74 0 0 62 0 0 53 0 0
Commercial and industrial loans   810 0 0 753 3 3 575 0 0
Financial institutions   135 0 0 155 0 0 223 1 1
Governments and public institutions   0 0 0 0 0 0 6 0 0
Corporate & institutional   1,019 0 0 970 3 3 857 1 1
Gross impaired loans with a specific allowance   1,561 1 1 1,511 3 3 1,416 3 2
Mortgages   26 0 0 38 0 0 47 0 0
Loans collateralized by securities   27 0 0 28 0 0 1 0 0
Consumer finance   18 0 0 37 0 0 37 0 0
Consumer   71 0 0 103 0 0 85 0 0
Real estate   11 0 0 3 0 0 19 0 0
Commercial and industrial loans   91 0 0 119 0 0 307 2 2
Financial institutions   3 0 0 3 0 0 11 0 0
Corporate & institutional   105 0 0 125 0 0 337 2 2
Gross impaired loans without specific allowance   176 0 0 228 0 0 422 2 2
Gross impaired loans   1,737 1 1 1,739 3 3 1,838 5 4
   of which consumer 613 1 1 644 0 0 644 2 1
   of which corporate & institutional   1,124 0 0 1,095 3 3 1,194 3 3




Gross impaired loan detail (continued)

  6M13 6M12


in




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis




Average

recorded

investment




Interest

income

recognized
Interest

income

recognized

on a

cash basis
Gross impaired loan detail (CHF million)   
Mortgages   201 1 1 219 1 1
Loans collateralized by securities   71 0 0 68 1 0
Consumer finance   269 0 0 285 2 2
Consumer   541 1 1 572 4 3
Real estate   68 0 0 54 0 0
Commercial and industrial loans   782 3 3 624 2 1
Financial institutions   145 0 0 215 1 1
Governments and public institutions   0 0 0 6 0 0
Corporate & institutional   995 3 3 899 3 2
Gross impaired loans with a specific allowance   1,536 4 4 1,471 7 5
Mortgages   32 0 0 51 0 0
Loans collateralized by securities   27 0 0 1 0 0
Consumer finance   28 0 0 36 0 0
Consumer   87 0 0 88 0 0
Real estate   7 0 0 18 0 0
Commercial and industrial loans   103 0 0 236 2 2
Financial institutions   3 0 0 11 0 0
Corporate & institutional   113 0 0 265 2 2
Gross impaired loans without specific allowance   200 0 0 353 2 2
Gross impaired loans   1,736 4 4 1,824 9 7
   of which consumer 628 1 1 660 4 3
   of which corporate & institutional   1,108 3 3 1,164 5 4




v2.4.0.6
Other assets and other liabilities (Tables)
6 Months Ended
Jun. 30, 2013
Other assets and other liabilities
end of 2Q13 1Q13 4Q12 2Q12
Other assets (CHF million)   
Cash collateral on derivative instruments   10,212 12,030 10,904 13,221
Cash collateral on non-derivative transactions   1,905 1,672 1,995 2,920
Derivative instruments used for hedging   2,387 2,667 3,930 3,435
Assets held-for-sale   23,763 20,281 20,343 20,741
   of which loans   23,284 19,772 19,894 20,115
   of which real estate   478 508 442 619
Assets held for separate accounts   12,032 13,023 13,414 14,410
Interest and fees receivable   5,733 5,350 5,861 6,029
Deferred tax assets   6,599 6,968 7,102 8,825
Prepaid expenses   809 862 538 706
Failed purchases   3,131 2,997 2,699 2,861
Other   6,415 6,354 6,126 4,365
Other assets   72,986 72,204 72,912 77,513
Other liabilities (CHF million)   
Cash collateral on derivative instruments   13,047 13,399 12,224 12,978
Cash collateral on non-derivative transactions   1,957 1,660 1,246 1,564
Derivative instruments used for hedging   763 931 1,182 1,682
Provisions  1 1,251 1,511 1,362 1,078
   of which off-balance sheet risk   65 63 60 66
Liabilities held for separate accounts   12,032 13,023 13,414 14,410
Interest and fees payable   7,665 6,395 6,752 7,565
Current tax liabilities   853 886 863 817
Deferred tax liabilities   165 160 130 200
Failed sales   2,944 3,234 4,336 5,895
Other   15,440 15,671 16,128 16,070
Other liabilities   56,117 56,870 57,637 62,259
1
Includes provisions for bridge commitments.




v2.4.0.6
Long-term debt (Tables)
6 Months Ended
Jun. 30, 2013
Long-term debt
end of 2Q13 1Q13 4Q12 2Q12
Long-term debt (CHF million)   
Senior   102,475 111,962 115,861 120,627
Subordinated   15,580 16,624 17,741 20,351
Non-recourse liabilities from consolidated VIEs   15,450 14,508 14,532 13,860
Long-term debt   133,505 143,094 148,134 154,838
   of which reported at fair value   63,942 64,547 65,384 66,952




Schedule of Structured notes
Structured notes by product

end of 2Q13 1Q13 4Q12
Structured notes (CHF million)   
Equity   21,946 22,652 23,761
Fixed income   6,072 6,593 6,559
Emerging markets  1 2,126 1,979 3,304
Credit   2,643 2,340 1,893
Other   1,533 1,372 1,120
Total structured notes   34,320 34,936 36,637
1
Transactions where the return is based on a referenced underlying or counterparty specific to emerging markets.




v2.4.0.6
Accumulated other comprehensive income (Tables)
6 Months Ended
Jun. 30, 2013
Accumulated other comprehensive income
Accumulated other comprehensive income



Gains/

(losses)

on cash

flow hedges




Cumulative

translation

adjustments
Unrealized

gains/

(losses)

on

securities




Actuarial

gains/

(losses)


Net prior

service

credit/

(cost)
Accumu-

lated other

compre-

hensive

income
2Q13 (CHF million)   
Balance at beginning of period   (27) (11,967) 77 (3,731) 583 (15,065)
Increase/(decrease)   (22) (159) (14) 15 0 (180)
Increase/(decrease) due to equity method investments   5 0 0 0 0 5
Reclassification adjustments, included in net income   2 2 0 66 (31) 39
Total increase/(decrease)   (15) (157) (14) 81 (31) (136)
Balance at end of period   (42) (12,124) 63 (3,650) 552 (15,201)
1Q13 (CHF million)   
Balance at beginning of period   (29) (12,767) 84 (3,801) 610 (15,903)
Increase/(decrease)   5 754 (7) 6 0 758
Increase/(decrease) due to equity method investments   (3) 0 0 0 0 (3)
Reclassification adjustments, included in net income   0 46 0 64 (27) 83
Total increase/(decrease)   2 800 (7) 70 (27) 838
Balance at end of period   (27) (11,967) 77 (3,731) 583 (15,065)
2Q12 (CHF million)   
Balance at beginning of period   (52) (12,716) 283 (3,678) 340 (15,823)
Increase/(decrease)   1 930 15 4 0 950
Increase/(decrease) due to equity method investments   (5) 0 0 0 0 (5)
Reclassification adjustments, included in net income   0 0 (62) 42 (14) (34)
Total increase/(decrease)   (4) 930 (47) 46 (14) 911
Balance at end of period   (56) (11,786) 236 (3,632) 326 (14,912)
6M13 (CHF million)   
Balance at beginning of period   (29) (12,767) 84 (3,801) 610 (15,903)
Increase/(decrease)   (17) 595 (21) 21 0 578
Increase/(decrease) due to equity method investments   2 0 0 0 0 2
Reclassification adjustments, included in net income   2 48 0 130 (58) 122
Total increase/(decrease)   (13) 643 (21) 151 (58) 702
Balance at end of period   (42) (12,124) 63 (3,650) 552 (15,201)
6M12 (CHF million)   
Balance at beginning of period   (66) (11,778) 99 (3,751) 362 (15,134)
Increase/(decrease)   0 (9) 271 35 0 297
Increase/(decrease) due to equity method investments   10 0 0 0 0 10
Reclassification adjustments, included in net income   0 1 (134) 84 (36) (85)
Total increase/(decrease)   10 (8) 137 119 (36) 222
Balance at end of period   (56) (11,786) 236 (3,632) 326 (14,912)




Details on significant reclassification adjustments
Details on significant reclassification adjustments

in 2Q13 1Q13 6M13
Reclassification adjustments, included in net income (CHF million)   
Cumulative translation adjustments  
   Sale of subsidiaries   2 46 1 48
Actuarial gains/(losses)  
   Amortization of recognized actuarial losses  2 88 86 174
   Tax expense/(benefit)   (22) (22) (44)
   Net of tax   66 64 130
Net prior service credit/(cost)  
   Amortization of recognized prior service credit/(cost)  2 (40) (34) (74)
   Tax expense/(benefit)   9 7 16
   Net of tax   (31) (27) (58)
1
Reflects a net impairment provision of CHF 46 million on the sale of JO Hambro which is expected to settle in 3Q13. Upon settlement, a further estimated CHF 34 million is expected to be 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 pension costs. Refer to "Note 23 – Pension and other post-retirement benefits" for further information.




Additional share information
Additional share information

2Q13 1Q13 2Q12 6M13 6M12
Common shares issued   
Balance at beginning of period   1,339,652,645 1,320,829,922 1,224,513,920 1,320,829,922 1,224,333,062
Issuance of common shares   254,643,090 18,822,723 62,085,315 273,465,813 62,266,173
   of which MACCS settlement   199,964,015 0 0 199,964,015 0
   of which share-based compensation   17,126,788 18,822,723 37,889,728 35,949,511 38,070,586
Balance at end of period   1,594,295,735 1,339,652,645 1,286,599,235 1,594,295,735 1,286,599,235
Treasury shares   
Balance at beginning of period   (27,495,313) (27,036,831) 0 (27,036,831) (4,010,074)
Sale of treasury shares   144,989,659 85,932,507 93,628,678 230,922,166 167,997,714
   of which MACCS settlement   33,488,655 0 0 33,488,655 0
Repurchase of treasury shares   (121,624,269) (90,504,926) (101,754,767) (212,129,195) (172,239,045)
Share-based compensation   1,801,542 4,113,937 4,614,725 5,915,479 4,740,041
Balance at end of period   (2,328,381) (27,495,313) (3,511,364) (2,328,381) (3,511,364)
Common shares outstanding   
Balance at end of period   1,591,967,354 1 1,312,157,332 2 1,283,087,871 3 1,591,967,354 1 1,283,087,871 3
1
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 662,873,212 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 BCN.
2
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 752,676,931 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.
3
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 805,730,391 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.




v2.4.0.6
Offsetting of financial assets and financial liabilities (Tables)
6 Months Ended
Jun. 30, 2013
Offsetting of derivatives
Offsetting of derivatives

  2Q13 4Q12


end of
Derivative

assets
Derivative

liabilities
Derivative

assets
Derivative

liabilities
Gross derivatives subject to enforcable master netting agreements (CHF billion)   
OTC-cleared   285.7 285.0 365.3 365.5
OTC   254.2 244.9 337.6 327.9
Exchange-traded   0.3 0.1 0.3 0.2
Interest rate products   540.2 530.0 703.2 693.6
OTC   65.4 75.7 60.5 73.2
Exchange-traded   0.1 0.1 0.0 0.0
Foreign exchange products   65.5 75.8 60.5 73.2
OTC   16.5 17.3 12.7 15.2
Exchange-traded   16.0 16.9 13.7 14.1
Equity/index-related products   32.5 34.2 26.4 29.3
OTC-cleared   3.5 3.3 3.0 2.7
OTC   25.1 25.3 27.1 26.8
Credit derivatives   28.6 28.6 30.1 29.5
OTC   6.7 7.2 5.8 5.6
Exchange-traded   1.3 1.6 1.5 1.7
Other products   8.0 8.8 7.3 7.3
OTC-cleared   289.2 288.3 368.3 368.2
OTC   367.9 370.4 443.7 448.7
Exchange-traded   17.7 18.7 15.5 16.0
Total gross derivatives subject to enforceable master netting agreements   674.8 677.4 827.5 832.9
Offsetting (CHF billion)   
OTC-cleared   (286.1) (286.1) (367.2) (367.5)
OTC   (343.9) (347.3) (418.7) (421.8)
Exchange-traded   (16.9) (16.9) (14.3) (14.2)
Offsetting   (646.9) (650.3) (800.2) (803.5)
   of which counterparty netting   (618.8) (618.8) (766.8) (766.8)
   of which cash collateral netting   (28.1) (31.5) (33.4) (36.7)
Net derivatives presented in the consolidated balance sheets (CHF billion)   
OTC-cleared   3.1 2.2 1.1 0.7
OTC   24.0 23.1 25.0 26.9
Exchange-traded   0.8 1.8 1.2 1.8
Total net derivatives subject to enforceable master netting agreements   27.9 27.1 27.3 29.4
Total derivatives not subject to enforceable master netting agreements  1 13.7 14.4 9.8 11.3
Total net derivatives presented in the consolidated balance sheets   41.6 41.5 37.1 40.7
   of which recorded in trading assets and trading liabilities   39.2 40.7 33.2 39.5
   of which recorded in other assets and other liabilities   2.4 0.8 3.9 1.2
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

  2Q13 4Q12
end of Gross Offsetting Net Gross Offsetting Net
Securities purchased under resale agreements and securities borrowing transactions (CHF billion)     
Securities purchased under resale agreements   130.0 (38.7) 91.3 141.4 (41.1) 100.3
Securities borrowing transactions   27.2 (2.2) 25.0 20.9 (2.0) 18.9
Total subject to enforceable master netting agreements   157.2 (40.9) 116.3 162.3 (43.1) 119.2
Total not subject to enforceable master netting agreements  1 57.1 57.1 64.3 64.3
Total   214.3 (40.9) 173.4 2 226.6 (43.1) 183.5 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 99,972 million and CHF 113,664 million of the total net amount as of the end of 2Q13 and 4Q12, 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

  2Q13 4Q12
end of Gross Offsetting Net Gross Offsetting Net
Securities sold under repurchase agreements and securities lending transactions (CHF billion)     
Securities sold under repurchase agreements   100.5 (40.9) 59.6 99.7 (43.1) 56.6
Securities lending transactions   10.2 0.0 10.2 10.8 0.0 10.8
Obligation to return securities received as collateral, at fair value   21.1 0.0 21.1 25.9 0.0 25.9
Total subject to enforceable master netting agreements   131.8 (40.9) 90.9 136.4 (43.1) 93.3
Total not subject to enforceable master netting agreements  1 29.9 29.9 69.5 69.5
Total   161.7 (40.9) 120.8 205.9 (43.1) 162.8
   of which securities sold under repurchase agreements and securities    lending transactions 140.0 (40.9) 99.1 2 175.8 (43.1) 132.7 2
   of which obligation to return securities received as collateral, at fair value 21.7 0.0 21.7 30.1 0.0 30.1
1
Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
2
CHF 79,443 million and CHF 108,784 million of the total net amount as of the end of 2Q13 and 4Q12, respectively, are reported at fair value.




Amounts not offset in the consolidated balance sheets
Amounts not offset in the consolidated balance sheets

  2Q13 4Q12


end of






Net




Financial

instruments
1 Cash

collateral

received/

pledged
1



Net

exposure






Net




Financial

instruments
1 Cash

collateral

received/

pledged
1



Net

exposure
Financial assets subject to enforceable master netting agreements (CHF billion)     
Derivatives   27.9 5.9 0.2 21.8 27.3 5.1 0.0 22.2
Securities purchased under resale agreements   91.3 91.2 0.1 0.0 100.3 100.3 0.0 0.0
Securities borrowing transactions   25.0 23.2 0.0 1.8 18.9 17.4 0.0 1.5
Total financial assets subject to enforceable master netting agreements     144.2 120.3 0.3 23.6 146.5 122.8 0.0 23.7
Financial liabilities subject to enforceable master netting agreements (CHF billion)     
Derivatives   27.1 7.4 0.6 19.1 29.4 7.9 0.0 21.5
Securities sold under repurchase agreements   59.6 59.4 0.2 0.0 56.6 56.4 0.2 0.0
Securities lending transactions   10.2 9.7 0.0 0.5 10.8 10.2 0.0 0.6
Obligation to return securities received as collateral, at fair value   21.1 19.9 0.0 1.2 25.9 24.2 0.0 1.7
Total financial liabilities subject to enforceable master netting agreements     118.0 96.4 0.8 20.8 122.7 98.7 0.2 23.8
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.




v2.4.0.6
Tax (Tables)
6 Months Ended
Jun. 30, 2013
Reconciliation of taxes computed at the Swiss statutory rate
Reconciliation of taxes computed at the Swiss statutory rate

in 2Q13
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)     
Income tax expense computed at the statutory tax rate of 22%   361
Increase/(decrease) in income taxes resulting from  
   Foreign tax rate differential   96
   Other non-deductible expenses   86
   Changes in deferred tax valuation allowance   (99)
   Lower taxed income   (30)
   Income taxable to noncontrolling interests   (43)
   Other   104
Income tax expense   475




Effective tax rate
Effective tax rate

in 2Q13 1Q13 2Q12 6M13 6M12
Effective tax rate (%)   
Effective tax rate   29.0 27.0 27.5 27.9 22.2




Net deferred tax assets
Net deferred tax assets

end of 2Q13 1Q13
Net deferred tax assets (CHF million)   
Deferred tax assets   6,599 6,968
   of which net operating losses   1,857 1,915
   of which deductible temporary differences   4,742 5,053
Deferred tax liabilities   (165) (160)
Net deferred tax assets   6,434 6,808




v2.4.0.6
Employee deferred compensation (Tables)
6 Months Ended
Jun. 30, 2013
Share-based compensation disclosures  
Deferred compensation expense
Deferred compensation expense

in 2Q13 1Q13 2Q12 6M13 6M12
Deferred compensation expense (CHF million)
Share awards   203 254 211 457 417
Performance share awards   126 204 96 330 199
Plus Bond awards  1 6 10 0 16 0
2011 Partner Asset Facility awards  2 (23) (7) (19) (30) 515
Adjustable Performance Plan share awards   16 5 0 21 0
Adjustable Performance Plan cash awards  3 2 (3) 98 (1) 206
Restricted Cash Awards   37 54 45 91 86
Scaled Incentive Share Units   17 7 32 24 62
Incentive Share Units  3 0 (2) 15 (2) 34
2008 Partner Asset Facility awards  2 11 42 12 53 61
Other cash awards   120 117 71 237 161
Total deferred compensation expense   515 681 561 1,196 1,741
1
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in 1Q13 and expensed over a three-year vesting period.
2
Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period.
3
Includes clawbacks.




Additional information
Estimated unrecognized deferred compensation expense

end of 2Q13
Estimated unrecognized deferred compensation expense (CHF million)   
Share awards   1,183
Performance share awards   494
Plus Bond awards   28
Adjustable Performance Plan share awards   26
Adjustable Performance Plan cash awards   33
Restricted Cash Awards   206
Scaled Incentive Share Units   33
Other cash awards   160
Total   2,163
 
Aggregate remaining weighted-average requisite service period (years)   
Aggregate remaining weighted-average requisite service period   1.8




Share-based award activities
Share-based award activity

  2Q13 6M13


Number of awards (in millions)






Share

awards




Performance

share

awards
Adjustable

Performance

Plan

share

awards






SISU

awards






ISU

awards






Share

awards




Performance

share

awards
Adjustable

Performance

Plan

share

awards






SISU

awards






ISU

awards
Share-based award activities   
Balance at beginning of period   80.8 44.8 21.2 5.8 2.3 55.8 23.3 30.8 9.6 3.6
Granted   0.3 0.0 0.0 0.0 0.0 39.2 26.6 1.2 1 0.0 0.0
Settled   (4.9) (2.8) (6.5) (1.1) (0.5) (18.1) (7.6) (17.2) (4.8) (1.7)
Forfeited   (0.7) (0.3) (0.1) 0.0 (0.1) (1.4) (0.6) (0.2) (0.1) (0.2)
Balance at end of period   75.5 41.7 14.6 4.7 1.7 75.5 41.7 14.6 4.7 1.7
   of which vested   4.1 1.4 0.7 1.1 0.1 4.1 1.4 0.7 1.1 0.1
   of which unvested   71.4 40.3 13.9 3.6 1.6 71.4 40.3 13.9 3.6 1.6
1
Represents additional units earned in 1Q13 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards.




v2.4.0.6
Pension and other post-retirement benefits (Tables)
6 Months Ended
Jun. 30, 2013
Components of total pension costs
Components of total pension costs

in 2Q13 1Q13 2Q12 6M13 6M12
Total pension costs (CHF million)   
Service costs on benefit obligation   94 94 95 188 190
Interest costs on benefit obligation   108 109 128 217 256
Expected return on plan assets   (184) (184) (196) (368) (390)
Amortization of recognized prior service cost/(credit)   (23) (23) (13) (46) (27)
Amortization of recognized actuarial losses   87 86 58 173 115
Net periodic pension costs   82 82 72 164 144
Settlement losses/(gains)   1 0 0 1 0
Curtailment losses/(gains)   (17) (11) (4) (28) (19)
Special termination benefits   4 8 0 12 6
Total pension costs   70 79 68 149 131




v2.4.0.6
Derivatives and hedging activities (Tables)
6 Months Ended
Jun. 30, 2013
Fair value of derivative instruments
Fair value of derivative instruments

  Trading Hedging 1


end of 2Q13


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)
Derivative instruments (CHF billion)   
Forwards and forward rate agreements   10,366.8 8.6 8.5 0.0 0.0 0.0
Swaps   31,995.1 479.0 472.3 69.8 2.6 0.8
Options bought and sold (OTC)   3,961.1 51.1 51.3 0.0 0.0 0.0
Futures   1,357.7 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   639.5 0.4 0.3 0.0 0.0 0.0
Interest rate products   48,320.2 539.1 532.4 69.8 2.6 0.8
Forwards   2,385.9 25.5 23.8 23.5 0.1 0.3
Swaps   1,377.3 31.1 42.6 0.0 0.0 0.0
Options bought and sold (OTC)   1,131.8 13.7 15.0 0.0 0.0 0.0
Futures   60.1 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   5.3 0.1 0.1 0.0 0.0 0.0
Foreign exchange products   4,960.4 70.4 81.5 23.5 0.1 0.3
Forwards   5.1 0.7 0.0 0.0 0.0 0.0
Swaps   221.5 5.7 7.0 0.0 0.0 0.0
Options bought and sold (OTC)   255.9 12.8 11.8 0.0 0.0 0.0
Futures   52.0 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   471.0 18.6 19.2 0.0 0.0 0.0
Equity/index-related products   1,005.5 37.8 38.0 0.0 0.0 0.0
Credit derivatives  2 1,696.6 29.3 29.2 0.0 0.0 0.0
Forwards   28.0 2.1 3.0 0.0 0.0 0.0
Swaps   51.1 3.8 2.9 0.0 0.0 0.0
Options bought and sold (OTC)   45.0 1.9 2.0 0.0 0.0 0.0
Futures   35.1 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   58.1 1.4 1.7 0.0 0.0 0.0
Other products  3 217.3 9.2 9.6 0.0 0.0 0.0
Total derivative instruments   56,200.0 685.8 690.7 93.3 2.7 1.1
The notional amount, PRV and NRV (trading and hedging) was CHF 56,293.3 billion, CHF 688.5 billion and CHF 691.8 billion, respectively, as of June 30, 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 of derivative instruments (continued)

  Trading Hedging 1


end of 4Q12


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)


Notional

amount
Positive

replacement

value (PRV)
Negative

replacement

value (NRV)
Derivative instruments (CHF billion)   
Forwards and forward rate agreements   8,055.9 2.6 2.5 0.0 0.0 0.0
Swaps   29,155.2 635.6 630.1 62.8 3.9 1.5
Options bought and sold (OTC)   3,739.9 62.4 62.6 0.0 0.0 0.0
Futures   1,145.4 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   952.0 0.3 0.2 0.0 0.0 0.0
Interest rate products   43,048.4 700.9 695.4 62.8 3.9 1.5
Forwards   2,133.4 21.6 21.3 19.6 0.2 0.1
Swaps   1,336.3 32.2 46.6 0.0 0.0 0.0
Options bought and sold (OTC)   985.3 9.7 10.7 0.0 0.0 0.0
Futures   83.8 2 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   3.6 0.0 0.0 0.0 0.0 0.0
Foreign exchange products   4,542.4 63.5 78.6 19.6 0.2 0.1
Forwards   5.5 0.6 0.0 0.0 0.0 0.0
Swaps   211.0 4.6 5.8 0.0 0.0 0.0
Options bought and sold (OTC)   214.9 11.4 11.1 0.0 0.0 0.0
Futures   74.4 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   338.2 13.7 14.1 0.0 0.0 0.0
Equity/index-related products   844.0 30.3 31.0 0.0 0.0 0.0
Credit derivatives  3 1,694.4 30.6 29.8 0.0 0.0 0.0
Forwards   31.3 1.1 1.4 0.0 0.0 0.0
Swaps   55.3 3.6 3.1 0.0 0.0 0.0
Options bought and sold (OTC)   54.2 1.6 1.6 0.0 0.0 0.0
Futures   35.6 2 0.0 0.0 0.0 0.0 0.0
Options bought and sold (exchange-traded)   50.4 1.6 1.7 0.0 0.0 0.0
Other products  4 226.8 7.9 7.8 0.0 0.0 0.0
Total derivative instruments   50,356.0 833.2 842.6 82.4 4.1 1.6
The notional amount, PRV and NRV (trading and hedging) was CHF 50,438.4 billion, CHF 837.3 billion and CHF 844.2 billion, respectively, as of December 31, 2012.
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
2
Prior period has been corrected to reclassify the notional amounts from other products to foreign exchange products.
3
Primarily credit default swaps.
4
Primarily precious metals, commodity, energy and emission products.




Fair value hedges
Fair value hedges

in 2Q13 1Q13 2Q12 6M13 6M12
Gains/(losses) recognized in income on derivatives (CHF million)   
Interest rate products   249 88 385 337 436
Foreign exchange products   (6) (2) (12) (8) (13)
Total   243 86 373 329 423
Gains/(losses) recognized in income on hedged items (CHF million)   
Interest rate products   (253) (86) (398) (339) (462)
Foreign exchange products   6 2 10 8 12
Total   (247) (84) (388) (331) (450)
Details of fair value hedges (CHF million)   
Net gains/(losses) on the ineffective portion   (4) 2 (15) (2) (27)
Represents gains/(losses) recognized in trading revenues.




Cash flow hedges
Cash flow hedges

in 2Q13 1Q13 2Q12 6M13 6M12
Gains/(losses) recognized in AOCI on derivatives (CHF million)   
Interest rate products   (25) 5 1 (20) 0
Foreign exchange products   5 (3) (5) 2 10
Total   (20) 2 (4) (18) 10
Gains/(losses) reclassified from AOCI into income (CHF million)   
Interest rate products  1 (1) 1 0 0 0
Foreign exchange products  2 (1) (1) 0 (2) 0
Total   (2) 0 0 (2) 0
1
Included in trading revenues.
2
Included in other revenues.




Net investment hedges
Net investment hedges

in 2Q13 1Q13 2Q12 6M13 6M12
Gains/(losses) recognized in AOCI on derivatives (CHF million)   
Foreign exchange products   260 (551) (467) (291) (201)
Total   260 (551) (467) (291) (201)
Gains/(losses) reclassified from AOCI into income (CHF million)   
Foreign exchange products  1 0 0 0 0 77
Total   0 0 0 0 77
Represents gains/(losses) on effective portion.
1
Included in other revenues.




Credit protection sold/purchased
Credit protection sold/purchased

  2Q13 4Q12


end of


Credit

protection

sold


Credit

protection

purchased
1 Net credit

protection

(sold)/

purchased


Other

protection

purchased
Fair value

of credit

protection

sold


Credit

protection

sold


Credit

protection

purchased
1 Net credit

protection

(sold)/

purchased


Other

protection

purchased
Fair value

of credit

protection

sold
Single-name instruments (CHF billion)   
Investment grade  2 (382.5) 358.9 (23.6) 45.1 1.6 (394.6) 373.9 (20.7) 56.0 2.5
Non-investment grade   (132.7) 128.1 (4.6) 12.3 0.2 (135.4) 129.3 (6.1) 11.3 (0.4)
Total single-name instruments   (515.2) 487.0 (28.2) 57.4 1.8 (530.0) 3 503.2 3 (26.8) 67.3 3 2.1 3
   of which sovereigns   (117.1) 113.6 (3.5) 9.1 (1.7) (119.4) 117.1 (2.3) 10.3 (0.7)
   of which non-sovereigns   (398.1) 373.4 (24.7) 48.3 3.5 (410.6) 386.1 (24.5) 57.0 2.8
Multi-name instruments (CHF billion)   
Investment grade  2 (223.9) 217.2 (6.7) 32.5 0.0 (222.2) 207.1 (15.1) 20.6 (0.7)
Non-investment grade   (67.3) 70.3 4 3.0 10.8 (1.2) (62.8) 56.1 4 (6.7) 9.8 (1.6)
Total multi-name instruments   (291.2) 287.5 (3.7) 43.3 (1.2) (285.0) 3 263.2 3 (21.8) 30.4 3 (2.3) 3
   of which sovereigns   (12.6) 12.5 (0.1) 0.2 0.0 (13.5) 13.1 (0.4) 0.4 (0.1)
   of which non-sovereigns   (278.6) 275.0 (3.6) 43.1 (1.2) (271.5) 250.1 (21.4) 30.0 (2.2)
Total instruments (CHF billion)   
Investment grade  2 (606.4) 576.1 (30.3) 77.6 1.6 (616.8) 581.0 (35.8) 76.6 1.8
Non-investment grade   (200.0) 198.4 (1.6) 23.1 (1.0) (198.2) 185.4 (12.8) 21.1 (2.0)
Total instruments   (806.4) 774.5 (31.9) 100.7 0.6 (815.0) 766.4 (48.6) 97.7 (0.2)
   of which sovereigns   (129.7) 126.1 (3.6) 9.3 (1.7) (132.9) 130.2 (2.7) 10.7 (0.8)
   of which non-sovereigns   (676.7) 648.4 (28.3) 91.4 2.3 (682.1) 636.2 (45.9) 87.0 0.6
1
Represents credit protection purchased with identical underlyings and recoveries.
2
Based on internal ratings of BBB and above.
3
Credit protection instruments have been corrected to reclassify certain single-name instruments to multi-name instruments.
4
Includes the Clock Finance transaction.




Contingent credit risk
Contingent credit risk

  2Q13 4Q12


end of


Bilateral

counterparties
Special

purpose

entities


Accelerated

terminations




Total


Bilateral

counterparties
Special

purpose

entities


Accelerated

terminations




Total
Contingent credit risk (CHF billion)   
Current net exposure   11.4 1.4 0.2 13.0 15.3 1.4 0.6 17.3
Collateral posted   10.2 1.4 11.6 13.4 1.4 14.8
Additional collateral required in a one-notch downgrade event   0.2 0.5 0.0 0.7 0.2 0.5 0.0 0.7
Additional collateral required in a two-notch downgrade event   2.8 1.3 0.0 4.1 2.7 1 1.5 0.5 4.7
1
Additional collateral required in a two-notch downgrade event has been corrected.




Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased
Credit derivatives

end of 2Q13 4Q12
Credit derivatives (CHF billion)   
Credit protection sold   806.4 815.0
Credit protection purchased   774.5 766.4
Other protection purchased   100.7 97.7
Other instruments  1 15.0 15.3
Total credit derivatives   1,696.6 1,694.4
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

less

than

1 year
Maturity

between

1 to 5

years
Maturity

greater

than

5 years






Total
2Q13 (CHF billion)   
Single-name instruments   118.3 328.8 68.1 515.2
Multi-name instruments   18.5 187.1 85.6 291.2
Total instruments   136.8 515.9 153.7 806.4
4Q12 (CHF billion)   
Single-name instruments   125.0 326.0 79.0 530.0
Multi-name instruments   42.7 171.0 71.3 285.0
Total instruments   167.7 497.0 150.3 815.0




v2.4.0.6
Guarantees and commitments (Tables)
6 Months Ended
Jun. 30, 2013
Guarantees
Guarantees



end of
Maturity

less than

1 year
Maturity

greater than

1 year
Total

gross

amount
Total

net

amount
1

Carrying

value


Collateral

received
2Q13 (CHF million)   
Credit guarantees and similar instruments   10,409 2,371 12,780 12,552 9 1,932
Performance guarantees and similar instruments   4,783 4,308 9,091 8,188 83 3,012
Securities lending indemnifications   12,578 0 12,578 12,578 0 12,578
Derivatives  2 17,793 17,842 35,635 35,635 1,132 3
Other guarantees   3,862 1,222 5,084 5,070 3 2,628
Total guarantees   49,425 25,743 75,168 74,023 1,227 20,150
4Q12 (CHF million)   
Credit guarantees and similar instruments  4 10,104 2,483 12,587 12,200 53 1,920
Performance guarantees and similar instruments   5,160 4,371 9,531 8,793 139 3,336
Securities lending indemnifications   12,211 0 12,211 12,211 0 12,211
Derivatives  2 21,197 14,218 35,415 35,415 985 3
Other guarantees   4,297 1,122 5,419 5,397 3 2,812
Total guarantees   52,969 22,194 75,163 74,016 1,180 20,279
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 June 30, 2013 (USD billion)   
Government-sponsored enterprises   8.2
Private investors  1 23.1
Non-agency securitizations   132.5 2
Total residential mortgage loans sold   163.8
1
Primarily banks.
2
The outstanding balance of residential mortgage loans sold was USD 27.4 billion as of the end of 2Q13. The difference of the total balance of mortgage loans sold and the outstanding balance as of the end of 2Q13 is attributable to borrower payments of USD 87.3 billion and losses of USD 17.8 billion due to loan defaults.




Residential mortgage loans sold - outstanding repurchase claims
Residential mortgage loans sold – outstanding repurchase claims

  2Q13 1Q13
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Outstanding repurchase claims (USD million)   
Balance at beginning of period   67 482 1,398 1,947 67 464 1,395 1,926
New claims   24 93 149 266 12 22 340 374
   Claims settled through repurchases   (1) 0 (2) (3) 1 (3) 0 0 (3) 1
   Other settlements   (5) (155) (4) (164) 2 (3) 0 (3) (6) 2
Total claims settled   (6) (155) (6) (167) (6) 0 (3) (9)
Claims rescinded   (4) 0 0 (4) (6) (4) 0 (10)
Transfers to/from arbitration and litigation, net  3 0 0 (347) (347) 0 0 (334) (334)
Balance at end of period   81 420 1,194 1,695 67 482 1,398 1,947




  2Q12
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Outstanding repurchase claims (USD million)   
Balance at beginning of period   50 437 762 1,249
New claims   25 14 242 281
   Claims settled through repurchases   (2) 0 (3) (5) 1
   Other settlements   (2) (1) (6) (9) 2
Total claims settled   (4) (1) (9) (14)
Claims rescinded   0 (2) 0 (2)
Transfers to/from arbitration and litigation, net  3 0 0 (144) (144)
Balance at end of period   71 448 851 1,370
1
Settled at a repurchase price of USD 3 million, USD 3 million and USD 6 million in 2Q13, 1Q13 and 2Q12, respectively.
2
Settled at USD 20 million, USD 5 million and USD 7 million in 2Q13, 1Q13 and 2Q12, respectively.
3
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation.




Residential mortgage loans sold – outstanding repurchase claims (continued)

  6M13 6M12
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Government-

sponsored

enterprises


Private

investors
Non-agency

securitiza-

tions




Total
Outstanding repurchase claims (USD million)   
Balance at beginning of period   67 464 1,395 1,926 68 432 243 743
New claims   36 115 489 640 36 22 777 835
   Claims settled through repurchases   (4) 0 (2) (6) 1 (3) 0 (5) (8) 1
   Other settlements   (8) (155) (7) (170) 2 (4) (1) (8) (13) 2
Total claims settled   (12) (155) (9) (176) (7) (1) (13) (21)
Claims rescinded   (10) (4) 0 (14) (26) (5) 0 (31)
Transfers to/from arbitration and litigation, net  3 0 0 (681) (681) 0 0 (156) (156)
Balance at end of period   81 420 1,194 1,695 71 448 851 1,370
1
Settled at a repurchase price of USD 6 million and USD 9 million in 6M13 and 6M12, respectively.
2
Settled at USD 25 million and USD 10 million in 6M13 and 6M12, respectively.
3
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation.




Provisions for outstanding repurchase claims
Provisions for outstanding repurchase claims

2Q13 1Q13 2Q12 6M13 6M12
Provisions for outstanding repurchase claims (USD million)   1
Balance at beginning of period   59 55 49 55 59
Increase/(decrease) in provisions, net   62 12 20 74 16
Realized losses  2 (23) (8) 3 (13) 3 (31) (19) 3
Balance at end of period  4 98 59 56 98 56
1
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 29 – Litigation" for further information.
2
Includes indemnifications paid to resolve loan repurchase claims.
3
Primarily related to government-sponsored enterprises and non-agency securitizations.
4
Primarily related to government-sponsored enterprises.




Other commitments
Other commitments

  2Q13 4Q12


end of
Maturity

less than

1 year
Maturity

greater than

1 year
Total

gross

amount
Total

net

amount
1

Collateral

received
Maturity

less than

1 year
Maturity

greater than

1 year
Total

gross

amount
Total

net

amount
1

Collateral

received
Other commitments (CHF million)   
Irrevocable commitments under documentary credits     5,660 29 5,689 5,574 3,160 6,217 41 6,258 6,061 3,219
Loan commitments   170,538 74,593 245,131 2 239,693 163,905 169,462 67,648 237,110 2 231,639 153,460
Forward reverse repurchase agreements     43,192 0 43,192 43,192 43,192 45,556 0 45,556 45,556 45,556
Other commitments   3,807 1,531 5,338 5,338 167 949 1,612 2,561 2,561 131
Total other commitments   223,197 76,153 299,350 293,797 210,424 222,184 69,301 291,485 285,817 202,366
1
Total net amount is computed as the gross amount less any participations.
2
Includes CHF 140,510 million and CHF 139,709 million of unused credit limits as of the end of 2Q13 and 4Q12, respectively, which were revocable at the Group's sole discretion upon notice to the client.




v2.4.0.6
Transfers of financial assets and variable interest entities (Tables)
6 Months Ended
Jun. 30, 2013
Securitizations
Securitizations

in 6M13 6M12
Gains and cash flows (CHF million)   
CMBS  
Net gain  1 1 23
Proceeds from transfer of assets   3,631 3,718
Cash received on interests that continue to be held   32 35
RMBS  
Net gain/(loss)  1 2 (2)
Proceeds from transfer of assets   14,257 8,483
Purchases of previously transferred financial assets or its underlying collateral     (8) (11)
Servicing fees   2 1
Cash received on interests that continue to be held   275 246
Other asset-backed financings  
Net gain  1 7 71
Proceeds from transfer of assets   553 279
Purchases of previously transferred financial assets or its underlying collateral    2 (65) (161)
Cash received on interests that continue to be held   329 582
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 2Q13 4Q12
CHF million   
CMBS  
Principal amount outstanding   33,203 30,050
Total assets of SPE   48,661 45,407
RMBS  
Principal amount outstanding   51,891 58,112
Total assets of SPE   53,731 60,469
Other asset-backed financings  
Principal amount outstanding   28,467 32,805
Total assets of SPE   28,518 32,805
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

2Q13 4Q12
at time of transfer CMBS RMBS CMBS RMBS
CHF million, except where indicated
Fair value of beneficial interests   158 1,963 761 2,219
   of which level 2   141 1,922 654 2,090
   of which level 3   17 41 107 129
Weighted-average life, in years   8.9 7.0 8.4 5.0
Prepayment speed assumption (rate per annum), in %  1 2 6.3 31.0 2 0.1 34.9
Cash flow discount rate (rate per annum), in %  3 1.6 8.2 0.0 45.9 0.8 10.7 0.1 25.7
Expected credit losses (rate per annum), in %   0.0 7.5 0.0 45.8 0.5 9.0 0.0 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 % 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

  2Q13 4Q12






CMBS
1





RMBS
Other asset-

backed

financing

activities
2





CMBS
1





RMBS
Other asset-

backed

financing

activities
2
CHF million, except where indicated
Fair value of beneficial interests   537 1,658 452 274 1,929 692
   of which non-investment grade   96 127 428 90 342 686
Weighted-average life, in years   6.2 7.8 4.6 4.0 5.2 3.6
Prepayment speed assumption (rate per annum), in %  3 2.1 33.8 0.1 27.6
Impact on fair value from 10% adverse change   (19.4) (38.5)
Impact on fair value from 20% adverse change   (37.3) (74.3)
Cash flow discount rate (rate per annum), in %  4 1.2 36.2 1.4 33.4 0.8 19.6 1.1 50.2 0.2 42.8 0.7 51.7
Impact on fair value from 10% adverse change   (9.5) (41.5) (0.6) (14.8) (62.8) (1.0)
Impact on fair value from 20% adverse change   (18.6) (80.6) (1.2) (19.9) (93.5) (1.8)
Expected credit losses (rate per annum), in %   1.0 34.2 2.5 16.9 0.3 19.3 0.9 49.5 0.9 42.8 0.3 51.4
Impact on fair value from 10% adverse change   (4.5) (23.8) (0.5) (14.4) (55.9) (0.8)
Impact on fair value from 20% adverse change   (8.8) (46.5) (1.0) (19.2) (80.3) (1.6)
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 % 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 2Q13 4Q12
CHF million   
CMBS  
Other assets   406 467
Liability to SPE, included in Other liabilities   (406) (467)
Other asset-backed financings  
Trading assets   617 1,171
Other assets   7 913
Liability to SPE, included in Other liabilities   (624) (2,084)




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

Conduit
Securi-

tizations


Funds


Loans


Other


Total
2Q13 (CHF million)   
Cash and due from banks   1,353 2 4 154 53 26 1,592
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 1,336 0 0 0 0 1,336
Trading assets   1,004 57 35 1,935 616 203 3,850
Investment securities   0 175 0 0 0 0 175
Other investments   0 0 0 0 1,607 589 2,196
Net loans   0 2,671 825 0 538 532 4,566
Premises and equipment   0 0 0 0 494 67 561
Other assets   8,541 1,495 3,027 4 510 1,833 15,410
   of which loans held-for-sale   8,499 0 2,823 0 67 0 11,389
Total assets of consolidated VIEs   10,898 5,736 3,891 2,093 3,818 3,250 29,686
Customer deposits   0 0 0 0 0 167 167
Trading liabilities   14 0 0 0 7 85 106
Short-term borrowings   0 4,440 0 10 0 0 4,450
Long-term debt   10,884 14 3,733 282 97 440 15,450
Other liabilities   25 7 78 10 154 866 1,140
Total liabilities of consolidated VIEs   10,923 4,461 3,811 302 258 1,558 21,313
4Q12 (CHF million)   
Cash and due from banks   1,534 27 0 125 44 20 1,750
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 117 0 0 0 0 117
Trading assets   1,064 196 14 1,861 565 997 4,697
Investment securities   0 23 0 0 0 0 23
Other investments   0 0 0 0 1,712 577 2,289
Net loans   0 4,360 859 0 405 429 6,053
Premises and equipment   0 0 0 0 509 72 581
Other assets   7,369 1,637 3,111 4 572 1,843 14,536
   of which loans held-for-sale   7,324 0 3,110 0 71 0 10,505
Total assets of consolidated VIEs   9,967 6,360 3,984 1,990 3,807 3,938 30,046
Customer deposits   0 0 0 0 0 247 247
Trading liabilities   20 0 0 0 4 101 125
Short-term borrowings   0 5,776 0 3 0 3,803 9,582
Long-term debt   9,944 14 3,608 500 38 428 14,532
Other liabilities   45 6 97 7 168 905 1,228
Total liabilities of consolidated VIEs   10,009 5,796 3,705 510 210 5,484 25,714




Non-consolidated VIEs
Non-consolidated VIEs

  Financial intermediation


end of


CDO
Securi-

tizations


Funds


Loans


Other


Total
2Q13 (CHF million)   
Trading assets   95 5,326 1,095 763 634 7,913
Net loans   1 421 2,484 3,424 1,174 7,504
Other assets   0 0 25 0 4 29
Total variable interest assets   96 5,747 3,604 4,187 1,812 15,446
Maximum exposure to loss   105 17,807 3,811 6,699 1,914 30,336
Non-consolidated VIE assets   7,007 109,492 60,215 25,662 15,608 217,984
4Q12 (CHF million)   
Trading assets   100 3,210 1,143 868 600 5,921
Net loans   8 111 2,148 3,572 1,668 7,507
Other assets   0 17 49 0 4 70
Total variable interest assets   108 3,338 3,340 4,440 2,272 13,498
Maximum exposure to loss   108 14,123 3,575 4,906 3,039 25,751
Non-consolidated VIE assets   5,163 103,990 52,268 22,304 15,491 199,216








v2.4.0.6
Financial instruments (Tables)
6 Months Ended
Jun. 30, 2013
Assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis



end of 2Q13


Level 1


Level 2


Level 3
Netting

impact
1

Total
Assets (CHF million)   
Cash and due from banks   0 386 0 0 386
Interest-bearing deposits with banks   0 396 0 0 396
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 99,972 0 0 99,972
   Debt   216 186 0 0 402
      of which corporates   0 184 0 0 184
   Equity   20,714 559 0 0 21,273
Securities received as collateral   20,930 745 0 0 21,675
   Debt   46,148 66,264 4,511 0 116,923
      of which foreign governments   45,429 6,863 30 0 52,322
      of which corporates   47 25,266 2,057 0 27,370
      of which RMBS   0 29,510 906 0 30,416
      of which CMBS   0 2,237 306 0 2,543
      of which CDO   0 2,317 865 0 3,182
   Equity   71,520 6,338 423 0 78,281
   Derivatives   15,978 663,276 6,579 (646,593) 39,240
      of which interest rate products   7,229 530,479 1,560
      of which foreign exchange products   49 69,797 505
      of which equity/index-related products   8,249 27,452 2,076
      of which credit derivatives   0 27,652 1,627
   Other   4,735 3,655 3,000 0 11,390
Trading assets   138,381 739,533 14,513 (646,593) 245,834
   Debt   2,025 1,107 317 0 3,449
      of which foreign governments   1,575 2 22 0 1,599
      of which corporates   0 672 120 0 792
      of which CDO   0 432 175 0 607
   Equity   2 93 2 0 97
Investment securities   2,027 1,200 319 0 3,546
   Private equity   0 0 3,980 0 3,980
      of which equity funds   0 0 2,617 0 2,617
   Hedge funds   0 348 133 0 481
      of which debt funds   0 218 40 0 258
   Other equity investments   247 83 2,099 0 2,429
      of which private   0 48 2,099 0 2,147
   Life finance instruments   0 0 1,713 0 1,713
Other investments   247 431 7,925 0 8,603
Loans   0 12,421 7,149 0 19,570
      of which commercial and industrial loans   0 6,189 4,899 0 11,088
      of which financial institutions   0 4,865 1,298 0 6,163
Other intangible assets (mortgage servicing rights)   0 0 39 0 39
Other assets   4,962 26,876 6,631 (301) 38,168
      of which loans held-for-sale   0 16,891 5,842 0 22,733
Total assets at fair value   166,547 881,960 36,576 (646,894) 438,189
Less other investments - equity at fair value attributable to noncontrolling interests   (221) (133) (3,584) 0 (3,938)
Less assets consolidated under ASU 2009-17  2 0 (9,190) (3,372) 0 (12,562)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework     166,326 872,637 29,620 (646,894) 421,689
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 2Q13


Level 1


Level 2


Level 3
Netting

impact
1

Total
Liabilities (CHF million)   
Due to banks   0 1,903 0 0 1,903
Customer deposits   0 3,538 62 0 3,600
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     0 79,443 0 0 79,443
   Debt   216 186 0 0 402
      of which corporates   0 184 0 0 184
   Equity   20,714 559 0 0 21,273
Obligations to return securities received as collateral   20,930 745 0 0 21,675
   Debt   24,011 9,277 10 0 33,298
      of which foreign governments   23,723 2,573 0 0 26,296
      of which corporates   74 5,745 10 0 5,829
   Equity   15,498 389 21 0 15,908
   Derivatives   15,150 670,205 5,338 (649,982) 40,711
      of which interest rate products   6,895 524,316 1,095
      of which foreign exchange products   75 80,097 1,312
      of which equity/index-related products   7,528 29,276 1,244
      of which credit derivatives   0 27,823 1,361
Trading liabilities   54,659 679,871 5,369 (649,982) 89,917
Short-term borrowings   0 5,427 193 0 5,620
Long-term debt   17 52,965 10,960 0 63,942
      of which treasury debt over two years   0 10,538 0 0 10,538
      of which structured notes over two years   0 19,652 6,306 0 25,958
      of which non-recourse liabilities   17 11,377 3,088 0 14,482
Other liabilities   0 21,387 2,677 (324) 23,740
      of which failed sales   0 1,342 936 0 2,278
Total liabilities at fair value   75,606 845,279 19,261 (650,306) 289,840
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 4Q12


Level 1


Level 2


Level 3
Netting

impact
1

Total
Assets (CHF million)   
Cash and due from banks   0 569 0 0 569
Interest-bearing deposits with banks   0 627 0 0 627
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     0 113,664 0 0 113,664
   Debt   92 350 0 0 442
      of which corporates   0 320 0 0 320
   Equity   29,585 18 0 0 29,603
Securities received as collateral   29,677 368 0 0 30,045
   Debt   55,592 74,391 5,888 0 135,871
      of which foreign governments   53,918 11,032 79 0 65,029
      of which corporates   1 25,932 3,192 0 29,125
      of which RMBS   0 30,392 724 0 31,116
      of which CMBS   0 4,335 1,023 0 5,358
      of which CDO   0 2,620 447 0 3,067
   Equity   66,664 7,746 485 0 74,895
   Derivatives   3,428 823,016 6,650 (799,886) 33,208
      of which interest rate products   703 698,297 1,859
      of which foreign exchange products   1 62,717 754
      of which equity/index-related products   2,538 25,820 1,920
      of which credit derivatives   0 29,274 1,294
   Other   7,203 2,736 2,486 0 12,425
Trading assets   132,887 907,889 15,509 (799,886) 256,399
   Debt   2,066 1,168 169 0 3,403
      of which foreign governments   1,583 1 21 0 1,605
      of which corporates   0 720 125 0 845
      of which CDO   0 447 23 0 470
   Equity   4 90 1 0 95
Investment securities   2,070 1,258 170 0 3,498
   Private equity   0 0 3,958 0 3,958
      of which equity funds   0 0 2,633 0 2,633
   Hedge funds   0 470 165 0 635
      of which debt funds   0 349 84 0 433
   Other equity investments   271 69 2,243 0 2,583
      of which private   0 61 2,245 0 2,306
   Life finance instruments   0 0 1,818 0 1,818
Other investments   271 539 8,184 0 8,994
Loans   0 13,381 6,619 0 20,000
      of which commercial and industrial loans   0 6,191 4,778 0 10,969
      of which financial institutions   0 5,934 1,530 0 7,464
Other intangible assets (mortgage servicing rights)   0 0 43 0 43
Other assets   5,439 26,912 5,164 (240) 37,275
      of which loans held-for-sale   0 14,899 4,463 0 19,362
Total assets at fair value   170,344 1,065,207 35,689 (800,126) 471,114
Less other investments - equity at fair value attributable to noncontrolling interests   (240) (99) (3,292) 0 (3,631)
Less assets consolidated under ASU 2009-17  2 0 (8,769) (2,745) 0 (11,514)
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework     170,104 1,056,339 29,652 (800,126) 455,969
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 4Q12


Level 1


Level 2


Level 3
Netting

impact
1

Total
Liabilities (CHF million)   
Due to banks   0 3,413 0 0 3,413
Customer deposits   0 4,618 25 0 4,643
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     0 108,784 0 0 108,784
   Debt   92 350 0 0 442
      of which corporates   0 320 0 0 320
   Equity   29,585 18 0 0 29,603
Obligations to return securities received as collateral   29,677 368 0 0 30,045
   Debt   25,782 7,014 196 0 32,992
      of which foreign governments   25,623 1,476 0 0 27,099
      of which corporates   0 5,030 196 0 5,226
   Equity   17,912 389 6 0 18,307
   Derivatives   3,173 834,228 5,154 (803,038) 39,517
      of which interest rate products   628 693,430 1,357
      of which foreign exchange products   1 76,963 1,648
      of which equity/index-related products   2,305 27,684 1,003
      of which credit derivatives   0 28,952 819
Trading liabilities   46,867 841,631 5,356 (803,038) 90,816
Short-term borrowings   0 4,389 124 0 4,513
Long-term debt   218 55,068 10,098 0 65,384
      of which treasury debt over two years   0 10,565 0 0 10,565
      of which structured notes over two years   0 22,543 6,189 0 28,732
      of which non-recourse liabilities   218 11,006 2,551 0 13,775
Other liabilities   0 24,399 2,848 (376) 26,871
      of which failed sales   0 2,523 1,160 0 3,683
Total liabilities at fair value   76,762 1,042,670 18,451 (803,414) 334,469
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

  6M13 6M12


in
Transfers

to level 1

out of level 2
Transfers

out of level 1

to level 2
Transfers

to level 1

out of level 2
Transfers

out of level 1

to level 2
Assets (CHF million)   
   Debt   471 85 47 96
   Equity   422 171 99 202
   Derivatives   4,093 1 4,374 16
Trading assets   4,986 257 4,520 314
Liabilities (CHF million)   
   Debt   6 17 26 32
   Equity   250 17 43 20
   Derivatives   3,536 9 5,116 66
Trading liabilities   3,792 43 5,185 118




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


6M13


Balance at

beginning

of period




Transfers

in




Transfers

out






Purchases






Sales






Issuances






Settlements


On

transfers

in / out
1

On

all

other


On

transfers

in / out
1

On

all

other
Foreign

currency

translation

impact


Balance

at end

of period
Assets (CHF million)   
   Debt   5,888 465 (979) 3,291 (4,604) 0 0 130 150 0 0 170 4,511
      of which corporates   3,192 146 (483) 1,009 (2,020) 0 0 113 9 0 0 91 2,057
      of which RMBS   724 257 (292) 758 (638) 0 0 6 64 0 0 27 906
      of which CMBS   1,023 26 (100) 129 (821) 0 0 (3) 33 0 0 19 306
      of which CDO   447 14 (39) 1,384 (1,008) 0 0 2 45 0 0 20 865
   Equity   485 190 (173) 139 (236) 0 0 6 (2) 0 0 14 423
   Derivatives   6,650 916 (897) 0 0 721 (1,004) 96 (97) 0 0 194 6,579
      of which interest rate products   1,859 42 (198) 0 0 164 (198) 2 (161) 0 0 50 1,560
      of which equity/index-related products   1,920 149 (258) 0 0 116 (225) 62 250 0 0 62 2,076
      of which credit derivatives   1,294 721 (262) 0 0 111 (302) 33 (9) 0 0 41 1,627
   Other   2,486 165 (224) 2,727 (2,133) 0 (65) 1 (46) 0 0 89 3,000
Trading assets   15,509 1,736 (2,273) 6,157 (6,973) 721 (1,069) 233 5 0 0 467 14,513
Investment securities   170 0 0 166 (17) 0 0 0 0 0 0 0 319
   Equity   6,366 0 (40) 745 (1,329) 0 0 0 (2) 0 276 196 6,212
   Life finance instruments   1,818 0 0 100 (186) 0 0 0 (80) 0 0 61 1,713
Other investments   8,184 0 (40) 845 (1,515) 0 0 0 (82) 0 276 257 7,925
Loans   6,619 93 (1,644) 368 (834) 3,593 (1,193) (1) (81) 0 0 229 7,149
   of which commercial and industrial loans   4,778 81 (322) 368 (595) 1,346 (780) 0 (126) 0 0 149 4,899
   of which financial institutions   1,530 11 (2) 1 (119) 240 (363) 0 (49) 0 0 49 1,298
Other intangible assets   43 0 0 0 0 0 0 0 0 0 (6) 2 39
Other assets   5,164 1,551 (1,556) 2,673 (1,707) 700 (501) 16 133 0 0 158 6,631
   of which loans held-for-sale  2 4,463 1,540 (1,554) 2,494 (1,538) 700 (501) 15 92 0 0 131 5,842
Total assets at fair value   35,689 3,380 (5,513) 10,209 (11,046) 5,014 (2,763) 248 (25) 0 270 1,113 36,576
Liabilities (CHF million)   
Customer deposits   25 0 0 0 0 53 0 0 (13) 0 0 (3) 62
Trading liabilities   5,356 1,024 (814) 53 (155) 489 (1,125) 124 252 0 0 165 5,369
   of which interest rate derivatives   1,357 59 (132) 0 0 82 (43) 3 (269) 0 0 38 1,095
   of which foreign exchange derivatives   1,648 15 (14) 0 0 13 (472) (1) 73 0 0 50 1,312
   of which equity/index-related derivatives   1,003 111 (302) 0 0 275 (308) 90 341 0 0 34 1,244
   of which credit derivatives   819 808 (267) 0 0 71 (226) 40 89 0 0 27 1,361
Short-term borrowings   124 46 (34) 0 0 203 (86) (4) (61) 0 0 5 193
Long-term debt   10,098 1,728 (1,209) 0 0 2,818 (2,787) 16 (51) 0 0 347 10,960
   of which structured notes over two years   6,189 321 (893) 0 0 1,966 (1,160) 12 (352) 0 0 223 6,306
   of which non-recourse liabilities   2,551 1,369 (196) 0 0 438 (1,274) 10 114 0 0 76 3,088
Other liabilities   2,848 31 (131) 62 (280) 1 (58) (16) (18) 26 135 77 2,677
   of which failed sales   1,160 12 (77) 45 (230) 0 0 (4) (8) 0 0 38 936
Total liabilities at fair value   18,451 2,829 (2,188) 115 (435) 3,564 (4,056) 120 109 26 135 591 19,261
Net assets/(liabilities) at fair value   17,238 551 (3,325) 10,094 (10,611) 1,450 1,293 128 (134) (26) 135 522 17,315
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 gains recorded in trading revenues of CHF 90 million primarily related to subprime exposures in the RMBS and CMBS businesses 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


6M12


Balance at

beginning

of period




Transfers

in




Transfers

out






Purchases












Sales












Issuances












Settlements


On

transfers

in / out
1

On

all

other


On

transfers

in / out
1

On

all

other
Foreign

currency

translation

impact


Balance

at end

of period
Assets (CHF million)   
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     1,204 0 0 0 0 0 0 0 (25) 0 0 7 1,186
Securities received as collateral   193 0 (195) 0 0 0 0 0 0 0 0 2 0
   Debt   10,028 1,269 (1,477) 3,338 (5,310) 0 0 28 34 0 0 25 7,935
      of which corporates   5,076 479 (665) 2,268 (3,323) 0 0 35 232 0 0 23 4,125
      of which RMBS   1,786 517 (545) 477 (999) 0 0 (11) 26 0 0 2 1,253
      of which CMBS   1,517 111 (154) 206 (142) 0 0 (5) (170) 0 0 1 1,364
      of which CDO   727 136 (44) 300 (485) 0 0 1 17 0 0 2 654
   Equity   467 287 (39) 198 (446) 0 0 16 (52) 0 0 (2) 429
   Derivatives   9,587 912 (1,128) 0 0 701 (1,656) 73 55 0 0 42 8,586
      of which interest rate products   2,547 55 (247) 0 0 152 (369) 11 34 0 0 12 2,195
      of which equity/index-related products   2,732 396 (459) 0 0 259 (616) 57 (129) 0 0 7 2,247
      of which credit derivatives   2,171 455 (328) 0 0 145 (385) 0 22 0 0 11 2,091
   Other   2,196 110 (115) 1,239 (1,128) 0 0 (2) 10 0 0 17 2,327
Trading assets   22,278 2,578 (2,759) 4,775 (6,884) 701 (1,656) 115 47 0 0 82 19,277
Investment securities   102 0 0 0 (7) 0 0 0 0 0 0 (3) 92
   Equity   7,076 4 (48) 420 (629) 0 0 0 1 0 381 31 7,236
   Life finance instruments   1,969 0 0 70 (154) 0 0 0 25 0 0 12 1,922
Other investments   9,045 4 (48) 490 (783) 0 0 0 26 0 381 43 9,158
Loans   6,842 220 (97) 327 (712) 1,779 (1,803) 5 (186) 0 0 25 6,400
   of which commercial and industrial loans   4,559 114 (97) 92 (353) 1,095 (1,459) 5 12 0 0 10 3,978
   of which financial institutions   2,179 76 0 227 (345) 496 (329) 0 (221) 0 0 10 2,093
Other intangible assets   70 0 0 2 0 0 0 0 0 0 (9) 0 63
Other assets   7,469 1,180 (1,593) 1,513 (1,744) 101 (664) 54 318 0 0 1 6,635
   of which loans held-for-sale   6,901 1,155 (1,592) 1,465 (1,662) 101 (665) 53 286 0 0 10 6,052
Total assets at fair value   47,203 3,982 (4,692) 7,107 (10,130) 2,581 (4,123) 174 180 0 372 157 42,811
Liabilities (CHF million)   
Obligation to return securities received as collateral   193 0 (195) 0 0 0 0 0 0 0 0 2 0
Trading liabilities   7,343 704 (980) 36 (271) 465 (1,282) 41 47 0 0 28 6,131
      of which interest rate derivatives   1,588 79 (377) 0 0 63 (66) 23 13 0 0 11 1,334
      of which foreign exchange derivatives   2,836 1 (167) 0 0 0 (496) 20 1 0 0 10 2,205
      of which equity/index-related derivatives   1,022 62 (109) 0 0 236 (191) (32) (99) 0 0 0 889
      of which credit derivatives   1,520 520 (313) 0 0 69 (459) 30 (113) 0 0 2 1,256
Short-term borrowings   236 4 (60) 0 0 129 (233) (6) 9 0 0 (1) 78
Long-term debt   12,715 1,493 (1,654) 0 0 1,438 (2,852) 116 351 0 0 70 11,677
   of which structured notes over two years   7,576 657 (852) 0 0 1,039 (1,517) 59 152 0 0 53 7,167
   of which non-recourse liabilities   3,585 744 (716) 0 0 173 (1,171) 53 147 0 0 6 2,821
Other liabilities   3,891 131 (46) 273 (668) 1 (219) (7) 80 0 115 7 3,558
   of which failed sales   1,909 72 (19) 266 (661) 0 (46) 0 144 0 0 6 1,671
Total liabilities at fair value   24,378 2,332 (2,935) 309 (939) 2,033 (4,586) 144 487 0 115 106 21,444
Net assets/(liabilities) at fair value   22,825 1,650 (1,757) 6,798 (9,191) 548 463 30 (307) 0 257 51 21,367
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)

  6M13 6M12


in
Trading

revenues
Other

revenues
Total

revenues
Trading

revenues
Other

revenues
Total

revenues
Gains and losses on assets and liabilities (CHF million)   
Net realized/unrealized gains/(losses) included in net revenues   (6) 109 103 1 (277) 257 (20) 1
Whereof:  
   Unrealized gains/(losses) relating    to assets and liabilities still held as of the reporting date     (1,079) 103 (976) 113 318 431
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 2Q13


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
Weighted

average
1
CHF million, except where indicated
Debt   4,511
   of which corporates   2,057
      of which   136 Option model Correlation, in % (83) 93 15
  Buyback probability, in % 2 50 100 61
      of which   872 Market comparable Price, in % 0 136 90
      of which   797 Discounted cash flow Credit spread, in bp 54 650 406
   of which RMBS   906 Discounted cash flow Discount rate, in % 1 38 10
  Prepayment rate, in % 0 26 7
  Default rate, in % 0 25 7
  Loss severity, in % 0 100 39
   of which CMBS   306 Discounted cash flow Capitalization rate, in % 4 12 9
  Discount rate, in % 0 34 15
  Prepayment rate, in % 0 10 7
  Default rate, in % 0 15 4
  Loss severity, in % 0 50 14
   of which CDO   865
      of which   175 Vendor price Price, in % 0 138 102
      of which   442 Discounted cash flow Discount rate, in % 3 19 6
  Prepayment rate, in % 0 20 16
  Default rate, in % 1 3 2
  Loss severity, in % 25 50 33
      of which   86 Market comparable Price, in % 84 97 87
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 2Q13


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
Weighted

average
1
CHF million, except where indicated
Equity   423
      of which   191 Market comparable EBITDA multiple 3 12 8
      of which   41 Discounted cash flow Capitalization rate, in % 7 7 7
  Discount rate, in % 15 15 15
Derivatives   6,579
   of which interest rate products   1,560 Option model Correlation, in % 17 100 72
  Prepayment rate, in % 2 45 28
  Volatility, in % 2 31 7
  Volatility skew, in % (9) 4 (2)
  Credit spread, in bp 21 500 92
   of which equity/index-related products   2,076 Option model Correlation, in % (83) 93 15
  Volatility, in % 4 148 30
   of which credit derivatives   1,627 Discounted cash flow Credit spread, in bp 1 2,688 140
  Recovery rate, in % 0 77 25
  Discount rate, in % 0 38 10
  Default rate, in % 0 25 11
  Loss severity, in % 0 100 58
  Correlation, in % 41 97 60
  Prepayment rate, in % 0 25 5
Other   3,000
      of which   2,313 Market comparable Price, in % 0 123 38
      of which     553 Discounted cash flow Market implied life expectancy, in years 4 20 10
Trading assets   14,513
Investment securities   319
Private equity   3,980 2 2 2 2 2
Hedge funds   133 2 2 2 2 2
Other equity investments   2,099
   of which private   2,099
      of which   650 Discounted cash flow Credit spread, in bp 963 1,315 1,123
  Contingent probability, in % 50 50 50
      of which   963 Market comparable EBITDA multiple 2 12 8
Life finance instruments     1,713 Discounted cash flow Market implied life expectancy, in years 1 22 9
Other investments   7,925
Loans   7,149
   of which commercial and industrial loans   4,899
      of which   4,459 Discounted cash flow Credit spread, in bp 37 2,527 507
      of which   282 Market comparable Price, in % 0 100 48
   of which financial institutions   1,298 Discounted cash flow Credit spread, in bp 99 920 461
Other intangible assets (mortgage servicing rights)   39
Other assets   6,631
   of which loans held-for-sale   5,842
      of which   2,546 Vendor price Price, in % 1 150 103
      of which   796 Discounted cash flow Credit spread, in bp 110 1,710 522
      of which   1,786 Market comparable Price, in % 0 116 73
Total level 3 assets at fair value   36,576
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 assets at fair value (continued)



end of 4Q12


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
CHF million, except where indicated
Debt   5,888
   of which corporates   3,192
      of which   754 Option model Correlation, in % (87) 97
  Buyback probability, in % 1 50 100
      of which   797 Market comparable Price, in % 0 146
      of which   1,231 Discounted cash flow Credit spread, in bp 0 2,439
   of which RMBS   724 Discounted cash flow Discount rate, in % 2 50
  Prepayment rate, in % 0 55
  Default rate, in % 0 25
  Loss severity, in % 0 100
   of which CMBS   1,023 Discounted cash flow Capitalization rate, in % 5 12
  Internal rate of return, in % 9 15
  Discount rate, in % 2 35
  Prepayment rate, in % 0 10
  Default rate, in % 0 40
  Loss severity, in % 0 90
   of which CDO   447
      of which   193 Vendor price Price, in % 0 102
      of which   123 Discounted cash flow Discount rate, in % 2 35
  Prepayment rate, in % 0 40
  Default rate, in % 0 25
  Loss severity, in % 0 100
      of which   78 Market comparable Price, in % 80 93
1
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 4Q12


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
CHF million, except where indicated
Equity   485
      of which   237 Market comparable EBITDA multiple 3 12
      of which   26 Discounted cash flow Capitalization rate, in % 7 7
Derivatives   6,650
   of which interest rate products   1,859 Option model Correlation, in % 17 100
  Prepayment rate, in % 2 45
  Volatility, in % (5) 31
  Credit spread, in bp 34 157
   of which equity/index-related products   1,920 Option model Correlation, in % (87) 97
  Volatility, in % 2 157
   of which credit derivatives   1,294 Discounted cash flow Credit spread, in bp 1 5,843
  Recovery rate, in % 0 75
  Discount rate, in % 2 35
  Default rate, in % 0 25
  Loss severity, in % 0 100
  Correlation, in % 30 97
  Prepayment rate, in % 0 40
Other   2,486
      of which   1,891 Market comparable Price, in % 0 103
      of which   564 Discounted cash flow Life expectancy, in years 4 20
Trading assets   15,509
Investment securities   170
Private equity   3,958 1 1 1 1
Hedge funds   165 1 1 1 1
Other equity investments   2,243
   of which private   2,245
      of which   759 Discounted cash flow Credit spread, in bp 1,070 2,049
  Contingent probability, in % 50 50
      of which   903 Market comparable EBITDA multiple 2 13
Life finance instruments   1,818 Discounted cash flow Life expectancy, in years 1 23
Other investments   8,184
Loans   6,619
   of which commercial and industrial loans   4,778 Discounted cash flow Credit spread, in bp 0 2,763
   of which financial institutions   1,530 Discounted cash flow Credit spread, in bp 0 888
Other intangible assets (mortgage servicing rights)   43
Other assets   5,164
   of which loans held-for-sale   4,463
      of which   2,031 Vendor price Price, in % 0 103
      of which   328 Discounted cash flow Credit spread, in bp 20 1,458
      of which   2,009 Market comparable Price, in % 0 115
Total level 3 assets at fair value   35,689
1
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 2Q13


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
Weighted

average
1
CHF million, except where indicated   
Customer deposits   62
Trading liabilities   5,369
   of which interest rate derivatives   1,095 Option model Basis spread, in bp (21) 211 106
  Correlation, in % (30) 99 62
  Mean reversion, in % 2 3 10 7
  Prepayment rate, in % 5 45 31
   of which foreign exchange derivatives   1,312 Option model Correlation, in % (10) 70 50
  Prepayment rate, in % 20 32 26
   of which equity/index-related derivatives   1,244 Option model Correlation, in % (83) 93 15
  Skew, in % 59 129 94
  Volatility, in % 4 148 29
  Buyback probability, in % 3 50 100 61
  Gap risk, in % 4 0 8 0
   of which credit derivatives   1,361 Discounted cash flow Credit spread, in bp 1 2,688 151
  Discount rate, in % 0 38 10
  Default rate, in % 0 25 11
  Recovery rate, in % 20 77 42
  Loss severity, in % 0 100 58
  Correlation, in % 42 98 46
  Prepayment rate, in % 0 25 3
Short-term borrowings   193
Long-term debt   10,960
   of which structured notes over two years   6,306 Option model Correlation, in % (83) 99 16
  Volatility, in % 4 148 29
  Buyback probability, in % 3 50 100 61
  Gap risk, in % 4 0 8 0
   of which non-recourse liabilities   3,088
      of which   2,763 Vendor price Price, in % 0 150 103
      of which   262 Market comparable Price, in % 0 87 7
Other liabilities   2,677
   of which failed sales   936
      of which   651 Market comparable Price, in % 0 99 74
      of which   263 Discounted cash flow Credit spread, in bp 175 1,710 965
  Recovery rate, in % 10 10 10
Total level 3 liabilities at fair value   19,261
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.




Quantitative information about level 3 liabilities at fair value (continued)



end of 4Q12


Fair value
Valuation

technique
Unobservable

input
Minimum

value
Maximum

value
CHF million, except where indicated   
Customer deposits   25
Trading liabilities   5,356
   of which interest rate derivatives   1,357 Option model Basis spread, in bp (28) 54
  Correlation, in % 17 100
  Mean reversion, in % 1 (33) 5
  Prepayment rate, in % 4 45
   of which foreign exchange derivatives   1,648 Option model Correlation, in % (10) 70
  Prepayment rate, in % 4 22
   of which equity/index-related derivatives   1,003 Option model Correlation, in % (87) 97
  Skew, in % 56 128
  Volatility, in % 2 157
  Buyback probability, in % 2 50 100
  Gap risk, in % 3 0 4
   of which credit derivatives   819 Discounted cash flow Credit spread, in bp 0 5,843
  Discount rate, in % 2 35
  Default rate, in % 0 25
  Recovery rate, in % 0 77
  Loss severity, in % 0 100
  Correlation, in % 0 47
  Prepayment rate, in % 0 40
Short-term borrowings   124
Long-term debt   10,098
   of which structured notes over two years   6,189 Option model Correlation, in % (87) 97
  Volatility, in % 2 157
  Buyback probability, in % 2 50 100
  Gap risk, in % 3 0 12
   of which non-recourse liabilities   2,551
      of which   2,255 Vendor price Price, in % 0 103
      of which   230 Market comparable Price, in % 0 87
Other liabilities   2,848
   of which failed sales   1,160
      of which   646 Market comparable Price, in % 0 100
      of which   290 Discounted cash flow Credit spread, in bp 0 1,532
Total level 3 liabilities at fair value   18,451
1
Management's best estimate of the speed at which interest rates will revert to the long-term average.
2
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
3
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates.




Fair value, unfunded commitments and term of redemption conditions
Fair value, unfunded commitments and term of redemption conditions

  2Q13 4Q12


end of


Non-

redeemable




Redeemable


Total

fair value
Unfunded

commit-

ments


Non-

redeemable




Redeemable


Total

fair value
Unfunded

commit-

ments
Fair value and unfunded commitments (CHF million)   
   Debt funds   126 18 144 0 127 38 165 0
   Equity funds   29 3,275 1 3,304 0 52 3,810 2 3,862 0
   Equity funds sold short   0 (89) (89) 0 0 (111) (111) 0
Total funds held in trading assets and liabilities   155 3,204 3,359 0 179 3,737 3,916 0
   Debt funds   40 218 258 22 69 364 433 157
   Equity funds   3 32 35 0 3 43 46 0
   Others   3 185 188 33 3 153 156 46
Hedge funds   46 435 3 481 55 75 560 4 635 203
   Debt funds   111 0 111 3 97 0 97 17
   Equity funds   2,617 0 2,617 594 2,633 0 2,633 724
   Real estate funds   406 0 406 134 382 0 382 131
   Others   846 0 846 195 846 0 846 198
Private equities   3,980 0 3,980 926 3,958 0 3,958 1,070
Equity method investments   372 0 372 0 385 0 385 0
Total funds held in other investments   4,398 435 4,833 981 4,418 560 4,978 1,273
Total fair value   4,553 5 3,639 6 8,192 981 7 4,597 5 4,297 6 8,894 1,273 7
1
52 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 18 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 18 % is redeemable on a monthly basis with a notice period primarily of less than 30 days and 11 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
2
57 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 17 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 13 % is redeemable on a monthly basis with a notice period primarily of less than 30 days and 13 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
3
54 % 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 , 23 % is redeemable on demand with a notice period primarily of less than 30 days and 17 % is redeemable on an annual basis with a notice period of more than 60 days .
4
66 % 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 , 19 % is redeemable on demand with a notice period primarily of less than 30 days and 11 % is redeemable on an annual basis with a notice period of more than 60 days .
5
Includes CHF 2,169 million and CHF 1,958 million attributable to noncontrolling interests in 2Q13 and 4Q12, respectively.
6
Includes CHF 112 million and CHF 107 million attributable to noncontrolling interests in 2Q13 and 4Q12, respectively.
7
Includes CHF 503 million and CHF 418 million attributable to noncontrolling interests in 2Q13 and 4Q12, respectively.




Nonrecurring fair value changes
Nonrecurring fair value changes

end of 2Q13 4Q12
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion)     
Assets held-for-sale recorded at fair value on a nonrecurring basis     0.4 0.5
   of which level 3   0.4 0.5




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 on loans and financial instruments

  2Q13 4Q12


end of
Aggregate

fair

value
Aggregate

unpaid

principal




Difference
Aggregate

fair

value
Aggregate

unpaid

principal




Difference
Loans (CHF million)   
Non-interest-earning loans   715 3,090 (2,375) 920 3,810 (2,890)
Financial instruments (CHF million)   
Interest-bearing deposits with banks   396 391 5 627 615 12
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     99,972 99,602 370 113,664 113,196 468
Loans   19,570 20,470 (900) 20,000 20,278 (278)
Other assets  1 25,863 31,188 (5,325) 22,060 29,787 (7,727)
Due to banks and customer deposits   (780) (774) (6) (531) (493) (38)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     (79,443) (79,373) (70) (108,784) (108,701) (83)
Short-term borrowings   (5,620) (5,562) (58) (4,513) (4,339) (174)
Long-term debt   (63,942) (65,054) 1,112 (65,384) (66,998) 1,614
Other liabilities   (2,278) (3,741) 1,463 (3,683) (6,186) 2,503
1
Primarily loans held-for-sale.




Gains and losses on financial instruments
Gains and losses on financial instruments

  6M13 6M12


in
Net

gains/

(losses)
Net

gains/

(losses)
Financial instruments (CHF million)   
Cash and due from banks   0 (12) 2
   of which related to credit risk   0 (13)
Interest-bearing deposits with banks   4 1 0
   of which related to credit risk   (2) 0
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     532 1 628 1
Other trading assets   0 10 2
Other investments   (34) 2 26 2
   of which related to credit risk   0 10
Loans   224 1 1 2
   of which related to credit risk   (107) 259
Other assets   1,128 1 1,223 1
   of which related to credit risk   300 268
Due to banks and customer deposits   13 2 4 2
   of which related to credit risk   (1) 16
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     40 2 30 2
Short-term borrowings   6 2 (131) 2
Long-term debt   800 2 (3,005) 2
   of which related to credit risk  3 10 (1,298)
Other liabilities   239 2 265 2
   of which related to credit risk   51 294
1
Primarily recognized in net interest income.
2
Primarily recognized in trading revenues.
3
Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (20) million and CHF 38 million in 6M13, respectively, and CHF (785) million and CHF (500) million in 6M12, respectively.




Carrying value and estimated fair values of financial instruments
Carrying value and fair value of financial instruments not carried at fair value

    Carrying

value


Fair value
end of Level 1 Level 2 Level 3 Total
2Q13 (CHF million)
Financial assets  
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions     73,432 0 72,911 521 73,432
Loans   222,575 0 221,822 4,454 226,276
Other financial assets  1 152,471 58,890 92,207 1,806 152,903
Financial liabilities  
Due to banks and deposits   352,326 207,672 144,555 10 352,237
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions     19,630 0 19,630 0 19,630
Short-term borrowings   15,357 0 15,363 0 15,363
Long-term debt   69,563 0 65,972 4,364 70,336
Other financial liabilities  2 117,769 0 116,533 1,151 117,684
4Q12 (CHF million)
Financial assets  
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions     69,791 0 69,764 27 69,791
Loans   218,281 0 221,030 4,482 225,512
Other financial assets  1 132,147 63,900 66,798 1,772 132,470
Financial liabilities  
Due to banks and deposits   331,270 200,838 130,313 9 331,160
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions     23,937 0 23,939 0 23,939
Short-term borrowings   14,128 0 14,131 0 14,131
Long-term debt   82,750 0 79,846 4,546 84,392
Other financial liabilities  2 89,361 0 88,121 1,171 89,292
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.




v2.4.0.6
Assets pledged and collateral (Tables)
6 Months Ended
Jun. 30, 2013
Assets pledged and collateral
Assets pledged

end of 2Q13 4Q12
Assets pledged (CHF million)   
Total assets pledged or assigned as collateral   146,389 151,419
   of which encumbered   86,390 90,745




Fair value of collateral received with the right to sell or repledge
Collateral

end of 2Q13 4Q12
Collateral (CHF million)   
Fair value of collateral received with the right to sell or repledge     387,061 402,793
   of which sold or repledged   293,292 292,514




v2.4.0.6
Subsidiary guarantee information (Tables)
6 Months Ended
Jun. 30, 2013
Subsidiary guarantee information  
Condensed consolidating statements of operations and condensed consolidating statements of comprehensive income
Condensed consolidating statements of operations



in 2Q13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   1,690 4,392 6,082 13 124 6,219
Interest expense   (1,053) (2,507) (3,560) (11) (7) (3,578)
Net interest income   637 1,885 2,522 2 117 2,641
Commissions and fees   1,076 2,488 3,564 1 46 3,611
Trading revenues   (466) 822 356 0 1 357
Other revenues   280 139 419 1,039 2 (1,041) 417
Net revenues   1,527 5,334 6,861 1,042 (877) 7,026
Provision for credit losses   2 33 35 0 16 51
Compensation and benefits   896 1,989 2,885 18 70 2,973
General and administrative expenses   508 1,416 1,924 (34) 11 1,901
Commission expenses   58 401 459 0 3 462
Total other operating expenses   566 1,817 2,383 (34) 14 2,363
Total operating expenses   1,462 3,806 5,268 (16) 84 5,336
Income/(loss) before taxes   63 1,495 1,558 1,058 (977) 1,639
Income tax expense/(benefit)   (28) 483 455 13 7 475
Net income/(loss)   91 1,012 1,103 1,045 (984) 1,164
Net income/(loss) attributable to noncontrolling interests   98 222 320 0 (201) 119
Net income/(loss) attributable to shareholders   (7) 790 783 1,045 (783) 1,045
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 2Q13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   91 1,012 1,103 1,045 (984) 1,164
   Gains/(losses) on cash flow hedges   0 (21) (21) 6 0 (15)
   Foreign currency translation   (15) (151) (166) 0 0 (166)
   Unrealized gains/(losses) on securities   0 (6) (6) 0 (8) (14)
   Actuarial gains/(losses)   10 4 14 0 67 81
   Net prior service credit/(cost)   0 0 0 0 (31) (31)
Other comprehensive income/(loss), net of tax   (5) (174) (179) 6 28 (145)
Comprehensive income/(loss)   86 838 924 1,051 (956) 1,019
Comprehensive income/(loss) attributable to noncontrolling interests   94 201 295 0 (185) 110
Comprehensive income/(loss) attributable to shareholders   (8) 637 629 1,051 (771) 909
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of operations



in 2Q12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   1,996 4,909 6,905 21 118 7,044
Interest expense   (1,175) (4,232) (5,407) (19) (4) (5,430)
Net interest income   821 677 1,498 2 114 1,614
Commissions and fees   913 2,144 3,057 3 56 3,116
Trading revenues   (497) 1,578 1,081 0 75 1,156
Other revenues   129 232 361 789 2 (775) 375
Net revenues   1,366 4,631 5,997 794 (530) 6,261
Provision for credit losses   0 10 10 0 15 25
Compensation and benefits   814 2,171 2,985 23 (3) 3,005
General and administrative expenses   383 1,295 1,678 (24) 19 1,673
Commission expenses   58 365 423 1 3 427
Total other operating expenses   441 1,660 2,101 (23) 22 2,100
Total operating expenses   1,255 3,831 5,086 0 19 5,105
Income/(loss) before taxes   111 790 901 794 (564) 1,131
Income tax expense   33 221 254 6 51 311
Net income/(loss)   78 569 647 788 (615) 820
Net income/(loss) attributable to noncontrolling interests   13 70 83 0 (51) 32
Net income/(loss) attributable to shareholders   65 499 564 788 (564) 788
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 2Q12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   78 569 647 788 (615) 820
   Gains/(losses) on cash flow hedges   0 2 2 (5) (1) (4)
   Foreign currency translation   999 108 1,107 0 8 1,115
   Unrealized gains/(losses) on securities   0 (52) (52) 0 5 (47)
   Actuarial gains/(losses)   10 4 14 0 32 46
   Net prior service credit/(cost)   0 0 0 0 (14) (14)
Other comprehensive income/(loss), net of tax   1,009 62 1,071 (5) 30 1,096
Comprehensive income/(loss)   1,087 631 1,718 783 (585) 1,916
Comprehensive income/(loss) attributable to noncontrolling interests   208 262 470 0 (253) 217
Comprehensive income/(loss) attributable to shareholders   879 369 1,248 783 (332) 1,699
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of operations



in 6M13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   3,402 7,370 10,772 27 244 11,043
Interest expense   (2,027) (4,467) (6,494) (23) (78) (6,595)
Net interest income   1,375 2,903 4,278 4 166 4,448
Commissions and fees   2,030 4,810 6,840 3 96 6,939
Trading revenues   (459) 2,623 2,164 0 8 2,172
Other revenues   497 163 660 2,314 2 (2,337) 637
Net revenues   3,443 10,499 13,942 2,321 (2,067) 14,196
Provision for credit losses   2 35 37 0 36 73
Compensation and benefits   1,821 4,102 5,923 32 42 5,997
General and administrative expenses   1,015 2,679 3,694 (74) 35 3,655
Commission expenses   121 814 935 0 6 941
Total other operating expenses   1,136 3,493 4,629 (74) 41 4,596
Total operating expenses   2,957 7,595 10,552 (42) 83 10,593
Income/(loss) before taxes   484 2,869 3,353 2,363 (2,186) 3,530
Income tax expense   71 868 939 15 31 985
Net income/(loss)   413 2,001 2,414 2,348 (2,217) 2,545
Net income/(loss) attributable to noncontrolling interests   167 368 535 0 (338) 197
Net income/(loss) attributable to shareholders   246 1,633 1,879 2,348 (1,879) 2,348
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 6M13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   413 2,001 2,414 2,348 (2,217) 2,545
   Gains/(losses) on cash flow hedges   0 (17) (17) 4 0 (13)
   Foreign currency translation   724 44 768 0 (7) 761
   Unrealized gains/(losses) on securities   0 (10) (10) 0 (11) (21)
   Actuarial gains/(losses)   20 8 28 0 123 151
   Net prior service cost   0 0 0 0 (58) (58)
Other comprehensive income/(loss), net of tax   744 25 769 4 47 820
Comprehensive income/(loss)   1,157 2,026 3,183 2,352 (2,170) 3,365
Comprehensive income/(loss) attributable to noncontrolling interests   286 479 765 0 (450) 315
Comprehensive income/(loss) attributable to shareholders   871 1,547 2,418 2,352 (1,720) 3,050
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of operations



in 6M12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Condensed consolidating statements of operations (CHF million)   
Interest and dividend income   3,837 8,224 12,061 52 226 12,339
Interest expense   (2,209) (6,576) (8,785) (50) (6) (8,841)
Net interest income   1,628 1,648 3,276 2 220 3,498
Commissions and fees   1,873 4,285 6,158 5 115 6,278
Trading revenues   243 1,198 1,441 0 (96) 1,345
Other revenues   415 747 1,162 817 2 (802) 1,177
Net revenues   4,159 7,878 12,037 824 (563) 12,298
Provision for credit losses   (4) 36 32 0 27 59
Compensation and benefits   1,973 4,718 6,691 35 (10) 6,716
General and administrative expenses   800 2,520 3,320 (53) 59 3,326
Commission expenses   114 746 860 1 7 868
Total other operating expenses   914 3,266 4,180 (52) 66 4,194
Total operating expenses   2,887 7,984 10,871 (17) 56 10,910
Income/(loss) before taxes   1,276 (142) 1,134 841 (646) 1,329
Income tax expense/(benefit)   432 (155) 277 9 9 295
Net income/(loss)   844 13 857 832 (655) 1,034
Net income/(loss) attributable to noncontrolling interests   199 89 288 0 (86) 202
Net income/(loss) attributable to shareholders   645 (76) 569 832 (569) 832
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 6M12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Comprehensive income (CHF million)
Net income/(loss)   844 13 857 832 (655) 1,034
   Gains/(losses) on cash flow hedges   0 1 1 10 (1) 10
   Foreign currency translation   169 (282) (113) 0 111 (2)
   Unrealized gains/(losses) on securities   0 122 122 0 15 137
   Actuarial gains/(losses)   19 7 26 0 93 119
   Net prior service cost   (1) 1 0 0 (36) (36)
Other comprehensive income/(loss), net of tax   187 (151) 36 10 182 228
Comprehensive income/(loss)   1,031 (138) 893 842 (473) 1,262
Comprehensive income/(loss) attributable to noncontrolling interests   229 102 331 0 (123) 208
Comprehensive income/(loss) attributable to shareholders   802 (240) 562 842 (350) 1,054
1
Includes eliminations and consolidation adjustments.




Condensed consolidating balance sheets
Condensed consolidating balance sheets



end of 2Q13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Assets (CHF million)   
Cash and due from banks   4,942 52,587 57,529 3 (948) 56,584
Interest-bearing deposits with banks   86 2,222 2,308 0 (745) 1,563
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     121,158 52,237 173,395 0 9 173,404
Securities received as collateral   22,502 (827) 21,675 0 0 21,675
Trading assets   86,589 159,423 246,012 0 (178) 245,834
Investment securities   0 2,072 2,072 0 1,474 3,546
Other investments   5,801 5,629 11,430 40,916 (40,718) 11,628
Net loans   21,967 207,776 229,743 4,175 12,268 246,186
Premises and equipment   1,026 4,234 5,260 0 199 5,459
Goodwill   601 7,075 7,676 0 878 8,554
Other intangible assets   86 151 237 0 0 237
Brokerage receivables   37,474 34,772 72,246 0 1 72,247
Other assets   19,835 52,798 72,633 242 111 72,986
Total assets   322,067 580,149 902,216 45,336 (27,649) 919,903
Liabilities and equity (CHF million)   
Due to banks   247 29,307 29,554 2,451 (2,565) 29,440
Customer deposits   0 316,482 316,482 0 11,907 328,389
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     111,386 (12,313) 99,073 0 0 99,073
Obligation to return securities received as collateral   22,502 (827) 21,675 0 0 21,675
Trading liabilities   19,154 70,789 89,943 0 (26) 89,917
Short-term borrowings   29,994 (9,018) 20,976 0 0 20,976
Long-term debt   36,228 96,561 132,789 418 298 133,505
Brokerage payables   68,473 22,931 91,404 0 0 91,404
Other liabilities   11,811 44,052 55,863 65 189 56,117
Total liabilities   299,795 557,964 857,759 2,934 9,803 870,496
Total shareholders' equity   18,531 18,056 36,587 42,402 (36,587) 42,402
Noncontrolling interests   3,741 4,129 7,870 0 (865) 7,005
Total equity   22,272 22,185 44,457 42,402 (37,452) 49,407
 
Total liabilities and equity   322,067 580,149 902,216 45,336 (27,649) 919,903
1
Includes eliminations and consolidation adjustments.




Condensed consolidating balance sheets



end of 4Q12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Assets (CHF million)   
Cash and due from banks   4,388 56,988 61,376 19 368 61,763
Interest-bearing deposits with banks   86 3,633 3,719 0 (1,774) 1,945
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     124,976 58,470 183,446 0 9 183,455
Securities received as collateral   34,980 (4,935) 30,045 0 0 30,045
Trading assets   87,958 168,644 256,602 0 (203) 256,399
Investment securities   0 1,939 1,939 0 1,559 3,498
Other investments   5,899 5,917 11,816 35,088 (34,882) 12,022
Net loans   22,945 204,553 227,498 4,459 10,266 242,223
Premises and equipment   1,062 4,354 5,416 0 202 5,618
Goodwill   581 6,929 7,510 0 879 8,389
Other intangible assets   77 166 243 0 0 243
Brokerage receivables   20,545 25,223 45,768 0 0 45,768
Other assets   15,469 57,313 72,782 173 (43) 72,912
Total assets   318,966 589,194 908,160 39,739 (23,619) 924,280
Liabilities and equity (CHF million)   
Due to banks   164 30,410 30,574 3,753 (3,313) 31,014
Customer deposits   1 297,689 297,690 0 10,622 308,312
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     127,666 5,055 132,721 0 0 132,721
Obligation to return securities received as collateral   34,980 (4,935) 30,045 0 0 30,045
Trading liabilities   23,332 67,759 91,091 0 (275) 90,816
Short-term borrowings   20,102 (5,264) 14,838 0 3,803 18,641
Long-term debt   35,485 111,512 146,997 437 700 148,134
Brokerage payables   44,400 20,276 64,676 0 0 64,676
Other liabilities   12,008 45,359 57,367 51 219 57,637
Total liabilities   298,138 567,861 865,999 4,241 11,756 881,996
Total shareholders' equity   17,318 17,449 34,767 35,498 (34,767) 35,498
Noncontrolling interests   3,510 3,884 7,394 0 (608) 6,786
Total equity   20,828 21,333 42,161 35,498 (35,375) 42,284
 
Total liabilities and equity   318,966 589,194 908,160 39,739 (23,619) 924,280
1
Includes eliminations and consolidation adjustments.




Condensed consolidating statements of cash flows
Condensed consolidating statements of cash flows



in 6M13


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Operating activities of continuing operations (CHF million)
Net cash provided by/(used in) operating activities of continuing operations   1,908 12,669 14,577 169 2 (132) 14,614
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks   3 1,556 1,559 0 (1,030) 529
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     7,978 6,029 14,007 0 0 14,007
Purchase of investment securities   0 (212) (212) 0 0 (212)
Proceeds from sale of investment securities   0 36 36 0 0 36
Maturities of investment securities   0 39 39 0 53 92
Investments in subsidiaries and other investments   224 (863) (639) 0 (262) (901)
Proceeds from sale of other investments   910 438 1,348 32 237 1,617
(Increase)/decrease in loans   1,739 (3,513) (1,774) 541 (2,365) (3,598)
Proceeds from sales of loans   0 484 484 0 0 484
Capital expenditures for premises and equipment and other intangible assets   (119) (317) (436) 0 (4) (440)
Proceeds from sale of premises and equipment and other intangible assets   0 8 8 0 0 8
Other, net   (61) 59 (2) 0 0 (2)
Net cash provided by/(used in) investing activities of continuing operations   10,674 3,744 14,418 573 (3,371) 11,620
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits   76 14,745 14,821 (1,314) 2,086 15,593
Increase/(decrease) in short-term borrowings   9,118 (3,222) 5,896 0 0 5,896
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     (20,405) (16,959) (37,364) 0 0 (37,364)
Issuances of long-term debt   679 16,338 17,017 5 237 17,259
Repayments of long-term debt   (1,974) (31,113) (33,087) (288) (247) (33,622)
Issuances of common shares   0 0 0 928 0 928
Sale of treasury shares   0 0 0 38 5,090 5,128
Repurchase of treasury shares   0 0 0 (192) (5,287) (5,479)
Dividends paid   0 (147) (147) (154) (105) (406)
Other, net   323 (1,417) (1,094) 221 409 (464)
Net cash provided by/(used in) financing activities of continuing operations   (12,183) (21,775) (33,958) (756) 2,183 (32,531)
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks   155 961 1,116 (2) 4 1,118
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks   554 (4,401) (3,847) (16) (1,316) (5,179)
 
Cash and due from banks at beginning of period   4,388 56,988 61,376 19 368 61,763
Cash and due from banks at end of period   4,942 52,587 57,529 3 (948) 56,584
1
Includes eliminations and consolidation adjustments.
2
Consists of dividend payments from Group companies of CHF 161 million and CHF 21 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



in 6M12


Credit

Suisse

(USA), Inc.

consolidated
Bank

parent

company

and other

subsidiaries
1







Bank




Group

parent

company




Other

Group

subsidiaries
1



Credit

Suisse

Group
Operating activities of continuing operations (CHF million)
Net cash provided by/(used in) operating activities of continuing operations   (8,011) (2,032) (10,043) 190 2 (569) (10,422)
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks   (1) (268) (269) 0 87 (182)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions     (6,167) 16,522 10,355 0 19 10,374
Purchase of investment securities   0 (25) (25) 0 (183) (208)
Proceeds from sale of investment securities   0 339 339 0 0 339
Maturities of investment securities   0 106 106 0 61 167
Investments in subsidiaries and other investments   (163) (452) (615) (45) (28) (688)
Proceeds from sale of other investments   608 448 1,056 0 56 1,112
(Increase)/decrease in loans   2,084 (7,469) (5,385) 719 (1,309) (5,975)
Proceeds from sales of loans   0 522 522 0 0 522
Capital expenditures for premises and equipment and other intangible assets   (170) (494) (664) 0 (6) (670)
Proceeds from sale of premises and equipment and other intangible assets   2 6 8 0 0 8
Other, net   214 1,817 2,031 28 (20) 2,039
Net cash provided by/(used in) investing activities of continuing operations   (3,593) 11,052 7,459 702 (1,323) 6,838
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits   213 (3,220) (3,007) (586) 1,558 (2,035)
Increase/(decrease) in short-term borrowings   678 (8,492) (7,814) 0 0 (7,814)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions     15,780 (4,193) 11,587 0 0 11,587
Issuances of long-term debt   444 18,550 18,994 5 668 19,667
Repayments of long-term debt   (3,727) (23,712) (27,439) (660) (321) (28,420)
Issuances of common shares   0 0 0 1,323 0 1,323
Sale of treasury shares   0 0 0 361 3,414 3,775
Repurchase of treasury shares   0 0 0 (472) (3,390) (3,862)
Dividends paid   0 (176) (176) (944) (31) (1,151)
Excess tax benefits related to share-based compensation   0 14 14 0 (14) 0
Other, net   (1,467) 615 (852) 77 (5) (780)
Net cash provided by/(used in) financing activities of continuing operations   11,921 (20,614) (8,693) (896) 1,879 (7,710)
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks   31 (228) (197) 57 (101) (241)
Net increase/(decrease) in cash and due from banks (CHF million)
Net increase/(decrease) in cash and due from banks   348 (11,822) (11,474) 53 (114) (11,535)
 
Cash and due from banks at beginning of period   3,698 107,526 111,224 13 (664) 110,573
Cash and due from banks at end of period   4,046 95,704 99,750 66 (778) 99,038
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.




v2.4.0.6
Business developments (Details 2) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 1 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Jul. 31, 2013
ETF business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Other investments 82 57 130 139 362 140

v2.4.0.6
Business developments (Details 4) (CHF)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended 1 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Apr. 30, 2013
Subordinated mandatory and contingent convertible securities (MACCS)
Apr. 08, 2013
Subordinated mandatory and contingent convertible securities (MACCS)
Capital Developments              
Value of investor securities issued to raise capital             3'800
Stock Issued During Period, Shares, Conversion of Convertible Securities           233'452'670  
Issuance of common shares, MACCS settlement 199'964'015 0 0 199'964'015 0    
Sale of treasury shares, MACCS settlement 33'488'655 0 0 33'488'655 0    

v2.4.0.6
Segment information (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Segment Reporting Information          
Net revenues 7'026 7'170 6'261 14'196 12'298
Number of segments 2        
Income from continuing operations before taxes 1'639 1'891 1'131 3'530 1'329
Private Banking & Wealth Management
         
Segment Reporting Information          
Net revenues 3'424 3'285 3'398 6'709 6'873
Income from continuing operations before taxes 917 881 977 1'798 1'928
Investment Banking
         
Segment Reporting Information          
Net revenues 3'400 3'945 2'751 7'345 6'710
Income from continuing operations before taxes 754 1'300 314 2'054 1'221
Corporate Center
         
Segment Reporting Information          
Net revenues 80 (131) 78 (51) (1'488)
Income from continuing operations before taxes (137) (359) (180) (496) (1'998)
Noncontrolling interests without SEI
         
Segment Reporting Information          
Net revenues 122 71 34 193 203
Income from continuing operations before taxes 105 69 20 174 178

v2.4.0.6
Segment information (Details 2) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Segment Reporting Information        
Total assets 919'903 946'618 924'280 1'043'455
Private Banking & Wealth Management
       
Segment Reporting Information        
Total assets 279'340 284'588 275'683 277'922
Investment Banking
       
Segment Reporting Information        
Total assets 561'980 582'272 563'758 650'591
Corporate Center
       
Segment Reporting Information        
Total assets 74'316 75'339 80'733 110'350
Noncontrolling interests without SEI
       
Segment Reporting Information        
Total assets 4'267 4'419 4'106 4'592

v2.4.0.6
Net interest income (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net interest income          
Loans 1'210 1'190 1'232 2'400 2'445
Investment securities 13 12 26 25 47
Trading assets 3'705 2'425 4'418 6'130 7'084
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 705 671 786 1'376 1'558
Other 586 526 582 1'112 1'205
Interest and dividend income 6'219 4'824 7'044 11'043 12'339
Deposits (258) (259) (353) (517) (741)
Short-term borrowings (17) (80) (16) (97) (36)
Trading liabilities (1'855) (1'243) (3'278) (3'098) (4'552)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (397) (336) (527) (733) (897)
Long-term debt (985) (1'044) (1'177) (2'029) (2'464)
Other (66) (55) (79) (121) (151)
Interest expense (3'578) (3'017) (5'430) (6'595) (8'841)
Net interest income 2'641 1'807 1'614 4'448 3'498

v2.4.0.6
Commissions and fees (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Commissions and fees          
Lending business 489 441 364 930 671
Investment and portfolio management 1'068 975 1'019 2'043 1'988
Other securities business 26 27 24 53 45
Fiduciary business 1'094 1'002 1'043 2'096 2'033
Underwriting 479 419 311 898 722
Brokerage 1'121 1'048 896 2'169 1'885
Underwriting and brokerage 1'600 1'467 1'207 3'067 2'607
Other services 428 418 502 846 967
Commissions and fees 3'611 3'328 3'116 6'939 6'278

v2.4.0.6
Trading revenues (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Trading revenues          
Trading revenues 357 1'815 1'156 2'172 1'345
Interest rate products
         
Trading revenues          
Trading revenues (1'109) 1'697 636 588 304
Foreign exchange products
         
Trading revenues          
Trading revenues 519 384 (554) 903 483
Equity/index-related products
         
Trading revenues          
Trading revenues 571 (82) 757 489 942
Credit products
         
Trading revenues          
Trading revenues 316 (360) 162 (44) (828)
Commodity, emission and energy products
         
Trading revenues          
Trading revenues 148 43 17 191 88
Other products
         
Trading revenues          
Trading revenues (88) 133 138 45 356

v2.4.0.6
Other revenues (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Other Revenues          
Noncontrolling interests without SEI 152 64 50 216 194
Loans held-for-sale 2 (5) (9) (3) (19)
Long-lived assets held-for-sale (7) (15) (1) (22) (3)
Equity method investments 30 36 33 66 64
Other investments 82 57 130 139 362
Other 158 83 172 241 579
Other revenues 417 220 375 637 1'177

v2.4.0.6
Provision for credit losses (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Provision for credit losses          
Provision for loan losses 49 20 24 69 51
Provision for lending-related and other exposures 2 2 1 4 8
Provision for credit losses 51 22 25 73 59

v2.4.0.6
Compensation and benefits (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Compensation and benefits          
Salaries and variable compensation 2'504 2'611 2'571 5'115 5'885
Social security 229 222 247 451 466
Other 240 191 187 431 365
Compensation and benefits 2'973 3'024 3'005 5'997 6'716
Pension and other post-retirement expense 157 110 129 267 241
Severance and other compensation expense related to headcount reductions 90 67 123 157 168

v2.4.0.6
General and administrative expenses (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
General and Administrative Expenses (CHF million)          
Occupancy expenses 287 290 308 577 596
IT, machinery, etc. 377 385 372 762 715
Provisions and losses 273 170 13 443 82
Travel and entertainment 92 89 101 181 191
Professional services 466 454 473 920 908
Amortization and impairment of other intangible assets 7 6 7 13 21
Other 399 360 399 759 813
General and administrative expenses 1'901 1'754 1'673 3'655 3'326

v2.4.0.6
Earnings per share (Details) (CHF)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net income/(loss) attributable to shareholders (CHF million)          
Net income attributable to shareholders 1'045 1'303 788 2'348 832
Preferred securities dividends (114)   (114) (114) (114)
Net income attributable to shareholders for basic earnings per share 931 1'303 674 2'234 718
Available for common shares 852 1'033 615 1'918 659
Available for unvested share-based payment awards 70 93 59 164 59
Available for mandatory convertible securities 9 177   152  
Income impact of assumed conversion on contracts that may be settled in shares or cash (17) (5) (13) (22) (14)
Net income/(loss) attributable to shareholders for diluted earnings per share 914 1'298 661 2'212 704
Available for common shares 838 1'033 602 1'904 645
Available for unvested share-based payment awards 67 92 59 160 59
Available for mandatory convertible securities 9 173   148  
Weighted-average shares outstanding (million)          
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) 1'574.9 1'354.6 1'323.0 1'464.8 1'304.0
Dilutive contracts that may be settled in shares or cash (in shares) 23.1 24.9 26.4 23.5 16.7
Dilutive share options and warrants (in shares) 1.9 2.0 6.4 1.9 5.5
Dilutive share awards (in shares) 1.5 1.8 1.7 1.7 1.7
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) 1'601.4 1'383.3 1'357.5 1'491.9 1'327.9
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards (in shares) 130.0 122.6 90.1 126.3 85.6
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 20.4 231.8   126.1  
Basic earnings per share available for common shares (CHF)          
Basic earnings per share (in CHF per share) 0.54 0.76 0.46 1.31 0.51
Diluted earnings per share available for common shares (CHF)          
Diluted earnings per share (in CHF per share) 0.52 0.75 0.44 1.28 0.49
Weighted-average potential dilutive common shares 12.1 13.7 23.5 12.9 26.0

v2.4.0.6
Trading assets and liabilities (Details) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Schedule of Trading Assets and Liabilities        
Trading assets 245'834 264'201 256'399 284'058
Trading liabilities 89'917 91'490 90'816 115'782
Debt securities
       
Schedule of Trading Assets and Liabilities        
Trading assets 116'923 132'709 135'871 160'166
Equity securities
       
Schedule of Trading Assets and Liabilities        
Trading assets 78'281 85'087 74'895 68'829
Derivative instruments
       
Schedule of Trading Assets and Liabilities        
Trading assets 39'240 33'312 33'208 42'014
Trading liabilities 40'703 39'142 39'513 48'543
Other trading securities
       
Schedule of Trading Assets and Liabilities        
Trading assets 11'390 13'093 12'425 13'049
Short positions
       
Schedule of Trading Assets and Liabilities        
Trading liabilities 49'214 52'348 51'303 67'239

v2.4.0.6
Trading assets and liabilities (Details 2) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Cash collateral - netted        
Cash collateral paid 31'514 35'137 36'662 39'816
Cash collateral received 28'102 31'626 33'373 37'637
Cash collateral - not netted        
Cash collateral paid 10'212 12'030 10'904 13'221
Cash collateral received 13'047 13'399 12'224 12'978

v2.4.0.6
Investment securities (Details) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Investment securities disclosures        
Debt securities held-to-maturity 0 0 0 2
Securities available-for-sale 3'546 3'428 3'498 5'324
Total investment securities 3'546 3'428 3'498 5'326

v2.4.0.6
Investment securities (Details 2) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Held-to-maturity securities        
Amortized cost 0 0 0 2
Available-for-sale securities        
Amortized cost 3'428   3'327  
Gross unrealized gains, Securities 120   171  
Gross unrealized losses, Securities 2   0  
Fair value 3'546 3'428 3'498 5'324
Debt securities
       
Available-for-sale securities        
Amortized cost 3'347   3'246  
Gross unrealized gains, Debt securities 104   157  
Gross unrealized losses, Debt securities 2   0  
Fair value 3'449   3'403  
Debt securities issued by the Swiss federal, cantonal or local government entities
       
Available-for-sale securities        
Amortized cost 436   452  
Gross unrealized gains, Debt securities 17   31  
Gross unrealized losses, Debt securities 2   0  
Fair value 451   483  
Debt securities issued by foreign governments
       
Available-for-sale securities        
Amortized cost 1'544   1'523  
Gross unrealized gains, Debt securities 55   82  
Gross unrealized losses, Debt securities 0   0  
Fair value 1'599   1'605  
Corporate debt securities
       
Available-for-sale securities        
Amortized cost 774   823  
Gross unrealized gains, Debt securities 18   22  
Gross unrealized losses, Debt securities 0   0  
Fair value 792   845  
Collateralized debt obligations
       
Available-for-sale securities        
Amortized cost 593   448  
Gross unrealized gains, Debt securities 14   22  
Gross unrealized losses, Debt securities 0   0  
Fair value 607   470  
Equity securities
       
Available-for-sale securities        
Amortized cost 81   81  
Gross unrealized gains, Equity securities 16   14  
Gross unrealized losses, Equity securities 0   0  
Fair value 97   95  
Banks, trust and insurance companies
       
Available-for-sale securities        
Amortized cost 75   73  
Gross unrealized gains, Equity securities 16   14  
Gross unrealized losses, Equity securities 0   0  
Fair value 91   87  
Industry and all other
       
Available-for-sale securities        
Amortized cost 6   8  
Gross unrealized gains, Equity securities 0   0  
Gross unrealized losses, Equity securities 0   0  
Fair value 6   8  

v2.4.0.6
Investment securities (Details 3) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Debt securities
 
Gross unrealized losses on investment securities available for sale and the related fair value  
Fair value, less than 12 months 110
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 110
Gross unrealized losses, total 2
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 110
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 110
Gross unrealized losses, total 2

v2.4.0.6
Investment securities (Details 4) (CHF)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Debt securities
   
Proceeds from sales, realized gains and realized losses from available-for-sale securities    
Proceeds from sales 27 9
Realized gains 0 1
Equity securities
   
Proceeds from sales, realized gains and realized losses from available-for-sale securities    
Proceeds from sales 9 330
Realized gains 0 154

v2.4.0.6
Investment securities (Details 5) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Available-for-sale debt securities amortized cost disclosures  
Due within 1 year, amortized cost 1'170
Due from 1 to 5 years, amortized cost 1'394
Due from 5 to 10 years, amortized cost 664
Due after 10 years, amortized cost 119
Total, amortized cost 3'347
Available-for-sale debt securities fair value disclosures  
Due within 1 year, fair value 1'172
Due from 1 to 5 years, fair value 1'465
Due from 5 to 10 years, fair value 686
Due after 10 years, fair value 126
Total, fair value 3'449
Available-for-sale debt securities average yield disclosures  
Due within 1 year, average yield (as a percent) 2.86%
Due from 1 to 5 years, average yield (as a percent) 2.76%
Due from 5 to 10 years, average yield (as a percent) 1.45%
Due after 10 years, average yield (as a percent) 2.22%
Total, average yield (as a percent) 2.52%

v2.4.0.6
Loans, allowance for loan losses and credit quality (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
BusinessDivision
portfolio
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Mrz. 31, 2012
Dez. 31, 2011
Loans            
Number of portfolio segments 2          
Number of Business Divisions 2          
Gross loans 247'176 249'995 243'204 240'163    
of which held at amortized cost 227'606 227'343 223'204 219'648    
of which held at fair value 19'570 22'652 20'000 20'515    
Net (unearned income)/deferred expenses (90) (84) (59) (71)    
allowance for loan losses (900) (916) (922) (928) (908) (910)
Net loans 246'186 248'995 242'223 239'164    
Impaired loan portfolio            
Non-performing loans 904 929 859 921    
Non-interest-earning loans 305 324 313 298    
Total non-performing and non-interest-earning loans 1'209 1'253 1'172 1'219    
Restructured loans 20 20 30 36    
Potential problem loans 444 508 527 519    
Total other impaired loans 464 528 557 555    
Gross impaired loans 1'673 1'781 1'729 1'774    
Foreign
           
Loans            
Gross loans 96'366 98'633 91'978 91'121    
Switzerland
           
Loans            
Gross loans 150'810 151'362 151'226 149'042    
Corporate and institutional
           
Loans            
Gross loans 115'890 120'580 117'068 116'088    
of which held at amortized cost 96'330 97'938 97'080 95'584    
allowance for loan losses (618) (631) (634) (624) (613) (621)
Impaired loan portfolio            
Non-performing loans 439   372      
Non-interest-earning loans 209   213      
Total non-performing and non-interest-earning loans 648   585      
Restructured loans 20   30      
Potential problem loans 398   453      
Total other impaired loans 418   483      
Gross impaired loans 1'066   1'068      
Real estate.
           
Loans            
Gross loans 26'971 26'561 26'725 26'116    
of which held at amortized cost 26'403   26'380      
Impaired loan portfolio            
Non-performing loans 83   46      
Non-interest-earning loans 7   5      
Total non-performing and non-interest-earning loans 90   51      
Restructured loans 0   0      
Potential problem loans 11   15      
Total other impaired loans 11   15      
Gross impaired loans 101   66      
Commercial and industrial loans
           
Loans            
Gross loans 63'348 64'833 62'709 61'813    
of which held at amortized cost 52'259   51'740      
Impaired loan portfolio            
Non-performing loans 259   268      
Non-interest-earning loans 166   170      
Total non-performing and non-interest-earning loans 425   438      
Restructured loans 20   30      
Potential problem loans 386   373      
Total other impaired loans 406   403      
Gross impaired loans 831   841      
Financial institutions
           
Loans            
Gross loans 22'316 24'544 24'905 25'256    
of which held at amortized cost 16'153   17'441      
Impaired loan portfolio            
Non-performing loans 97   58      
Non-interest-earning loans 36   38      
Total non-performing and non-interest-earning loans 133   96      
Restructured loans 0   0      
Potential problem loans 1   65      
Total other impaired loans 1   65      
Gross impaired loans 134   161      
Governments and public institutions
           
Loans            
Gross loans 3'255 4'642 2'729 2'903    
of which held at amortized cost 1'515   1'519      
Consumer
           
Loans            
Gross loans 131'286 129'415 126'136 124'075    
of which held at amortized cost 131'276 129'405 126'124 124'064    
allowance for loan losses (282) (285) (288) (304) (295) (289)
Impaired loan portfolio            
Non-performing loans 465   487      
Non-interest-earning loans 96   100      
Total non-performing and non-interest-earning loans 561   587      
Restructured loans 0   0      
Potential problem loans 46   74      
Total other impaired loans 46   74      
Gross impaired loans 607   661      
Mortgages
           
Loans            
Gross loans 93'602 92'703 91'872 90'618    
of which held at amortized cost 93'602   91'872      
Impaired loan portfolio            
Non-performing loans 177   154      
Non-interest-earning loans 13   16      
Total non-performing and non-interest-earning loans 190   170      
Restructured loans 0   0      
Potential problem loans 44   69      
Total other impaired loans 44   69      
Gross impaired loans 234   239      
Loans collateralized by securities
           
Loans            
Gross loans 30'316 29'251 27'363 26'281    
of which held at amortized cost 30'316   27'363      
Impaired loan portfolio            
Non-performing loans 21   18      
Non-interest-earning loans 76   74      
Total non-performing and non-interest-earning loans 97   92      
Restructured loans 0   0      
Potential problem loans 1   3      
Total other impaired loans 1   3      
Gross impaired loans 98   95      
Consumer finance
           
Loans            
Gross loans 7'368 7'461 6'901 7'176    
of which held at amortized cost 7'358   6'889      
Impaired loan portfolio            
Non-performing loans 267   315      
Non-interest-earning loans 7   10      
Total non-performing and non-interest-earning loans 274   325      
Restructured loans 0   0      
Potential problem loans 1   2      
Total other impaired loans 1   2      
Gross impaired loans 275   327      

v2.4.0.6
Loans, allowance for loan losses and credit quality (Details 2) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
day
year
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dez. 31, 2012
Allowance for loan losses            
Balance at beginning of period 916 922 908 922 910  
Net movements recognized in statements of operations 49 20 24 69 51  
Gross write-offs (99) (54) (44) (153) (87)  
Recoveries 29 7 12 36 31  
Net write-offs (70) (47) (32) (117) (56)  
Provisions for interest 6 7 4 13 12  
Foreign currency translation impact and other adjustments, net (1) 14 24 13 11  
Balance at end of period 900 916 928 900 928  
Allowance for loan losses            
Balance at end of period 900 916 928 900 928  
of which individually evaluated for impairment 676 689 682 676 682  
of which collectively evaluated for impairment 224 227 246 224 246  
Gross loans held at amortized cost            
Balance at end of period 227'606 227'343 219'648 227'606 219'648 223'204
of which individually evaluated for impairment 1'673 1'781 1'774 1'673 1'774  
of which collectively evaluated for impairment 225'933 225'562 217'874 225'933 217'874  
Loans held at amortized cost            
Purchases 423 1'692 2'793 2'115 3'709  
Reclassifications from loans held-for-sale 62 44 85 106 85  
Reclassifications to loans held-for-sale 132 176 341 308 816  
Sales 70 117 264 187 707  
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 631 634 613 634 621  
Net movements recognized in statements of operations 34 (1) (1) 33 4  
Gross write-offs (72) (21) (22) (93) (39)  
Recoveries 22 2 9 24 17  
Net write-offs (50) (19) (13) (69) (22)  
Provisions for interest 6 5 2 11 7  
Foreign currency translation impact and other adjustments, net (3) 12 23 9 14  
Balance at end of period 618 631 624 618 624  
Allowance for loan losses            
Balance at end of period 618 631 624 618 624  
of which individually evaluated for impairment 447 457 443 447 443  
of which collectively evaluated for impairment 171 174 181 171 181  
Gross loans held at amortized cost            
Balance at end of period 96'330 97'938 95'584 96'330 95'584 97'080
of which individually evaluated for impairment 1'066 1'135 1'139 1'066 1'139  
of which collectively evaluated for impairment 95'264 96'803 94'445 95'264 94'445  
Loans held at amortized cost            
Purchases 423 1'692 2'445 2'115 3'361  
Reclassifications from loans held-for-sale 62 44 85 106 85  
Reclassifications to loans held-for-sale 132 176 341 308 816  
Sales 70 117 264 187 707  
Consumer
           
Allowance for loan losses            
Balance at beginning of period 285 288 295 288 289  
Net movements recognized in statements of operations 15 21 25 36 47  
Gross write-offs (27) (33) (22) (60) (48)  
Recoveries 7 5 3 12 14  
Net write-offs (20) (28) (19) (48) (34)  
Provisions for interest 0 2 2 2 5  
Foreign currency translation impact and other adjustments, net 2 2 1 4 (3)  
Balance at end of period 282 285 304 282 304  
Allowance for loan losses            
Balance at end of period 282 285 304 282 304  
of which individually evaluated for impairment 229 232 239 229 239  
of which collectively evaluated for impairment 53 53 65 53 65  
Gross loans held at amortized cost            
Balance at end of period 131'276 129'405 124'064 131'276 124'064 126'124
of which individually evaluated for impairment 607 646 635 607 635  
of which collectively evaluated for impairment 130'669 128'759 123'429 130'669 123'429  
Loans held at amortized cost            
Purchases 0 0 348 0 348  
Reclassifications from loans held-for-sale 0 0 0 0 0  
Reclassifications to loans held-for-sale 0 0 0 0 0  
Sales 0 0 0 0 0  

v2.4.0.6
Loans, allowance for loan losses and credit quality (Details 3) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 227'606 227'343 223'204 219'648
Value of collateral 199'768   194'234  
Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 224'199   220'069  
Past due
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3'407   3'135  
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 1'876   1'711  
Past due 31 - 60 days
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 231   141  
Past due 61 - 90 days
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 236   240  
Past due more than 90 days
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'064   1'043  
AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3'322   3'384  
Value of collateral 2'865   2'918  
AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 6'671   3'629  
Value of collateral 4'953   2'616  
A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 28'740   22'024  
Value of collateral 26'053   19'526  
BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 125'144   127'530  
Value of collateral 114'761   116'583  
BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 54'665   58'573  
Value of collateral 46'507   48'342  
B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 6'617   5'737  
Value of collateral 3'613   3'210  
CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 681   496  
Value of collateral 181   189  
CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3   44  
Value of collateral 3   44  
C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 181   190  
Value of collateral 24   15  
D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'582   1'597  
Value of collateral 808   791  
Corporate and institutional
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 96'330 97'938 97'080 95'584
Corporate and institutional | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 94'401   95'392  
Corporate and institutional | Past due
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'929   1'688  
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 1'116   915  
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 80   31  
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 148   174  
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 585   568  
Corporate and institutional | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'780   2'918  
Corporate and institutional | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3'890   2'836  
Corporate and institutional | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 8'954   8'800  
Corporate and institutional | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 41'082   42'358  
Corporate and institutional | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 33'206   34'525  
Corporate and institutional | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 4'818   4'145  
Corporate and institutional | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 564   438  
Corporate and institutional | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   34  
Corporate and institutional | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 28   61  
Corporate and institutional | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'008   965  
Real estate.
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 26'403   26'380  
Real estate. | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 26'148   26'221  
Real estate. | Past due
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 255   159  
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 155   107  
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 4   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 10   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 86   48  
Real estate. | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 274   261  
Real estate. | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 805   374  
Real estate. | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3'640   2'199  
Real estate. | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 13'278   14'537  
Real estate. | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 7'954   8'759  
Real estate. | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 363   195  
Real estate. | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3   0  
Real estate. | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   0  
Real estate. | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   0  
Real estate. | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 86   55  
Commercial and industrial loans
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 52'259   51'740  
Commercial and industrial loans | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 51'157   50'479  
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 1'102   1'261  
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 524   720  
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 61   27  
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 137   138  
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 380   376  
Commercial and industrial loans | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 209   238  
Commercial and industrial loans | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 704   325  
Commercial and industrial loans | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'924   1'580  
Commercial and industrial loans | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 21'403   22'040  
Commercial and industrial loans | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 23'235   23'070  
Commercial and industrial loans | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3'626   3'467  
Commercial and industrial loans | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 323   209  
Commercial and industrial loans | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   1  
Commercial and industrial loans | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 28   47  
Commercial and industrial loans | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 807   763  
Financial institutions
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 16'153   17'441  
Financial institutions | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 15'584   17'208  
Financial institutions | Past due
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 569   233  
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 434   53  
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 15   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 1   34  
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 119   144  
Financial institutions | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'206   2'288  
Financial institutions | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'086   2'087  
Financial institutions | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3'176   4'661  
Financial institutions | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 5'937   5'260  
Financial institutions | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'891   2'569  
Financial institutions | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 741   382  
Financial institutions | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1   0  
Financial institutions | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   33  
Financial institutions | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   14  
Financial institutions | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 115   147  
Governments and public institutions
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'515   1'519  
Governments and public institutions | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'512   1'484  
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 3   35  
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 3   35  
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 | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 91   131  
Governments and public institutions | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 295   50  
Governments and public institutions | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 214   360  
Governments and public institutions | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 464   521  
Governments and public institutions | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 126   127  
Governments and public institutions | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 88   101  
Governments and public institutions | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 237   229  
Governments and public institutions | CC
       
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 | C
       
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 | 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 131'276 129'405 126'124 124'064
Consumer | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 129'798   124'677  
Consumer | Past due
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'478   1'447  
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 760   796  
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 151   110  
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 88   66  
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 479   475  
Consumer | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 542   466  
Consumer | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'781   793  
Consumer | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 19'786   13'224  
Consumer | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 84'062   85'172  
Consumer | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 21'459   24'048  
Consumer | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 1'799   1'592  
Consumer | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 117   58  
Consumer | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3   10  
Consumer | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 153   129  
Consumer | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 574   632  
Mortgages
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 93'602   91'872  
Mortgages | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 93'259   91'527  
Mortgages | Past due
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 343   345  
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 138   156  
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   17  
Mortgages | Past due 61 - 90 days
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 8   11  
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 183   161  
Mortgages | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 305   387  
Mortgages | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'287   730  
Mortgages | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 16'855   12'176  
Mortgages | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 55'857   58'491  
Mortgages | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 17'125   19'255  
Mortgages | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 921   599  
Mortgages | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 45   13  
Mortgages | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3   9  
Mortgages | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   0  
Mortgages | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 204   212  
Loans collateralized by securities
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 30'316   27'363  
Loans collateralized by securities | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 30'057   27'034  
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 259   329  
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 119   220  
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 41   3  
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 3   3  
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 96   103  
Loans collateralized by securities | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 237   79  
Loans collateralized by securities | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 443   57  
Loans collateralized by securities | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'697   948  
Loans collateralized by securities | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 24'718   23'357  
Loans collateralized by securities | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'079   2'728  
Loans collateralized by securities | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 39   92  
Loans collateralized by securities | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 7   6  
Loans collateralized by securities | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   1  
Loans collateralized by securities | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   0  
Loans collateralized by securities | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 96   95  
Consumer finance
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 7'358   6'889  
Consumer finance | Current
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 6'482   6'116  
Consumer finance | Past due
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 876   773  
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 503   420  
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 96   90  
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 77   52  
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 200   211  
Consumer finance | AAA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   0  
Consumer finance | AA
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 51   6  
Consumer finance | A
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 234   100  
Consumer finance | BBB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 3'487   3'324  
Consumer finance | BB
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 2'255   2'065  
Consumer finance | B
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 839   901  
Consumer finance | CCC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 65   39  
Consumer finance | CC
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 0   0  
Consumer finance | C
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 153   129  
Consumer finance | D
       
Gross loans held at amortized cost by internal counterparty rating and aging analysis        
Gross loans held at amortized cost 274   325  

v2.4.0.6
Loans, allowance for loan losses and credit quality (Details 4) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 1'209 1'253 1'172 1'219
Restructured loans 20 20 30 36
Potential problem loans 444 508 527 519
Total other impaired loans 464 528 557 555
Gross impaired loans 1'673 1'781 1'729 1'774
Non-interest-earning loans 305 324 313 298
Non-performing loans 904 929 859 921
Corporate and institutional
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 648   585  
Restructured loans 20   30  
Potential problem loans 398   453  
Total other impaired loans 418   483  
Gross impaired loans 1'066   1'068  
Non-interest-earning loans 209   213  
Non-performing loans 439   372  
Real estate.
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 90   51  
Restructured loans 0   0  
Potential problem loans 11   15  
Total other impaired loans 11   15  
Gross impaired loans 101   66  
Non-interest-earning loans 7   5  
Non-performing loans 83   46  
Commercial and industrial loans
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 425   438  
Restructured loans 20   30  
Potential problem loans 386   373  
Total other impaired loans 406   403  
Gross impaired loans 831   841  
Non-interest-earning loans 166   170  
Non-performing loans 259   268  
Financial institutions
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 133   96  
Restructured loans 0   0  
Potential problem loans 1   65  
Total other impaired loans 1   65  
Gross impaired loans 134   161  
Non-interest-earning loans 36   38  
Non-performing loans 97   58  
Consumer
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 561   587  
Restructured loans 0   0  
Potential problem loans 46   74  
Total other impaired loans 46   74  
Gross impaired loans 607   661  
Non-interest-earning loans 96   100  
Non-performing loans 465   487  
Mortgages
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 190   170  
Restructured loans 0   0  
Potential problem loans 44   69  
Total other impaired loans 44   69  
Gross impaired loans 234   239  
Non-interest-earning loans 13   16  
Non-performing loans 177   154  
Loans collateralized by securities
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 97   92  
Restructured loans 0   0  
Potential problem loans 1   3  
Total other impaired loans 1   3  
Gross impaired loans 98   95  
Non-interest-earning loans 76   74  
Non-performing loans 21   18  
Consumer finance
       
Gross impaired loans by category        
Total non-performing and non-interest-earning loans 274   325  
Restructured loans 0   0  
Potential problem loans 1   2  
Total other impaired loans 1   2  
Gross impaired loans 275   327  
Non-interest-earning loans 7   10  
Non-performing loans 267   315  

v2.4.0.6
Loans, allowance for loan losses and credit quality (Details 5) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dez. 31, 2012
Recorded investment            
Recorded investment, with a specific allowance 1'602     1'602   1'511
Recorded investment, without specific allowance 71     71   218
Recorded investment 1'673 1'781 1'774 1'673 1'774 1'729
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 1'510     1'510   1'430
Unpaid principal balance, without specific allowance 73     73   221
Unpaid principal balance 1'583     1'583   1'651
Associated specific allowance 676     676   696
Average recorded investment            
Average recorded investment, with a specific allowance 1'561 1'511 1'416 1'536 1'471  
Average recorded investment, without specific allowance 176 228 422 200 353  
Average recorded investment 1'737 1'739 1'838 1'736 1'824  
Interest income recognized            
Interest income recognized, with a specific allowance 1 3 3 4 7  
Interest income recognized, without specific allowance 0 0 2 0 2  
Interest income recognized 1 3 5 4 9  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 1 3 2 4 5  
Interest income recognized on a cash basis, without specific allowance 0 0 2 0 2  
Interest income recognized on a cash basis 1 3 4 4 7  
Corporate and institutional
           
Recorded investment            
Recorded investment, with a specific allowance 1'053     1'053   935
Recorded investment, without specific allowance 13     13   133
Recorded investment 1'066     1'066   1'068
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 995     995   887
Unpaid principal balance, without specific allowance 15     15   135
Unpaid principal balance 1'010     1'010   1'022
Associated specific allowance 447     447   457
Average recorded investment            
Average recorded investment, with a specific allowance 1'019 970 857 995 899  
Average recorded investment, without specific allowance 105 125 337 113 265  
Average recorded investment 1'124 1'095 1'194 1'108 1'164  
Interest income recognized            
Interest income recognized, with a specific allowance 0 3 1 3 3  
Interest income recognized, without specific allowance 0 0 2 0 2  
Interest income recognized 0 3 3 3 5  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 0 3 1 3 2  
Interest income recognized on a cash basis, without specific allowance 0 0 2 0 2  
Interest income recognized on a cash basis 0 3 3 3 4  
Real estate.
           
Recorded investment            
Recorded investment, with a specific allowance 101     101   63
Recorded investment, without specific allowance 0     0   3
Recorded investment 101     101   66
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 93     93   55
Unpaid principal balance, without specific allowance 0     0   3
Associated specific allowance 21     21   22
Average recorded investment            
Average recorded investment, with a specific allowance 74 62 53 68 54  
Average recorded investment, without specific allowance 11 3 19 7 18  
Interest income recognized            
Interest income recognized, with a specific allowance 0 0 0 0 0  
Interest income recognized, without specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis, without specific allowance 0 0 0 0 0  
Commercial and industrial loans
           
Recorded investment            
Recorded investment, with a specific allowance 820     820   715
Recorded investment, without specific allowance 11     11   126
Recorded investment 831     831   841
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 772     772   677
Unpaid principal balance, without specific allowance 13     13   128
Associated specific allowance 344     344   342
Average recorded investment            
Average recorded investment, with a specific allowance 810 753 575 782 624  
Average recorded investment, without specific allowance 91 119 307 103 236  
Interest income recognized            
Interest income recognized, with a specific allowance 0 3 0 3 2  
Interest income recognized, without specific allowance 0 0 2 0 2  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 0 3 0 3 1  
Interest income recognized on a cash basis, without specific allowance 0 0 2 0 2  
Financial institutions
           
Recorded investment            
Recorded investment, with a specific allowance 132     132   157
Recorded investment, without specific allowance 2     2   4
Recorded investment 134     134   161
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 130     130   155
Unpaid principal balance, without specific allowance 2     2   4
Associated specific allowance 82     82   93
Average recorded investment            
Average recorded investment, with a specific allowance 135 155 223 145 215  
Average recorded investment, without specific allowance 3 3 11 3 11  
Interest income recognized            
Interest income recognized, with a specific allowance 0 0 1 0 1  
Interest income recognized, without specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 0 0 1 0 1  
Interest income recognized on a cash basis, without specific allowance 0 0 0 0 0  
Governments and public institutions
           
Average recorded investment            
Average recorded investment, with a specific allowance 0 0 6 0 6  
Interest income recognized            
Interest income recognized, with a specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 0 0 0 0 0  
Consumer
           
Recorded investment            
Recorded investment, with a specific allowance 549     549   576
Recorded investment, without specific allowance 58     58   85
Recorded investment 607     607   661
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 515     515   543
Unpaid principal balance, without specific allowance 58     58   86
Unpaid principal balance 573     573   629
Associated specific allowance 229     229   239
Average recorded investment            
Average recorded investment, with a specific allowance 542 541 559 541 572  
Average recorded investment, without specific allowance 71 103 85 87 88  
Average recorded investment 613 644 644 628 660  
Interest income recognized            
Interest income recognized, with a specific allowance 1 0 2 1 4  
Interest income recognized, without specific allowance 0 0 0 0 0  
Interest income recognized 1 0 2 1 4  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 1 0 1 1 3  
Interest income recognized on a cash basis, without specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis 1 0 1 1 3  
Mortgages
           
Recorded investment            
Recorded investment, with a specific allowance 221     221   206
Recorded investment, without specific allowance 13     13   33
Recorded investment 234     234   239
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 211     211   197
Unpaid principal balance, without specific allowance 13     13   33
Associated specific allowance 27     27   32
Average recorded investment            
Average recorded investment, with a specific allowance 210 192 218 201 219  
Average recorded investment, without specific allowance 26 38 47 32 51  
Interest income recognized            
Interest income recognized, with a specific allowance 1 0 1 1 1  
Interest income recognized, without specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 1 0 1 1 1  
Interest income recognized on a cash basis, without specific allowance 0 0 0 0 0  
Loans collateralized by securities
           
Recorded investment            
Recorded investment, with a specific allowance 71     71   68
Recorded investment, without specific allowance 27     27   27
Recorded investment 98     98   95
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 67     67   66
Unpaid principal balance, without specific allowance 27     27   28
Associated specific allowance 58     58   53
Average recorded investment            
Average recorded investment, with a specific allowance 74 69 68 71 68  
Average recorded investment, without specific allowance 27 28 1 27 1  
Interest income recognized            
Interest income recognized, with a specific allowance 0 0 1 0 1  
Interest income recognized, without specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis, without specific allowance 0 0 0 0 0  
Consumer finance
           
Recorded investment            
Recorded investment, with a specific allowance 257     257   302
Recorded investment, without specific allowance 18     18   25
Recorded investment 275     275   327
Unpaid principal balance            
Unpaid principal balance, with a specific allowance 237     237   280
Unpaid principal balance, without specific allowance 18     18   25
Associated specific allowance 144     144   154
Average recorded investment            
Average recorded investment, with a specific allowance 258 280 273 269 285  
Average recorded investment, without specific allowance 18 37 37 28 36  
Interest income recognized            
Interest income recognized, with a specific allowance 0 0 0 0 2  
Interest income recognized, without specific allowance 0 0 0 0 0  
Interest income recognized on a cash basis            
Interest income recognized on a cash basis, with a specific allowance 0 0 0 0 2  
Interest income recognized on a cash basis, without specific allowance 0 0 0 0 0  

v2.4.0.6
Other assets and other liabilities (Details) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Other assets (CHF million)        
Cash collateral on derivative instruments 10'212 12'030 10'904 13'221
Cash collateral on non-derivative transactions 1'905 1'672 1'995 2'920
Derivative instruments used for hedging 2'387 2'667 3'930 3'435
Assets held-for-sale 23'763 20'281 20'343 20'741
Loans held-for-sale 23'284 19'772 19'894 20'115
of which real estate 478 508 442 619
Assets held for separate accounts 12'032 13'023 13'414 14'410
Interest and fees receivable 5'733 5'350 5'861 6'029
Deferred tax assets 6'599 6'968 7'102 8'825
Prepaid expenses 809 862 538 706
Failed purchases 3'131 2'997 2'699 2'861
Other 6'415 6'354 6'126 4'365
Other assets 72'986 72'204 72'912 77'513
Other liabilities (CHF million)        
Cash collateral on derivative instruments 13'047 13'399 12'224 12'978
Cash collateral on non-derivative transactions 1'957 1'660 1'246 1'564
Derivative instruments used for hedging 763 931 1'182 1'682
Provisions 1'251 1'511 1'362 1'078
of which off-balance sheet risk 65 63 60 66
Liabilities held for separate accounts 12'032 13'023 13'414 14'410
Interest and fees payable 7'665 6'395 6'752 7'565
Current tax liabilities 853 886 863 817
Deferred tax liabilities 165 160 130 200
Failed sales 2'944 3'234 4'336 5'895
Other 15'440 15'671 16'128 16'070
Other liabilities 56'117 56'870 57'637 62'259

v2.4.0.6
Long-term debt (Details) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Long-term debt        
Senior 102'475 111'962 115'861 120'627
Subordinated 15'580 16'624 17'741 20'351
Non-recourse liabilities from consolidated VIEs 15'450 14'508 14'532 13'860
Long-term debt 133'505 143'094 148'134 154'838
of which reported at fair value 63'942 64'547 65'384 66'952
Structured notes
       
Long-term debt        
Long-term debt 34'320 34'936 36'637  
Structured notes | Equity
       
Long-term debt        
Long-term debt 21'946 22'652 23'761  
Structured notes | Fixed income
       
Long-term debt        
Long-term debt 6'072 6'593 6'559  
Structured notes | Emerging markets
       
Long-term debt        
Long-term debt 2'126 1'979 3'304  
Structured notes | Credit
       
Long-term debt        
Long-term debt 2'643 2'340 1'893  
Structured notes | Other
       
Long-term debt        
Long-term debt 1'533 1'372 1'120  

v2.4.0.6
Accumulated other comprehensive income (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Jun. 30, 2013
Gains/(losses) on cash flow hedges
Mrz. 31, 2013
Gains/(losses) on cash flow hedges
Jun. 30, 2012
Gains/(losses) on cash flow hedges
Jun. 30, 2013
Gains/(losses) on cash flow hedges
Jun. 30, 2012
Gains/(losses) on cash flow hedges
Jun. 30, 2013
Cumulative translation adjustments
Mrz. 31, 2013
Cumulative translation adjustments
Jun. 30, 2012
Cumulative translation adjustments
Jun. 30, 2013
Cumulative translation adjustments
Jun. 30, 2012
Cumulative translation adjustments
Jun. 30, 2013
Unrealized gains/(losses) on securities
Mrz. 31, 2013
Unrealized gains/(losses) on securities
Jun. 30, 2012
Unrealized gains/(losses) on securities
Jun. 30, 2013
Unrealized gains/(losses) on securities
Jun. 30, 2012
Unrealized gains/(losses) on securities
Jun. 30, 2013
Actuarial gains/(losses)
Mrz. 31, 2013
Actuarial gains/(losses)
Jun. 30, 2012
Actuarial gains/(losses)
Jun. 30, 2013
Actuarial gains/(losses)
Jun. 30, 2012
Actuarial gains/(losses)
Jun. 30, 2013
Net prior service credit/ (cost)
Mrz. 31, 2013
Net prior service credit/ (cost)
Jun. 30, 2012
Net prior service credit/ (cost)
Jun. 30, 2013
Net prior service credit/ (cost)
Jun. 30, 2012
Net prior service credit/ (cost)
Jun. 30, 2013
Accumulated other comprehensive income
Mrz. 31, 2013
Accumulated other comprehensive income
Jun. 30, 2012
Accumulated other comprehensive income
Jun. 30, 2013
Accumulated other comprehensive income
Jun. 30, 2012
Accumulated other comprehensive income
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million)                                                                    
Balance (15'201) (15'065) (15'903) (14'912) (27) (29) (52) (29) (66) (11'967) (12'767) (12'716) (12'767) (11'778) 77 84 283 84 99 (3'731) (3'801) (3'678) (3'801) (3'751) 583 610 340 610 362 (15'065) (15'903) (15'823) (15'903) (15'134)
Increase/(decrease)         (22) 5 1 (17) 0 (159) 754 930 595 (9) (14) (7) 15 (21) 271 15 6 4 21 35 0 0 0 0 0 (180) 758 950 578 297
Increase/(decrease) due to equity method investments         5 (3) (5) 2 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 (3) (5) 2 10
Reclassification adjustments, included in net income         2 0 0 2 0 2 46 0 48 1 0 0 (62) 0 (134) 66 64 42 130 84 (31) (27) (14) (58) (36) 39 83 (34) 122 (85)
Total increase/(decrease)         (15) 2 (4) (13) 10 (157) 800 930 643 (8) (14) (7) (47) (21) 137 81 70 46 151 119 (31) (27) (14) (58) (36) (136) 838 911 702 222
Balance (15'201) (15'065) (15'903) (14'912) (42) (27) (56) (42) (56) (12'124) (11'967) (11'786) (12'124) (11'786) 63 77 236 63 236 (3'650) (3'731) (3'632) (3'650) (3'632) 552 583 326 552 326 (15'201) (15'065) (14'912) (15'201) (14'912)

v2.4.0.6
Accumulated other comprehensive income (Details 2) (CHF)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dez. 31, 2012
Common shares issued            
Common Stock, Shares, Issued, Beginning Balance 1'339'652'645 1'320'829'922 1'224'513'920 1'320'829'922 1'224'333'062  
Issuance of common shares 254'643'090 18'822'723 62'085'315 273'465'813 62'266'173  
of which MACCS settlement 199'964'015 0 0 199'964'015 0  
of which reserved for share-based compensation 17'126'788 18'822'723 37'889'728 35'949'511 38'070'586  
Common Stock, Shares, Issued, Ending Balance 1'594'295'735 1'339'652'645 1'286'599'235 1'594'295'735 1'286'599'235  
Treasury shares            
Treasury Stock, Shares, Beginning Balance 27'495'313 27'036'831 0 27'036'831 4'010'074  
Sale of treasury shares 144'989'659 85'932'507 93'628'678 230'922'166 167'997'714  
of which MACCS settlement 33'488'655 0 0 33'488'655 0  
Repurchase of treasury shares 121'624'269 90'504'926 101'754'767 212'129'195 172'239'045  
Share-based compensation, net of tax 1'801'542 4'113'937 4'614'725 5'915'479 4'740'041  
Treasury Stock, Shares, Ending Balance 2'328'381 27'495'313 3'511'364 2'328'381 3'511'364  
Common shares outstanding 1'591'967'354 [1] 1'312'157'332 [2] 1'283'087'871 [3] 1'591'967'354 [1] 1'283'087'871 [3] 1'293'793'091
Par value (in CHF per share) 0.04 0.04 0.04 0.04 0.04 0.04
Authorized shares (in shares) 2'269'616'660 [4] 2'118'134'039 [4] 2'118'134'039 [4] 2'269'616'660 [4] 2'118'134'039 [4] 2'118'134'039 [4]
Unissued shares (in shares) 662'873'212 752'676'931 805'730'391 662'873'212 805'730'391  
Unissued shares reserved for potential conversion of issued buffer capital notes and mandatory and contingent covertible securities into shares 498'874'240 732'326'910 732'326'910 498'874'240 732'326'910  
[1] At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 662,873,212 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 BCN.
[2] At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 752,676,931 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.
[3] At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 805,730,391 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for BCN and MACCS.
[4] Includes issued shares and unissued shares (conditional, conversion and authorized capital).

v2.4.0.6
Accumulated other comprehensive income (Details 3) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Reclassification adjustments, included in net income          
Income tax expense 475 510 311 985 295
Gains/(losses) on cash flow hedges
         
Reclassification adjustments, included in net income          
Reclassification adjustments, included in net income 2 0 0 2 0
Cumulative translation adjustments
         
Reclassification adjustments, included in net income          
Reclassification adjustments, included in net income 2 46 0 48 1
Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member]
         
Reclassification adjustments, included in net income          
Sale of subsidiaries 2 46   48  
of which net impairment provision   46      
Estimated amount to be reclassified from cumulative translation adjustments to net income upon settlement   34      
Unrealized gains/(losses) on securities
         
Reclassification adjustments, included in net income          
Reclassification adjustments, included in net income 0 0 (62) 0 (134)
Actuarial gains/(losses)
         
Reclassification adjustments, included in net income          
Reclassification adjustments, included in net income 66 64 42 130 84
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 88 86   174  
Income tax expense (22) (22)   (44)  
Net prior service credit/ (cost)
         
Reclassification adjustments, included in net income          
Reclassification adjustments, included in net income (31) (27) (14) (58) (36)
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 (40) (34)   (74)  
Income tax expense 9 7   16  
Accumulated other comprehensive income
         
Reclassification adjustments, included in net income          
Reclassification adjustments, included in net income 39 83 (34) 122 (85)

v2.4.0.6
Offsetting of financial assets and financial liabilities (Details) (CHF)
In Billions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 674.8 827.5
Offsetting (646.9) (800.2)
of which counterparty netting (618.8) (766.8)
of which cash collateral netting (28.1) (33.4)
Total net derivatives subject to enforceable master netting agreements 27.9 27.3
Total derivatives not subject to enforceable master netting agreements 13.7 9.8
Total net derivatives presented in the consolidated balance sheets 41.6 37.1
Offsetting of securities purchased under resale agreements and securities borrowing transactions    
Securities purchased under resale agreements, gross 130.0 141.4
Securities purchased under resale agreements, offsetting (38.7) (41.1)
Securities purchased under resale agreements, net 91.3 100.3
Securities borrowing transactions, gross 27.2 20.9
Securities borrowing transactions, offsetting (2.2) (2.0)
Securities borrowing transactions, net 25.0 18.9
Total subject to enforceable master netting agreements, gross 157.2 162.3
Total subject to enforceable master netting agreements, offsetting (40.9) (43.1)
Total subject to enforceable master netting agreements, net 116.3 119.2
Total not subject to enforceable master netting agreements 57.1 64.3
Total, gross 214.3 226.6
Total, offsetting (40.9) (43.1)
Total, net 173.4 183.5
Amounts not offset in the consolidated balance sheets    
Derivatives, net 27.9 27.3
Derivatives, financial instruments 5.9 5.1
Derivatives, cash collateral received/pledged 0.2 0
Derivatives, net exposure 21.8 22.2
Securities purchased under resale agreements, net 91.3 100.3
Securities purchased under resale agreements, financial instruments 91.2 100.3
Securities purchased under resale agreements, cash collateral received/pledged 0.1 0
Securities purchased under resale agreements, net exposure 0 0
Securities borrowing transactions, net 25.0 18.9
Securities borrowing transactions, financial instruments 23.2 17.4
Securities borrowing transactions, cash collateral received/pledged 0 0
Securities borrowing transactions, net exposure 1.8 1.5
Total financial assets subject to enforceable, net 144.2 146.5
Total financial assets subject to enforceable, financial instruments 120.3 122.8
Total financial assets subject to enforceable, cash collateral received/pledged 0.3 0
Total financial assets subject to enforceable, net exposure 23.6 23.7
Trading assets
   
Offsetting of derivatives    
Total net derivatives presented in the consolidated balance sheets 39.2 33.2
Other assets
   
Offsetting of derivatives    
Total net derivatives presented in the consolidated balance sheets 2.4 3.9
OTC-cleared
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 289.2 368.3
Offsetting (286.1) (367.2)
Total net derivatives subject to enforceable master netting agreements 3.1 1.1
Amounts not offset in the consolidated balance sheets    
Derivatives, net 3.1 1.1
OTC
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 367.9 443.7
Offsetting (343.9) (418.7)
Total net derivatives subject to enforceable master netting agreements 24.0 25.0
Amounts not offset in the consolidated balance sheets    
Derivatives, net 24.0 25.0
Exchange-traded
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 17.7 15.5
Offsetting (16.9) (14.3)
Total net derivatives subject to enforceable master netting agreements 0.8 1.2
Amounts not offset in the consolidated balance sheets    
Derivatives, net 0.8 1.2
Interest rate derivatives
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 540.2 703.2
Interest rate derivatives | OTC-cleared
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 285.7 365.3
Interest rate derivatives | OTC
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 254.2 337.6
Interest rate derivatives | Exchange-traded
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 0.3 0.3
Foreign exchange derivatives
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 65.5 60.5
Foreign exchange derivatives | OTC
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 65.4 60.5
Foreign exchange derivatives | Exchange-traded
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 0.1 0
Equity/index-related derivatives
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 32.5 26.4
Equity/index-related derivatives | OTC
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 16.5 12.7
Equity/index-related derivatives | Exchange-traded
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 16.0 13.7
Credit derivatives
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 28.6 30.1
Credit derivatives | OTC-cleared
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 3.5 3.0
Credit derivatives | OTC
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 25.1 27.1
Other products
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 8.0 7.3
Other products | OTC
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 6.7 5.8
Other products | Exchange-traded
   
Offsetting of derivatives    
Derivative assets, gross, subject to enforceable master netting agreements 1.3 1.5

v2.4.0.6
Offsetting of financial assets and financial liabilities (Details 2) (CHF)
In Billions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 677.4 832.9
Offsetting (650.3) (803.5)
of which counterparty netting (618.8) (766.8)
of which cash collateral netting (31.5) (36.7)
Total net derivatives subject to enforceable master netting agreements 27.1 29.4
Total derivatives not subject to enforceable master netting agreements 14.4 11.3
Total net derivatives presented in the consolidated balance sheets 41.5 40.7
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral    
Securities sold under repurchase agreements, gross 100.5 99.7
Securities sold under repurchase agreements, offsetting (40.9) (43.1)
Securities sold under repurchase agreements, net 59.6 56.6
Securities lending transactions, gross 10.2 10.8
Securities lending transactions, offsetting 0 0
Securities lending transactions, net 10.2 10.8
Obligation to return securities received as collateral, at fair value, gross 21.1 25.9
Obligation to return securities received as collateral, at fair value, offsetting 0 0
Obligation to return securities received as collateral, at fair value, net 21.1 25.9
Total subject to enforceable master netting agreements, gross 131.8 136.4
Total subject to enforceable master netting agreements, offsetting (40.9) (43.1)
Total subject to enforceable master netting agreements, net 90.9 93.3
Total not subject to enforceable master netting agreements 29.9 69.5
Total, gross 161.7 205.9
Total, offsetting (40.9) (43.1)
Total, net 120.8 162.8
Amounts not offset in the consolidated balance sheets    
Derivatives, net 27.1 29.4
Derivatives, financial instruments 7.4 7.9
Derivatives, cash collateral received/pledged 0.6 0
Derivatives, net exposure 19.1 21.5
Securities sold under repurchase agreements, net 59.6 56.6
Securities sold under repurchase agreements, financial instruments 59.4 56.4
Securities sold under repurchase agreements, cash collateral received/pledged 0.2 0.2
Securities sold under repurchase agreements, net exposure 0 0
Securities lending transactions, net 10.2 10.8
Securities lending transactions, financial instruments 9.7 10.2
Securities lending transactions, cash collateral received/pledged 0 0
Securities lending transactions, net exposure 0.5 0.6
Obligation to return securities received as collateral, at fair value, net 21.1 25.9
Obligation to return securities received as collateral, financial instruments 19.9 24.2
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 1.2 1.7
Total financial liabilities subject to enforceable, net 118.0 122.7
Total financial liabilities subject to enforceable, financial instruments 96.4 98.7
Total financial liabilities subject to enforceable, cash collateral received/pledged 0.8 0.2
Total financial liabilities subject to enforceable, net exposure 20.8 23.8
Trading Liabilities
   
Offsetting of derivatives    
Total net derivatives presented in the consolidated balance sheets 40.7 39.5
Other liabilities
   
Offsetting of derivatives    
Total net derivatives presented in the consolidated balance sheets 0.8 1.2
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, gross 140.0 175.8
Total, offsetting (40.9) (43.1)
Total, net 99.1 132.7
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, gross 21.7 30.1
Total, offsetting 0 0
Total, net 21.7 30.1
OTC-cleared
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 288.3 368.2
Offsetting (286.1) (367.5)
Total net derivatives subject to enforceable master netting agreements 2.2 0.7
Amounts not offset in the consolidated balance sheets    
Derivatives, net 2.2 0.7
OTC
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 370.4 448.7
Offsetting (347.3) (421.8)
Total net derivatives subject to enforceable master netting agreements 23.1 26.9
Amounts not offset in the consolidated balance sheets    
Derivatives, net 23.1 26.9
Exchange-traded
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 18.7 16.0
Offsetting (16.9) (14.2)
Total net derivatives subject to enforceable master netting agreements 1.8 1.8
Amounts not offset in the consolidated balance sheets    
Derivatives, net 1.8 1.8
Interest rate derivatives
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 530.0 693.6
Interest rate derivatives | OTC-cleared
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 285.0 365.5
Interest rate derivatives | OTC
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 244.9 327.9
Interest rate derivatives | Exchange-traded
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 0.1 0.2
Foreign exchange derivatives
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 75.8 73.2
Foreign exchange derivatives | OTC
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 75.7 73.2
Foreign exchange derivatives | Exchange-traded
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 0.1 0
Equity/index-related derivatives
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 34.2 29.3
Equity/index-related derivatives | OTC
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 17.3 15.2
Equity/index-related derivatives | Exchange-traded
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 16.9 14.1
Credit derivatives
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 28.6 29.5
Credit derivatives | OTC-cleared
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 3.3 2.7
Credit derivatives | OTC
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 25.3 26.8
Other products
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 8.8 7.3
Other products | OTC
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 7.2 5.6
Other products | Exchange-traded
   
Offsetting of derivatives    
Derivative liabilities, gross, subject to enforceable master netting agreements 1.6 1.7

v2.4.0.6
Tax (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Income from continuing operations before taxes (CHF)          
Income from continuing operations before taxes 1'639 1'891 1'131 3'530 1'329
Current and deferred taxes (CHF)          
Deferred income tax expense       638 (106)
Income tax expense 475 510 311 985 295
Reconciliation of taxes computed at the Swiss statutory rate (CHF)          
Income tax expense computed at the statutory tax rate of 22% 361        
Swiss statutory rate (as a percent) 22.00%        
Increase/(decrease) in income taxes resulting from:          
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount 96        
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions 96        
Other non-deductible expenses 86        
of which non-deductible interest expenses 58        
of which non-deductible bank levy costs and other non-deductible compensation expenses 28        
Lower taxed income (30)        
of which tax benefit related non-taxable life insurance income 13        
of which swiss income tax benefit as a result of foreign branch earnings beneficially impact the earnings mix 17        
Income taxable to non-controlling interests (43)        
Changes in deferred tax valuation allowance (99)        
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards 99        
Other 104        
of which decrease of deferred tax assets on one of the Group's operating entities related to the re-assessment of a pre-existing deferred tax asset due to change in earnings-mix assumptions 66        
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals 24        
Income tax expense 475 510 311 985 295

v2.4.0.6
Tax (Details 3) (CHF)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dez. 31, 2012
Net deferred tax assets (CHF million)            
Deferred tax assets 6'599'000'000 6'968'000'000 8'825'000'000 6'599'000'000 8'825'000'000 7'102'000'000
Net operating loss carry-forwards 1'857'000'000 1'915'000'000   1'857'000'000    
Temporary differences 4'742'000'000 5'053'000'000   4'742'000'000    
Deferred tax liabilities 165'000'000 160'000'000 200'000'000 165'000'000 200'000'000 130'000'000
Deferred Tax Assets (Liabilities), Net 6'434'000'000 6'808'000'000   6'434'000'000    
Net deferred tax assets change (374'000'000)          
Accumulated undistributed earnings from foreign subsidiaries 7'000'000'000     7'000'000'000    
Reasonably possible decrease in unrecognized tax benefits, low end of range 0     0    
Reasonably possible decrease in unrecognized tax benefits, high end of range 3'000'000     3'000'000    
Effective tax rate            
Effective tax rate (as a percent) 29.00% 27.00% 27.50% 27.90% 22.20%  

v2.4.0.6
Employee deferred compensation (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 515 681 561 1'196 1'741
2011 Partner Asset Facility (PAF2)
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation (23) (7) (19) (30) 515
Adjustable Performance Plan cash awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 2 (3) 98 (1) 206
Restricted Cash Awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 37 54 45 91 86
Other Cash Awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 120 117 71 237 161
2008 Partner Asset Facility (PAF) awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 11 42 12 53 61
Performance shares | Performance share awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 126 204 96 330 199
Stock compensation plan | Share awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 203 254 211 457 417
Stock compensation plan | Scaled Incentive Share Unit (SISU)
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 17 7 32 24 62
Stock compensation plan | Incentive Share Unit (ISU)
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 0 (2) 15 (2) 34
Stock compensation plan | Adjustable Performance Plan share awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 16 5 0 21 0
Stock compensation plan | Plus Bond awards
         
Deferred compensation expense (CHF million)          
Total compensation expense relating to deferred compensation 6 10 0 16 0

v2.4.0.6
Employee deferred compensation (Details 2) (CHF)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 2'163
Aggregate remaining weighted-average requisite service period (years)  
Aggregate remaining weighted-average requisite service period (in years) 1.8
Adjustable Performance Plan cash awards
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 33
Restricted Cash Awards
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 206
Other Cash Awards
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 160
Performance shares | Performance share awards
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 494
Stock compensation plan | Share awards
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 1'183
Stock compensation plan | Scaled Incentive Share Unit (SISU)
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 33
Stock compensation plan | Adjustable Performance Plan share awards
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 26
Stock compensation plan | Plus Bond awards
 
Estimated unrecognized compensation expense (CHF million)  
Total estimated unrecognized compensation expense 28

v2.4.0.6
Employee deferred compensation (Details 3)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2013
Performance shares | Performance share awards
   
Number of share awards    
Balance at beginning of period (in shares) 44.8 23.3
Granted (in shares) 0 26.6
Settled (in shares) (2.8) (7.6)
Forfeited (in shares) (0.3) (0.6)
Balance at end of period (in shares) 41.7 41.7
of which vested (in shares) 1.4 1.4
of which unvested (in shares) 40.3 40.3
Stock compensation plan | Share awards
   
Number of share awards    
Balance at beginning of period (in shares) 80.8 55.8
Granted (in shares) 0.3 39.2
Settled (in shares) (4.9) (18.1)
Forfeited (in shares) (0.7) (1.4)
Balance at end of period (in shares) 75.5 75.5
of which vested (in shares) 4.1 4.1
of which unvested (in shares) 71.4 71.4
Stock compensation plan | Scaled Incentive Share Unit (SISU)
   
Number of share awards    
Balance at beginning of period (in shares) 5.8 9.6
Granted (in shares) 0 0
Settled (in shares) (1.1) (4.8)
Forfeited (in shares) 0 (0.1)
Balance at end of period (in shares) 4.7 4.7
of which vested (in shares) 1.1 1.1
of which unvested (in shares) 3.6 3.6
Stock compensation plan | Incentive Share Unit (ISU)
   
Number of share awards    
Balance at beginning of period (in shares) 2.3 3.6
Granted (in shares) 0 0
Settled (in shares) (0.5) (1.7)
Forfeited (in shares) (0.1) (0.2)
Balance at end of period (in shares) 1.7 1.7
of which vested (in shares) 0.1 0.1
of which unvested (in shares) 1.6 1.6
Stock compensation plan | Adjustable Performance Plan share awards
   
Number of share awards    
Balance at beginning of period (in shares) 21.2 30.8
Granted (in shares) 0 1.2
Settled (in shares) (6.5) (17.2)
Forfeited (in shares) (0.1) (0.2)
Balance at end of period (in shares) 14.6 14.6
of which vested (in shares) 0.7 0.7
of which unvested (in shares) 13.9 13.9

v2.4.0.6
Employee deferred compensation (Details 4) (Plus Bond awards)
3 Months Ended
Jun. 30, 2013
Plus Bond awards
 
Other compensation benefits  
Award vesting period 3 years 0 months 0 days

v2.4.0.6
Pension and other post-retirement benefits (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Total pension costs (CHF million)          
Service costs on benefit obligation 94 94 95 188 190
Interest costs on benefit obligation 108 109 128 217 256
Expected return on plan assets (184) (184) (196) (368) (390)
Amortization of recognized prior service cost/(credit) (23) (23) (13) (46) (27)
Amortization of recognized actuarial losses/(gains) 87 86 58 173 115
Net periodic pension costs 82 82 72 164 144
Settlement losses/(gains) 1 0 0 1 0
Curtailment losses/(gains) (17) (11) (4) (28) (19)
Special termination benefits 4 8 0 12 6
Total pension costs 70 79 68 149 131
PBO (CHF million)          
Service costs 94 94 95 188 190
Interest costs 108 109 128 217 256
Pension and Other Postretirement Benefit Contributions          
Contributions previously expected to be made by the company by the end of the current fiscal year       471  
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans       230  

v2.4.0.6
Derivatives and hedging activities (Details) (CHF)
In Billions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Dez. 31, 2012
Fair value of derivative instruments    
Notional amount 56'293.3 50'438.4
Positive replacement value (PRV) 688.5 837.3
Negative replacement value (NRV) 691.8 844.2
Cash flow hedges    
Maximum Length of Time Hedged in Cash Flow Hedge 4 years 0 months 0 days  
Not designated for hedge accounting
   
Fair value of derivative instruments    
Notional amount 56'200.0 50'356.0
Positive replacement value (PRV) 685.8 833.2
Negative replacement value (NRV) 690.7 842.6
Not designated for hedge accounting | Interest rate derivatives
   
Fair value of derivative instruments    
Notional amount 48'320.2 43'048.4
Positive replacement value (PRV) 539.1 700.9
Negative replacement value (NRV) 532.4 695.4
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements
   
Fair value of derivative instruments    
Notional amount 10'366.8 8'055.9
Positive replacement value (PRV) 8.6 2.6
Negative replacement value (NRV) 8.5 2.5
Not designated for hedge accounting | Interest rate derivatives | Swaps
   
Fair value of derivative instruments    
Notional amount 31'995.1 29'155.2
Positive replacement value (PRV) 479.0 635.6
Negative replacement value (NRV) 472.3 630.1
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC)
   
Fair value of derivative instruments    
Notional amount 3'961.1 3'739.9
Positive replacement value (PRV) 51.1 62.4
Negative replacement value (NRV) 51.3 62.6
Not designated for hedge accounting | Interest rate derivatives | Futures
   
Fair value of derivative instruments    
Notional amount 1'357.7 1'145.4
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded)
   
Fair value of derivative instruments    
Notional amount 639.5 952.0
Positive replacement value (PRV) 0.4 0.3
Negative replacement value (NRV) 0.3 0.2
Not designated for hedge accounting | Foreign exchange derivatives
   
Fair value of derivative instruments    
Notional amount 4'960.4 4'542.4
Positive replacement value (PRV) 70.4 63.5
Negative replacement value (NRV) 81.5 78.6
Not designated for hedge accounting | Foreign exchange derivatives | Forwards
   
Fair value of derivative instruments    
Notional amount 2'385.9 2'133.4
Positive replacement value (PRV) 25.5 21.6
Negative replacement value (NRV) 23.8 21.3
Not designated for hedge accounting | Foreign exchange derivatives | Swaps
   
Fair value of derivative instruments    
Notional amount 1'377.3 1'336.3
Positive replacement value (PRV) 31.1 32.2
Negative replacement value (NRV) 42.6 46.6
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC)
   
Fair value of derivative instruments    
Notional amount 1'131.8 985.3
Positive replacement value (PRV) 13.7 9.7
Negative replacement value (NRV) 15.0 10.7
Not designated for hedge accounting | Foreign exchange derivatives | Futures
   
Fair value of derivative instruments    
Notional amount 60.1 83.8
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 5.3 3.6
Positive replacement value (PRV) 0.1 0
Negative replacement value (NRV) 0.1 0
Not designated for hedge accounting | Credit derivatives
   
Fair value of derivative instruments    
Notional amount 1'696.6 1'694.4
Positive replacement value (PRV) 29.3 30.6
Negative replacement value (NRV) 29.2 29.8
Not designated for hedge accounting | Equity/index-related derivatives
   
Fair value of derivative instruments    
Notional amount 1'005.5 844.0
Positive replacement value (PRV) 37.8 30.3
Negative replacement value (NRV) 38.0 31.0
Not designated for hedge accounting | Equity/index-related derivatives | Forwards
   
Fair value of derivative instruments    
Notional amount 5.1 5.5
Positive replacement value (PRV) 0.7 0.6
Negative replacement value (NRV) 0 0
Not designated for hedge accounting | Equity/index-related derivatives | Swaps
   
Fair value of derivative instruments    
Notional amount 221.5 211.0
Positive replacement value (PRV) 5.7 4.6
Negative replacement value (NRV) 7.0 5.8
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC)
   
Fair value of derivative instruments    
Notional amount 255.9 214.9
Positive replacement value (PRV) 12.8 11.4
Negative replacement value (NRV) 11.8 11.1
Not designated for hedge accounting | Equity/index-related derivatives | Futures
   
Fair value of derivative instruments    
Notional amount 52.0 74.4
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded)
   
Fair value of derivative instruments    
Notional amount 471.0 338.2
Positive replacement value (PRV) 18.6 13.7
Negative replacement value (NRV) 19.2 14.1
Not designated for hedge accounting | Other products
   
Fair value of derivative instruments    
Notional amount 217.3 226.8
Positive replacement value (PRV) 9.2 7.9
Negative replacement value (NRV) 9.6 7.8
Not designated for hedge accounting | Other products | Forwards
   
Fair value of derivative instruments    
Notional amount 28.0 31.3
Positive replacement value (PRV) 2.1 1.1
Negative replacement value (NRV) 3.0 1.4
Not designated for hedge accounting | Other products | Swaps
   
Fair value of derivative instruments    
Notional amount 51.1 55.3
Positive replacement value (PRV) 3.8 3.6
Negative replacement value (NRV) 2.9 3.1
Not designated for hedge accounting | Other products | Options bought and sold (OTC)
   
Fair value of derivative instruments    
Notional amount 45.0 54.2
Positive replacement value (PRV) 1.9 1.6
Negative replacement value (NRV) 2.0 1.6
Not designated for hedge accounting | Other products | Futures
   
Fair value of derivative instruments    
Notional amount 35.1 35.6
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Not designated for hedge accounting | Other products | Options bought and sold (exchange traded)
   
Fair value of derivative instruments    
Notional amount 58.1 50.4
Positive replacement value (PRV) 1.4 1.6
Negative replacement value (NRV) 1.7 1.7
Designated for hedge accounting
   
Fair value of derivative instruments    
Notional amount 93.3 82.4
Positive replacement value (PRV) 2.7 4.1
Negative replacement value (NRV) 1.1 1.6
Designated for hedge accounting | Interest rate derivatives
   
Fair value of derivative instruments    
Notional amount 69.8 62.8
Positive replacement value (PRV) 2.6 3.9
Negative replacement value (NRV) 0.8 1.5
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 69.8 62.8
Positive replacement value (PRV) 2.6 3.9
Negative replacement value (NRV) 0.8 1.5
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 23.5 19.6
Positive replacement value (PRV) 0.1 0.2
Negative replacement value (NRV) 0.3 0.1
Designated for hedge accounting | Foreign exchange derivatives | Forwards
   
Fair value of derivative instruments    
Notional amount 23.5 19.6
Positive replacement value (PRV) 0.1 0.2
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 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Foreign exchange derivatives | Futures
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded)
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Credit derivatives
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Equity/index-related derivatives
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Equity/index-related derivatives | Forwards
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Equity/index-related derivatives | Swaps
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC)
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Equity/index-related derivatives | Futures
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded)
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Other products
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Other products | Forwards
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Other products | Swaps
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Other products | Options bought and sold (OTC)
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Other products | Futures
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0
Designated for hedge accounting | Other products | Options bought and sold (exchange traded)
   
Fair value of derivative instruments    
Notional amount 0 0
Positive replacement value (PRV) 0 0
Negative replacement value (NRV) 0 0

v2.4.0.6
Derivatives and hedging activities (Details 2) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Fair value hedges
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in income on derivatives 243 86 373 329 423
Gains/(losses) recognized in income on hedged items (247) (84) (388) (331) (450)
Net gains/(losses) on the ineffective portion (4) 2 (15) (2) (27)
Fair value hedges | Interest rate derivatives
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in income on derivatives 249 88 385 337 436
Gains/(losses) recognized in income on hedged items (253) (86) (398) (339) (462)
Fair value hedges | Foreign exchange derivatives
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in income on derivatives (6) (2) (12) (8) (13)
Gains/(losses) recognized in income on hedged items 6 2 10 8 12
Cash flow hedges
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in AOCI on derivatives (20) 2 (4) (18) 10
Gains/(losses) reclassified from AOCI into income (2) 0 0 (2) 0
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months 9        
Cash flow hedges | Interest rate derivatives
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in AOCI on derivatives (25) 5 1 (20) 0
Gains/(losses) reclassified from AOCI into income (1) 1 0 0 0
Cash flow hedges | Foreign exchange derivatives
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in AOCI on derivatives 5 (3) (5) 2 10
Gains/(losses) reclassified from AOCI into income (1) (1) 0 (2) 0
Net investment hedges
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in AOCI on derivatives 260 (551) (467) (291) (201)
Gains/(losses) reclassified from AOCI into income 0 0 0 0 77
Net investment hedges | Foreign exchange derivatives
         
Derivative Instruments, Gain (Loss)          
Gains/(losses) recognized in AOCI on derivatives 260 (551) (467) (291) (201)
Gains/(losses) reclassified from AOCI into income 0 0 0 0 77

v2.4.0.6
Derivatives and hedging activities (Details 3) (CHF)
In Billions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
Contingent credit risk    
Current net exposure 13.0 17.3
Collateral posted 11.6 14.8
Additional collateral required in a one-notch downgrade event 0.7 0.7
Additional collateral required in a two-notch downgrade event 4.1 4.7
Bilateral counterparties
   
Contingent credit risk    
Current net exposure 11.4 15.3
Collateral posted 10.2 13.4
Additional collateral required in a one-notch downgrade event 0.2 0.2
Additional collateral required in a two-notch downgrade event 2.8 2.7
Special purpose entities
   
Contingent credit risk    
Current net exposure 1.4 1.4
Collateral posted 1.4 1.4
Additional collateral required in a one-notch downgrade event 0.5 0.5
Additional collateral required in a two-notch downgrade event 1.3 1.5
Accelerated terminations
   
Contingent credit risk    
Current net exposure 0.2 0.6
Additional collateral required in a one-notch downgrade event 0 0
Additional collateral required in a two-notch downgrade event 0 0.5

v2.4.0.6
Derivatives and hedging activities (Details 4) (CHF)
In Billions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Dez. 31, 2012
Credit protection sold/purchased    
Credit protection sold (806.4) (815.0)
Credit protection purchased 774.5 766.4
Net credit protection (sold)/purchased (31.9) (48.6)
Other protection purchased 100.7 97.7
Fair value of credit protection sold 0.6 (0.2)
Total credit derivatives 1'696.6 1'694.4
Total return swaps
   
Credit protection sold/purchased    
Credit protection sold (6.3) (6.0)
Maturity less than 1 year
   
Credit protection sold/purchased    
Credit protection sold (136.8) (167.7)
Maturity between 1 to 5 years
   
Credit protection sold/purchased    
Credit protection sold (515.9) (497.0)
Maturity greater than 5 years
   
Credit protection sold/purchased    
Credit protection sold (153.7) (150.3)
Sovereigns
   
Credit protection sold/purchased    
Credit protection sold (129.7) (132.9)
Credit protection purchased 126.1 130.2
Net credit protection (sold)/purchased (3.6) (2.7)
Other protection purchased 9.3 10.7
Fair value of credit protection sold (1.7) (0.8)
Non-sovereigns
   
Credit protection sold/purchased    
Credit protection sold (676.7) (682.1)
Credit protection purchased 648.4 636.2
Net credit protection (sold)/purchased (28.3) (45.9)
Other protection purchased 91.4 87.0
Fair value of credit protection sold 2.3 0.6
Investment grade
   
Credit protection sold/purchased    
Credit protection sold (606.4) (616.8)
Credit protection purchased 576.1 581.0
Net credit protection (sold)/purchased (30.3) (35.8)
Other protection purchased 77.6 76.6
Fair value of credit protection sold 1.6 1.8
Non-investment grade
   
Credit protection sold/purchased    
Credit protection sold (200.0) (198.2)
Credit protection purchased 198.4 185.4
Net credit protection (sold)/purchased (1.6) (12.8)
Other protection purchased 23.1 21.1
Fair value of credit protection sold (1.0) (2.0)
Single-name instruments
   
Credit protection sold/purchased    
Credit protection sold (515.2) (530.0)
Credit protection purchased 487.0 503.2
Net credit protection (sold)/purchased (28.2) (26.8)
Other protection purchased 57.4 67.3
Fair value of credit protection sold 1.8 2.1
Single-name instruments | Maturity less than 1 year
   
Credit protection sold/purchased    
Credit protection sold (118.3) (125.0)
Single-name instruments | Maturity between 1 to 5 years
   
Credit protection sold/purchased    
Credit protection sold (328.8) (326.0)
Single-name instruments | Maturity greater than 5 years
   
Credit protection sold/purchased    
Credit protection sold (68.1) (79.0)
Single-name instruments | Sovereigns
   
Credit protection sold/purchased    
Credit protection sold (117.1) (119.4)
Credit protection purchased 113.6 117.1
Net credit protection (sold)/purchased (3.5) (2.3)
Other protection purchased 9.1 10.3
Fair value of credit protection sold (1.7) (0.7)
Single-name instruments | Non-sovereigns
   
Credit protection sold/purchased    
Credit protection sold (398.1) (410.6)
Credit protection purchased 373.4 386.1
Net credit protection (sold)/purchased (24.7) (24.5)
Other protection purchased 48.3 57.0
Fair value of credit protection sold 3.5 2.8
Single-name instruments | Investment grade
   
Credit protection sold/purchased    
Credit protection sold (382.5) (394.6)
Credit protection purchased 358.9 373.9
Net credit protection (sold)/purchased (23.6) (20.7)
Other protection purchased 45.1 56.0
Fair value of credit protection sold 1.6 2.5
Single-name instruments | Non-investment grade
   
Credit protection sold/purchased    
Credit protection sold (132.7) (135.4)
Credit protection purchased 128.1 129.3
Net credit protection (sold)/purchased (4.6) (6.1)
Other protection purchased 12.3 11.3
Fair value of credit protection sold 0.2 (0.4)
Multi-name instruments
   
Credit protection sold/purchased    
Credit protection sold (291.2) (285.0)
Credit protection purchased 287.5 263.2
Net credit protection (sold)/purchased (3.7) (21.8)
Other protection purchased 43.3 30.4
Fair value of credit protection sold (1.2) (2.3)
Multi-name instruments | Maturity less than 1 year
   
Credit protection sold/purchased    
Credit protection sold (18.5) (42.7)
Multi-name instruments | Maturity between 1 to 5 years
   
Credit protection sold/purchased    
Credit protection sold (187.1) (171.0)
Multi-name instruments | Maturity greater than 5 years
   
Credit protection sold/purchased    
Credit protection sold (85.6) (71.3)
Multi-name instruments | Sovereigns
   
Credit protection sold/purchased    
Credit protection sold (12.6) (13.5)
Credit protection purchased 12.5 13.1
Net credit protection (sold)/purchased (0.1) (0.4)
Other protection purchased 0.2 0.4
Fair value of credit protection sold 0 (0.1)
Multi-name instruments | Non-sovereigns
   
Credit protection sold/purchased    
Credit protection sold (278.6) (271.5)
Credit protection purchased 275.0 250.1
Net credit protection (sold)/purchased (3.6) (21.4)
Other protection purchased 43.1 30.0
Fair value of credit protection sold (1.2) (2.2)
Multi-name instruments | Investment grade
   
Credit protection sold/purchased    
Credit protection sold (223.9) (222.2)
Credit protection purchased 217.2 207.1
Net credit protection (sold)/purchased (6.7) (15.1)
Other protection purchased 32.5 20.6
Fair value of credit protection sold 0 (0.7)
Multi-name instruments | Non-investment grade
   
Credit protection sold/purchased    
Credit protection sold (67.3) (62.8)
Credit protection purchased 70.3 56.1
Net credit protection (sold)/purchased 3.0 (6.7)
Other protection purchased 10.8 9.8
Fair value of credit protection sold (1.2) (1.6)

v2.4.0.6
Derivatives and hedging activities (Details 5) (CHF)
In Billions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Dez. 31, 2012
Credit Derivatives [Line Items]    
Credit protection sold 806.4 815.0
Credit protection purchased 774.5 766.4
Other protection purchased 100.7 97.7
Other instruments 15.0 15.3
Total credit derivatives 1'696.6 1'694.4

v2.4.0.6
Guarantees and commitments (Details) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
Guarantees    
Maturity less than 1 year 49'425 52'969
Maturity greater than 1 year 25'743 22'194
Total gross amount 75'168 75'163
Total net amount 74'023 74'016
Carrying value 1'227 1'180
Collateral received 20'150 20'279
Credit guarantees and similar instruments
   
Guarantees    
Maturity less than 1 year 10'409 10'104
Maturity greater than 1 year 2'371 2'483
Total gross amount 12'780 12'587
Total net amount 12'552 12'200
Carrying value 9 53
Collateral received 1'932 1'920
Performance guarantees and similar instruments
   
Guarantees    
Maturity less than 1 year 4'783 5'160
Maturity greater than 1 year 4'308 4'371
Total gross amount 9'091 9'531
Total net amount 8'188 8'793
Carrying value 83 139
Collateral received 3'012 3'336
Securities lending indemnifications
   
Guarantees    
Maturity less than 1 year 12'578 12'211
Maturity greater than 1 year 0 0
Total gross amount 12'578 12'211
Total net amount 12'578 12'211
Carrying value 0 0
Collateral received 12'578 12'211
Derivatives
   
Guarantees    
Maturity less than 1 year 17'793 21'197
Maturity greater than 1 year 17'842 14'218
Total gross amount 35'635 35'415
Total net amount 35'635 35'415
Carrying value 1'132 985
Other guarantees
   
Guarantees    
Maturity less than 1 year 3'862 4'297
Maturity greater than 1 year 1'222 1'122
Total gross amount 5'084 5'419
Total net amount 5'070 5'397
Carrying value 3 3
Collateral received 2'628 2'812

v2.4.0.6
Guarantees and commitments (Details 2)
3 Months Ended 12 Months Ended
Jun. 30, 2013
CHF
Jun. 30, 2014
CHF
Jun. 30, 2013
CHF
Jun. 30, 2013
USD ($)
year
Guarantees        
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland     6'000'000'000  
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland   600'000'000 700'000'000  
2011 Partner Asset Facility transactions        
Number of layers of the hedge       3
Number of years of transaction as per contract terms       4
Number of years of transaction as per contract terms, including possible contract extension       9
Approximate total notional amount of hedge of counterparty credit risk and credit spread       12'000'000'000
Notional amount of hedge of counterparty credit risk and credit spread - first layer       500'000'000
Notional amount of hedge of counterparty credit risk and credit spread - second layer       800'000'000
Notional amount of hedge of counterparty credit risk and credit spread - third layer       11'000'000'000
Carrying value of PAF2 awards 598'000'000   598'000'000  
Amount of PAF2 award compensation expense (17'000'000)      
Positive replacement value of PAF2-related CDS included in credit derivatives 17'000'000   17'000'000  
Carrying value of PAF2-related credit support facility included in Credit guarantees and similar instruments 0   0  

v2.4.0.6
Guarantees and commitments (Details 3) (USD $)
In Billions, unless otherwise specified
114 Months Ended
Jun. 30, 2013
Guarantees  
Residential mortgage loans sold $ 163.8
Government-sponsored enterprises
 
Guarantees  
Residential mortgage loans sold 8.2
Private investors, primarily banks
 
Guarantees  
Residential mortgage loans sold 23.1
Non-agency securitizations
 
Guarantees  
Residential mortgage loans sold 132.5
Residential mortgage loans sold in non-agency securitizations that are still outstanding as of balance sheet date 27.4
Borrower payments on mortgage loans sold 87.3
Loan defaults on mortgage loans sold $ 17.8

v2.4.0.6
Guarantees and commitments (Details 4) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Residential mortgage loans sold, outstanding repurchase claims          
Balance at beginning of period $ 1'947 $ 1'926 $ 1'249 $ 1'926 $ 743
New claims 266 374 281 640 835
Claims settled through repurchases (3) (3) (5) (6) (8)
Other settlements (164) (6) (9) (170) (13)
Total claims settled (167) (9) (14) (176) (21)
Claims rescinded (4) (10) (2) (14) (31)
Transfers to/from arbitration and litigation, net (347) (334) (144) (681) (156)
Balance at end of period 1'695 1'947 1'370 1'695 1'370
Repurchase price at the time of settlement (3) (3) (6) (6) (9)
Other settlements, settlement value (20) (5) (7) (25) (10)
Provisions for outstanding repurchase claims          
Balance at beginning of period 59 55 49 55 59
Increase/(decrease) in provisions, net 62 12 20 74 16
Realized losses (23) (8) (13) (31) (19)
Balance at end of period 98 59 56 98 56
Government-sponsored enterprises
         
Residential mortgage loans sold, outstanding repurchase claims          
Balance at beginning of period 67 67 50 67 68
New claims 24 12 25 36 36
Claims settled through repurchases (1) (3) (2) (4) (3)
Other settlements (5) (3) (2) (8) (4)
Total claims settled (6) (6) (4) (12) (7)
Claims rescinded (4) (6) 0 (10) (26)
Transfers to/from arbitration and litigation, net 0 0 0 0 0
Balance at end of period 81 67 71 81 71
Private investors, primarily banks
         
Residential mortgage loans sold, outstanding repurchase claims          
Balance at beginning of period 482 464 437 464 432
New claims 93 22 14 115 22
Claims settled through repurchases 0 0 0 0 0
Other settlements (155) 0 (1) (155) (1)
Total claims settled (155) 0 (1) (155) (1)
Claims rescinded 0 (4) (2) (4) (5)
Transfers to/from arbitration and litigation, net 0 0 0 0 0
Balance at end of period 420 482 448 420 448
Non-agency securitizations
         
Residential mortgage loans sold, outstanding repurchase claims          
Balance at beginning of period 1'398 1'395 762 1'395 243
New claims 149 340 242 489 777
Claims settled through repurchases (2) 0 (3) (2) (5)
Other settlements (4) (3) (6) (7) (8)
Total claims settled (6) (3) (9) (9) (13)
Claims rescinded 0 0 0 0 0
Transfers to/from arbitration and litigation, net (347) (334) (144) (681) (156)
Balance at end of period $ 1'194 $ 1'398 $ 851 $ 1'194 $ 851

v2.4.0.6
Guarantees and commitments (Details 7) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
Other commitments    
Maturity less than 1 year 223'197 222'184
Maturity greater than 1 year 76'153 69'301
Total gross amount 299'350 291'485
Total net amount 293'797 285'817
Collateral received 210'424 202'366
Irrevocable commitments under documentary credits
   
Other commitments    
Maturity less than 1 year 5'660 6'217
Maturity greater than 1 year 29 41
Total gross amount 5'689 6'258
Total net amount 5'574 6'061
Collateral received 3'160 3'219
Loan commitments
   
Other commitments    
Maturity less than 1 year 170'538 169'462
Maturity greater than 1 year 74'593 67'648
Total gross amount 245'131 237'110
Total net amount 239'693 231'639
Collateral received 163'905 153'460
Unused revocable credit limits 140'510 139'709
Forward reverse repurchase agreements
   
Other commitments    
Maturity less than 1 year 43'192 45'556
Maturity greater than 1 year 0 0
Total gross amount 43'192 45'556
Total net amount 43'192 45'556
Collateral received 43'192 45'556
Other commitments
   
Other commitments    
Maturity less than 1 year 3'807 949
Maturity greater than 1 year 1'531 1'612
Total gross amount 5'338 2'561
Total net amount 5'338 2'561
Collateral received 167 131

v2.4.0.6
Transfers of financial assets and variable interest entities (Details) (CHF)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CMBS
   
Transfers of financial assets disclosures    
Net gain/(loss) 1 23
Proceeds from transfer of assets 3'631 3'718
Cash received on interests that continue to be held 32 35
RMBS
   
Transfers of financial assets disclosures    
Net gain/(loss) 2 (2)
Proceeds from transfer of assets 14'257 8'483
Purchases of previously transferred financial assets or their underlying collateral (8) (11)
Servicing fees 2 1
Cash received on interests that continue to be held 275 246
Other asset-backed financing activities
   
Transfers of financial assets disclosures    
Net gain/(loss) 7 71
Proceeds from transfer of assets 553 279
Purchases of previously transferred financial assets or their underlying collateral (65) (161)
Cash received on interests that continue to be held 329 582

v2.4.0.6
Transfers of financial assets and variable interest entities (Details 2) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
CMBS
   
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement    
Principal amount outstanding 33'203 30'050
Total assets of SPE 48'661 45'407
RMBS
   
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement    
Principal amount outstanding 51'891 58'112
Total assets of SPE 53'731 60'469
Other asset-backed financing activities
   
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement    
Principal amount outstanding 28'467 32'805
Total assets of SPE 28'518 32'805

v2.4.0.6
Transfers of financial assets and variable interest entities (Details 3) (CHF)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Dez. 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 158 761
Weighted-average life, in years 8 years 10 months 24 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) 1.60% 0.80%
Expected credit losses (rate per annum), in % (as a percent) 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) 8.20% 10.70%
Expected credit losses (rate per annum), in % (as a percent) 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 141 654
CMBS | Level 3
   
Key economic assumptions used in measuring fair value at time of transfer    
Fair value of beneficial interests at time of transfer 17 107
RMBS
   
Key economic assumptions used in measuring fair value at time of transfer    
Fair value of beneficial interests at time of transfer 1'963 2'219
Weighted-average life, in years 7 years 0 months 0 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) 6.30% 0.10%
Cash flow discount rate (rate per annum), in % (as a percent) 0.00% 0.10%
Expected credit losses (rate per annum), in % (as a percent) 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) 31.00% 34.90%
Cash flow discount rate (rate per annum), in % (as a percent) 45.90% 25.70%
Expected credit losses (rate per annum), in % (as a percent) 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 1'922 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 41 129

v2.4.0.6
Transfers of financial assets and variable interest entities (Details 4) (CHF)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Jun. 30, 2013
CMBS
Jun. 30, 2012
CMBS
Dez. 31, 2012
CMBS
Jun. 30, 2013
CMBS
Minimum
Dez. 31, 2012
CMBS
Minimum
Jun. 30, 2013
CMBS
Maximum
Dez. 31, 2012
CMBS
Maximum
Jun. 30, 2013
CMBS
Non-investment grade
Dez. 31, 2012
CMBS
Non-investment grade
Jun. 30, 2013
RMBS
Jun. 30, 2012
RMBS
Dez. 31, 2012
RMBS
Jun. 30, 2013
RMBS
Minimum
Dez. 31, 2012
RMBS
Minimum
Jun. 30, 2013
RMBS
Maximum
Dez. 31, 2012
RMBS
Maximum
Jun. 30, 2013
RMBS
Non-investment grade
Dez. 31, 2012
RMBS
Non-investment grade
Jun. 30, 2013
Other asset-backed financing activities
Jun. 30, 2012
Other asset-backed financing activities
Dez. 31, 2012
Other asset-backed financing activities
Jun. 30, 2013
Other asset-backed financing activities
Minimum
Dez. 31, 2012
Other asset-backed financing activities
Minimum
Jun. 30, 2013
Other asset-backed financing activities
Maximum
Dez. 31, 2012
Other asset-backed financing activities
Maximum
Jun. 30, 2013
Other asset-backed financing activities
Non-investment grade
Dez. 31, 2012
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 537   274         96 90 1'658   1'929         127 342 452   692         428 686
Weighted-average life, in years 6 years 2 months 14 days 4 years 0 months 0 days               7 years 9 months 18 days 5 years 2 months 14 days               4 years 7 months 7 days 3 years 7 months 6 days              
Prepayment speed assumption (rate per annum), in % (as a percent)                         2.10% 0.10% 33.80% 27.60%                      
Impact on fair value from 10% adverse change in prepayment speed                   (19.4)   (38.5)                              
Impact on fair value from 20% adverse change in prepayment speed                   (37.3)   (74.3)                              
Cash flow discount rate per annum, in % (as a percent)       1.20% 1.10% 36.20% 50.20%           1.40% 0.20% 33.40% 42.80%           0.80% 0.70% 19.60% 51.70%    
Impact on fair value from 10% adverse change in cash flow discount rate (9.5)   (14.8)             (41.5)   (62.8)             (0.6)   (1.0)            
Impact on fair value from 20% adverse change in cash flow discount rate (18.6)   (19.9)             (80.6)   (93.5)             (1.2)   (1.8)            
Expected credit losses rate (rate per annum), in % (as a percent)       1.00% 0.90% 34.20% 49.50%           2.50% 0.90% 16.90% 42.80%           0.30% 0.30% 19.30% 51.40%    
Impact on fair value from 10% adverse change in expected credit losses (4.5)   (14.4)             (23.8)   (55.9)             (0.5)   (0.8)            
Impact on fair value from 20% adverse change in expected credit losses (8.8)   (19.2)             (46.5)   (80.3)             (1.0)   (1.6)            

v2.4.0.6
Transfers of financial assets and variable interest entities (Details 5) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
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 406 467
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 (406) (467)
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 617 1'171
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 7 913
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 (624) (2'084)

v2.4.0.6
Transfers of financial assets and variable interest entities (Details 6) (CHF)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Dez. 31, 2012
Mrz. 31, 2013
Jun. 30, 2012
VIE Disclosures        
Average maturity of CP (in days) 21 27    
Average maturity of conduit's assets (in years) 1.5 2.9    
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 56'584 61'763 57'242 99'038
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 173'404 183'455 180'513 226'864
Trading assets 245'834 256'399 264'201 284'058
Investment securities 3'546 3'498 3'428 5'326
Other investments 11'628 12'022 12'084 12'773
Net loans 246'186 242'223 248'995 239'164
Premises and equipment 5'459 5'618 5'593 6'846
Loans held-for-sale 23'284 19'894 19'772 20'115
Other assets 72'986 72'912 72'204 77'513
Customer deposits 328'389 308'312 316'681 312'683
Trading liabilities 89'917 90'816 91'490 115'782
Short-term borrowings 20'976 18'641 24'657 19'184
Long-term debt 133'505 148'134 143'094 154'838
Other liabilities 56'117 57'637 56'870 62'259
Consolidated VIEs
       
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 1'592 1'750 1'934 1'324
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1'336 117 0 118
Trading assets 3'850 4'697 3'962 6'053
Investment securities 175 23 20 34
Other investments 2'196 2'289 2'339 2'327
Net loans 4'566 6'053 5'465 6'611
Premises and equipment 561 581 565 609
Loans held-for-sale 11'389 10'505    
Other assets 15'410 14'536 14'497 11'946
Total assets of consolidated VIEs 29'686 30'046    
Customer deposits 167 247 164 175
Trading liabilities 106 125 111 1'256
Short-term borrowings 4'450 9'582 8'443 7'095
Long-term debt 15'450 14'532 14'508 13'860
Other liabilities 1'140 1'228 1'208 681
Total liabilities of consolidated VIEs 21'313 25'714    
Consolidated VIEs | Collateralized debt obligations
       
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 1'353 1'534    
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0    
Trading assets 1'004 1'064    
Investment securities 0 0    
Other investments 0 0    
Net loans 0 0    
Premises and equipment 0 0    
Loans held-for-sale 8'499 7'324    
Other assets 8'541 7'369    
Total assets of consolidated VIEs 10'898 9'967    
Customer deposits 0 0    
Trading liabilities 14 20    
Short-term borrowings 0 0    
Long-term debt 10'884 9'944    
Other liabilities 25 45    
Total liabilities of consolidated VIEs 10'923 10'009    
Consolidated VIEs | CP Conduit
       
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 2 27    
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1'336 117    
Trading assets 57 196    
Investment securities 175 23    
Other investments 0 0    
Net loans 2'671 4'360    
Premises and equipment 0 0    
Loans held-for-sale 0 0    
Other assets 1'495 1'637    
Total assets of consolidated VIEs 5'736 6'360    
Customer deposits 0 0    
Trading liabilities 0 0    
Short-term borrowings 4'440 5'776    
Long-term debt 14 14    
Other liabilities 7 6    
Total liabilities of consolidated VIEs 4'461 5'796    
Consolidated VIEs | Financial intermediation - Securitizations
       
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 4 0    
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0    
Trading assets 35 14    
Investment securities 0 0    
Other investments 0 0    
Net loans 825 859    
Premises and equipment 0 0    
Loans held-for-sale 2'823 3'110    
Other assets 3'027 3'111    
Total assets of consolidated VIEs 3'891 3'984    
Customer deposits 0 0    
Trading liabilities 0 0    
Short-term borrowings 0 0    
Long-term debt 3'733 3'608    
Other liabilities 78 97    
Total liabilities of consolidated VIEs 3'811 3'705    
Consolidated VIEs | Financial intermediation - Funds
       
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 154 125    
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0    
Trading assets 1'935 1'861    
Investment securities 0 0    
Other investments 0 0    
Net loans 0 0    
Premises and equipment 0 0    
Loans held-for-sale 0 0    
Other assets 4 4    
Total assets of consolidated VIEs 2'093 1'990    
Customer deposits 0 0    
Trading liabilities 0 0    
Short-term borrowings 10 3    
Long-term debt 282 500    
Other liabilities 10 7    
Total liabilities of consolidated VIEs 302 510    
Consolidated VIEs | Financial intermediation - Loans
       
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 53 44    
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0    
Trading assets 616 565    
Investment securities 0 0    
Other investments 1'607 1'712    
Net loans 538 405    
Premises and equipment 494 509    
Loans held-for-sale 67 71    
Other assets 510 572    
Total assets of consolidated VIEs 3'818 3'807    
Customer deposits 0 0    
Trading liabilities 7 4    
Short-term borrowings 0 0    
Long-term debt 97 38    
Other liabilities 154 168    
Total liabilities of consolidated VIEs 258 210    
Consolidated VIEs | Financial intermediation - Other
       
Consolidated VIEs in which the Group was the primary beneficiary        
Cash and due from banks 26 20    
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0    
Trading assets 203 997    
Investment securities 0 0    
Other investments 589 577    
Net loans 532 429    
Premises and equipment 67 72    
Loans held-for-sale 0 0    
Other assets 1'833 1'843    
Total assets of consolidated VIEs 3'250 3'938    
Customer deposits 167 247    
Trading liabilities 85 101    
Short-term borrowings 0 3'803    
Long-term debt 440 428    
Other liabilities 866 905    
Total liabilities of consolidated VIEs 1'558 5'484    

v2.4.0.6
Transfers of financial assets and variable interest entities (Details 7) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Non-consolidated VIEs        
Trading assets 245'834 264'201 256'399 284'058
Net loans 246'186 248'995 242'223 239'164
Other assets 72'986 72'204 72'912 77'513
Other liabilities 56'117 56'870 57'637 62'259
Non-consolidated VIEs
       
Non-consolidated VIEs        
Trading assets 7'913   5'921  
Net loans 7'504   7'507  
Other assets 29   70  
Total variable interest assets, non-consolidated VIEs 15'446   13'498  
Maximum exposure to loss 30'336   25'751  
Non-consolidated VIE assets 217'984   199'216  
Non-consolidated VIEs | Collateralized debt obligations
       
Non-consolidated VIEs        
Trading assets 95   100  
Net loans 1   8  
Other assets 0   0  
Total variable interest assets, non-consolidated VIEs 96   108  
Maximum exposure to loss 105   108  
Non-consolidated VIE assets 7'007   5'163  
Non-consolidated VIEs | Financial intermediation - Securitizations
       
Non-consolidated VIEs        
Trading assets 5'326   3'210  
Net loans 421   111  
Other assets 0   17  
Total variable interest assets, non-consolidated VIEs 5'747   3'338  
Maximum exposure to loss 17'807   14'123  
Non-consolidated VIE assets 109'492   103'990  
Non-consolidated VIEs | Financial intermediation - Funds
       
Non-consolidated VIEs        
Trading assets 1'095   1'143  
Net loans 2'484   2'148  
Other assets 25   49  
Total variable interest assets, non-consolidated VIEs 3'604   3'340  
Maximum exposure to loss 3'811   3'575  
Non-consolidated VIE assets 60'215   52'268  
Non-consolidated VIEs | Financial intermediation - Loans
       
Non-consolidated VIEs        
Trading assets 763   868  
Net loans 3'424   3'572  
Other assets 0   0  
Total variable interest assets, non-consolidated VIEs 4'187   4'440  
Maximum exposure to loss 6'699   4'906  
Non-consolidated VIE assets 25'662   22'304  
Non-consolidated VIEs | Financial intermediation - Other
       
Non-consolidated VIEs        
Trading assets 634   600  
Net loans 1'174   1'668  
Other assets 4   4  
Total variable interest assets, non-consolidated VIEs 1'812   2'272  
Maximum exposure to loss 1'914   3'039  
Non-consolidated VIE assets 15'608   15'491  

v2.4.0.6
Financial instruments (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Financial instruments  
Loss from change in reference rate 0

v2.4.0.6
Financial instruments (Details 2) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Assets (CHF million)        
Cash and Due from Banks 386 575 569 475
Interest-bearing deposits with banks 396 416 627 624
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 99'972 106'474 113'664 148'721
Securities received as collateral 21'675 33'199 30'045 30'191
Trading assets 245'834 264'201 256'399 284'058
Investment securities 3'546 3'428 3'498 5'324
Other investments 8'603 9'053 8'994 9'710
Loans 19'570 22'652 20'000 20'515
Other intangible assets (mortgage servicing rights) 39 42 43 63
Other assets 38'168 35'746 37'275 37'002
Level 1 | Recurring basis
       
Assets (CHF million)        
Cash and Due from Banks 0   0  
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 20'930   29'677  
Trading assets 138'381   132'887  
Investment securities 2'027   2'070  
Other investments 247   271  
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 4'962   5'439  
Other assets - of which loans held-for-sale 0   0  
Total assets at fair value 166'547   170'344  
Less other investments - equity at fair value attributable to noncontrolling interests (221)   (240)  
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 166'326   170'104  
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 247   271  
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 216   92  
Trading assets 46'148   55'592  
Investment securities 2'025   2'066  
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Assets (CHF million)        
Trading assets 45'429   53'918  
Investment securities 1'575   1'583  
Level 1 | Recurring basis | Debt securities | Corporate debt securities
       
Assets (CHF million)        
Securities received as collateral 0   0  
Trading assets 47   1  
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   0  
Level 1 | Recurring basis | Equity securities
       
Assets (CHF million)        
Securities received as collateral 20'714   29'585  
Trading assets 71'520   66'664  
Investment securities 2   4  
Level 1 | Recurring basis | Derivative instruments
       
Assets (CHF million)        
Trading assets 15'978   3'428  
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives
       
Assets (CHF million)        
Trading assets 7'229   703  
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives
       
Assets (CHF million)        
Trading assets 49   1  
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products
       
Assets (CHF million)        
Trading assets 8'249   2'538  
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 4'735   7'203  
Level 2 | Recurring basis
       
Assets (CHF million)        
Cash and Due from Banks 386   569  
Interest-bearing deposits with banks 396   627  
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 99'972   113'664  
Securities received as collateral 745   368  
Trading assets 739'533   907'889  
Investment securities 1'200   1'258  
Other investments 431   539  
Loans 12'421   13'381  
Loans - of which commercial and industrial 6'189   6'191  
Loans - of which financial institutions 4'865   5'934  
Other intangible assets (mortgage servicing rights) 0   0  
Other assets 26'876   26'912  
Other assets - of which loans held-for-sale 16'891   14'899  
Total assets at fair value 881'960   1'065'207  
Less other investments - equity at fair value attributable to noncontrolling interests (133)   (99)  
Less assets consolidated under ASU 2009-17 (9'190)   (8'769)  
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 872'637   1'056'339  
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 348   470  
Level 2 | Recurring basis | Hedge funds - of which debt funds
       
Assets (CHF million)        
Other investments 218   349  
Level 2 | Recurring basis | Other equity investments
       
Assets (CHF million)        
Other investments 83   69  
Level 2 | Recurring basis | Other equity investments - of which private
       
Assets (CHF million)        
Other investments 48   61  
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 186   350  
Trading assets 66'264   74'391  
Investment securities 1'107   1'168  
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Assets (CHF million)        
Trading assets 6'863   11'032  
Investment securities 2   1  
Level 2 | Recurring basis | Debt securities | Corporate debt securities
       
Assets (CHF million)        
Securities received as collateral 184   320  
Trading assets 25'266   25'932  
Investment securities 672   720  
Level 2 | Recurring basis | Debt securities | RMBS
       
Assets (CHF million)        
Trading assets 29'510   30'392  
Level 2 | Recurring basis | Debt securities | CMBS
       
Assets (CHF million)        
Trading assets 2'237   4'335  
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations
       
Assets (CHF million)        
Trading assets 2'317   2'620  
Investment securities 432   447  
Level 2 | Recurring basis | Equity securities
       
Assets (CHF million)        
Securities received as collateral 559   18  
Trading assets 6'338   7'746  
Investment securities 93   90  
Level 2 | Recurring basis | Derivative instruments
       
Assets (CHF million)        
Trading assets 663'276   823'016  
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives
       
Assets (CHF million)        
Trading assets 530'479   698'297  
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives
       
Assets (CHF million)        
Trading assets 69'797   62'717  
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products
       
Assets (CHF million)        
Trading assets 27'452   25'820  
Level 2 | Recurring basis | Derivative instruments | Credit derivatives
       
Assets (CHF million)        
Trading assets 27'652   29'274  
Level 2 | Recurring basis | Other
       
Assets (CHF million)        
Trading assets 3'655   2'736  
Level 3 | Recurring basis
       
Assets (CHF million)        
Cash and Due from Banks 0   0  
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 14'513   15'509  
Investment securities 319   170  
Other investments 7'925   8'184  
Loans 7'149   6'619  
Loans - of which commercial and industrial 4'899   4'778  
Loans - of which financial institutions 1'298   1'530  
Other intangible assets (mortgage servicing rights) 39   43  
Other assets 6'631   5'164  
Other assets - of which loans held-for-sale 5'842   4'463  
Total assets at fair value 36'576   35'689  
Less other investments - equity at fair value attributable to noncontrolling interests (3'584)   (3'292)  
Less assets consolidated under ASU 2009-17 (3'372)   (2'745)  
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 29'620   29'652  
Level 3 | Recurring basis | Private equity
       
Assets (CHF million)        
Other investments 3'980   3'958  
Level 3 | Recurring basis | Private equity - of which equity funds
       
Assets (CHF million)        
Other investments 2'617   2'633  
Level 3 | Recurring basis | Hedge funds
       
Assets (CHF million)        
Other investments 133   165  
Level 3 | Recurring basis | Hedge funds - of which debt funds
       
Assets (CHF million)        
Other investments 40   84  
Level 3 | Recurring basis | Other equity investments
       
Assets (CHF million)        
Other investments 2'099   2'243  
Level 3 | Recurring basis | Other equity investments - of which private
       
Assets (CHF million)        
Other investments 2'099   2'245  
Level 3 | Recurring basis | Life finance instruments
       
Assets (CHF million)        
Other investments 1'713   1'818  
Level 3 | Recurring basis | Debt securities
       
Assets (CHF million)        
Securities received as collateral 0   0  
Trading assets 4'511   5'888  
Investment securities 317   169  
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Assets (CHF million)        
Trading assets 30   79  
Investment securities 22   21  
Level 3 | Recurring basis | Debt securities | Corporate debt securities
       
Assets (CHF million)        
Securities received as collateral 0   0  
Trading assets 2'057   3'192  
Investment securities 120   125  
Level 3 | Recurring basis | Debt securities | RMBS
       
Assets (CHF million)        
Trading assets 906   724  
Level 3 | Recurring basis | Debt securities | CMBS
       
Assets (CHF million)        
Trading assets 306   1'023  
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations
       
Assets (CHF million)        
Trading assets 865   447  
Investment securities 175   23  
Level 3 | Recurring basis | Equity securities
       
Assets (CHF million)        
Securities received as collateral 0   0  
Trading assets 423   485  
Investment securities 2   1  
Level 3 | Recurring basis | Derivative instruments
       
Assets (CHF million)        
Trading assets 6'579   6'650  
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives
       
Assets (CHF million)        
Trading assets 1'560   1'859  
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives
       
Assets (CHF million)        
Trading assets 505   754  
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products
       
Assets (CHF million)        
Trading assets 2'076   1'920  
Level 3 | Recurring basis | Derivative instruments | Credit derivatives
       
Assets (CHF million)        
Trading assets 1'627   1'294  
Level 3 | Recurring basis | Other
       
Assets (CHF million)        
Trading assets 3'000   2'486  
Netting impact | Recurring basis
       
Assets (CHF million)        
Cash and Due from Banks 0   0  
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 (646'593)   (799'886)  
Investment securities 0   0  
Other investments 0   0  
Loans 0   0  
Loans - of which commercial and industrial 0   0  
Loans - of which financial institutions 0   0  
Other intangible assets (mortgage servicing rights) 0   0  
Other assets (301)   (240)  
Other assets - of which loans held-for-sale 0   0  
Total assets at fair value (646'894)   (800'126)  
Less other investments - equity at fair value attributable to noncontrolling interests 0   0  
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 (646'894)   (800'126)  
Netting impact | Recurring basis | Private equity
       
Assets (CHF million)        
Other investments 0   0  
Netting impact | Recurring basis | Private equity - of which equity funds
       
Assets (CHF million)        
Other investments 0   0  
Netting impact | Recurring basis | Hedge funds
       
Assets (CHF million)        
Other investments 0   0  
Netting impact | Recurring basis | Hedge funds - of which debt funds
       
Assets (CHF million)        
Other investments 0   0  
Netting impact | Recurring basis | Other equity investments
       
Assets (CHF million)        
Other investments 0   0  
Netting impact | Recurring basis | Other equity investments - of which private
       
Assets (CHF million)        
Other investments 0   0  
Netting impact | Recurring basis | Life finance instruments
       
Assets (CHF million)        
Other investments 0   0  
Netting impact | Recurring basis | Debt securities
       
Assets (CHF million)        
Securities received as collateral 0   0  
Trading assets 0   0  
Investment securities 0   0  
Netting impact | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Assets (CHF million)        
Trading assets 0   0  
Investment securities 0   0  
Netting impact | Recurring basis | Debt securities | Corporate debt securities
       
Assets (CHF million)        
Securities received as collateral 0   0  
Trading assets 0   0  
Investment securities 0   0  
Netting impact | Recurring basis | Debt securities | RMBS
       
Assets (CHF million)        
Trading assets 0   0  
Netting impact | Recurring basis | Debt securities | CMBS
       
Assets (CHF million)        
Trading assets 0   0  
Netting impact | Recurring basis | Debt securities | Collateralized debt obligations
       
Assets (CHF million)        
Trading assets 0   0  
Investment securities 0   0  
Netting impact | Recurring basis | Equity securities
       
Assets (CHF million)        
Securities received as collateral 0   0  
Trading assets 0   0  
Investment securities 0   0  
Netting impact | Recurring basis | Derivative instruments
       
Assets (CHF million)        
Trading assets (646'593)   (799'886)  
Netting impact | Recurring basis | Other
       
Assets (CHF million)        
Trading assets 0   0  
Total - at fair value | Recurring basis
       
Assets (CHF million)        
Cash and Due from Banks 386   569  
Interest-bearing deposits with banks 396   627  
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 99'972   113'664  
Securities received as collateral 21'675   30'045  
Trading assets 245'834   256'399  
Investment securities 3'546   3'498  
Other investments 8'603   8'994  
Loans 19'570   20'000  
Loans - of which commercial and industrial 11'088   10'969  
Loans - of which financial institutions 6'163   7'464  
Other intangible assets (mortgage servicing rights) 39   43  
Other assets 38'168   37'275  
Other assets - of which loans held-for-sale 22'733   19'362  
Total assets at fair value 438'189   471'114  
Less other investments - equity at fair value attributable to noncontrolling interests (3'938)   (3'631)  
Less assets consolidated under ASU 2009-17 (12'562)   (11'514)  
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 421'689   455'969  
Total - at fair value | Recurring basis | Private equity
       
Assets (CHF million)        
Other investments 3'980   3'958  
Total - at fair value | Recurring basis | Private equity - of which equity funds
       
Assets (CHF million)        
Other investments 2'617   2'633  
Total - at fair value | Recurring basis | Hedge funds
       
Assets (CHF million)        
Other investments 481   635  
Total - at fair value | Recurring basis | Hedge funds - of which debt funds
       
Assets (CHF million)        
Other investments 258   433  
Total - at fair value | Recurring basis | Other equity investments
       
Assets (CHF million)        
Other investments 2'429   2'583  
Total - at fair value | Recurring basis | Other equity investments - of which private
       
Assets (CHF million)        
Other investments 2'147   2'306  
Total - at fair value | Recurring basis | Life finance instruments
       
Assets (CHF million)        
Other investments 1'713   1'818  
Total - at fair value | Recurring basis | Debt securities
       
Assets (CHF million)        
Securities received as collateral 402   442  
Trading assets 116'923   135'871  
Investment securities 3'449   3'403  
Total - at fair value | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Assets (CHF million)        
Trading assets 52'322   65'029  
Investment securities 1'599   1'605  
Total - at fair value | Recurring basis | Debt securities | Corporate debt securities
       
Assets (CHF million)        
Securities received as collateral 184   320  
Trading assets 27'370   29'125  
Investment securities 792   845  
Total - at fair value | Recurring basis | Debt securities | RMBS
       
Assets (CHF million)        
Trading assets 30'416   31'116  
Total - at fair value | Recurring basis | Debt securities | CMBS
       
Assets (CHF million)        
Trading assets 2'543   5'358  
Total - at fair value | Recurring basis | Debt securities | Collateralized debt obligations
       
Assets (CHF million)        
Trading assets 3'182   3'067  
Investment securities 607   470  
Total - at fair value | Recurring basis | Equity securities
       
Assets (CHF million)        
Securities received as collateral 21'273   29'603  
Trading assets 78'281   74'895  
Investment securities 97   95  
Total - at fair value | Recurring basis | Derivative instruments
       
Assets (CHF million)        
Trading assets 39'240   33'208  
Total - at fair value | Recurring basis | Other
       
Assets (CHF million)        
Trading assets 11'390   12'425  

v2.4.0.6
Financial instruments (Details 3) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Liabilities (CHF million)        
Due to banks 1'903 2'756 3'413 3'324
Customer deposits 3'600 4'707 4'643 4'825
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 79'443 102'500 108'784 143'714
Obligation to return securities received as collateral 21'675 33'199 30'045 30'191
Trading liabilities 89'917 91'490 90'816 115'782
Short-term borrowings 5'620 5'941 4'513 4'456
Long-term debt 63'942 64'547 65'384 66'952
Other liabilities 23'740 25'233 26'871 29'818
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 20'930   29'677  
Trading liabilities 54'659   46'867  
Short-term borrowings 0   0  
Long-term debt 17   218  
Other liabilities 0   0  
Total liabilities 75'606   76'762  
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 17   218  
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 216   92  
Trading liabilities 24'011   25'782  
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Liabilities (CHF million)        
Trading liabilities 23'723   25'623  
Level 1 | Recurring basis | Debt securities | Corporate debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 0   0  
Trading liabilities 74   0  
Level 1 | Recurring basis | Equity securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 20'714   29'585  
Trading liabilities 15'498   17'912  
Level 1 | Recurring basis | Derivative instruments
       
Liabilities (CHF million)        
Trading liabilities 15'150   3'173  
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives
       
Liabilities (CHF million)        
Trading liabilities 6'895   628  
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives
       
Liabilities (CHF million)        
Trading liabilities 75   1  
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 7'528   2'305  
Level 2 | Recurring basis
       
Liabilities (CHF million)        
Due to banks 1'903   3'413  
Customer deposits 3'538   4'618  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 79'443   108'784  
Obligation to return securities received as collateral 745   368  
Trading liabilities 679'871   841'631  
Short-term borrowings 5'427   4'389  
Long-term debt 52'965   55'068  
Other liabilities 21'387   24'399  
Total liabilities 845'279   1'042'670  
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years
       
Liabilities (CHF million)        
Long-term debt 10'538   10'565  
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years
       
Liabilities (CHF million)        
Long-term debt 19'652   22'543  
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities
       
Liabilities (CHF million)        
Long-term debt 11'377   11'006  
Level 2 | Recurring basis | Other liabilities - of which failed sales
       
Liabilities (CHF million)        
Other liabilities 1'342   2'523  
Level 2 | Recurring basis | Debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 186   350  
Trading liabilities 9'277   7'014  
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Liabilities (CHF million)        
Trading liabilities 2'573   1'476  
Level 2 | Recurring basis | Debt securities | Corporate debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 184   320  
Trading liabilities 5'745   5'030  
Level 2 | Recurring basis | Equity securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 559   18  
Trading liabilities 389   389  
Level 2 | Recurring basis | Derivative instruments
       
Liabilities (CHF million)        
Trading liabilities 670'205   834'228  
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives
       
Liabilities (CHF million)        
Trading liabilities 524'316   693'430  
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives
       
Liabilities (CHF million)        
Trading liabilities 80'097   76'963  
Level 2 | Recurring basis | Derivative instruments | Credit derivatives
       
Liabilities (CHF million)        
Trading liabilities 27'823   28'952  
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products
       
Liabilities (CHF million)        
Trading liabilities 29'276   27'684  
Level 3 | Recurring basis
       
Liabilities (CHF million)        
Due to banks 0   0  
Customer deposits 62   25  
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 5'369   5'356  
Short-term borrowings 193   124  
Long-term debt 10'960   10'098  
Other liabilities 2'677   2'848  
Total liabilities 19'261   18'451  
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 6'306   6'189  
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities
       
Liabilities (CHF million)        
Long-term debt 3'088   2'551  
Level 3 | Recurring basis | Other liabilities - of which failed sales
       
Liabilities (CHF million)        
Other liabilities 936   1'160  
Level 3 | Recurring basis | Debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 0   0  
Trading liabilities 10   196  
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 10   196  
Level 3 | Recurring basis | Equity securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 0   0  
Trading liabilities 21   6  
Level 3 | Recurring basis | Derivative instruments
       
Liabilities (CHF million)        
Trading liabilities 5'338   5'154  
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives
       
Liabilities (CHF million)        
Trading liabilities 1'095   1'357  
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives
       
Liabilities (CHF million)        
Trading liabilities 1'312   1'648  
Level 3 | Recurring basis | Derivative instruments | Credit derivatives
       
Liabilities (CHF million)        
Trading liabilities 1'361   819  
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products
       
Liabilities (CHF million)        
Trading liabilities 1'244   1'003  
Netting impact | 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 0   0  
Trading liabilities (649'982)   (803'038)  
Short-term borrowings 0   0  
Long-term debt 0   0  
Other liabilities (324)   (376)  
Total liabilities (650'306)   (803'414)  
Netting impact | Recurring basis | Long-term debt - of which treasury debt over two years
       
Liabilities (CHF million)        
Long-term debt 0   0  
Netting impact | Recurring basis | Long-term debt - of which structured notes over two years
       
Liabilities (CHF million)        
Long-term debt 0   0  
Netting impact | Recurring basis | Long-term debt - of which nonrecourse liabilities
       
Liabilities (CHF million)        
Long-term debt 0   0  
Netting impact | Recurring basis | Other liabilities - of which failed sales
       
Liabilities (CHF million)        
Other liabilities 0   0  
Netting impact | Recurring basis | Debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 0   0  
Trading liabilities 0   0  
Netting impact | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Liabilities (CHF million)        
Trading liabilities 0   0  
Netting impact | Recurring basis | Debt securities | Corporate debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 0   0  
Trading liabilities 0   0  
Netting impact | Recurring basis | Equity securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 0   0  
Trading liabilities 0   0  
Netting impact | Recurring basis | Derivative instruments
       
Liabilities (CHF million)        
Trading liabilities (649'982)   (803'038)  
Total - at fair value | Recurring basis
       
Liabilities (CHF million)        
Due to banks 1'903   3'413  
Customer deposits 3'600   4'643  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 79'443   108'784  
Obligation to return securities received as collateral 21'675   30'045  
Trading liabilities 89'917   90'816  
Short-term borrowings 5'620   4'513  
Long-term debt 63'942   65'384  
Other liabilities 23'740   26'871  
Total liabilities 289'840   334'469  
Total - at fair value | Recurring basis | Long-term debt - of which treasury debt over two years
       
Liabilities (CHF million)        
Long-term debt 10'538   10'565  
Total - at fair value | Recurring basis | Long-term debt - of which structured notes over two years
       
Liabilities (CHF million)        
Long-term debt 25'958   28'732  
Total - at fair value | Recurring basis | Long-term debt - of which nonrecourse liabilities
       
Liabilities (CHF million)        
Long-term debt 14'482   13'775  
Total - at fair value | Recurring basis | Other liabilities - of which failed sales
       
Liabilities (CHF million)        
Other liabilities 2'278   3'683  
Total - at fair value | Recurring basis | Debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 402   442  
Trading liabilities 33'298   32'992  
Total - at fair value | Recurring basis | Debt securities | Debt securities issued by foreign governments
       
Liabilities (CHF million)        
Trading liabilities 26'296   27'099  
Total - at fair value | Recurring basis | Debt securities | Corporate debt securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 184   320  
Trading liabilities 5'829   5'226  
Total - at fair value | Recurring basis | Equity securities
       
Liabilities (CHF million)        
Obligation to return securities received as collateral 21'273   29'603  
Trading liabilities 15'908   18'307  
Total - at fair value | Recurring basis | Derivative instruments
       
Liabilities (CHF million)        
Trading liabilities 40'711   39'517  

v2.4.0.6
Financial instruments (Details 4) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2013
Jun. 30, 2012
Recurring basis
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions
Jun. 30, 2012
Recurring basis
Securities received as collateral
Jun. 30, 2013
Recurring basis
Trading assets
Jun. 30, 2012
Recurring basis
Trading assets
Jun. 30, 2013
Recurring basis
Trading assets
Debt securities
Jun. 30, 2012
Recurring basis
Trading assets
Debt securities
Jun. 30, 2013
Recurring basis
Trading assets
Debt securities
Corporate debt securities
Jun. 30, 2012
Recurring basis
Trading assets
Debt securities
Corporate debt securities
Jun. 30, 2013
Recurring basis
Trading assets
Debt securities
RMBS
Jun. 30, 2012
Recurring basis
Trading assets
Debt securities
RMBS
Jun. 30, 2013
Recurring basis
Trading assets
Debt securities
CMBS
Jun. 30, 2012
Recurring basis
Trading assets
Debt securities
CMBS
Jun. 30, 2013
Recurring basis
Trading assets
Debt securities
Collateralized debt obligations
Jun. 30, 2012
Recurring basis
Trading assets
Debt securities
Collateralized debt obligations
Jun. 30, 2013
Recurring basis
Trading assets
Equity securities
Jun. 30, 2012
Recurring basis
Trading assets
Equity securities
Jun. 30, 2013
Recurring basis
Trading assets
Derivative instruments
Jun. 30, 2012
Recurring basis
Trading assets
Derivative instruments
Jun. 30, 2013
Recurring basis
Trading assets
Derivative instruments
Interest rate derivatives
Jun. 30, 2012
Recurring basis
Trading assets
Derivative instruments
Interest rate derivatives
Jun. 30, 2013
Recurring basis
Trading assets
Derivative instruments
Credit derivatives
Jun. 30, 2012
Recurring basis
Trading assets
Derivative instruments
Credit derivatives
Jun. 30, 2013
Recurring basis
Trading assets
Derivative instruments
Equity/Index-related products
Jun. 30, 2012
Recurring basis
Trading assets
Derivative instruments
Equity/Index-related products
Jun. 30, 2013
Recurring basis
Trading assets
Other
Jun. 30, 2012
Recurring basis
Trading assets
Other
Jun. 30, 2013
Recurring basis
Investment securities
Jun. 30, 2012
Recurring basis
Investment securities
Jun. 30, 2013
Recurring basis
Other investments
Jun. 30, 2012
Recurring basis
Other investments
Jun. 30, 2013
Recurring basis
Other investments
Hedge funds
Dez. 31, 2012
Recurring basis
Other investments
Hedge funds
Jun. 30, 2013
Recurring basis
Other investments
Other equity investments
Dez. 31, 2012
Recurring basis
Other investments
Other equity investments
Jun. 30, 2013
Recurring basis
Other investments
Other equity investments - of which private
Dez. 31, 2012
Recurring basis
Other investments
Other equity investments - of which private
Jun. 30, 2013
Recurring basis
Other investments
Life finance instruments
Jun. 30, 2012
Recurring basis
Other investments
Life finance instruments
Jun. 30, 2013
Recurring basis
Other investments
Equity securities
Jun. 30, 2012
Recurring basis
Other investments
Equity securities
Jun. 30, 2013
Recurring basis
Loans
Jun. 30, 2012
Recurring basis
Loans
Jun. 30, 2013
Recurring basis
Loans - of which commercial and industrial
Jun. 30, 2012
Recurring basis
Loans - of which commercial and industrial
Jun. 30, 2013
Recurring basis
Loans - of which financial institutions
Jun. 30, 2012
Recurring basis
Loans - of which financial institutions
Jun. 30, 2013
Recurring basis
Other intangible assets.
Jun. 30, 2012
Recurring basis
Other intangible assets.
Jun. 30, 2013
Recurring basis
Other assets
Jun. 30, 2012
Recurring basis
Other assets
Jun. 30, 2013
Recurring basis
Other assets - of which loans held-for-sale
Jun. 30, 2012
Recurring basis
Other assets - of which loans held-for-sale
Jun. 30, 2013
Recurring basis
Other assets - of which loans held-for-sale
RMBS
Jun. 30, 2013
Recurring basis
Assets
Jun. 30, 2012
Recurring basis
Assets
Assets measured at fair value on a recurring basis for level 3                                                                                                                  
Balance at beginning of period, assets     1'204 193 15'509 22'278 5'888 10'028 3'192 5'076 724 1'786 1'023 1'517 447 727 485 467 6'650 9'587 1'859 2'547 1'294 2'171 1'920 2'732 2'486 2'196 170 102 8'184 9'045 133 165 2'099 2'243 2'099 2'245 1'818 1'969 6'366 7'076 6'619 6'842 4'778 4'559 1'530 2'179 43 70 5'164 7'469 4'463 6'901   35'689 47'203
Transfers in, assets 2'128 3'380 0 0 1'736 2'578 465 1'269 146 479 257 517 26 111 14 136 190 287 916 912 42 55 721 455 149 396 165 110 0 0 0 4             0 0 0 4 93 220 81 114 11 76 0 0 1'551 1'180 1'540 1'155   3'380 3'982
Transfers out, assets (2'174) (5'513) 0 (195) (2'273) (2'759) (979) (1'477) (483) (665) (292) (545) (100) (154) (39) (44) (173) (39) (897) (1'128) (198) (247) (262) (328) (258) (459) (224) (115) 0 0 (40) (48)             0 0 (40) (48) (1'644) (97) (322) (97) (2) 0 0 0 (1'556) (1'593) (1'554) (1'592)   (5'513) (4'692)
Purchases, assets     0 0 6'157 4'775 3'291 3'338 1'009 2'268 758 477 129 206 1'384 300 139 198 0 0 0 0 0 0 0 0 2'727 1'239 166 0 845 490             100 70 745 420 368 327 368 92 1 227 0 2 2'673 1'513 2'494 1'465   10'209 7'107
Sales, assets     0 0 (6'973) (6'884) (4'604) (5'310) (2'020) (3'323) (638) (999) (821) (142) (1'008) (485) (236) (446) 0 0 0 0 0 0 0 0 (2'133) (1'128) (17) (7) (1'515) (783)             (186) (154) (1'329) (629) (834) (712) (595) (353) (119) (345) 0 0 (1'707) (1'744) (1'538) (1'662)   (11'046) (10'130)
Issuances, assets     0 0 721 701 0 0 0 0 0 0 0 0 0 0 0 0 721 701 164 152 111 145 116 259 0 0 0 0 0 0             0 0 0 0 3'593 1'779 1'346 1'095 240 496 0 0 700 101 700 101   5'014 2'581
Settlements, assets     0 0 (1'069) (1'656) 0 0 0 0 0 0 0 0 0 0 0 0 (1'004) (1'656) (198) (369) (302) (385) (225) (616) (65) 0 0 0 0 0             0 0 0 0 (1'193) (1'803) (780) (1'459) (363) (329) 0 0 (501) (664) (501) (665)   (2'763) (4'123)
Gain (loss) on transfers in/out included in trading revenues, assets     0 0 233 115 130 28 113 35 6 (11) (3) (5) 2 1 6 16 96 73 2 11 33 0 62 57 1 (2) 0 0 0 0             0 0 0 0 (1) 5 0 5 0 0 0 0 16 54 15 53   248 174
Gain (loss) on all other activity included in trading revenues, assets     (25) 0 5 47 150 34 9 232 64 26 33 (170) 45 17 (2) (52) (97) 55 (161) 34 (9) 22 250 (129) (46) 10 0 0 (82) 26             (80) 25 (2) 1 (81) (186) (126) 12 (49) (221) 0 0 133 318 92 286 90 (25) 180
Gain (loss) on transfers in/out included in other revenues, assets     0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0             0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0
Gain (loss) on all other activity included in other revenues, assets     0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 276 381             0 0 276 381 0 0 0 0 0 0 (6) (9) 0 0 0 0   270 372
Foreign currency translation impact, assets     7 2 467 82 170 25 91 23 27 2 19 1 20 2 14 (2) 194 42 50 12 41 11 62 7 89 17 0 (3) 257 43             61 12 196 31 229 25 149 10 49 10 2 0 158 1 131 10   1'113 157
Balance at end of period, assets     1'186 0 14'513 19'277 4'511 7'935 2'057 4'125 906 1'253 306 1'364 865 654 423 429 6'579 8'586 1'560 2'195 1'627 2'091 2'076 2'247 3'000 2'327 319 92 7'925 9'158 133 165 2'099 2'243 2'099 2'245 1'713 1'922 6'212 7'236 7'149 6'400 4'899 3'978 1'298 2'093 39 63 6'631 6'635 5'842 6'052   36'576 42'811

v2.4.0.6
Financial instruments (Details 5) (Recurring basis, CHF)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Obligation to return securities received as collateral
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities   193
Transfers in, liabilities   0
Transfers out, liabilities   (195)
Purchases, liabilities   0
Sales, liabilities   0
Issuances, liabilities   0
Settlements, liabilities   0
Gain (loss) on transfers in/out included in trading revenues, liabilities   0
Gain (loss) on all other activity included in trading revenues, liabilities   0
Gain (loss) on transfers in/out included in other revenues, liabilities   0
Gain (loss) on all other activity included in other revenues, liabilities   0
Foreign currency translation impact, liabilities   2
Balance at end of period, liabilities   0
Due to banks and customer deposits
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 25  
Transfers in, liabilities 0  
Transfers out, liabilities 0  
Purchases, liabilities 0  
Sales, liabilities 0  
Issuances, liabilities 53  
Settlements, liabilities 0  
Gain (loss) on transfers in/out included in trading revenues, liabilities 0  
Gain (loss) on all other activity included in trading revenues, liabilities (13)  
Gain (loss) on transfers in/out included in other revenues, liabilities 0  
Gain (loss) on all other activity included in other revenues, liabilities 0  
Foreign currency translation impact, liabilities (3)  
Balance at end of period, liabilities 62  
Trading Liabilities
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 5'356 7'343
Transfers in, liabilities 1'024 704
Transfers out, liabilities (814) (980)
Purchases, liabilities 53 36
Sales, liabilities (155) (271)
Issuances, liabilities 489 465
Settlements, liabilities (1'125) (1'282)
Gain (loss) on transfers in/out included in trading revenues, liabilities 124 41
Gain (loss) on all other activity included in trading revenues, liabilities 252 47
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 165 28
Balance at end of period, liabilities 5'369 6'131
Trading Liabilities | Interest rate derivatives
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 1'357 1'588
Transfers in, liabilities 59 79
Transfers out, liabilities (132) (377)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 82 63
Settlements, liabilities (43) (66)
Gain (loss) on transfers in/out included in trading revenues, liabilities 3 23
Gain (loss) on all other activity included in trading revenues, liabilities (269) 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 38 11
Balance at end of period, liabilities 1'095 1'334
Trading Liabilities | Foreign exchange derivatives
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 1'648 2'836
Transfers in, liabilities 15 1
Transfers out, liabilities (14) (167)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 13 0
Settlements, liabilities (472) (496)
Gain (loss) on transfers in/out included in trading revenues, liabilities (1) 20
Gain (loss) on all other activity included in trading revenues, liabilities 73 1
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 50 10
Balance at end of period, liabilities 1'312 2'205
Trading Liabilities | Credit derivatives
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 819 1'520
Transfers in, liabilities 808 520
Transfers out, liabilities (267) (313)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 71 69
Settlements, liabilities (226) (459)
Gain (loss) on transfers in/out included in trading revenues, liabilities 40 30
Gain (loss) on all other activity included in trading revenues, liabilities 89 (113)
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 27 2
Balance at end of period, liabilities 1'361 1'256
Trading Liabilities | Equity/Index-related products
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 1'003 1'022
Transfers in, liabilities 111 62
Transfers out, liabilities (302) (109)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 275 236
Settlements, liabilities (308) (191)
Gain (loss) on transfers in/out included in trading revenues, liabilities 90 (32)
Gain (loss) on all other activity included in trading revenues, liabilities 341 (99)
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 34 0
Balance at end of period, liabilities 1'244 889
Short-term borrowings.
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 124 236
Transfers in, liabilities 46 4
Transfers out, liabilities (34) (60)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 203 129
Settlements, liabilities (86) (233)
Gain (loss) on transfers in/out included in trading revenues, liabilities (4) (6)
Gain (loss) on all other activity included in trading revenues, liabilities (61) 9
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 5 (1)
Balance at end of period, liabilities 193 78
Long-term debt
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 10'098 12'715
Transfers in, liabilities 1'728 1'493
Transfers out, liabilities (1'209) (1'654)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 2'818 1'438
Settlements, liabilities (2'787) (2'852)
Gain (loss) on transfers in/out included in trading revenues, liabilities 16 116
Gain (loss) on all other activity included in trading revenues, liabilities (51) 351
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 347 70
Balance at end of period, liabilities 10'960 11'677
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 6'189 7'576
Transfers in, liabilities 321 657
Transfers out, liabilities (893) (852)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 1'966 1'039
Settlements, liabilities (1'160) (1'517)
Gain (loss) on transfers in/out included in trading revenues, liabilities 12 59
Gain (loss) on all other activity included in trading revenues, liabilities (352) 152
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 223 53
Balance at end of period, liabilities 6'306 7'167
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 2'551 3'585
Transfers in, liabilities 1'369 744
Transfers out, liabilities (196) (716)
Purchases, liabilities 0 0
Sales, liabilities 0 0
Issuances, liabilities 438 173
Settlements, liabilities (1'274) (1'171)
Gain (loss) on transfers in/out included in trading revenues, liabilities 10 53
Gain (loss) on all other activity included in trading revenues, liabilities 114 147
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 76 6
Balance at end of period, liabilities 3'088 2'821
Other liabilities
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 2'848 3'891
Transfers in, liabilities 31 131
Transfers out, liabilities (131) (46)
Purchases, liabilities 62 273
Sales, liabilities (280) (668)
Issuances, liabilities 1 1
Settlements, liabilities (58) (219)
Gain (loss) on transfers in/out included in trading revenues, liabilities (16) (7)
Gain (loss) on all other activity included in trading revenues, liabilities (18) 80
Gain (loss) on transfers in/out included in other revenues, liabilities 26 0
Gain (loss) on all other activity included in other revenues, liabilities 135 115
Foreign currency translation impact, liabilities 77 7
Balance at end of period, liabilities 2'677 3'558
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 1'160 1'909
Transfers in, liabilities 12 72
Transfers out, liabilities (77) (19)
Purchases, liabilities 45 266
Sales, liabilities (230) (661)
Issuances, liabilities 0 0
Settlements, liabilities 0 (46)
Gain (loss) on transfers in/out included in trading revenues, liabilities (4) 0
Gain (loss) on all other activity included in trading revenues, liabilities (8) 144
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 38 6
Balance at end of period, liabilities 936 1'671
Liabilities:
   
Liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, liabilities 18'451 24'378
Transfers in, liabilities 2'829 2'332
Transfers out, liabilities (2'188) (2'935)
Purchases, liabilities 115 309
Sales, liabilities (435) (939)
Issuances, liabilities 3'564 2'033
Settlements, liabilities (4'056) (4'586)
Gain (loss) on transfers in/out included in trading revenues, liabilities 120 144
Gain (loss) on all other activity included in trading revenues, liabilities 109 487
Gain (loss) on transfers in/out included in other revenues, liabilities 26 0
Gain (loss) on all other activity included in other revenues, liabilities 135 115
Foreign currency translation impact, liabilities 591 106
Balance at end of period, liabilities 19'261 21'444

v2.4.0.6
Financial instruments (Details 6) (Recurring basis, CHF)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Recurring basis
   
Net assets/liabilities measured at fair value on a recurring basis for level 3    
Balance at beginning of period, net assets/liabilities 17'238 22'825
Transfers in, net assets/liabilities 551 1'650
Transfers out, net assets/liabilities (3'325) (1'757)
Purchases, net assets/liabilities 10'094 6'798
Sales, net assets/liabilities (10'611) (9'191)
Issuances, net assets/liabilities 1'450 548
Settlements, net assets/liabilities 1'293 463
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities 128 30
Gain (loss) on all other activity included in trading revenues, net assets/liabilities (134) (307)
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities (26) 0
Gain (loss) on all other activity included in other revenues, net assets/liabilities 135 257
Foreign currency translation impact, net assets/liabilities 522 51
Balance at beginning of period, net assets/liabilities 17'315 21'367

v2.4.0.6
Financial instruments (Details 7) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2013
Jun. 30, 2012
Gains and losses on assets and liabilities      
Net realized/unrealized gains/(losses) included in net revenues   103 (20)
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date   (976) 431
Transfers into level 3 assets 2'128 3'380  
Transfers out of level 3 assets 2'174 5'513  
Trading Revenues
     
Gains and losses on assets and liabilities      
Net realized/unrealized gains/(losses) included in net revenues   (6) (277)
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date   (1'079) 113
Other revenues
     
Gains and losses on assets and liabilities      
Net realized/unrealized gains/(losses) included in net revenues   109 257
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date   103 318

v2.4.0.6
Financial instruments (Details 8) (Nonrecurring basis, CHF)
In Billions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
Assets and liabilities recorded at fair value    
Loans 0.4 0.5
Level 3
   
Assets and liabilities recorded at fair value    
Loans 0.4 0.5

v2.4.0.6
Financial instruments (Details 9) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Financial instruments (CHF million)        
Interest-bearing deposits with banks 1'563 1'781 1'945 2'328
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 173'404 180'513 183'455 226'864
Loans 246'186 248'995 242'223 239'164
Other assets 72'986 72'204 72'912 77'513
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (99'073) (127'182) (132'721) (189'266)
Short-term borrowings (20'976) (24'657) (18'641) (19'184)
Long-term debt (133'505) (143'094) (148'134) (154'838)
Other liabilities (56'117) (56'870) (57'637) (62'259)
Aggregate fair value
       
Loans (CHF million)        
Non-interest-earning loans 715   920  
Financial instruments (CHF million)        
Interest-bearing deposits with banks 396   627  
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 99'972   113'664  
Loans 19'570   20'000  
Other assets 25'863   22'060  
Due to banks and customer deposits (780)   (531)  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (79'443)   (108'784)  
Short-term borrowings (5'620)   (4'513)  
Long-term debt (63'942)   (65'384)  
Other liabilities (2'278)   (3'683)  
Aggregate unpaid principal
       
Loans (CHF million)        
Non-interest-earning loans 3'090   3'810  
Financial instruments (CHF million)        
Interest-bearing deposits with banks 391   615  
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 99'602   113'196  
Loans 20'470   20'278  
Other assets 31'188   29'787  
Due to banks and customer deposits (774)   (493)  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (79'373)   (108'701)  
Short-term borrowings (5'562)   (4'339)  
Long-term debt (65'054)   (66'998)  
Other liabilities (3'741)   (6'186)  
Difference
       
Loans (CHF million)        
Non-interest-earning loans, Difference (2'375)   (2'890)  
Financial instruments (CHF million)        
Interest-bearing deposits with banks 5   12  
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 370   468  
Loans (900)   (278)  
Other assets (5'325)   (7'727)  
Due to banks and customer deposits (6)   (38)  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (70)   (83)  
Short-term borrowings (58)   (174)  
Long-term debt 1'112   1'614  
Other liabilities 1'463   2'503  

v2.4.0.6
Financial instruments (Details 10) (CHF)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash and due from banks
   
Gains (losses) on financial instruments    
Net gains/(losses) 0 (12)
Net gains/(losses) of which related to credit risk - on assets 0 (13)
Interest-bearing deposits with banks
   
Gains (losses) on financial instruments    
Net gains/(losses) 4 0
Net gains/(losses) of which related to credit risk - on assets (2) 0
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions
   
Gains (losses) on financial instruments    
Net gains/(losses) 532 628
Other trading assets
   
Gains (losses) on financial instruments    
Net gains/(losses) 0 10
Other investments
   
Gains (losses) on financial instruments    
Net gains/(losses) (34) 26
Net gains/(losses) of which related to credit risk - on assets 0 10
Loans
   
Gains (losses) on financial instruments    
Net gains/(losses) 224 1
Net gains/(losses) of which related to credit risk - on assets (107) 259
Other assets
   
Gains (losses) on financial instruments    
Net gains/(losses) 1'128 1'223
Net gains/(losses) of which related to credit risk - on assets 300 268
Due to banks and customer deposits
   
Gains (losses) on financial instruments    
Net gains/(losses) 13 4
Net gains/(losses) of which related to credit risk - on liabilities (1) 16
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions
   
Gains (losses) on financial instruments    
Net gains/(losses) 40 30
Short-term borrowings.
   
Gains (losses) on financial instruments    
Net gains/(losses) 6 (131)
Long-term debt
   
Gains (losses) on financial instruments    
Net gains/(losses) 800 (3'005)
Net gains/(losses) of which related to credit risk - on liabilities 10 (1'298)
Fair Value, Option, Credit Risk, Changes in debt valuation adjustments on structured notes 38 (500)
Vanilla debt
   
Gains (losses) on financial instruments    
Net gains/(losses) of which related to credit risk - on liabilities (20) (785)
Other liabilities
   
Gains (losses) on financial instruments    
Net gains/(losses) 239 265
Net gains/(losses) of which related to credit risk - on liabilities 51 294

v2.4.0.6
Financial instruments (Details 11) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Dez. 31, 2012
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 4'553 4'597
Redeemable 3'639 4'297
Total fair value 8'192 8'894
Unfunded commitments 981 1'273
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures    
Nonredeemable attributable to non-controlling interest 2'169 1'958
Redeemable attributable to non-controlling interest 112 107
Unfunded commitments attributable to non-controlling interest 503 418
Fair value of investments valued at an amount other than net asset value where it is probable they will be sold 287  
Funds held in trading assets and liabilities
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 155 179
Redeemable 3'204 3'737
Total fair value 3'359 3'916
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 126 127
Redeemable 18 38
Total fair value 144 165
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 29 52
Redeemable 3'275 3'810
Total fair value 3'304 3'862
Unfunded commitments 0 0
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures    
Percentage of investment subject to on demand redemption 52.00% 57.00%
Percentage of investment subject to monthly redemption 18.00% 13.00%
Percentage of investment subject to quarterly redemption 11.00% 13.00%
Percentage of investment subject to annual redemption 18.00% 17.00%
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 (89) (111)
Total fair value (89) (111)
Unfunded commitments 0 0
Funds held in other investments
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 4'398 4'418
Redeemable 435 560
Total fair value 4'833 4'978
Unfunded commitments 981 1'273
Funds held in other investments | Hedge funds
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 46 75
Redeemable 435 560
Total fair value 481 635
Unfunded commitments 55 203
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures    
Percentage of investment subject to on demand redemption 23.00% 19.00%
Percentage of investment subject to quarterly redemption 54.00% 66.00%
Percentage of investment subject to annual redemption 17.00% 11.00%
Funds held in other investments | Private equity funds
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 3'980 3'958
Redeemable 0 0
Total fair value 3'980 3'958
Unfunded commitments 926 1'070
Funds held in other investments | Equity method investments
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 372 385
Redeemable 0 0
Total fair value 372 385
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 40 69
Redeemable 218 364
Total fair value 258 433
Unfunded commitments 22 157
Funds held in other investments | Debt funds | Private equity funds
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 111 97
Redeemable 0 0
Total fair value 111 97
Unfunded commitments 3 17
Funds held in other investments | Equity funds | Hedge funds
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 3 3
Redeemable 32 43
Total fair value 35 46
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 2'617 2'633
Redeemable 0 0
Total fair value 2'617 2'633
Unfunded commitments 594 724
Funds held in other investments | Real estate funds | Private equity funds
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 406 382
Redeemable 0 0
Total fair value 406 382
Unfunded commitments 134 131
Funds held in other investments | Others | Hedge funds
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 3 3
Redeemable 185 153
Total fair value 188 156
Unfunded commitments 33 46
Funds held in other investments | Others | Private equity funds
   
Schedule of Investments, Fair Value Calculated Using Net Asset Value    
Non-redeemable 846 846
Redeemable 0 0
Total fair value 846 846
Unfunded commitments 195 198

v2.4.0.6
Financial instruments (Details 14) (Recurring basis, CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Jun. 30, 2012
Fair Value, Transfers between level 1 and level 2    
Transfers to level 1 out of level 2, Trading assets 4'986 4'520
Transfers out of level 1 to level 2, Trading assets 257 314
Transfers to level 1 out of level 2, Trading liabilities 3'792 5'185
Transfers out of level 1 to level 2, Trading liabilities 43 118
Debt securities
   
Fair Value, Transfers between level 1 and level 2    
Transfers to level 1 out of level 2, Trading assets 471 47
Transfers out of level 1 to level 2, Trading assets 85 96
Transfers to level 1 out of level 2, Trading liabilities 6 26
Transfers out of level 1 to level 2, Trading liabilities 17 32
Equity securities
   
Fair Value, Transfers between level 1 and level 2    
Transfers to level 1 out of level 2, Trading assets 422 99
Transfers out of level 1 to level 2, Trading assets 171 202
Transfers to level 1 out of level 2, Trading liabilities 250 43
Transfers out of level 1 to level 2, Trading liabilities 17 20
Derivative instruments
   
Fair Value, Transfers between level 1 and level 2    
Transfers to level 1 out of level 2, Trading assets 4'093 4'374
Transfers out of level 1 to level 2, Trading assets 1 16
Transfers to level 1 out of level 2, Trading liabilities 3'536 5'116
Transfers out of level 1 to level 2, Trading liabilities 9 66

v2.4.0.6
Financial instruments (Details 15) (Recurring basis, CHF)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Jun. 30, 2012
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions
Dez. 31, 2011
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions
Jun. 30, 2012
Securities received as collateral
Dez. 31, 2011
Securities received as collateral
Jun. 30, 2013
Trading assets
Dez. 31, 2012
Trading assets
Jun. 30, 2012
Trading assets
Dez. 31, 2011
Trading assets
Jun. 30, 2013
Trading assets
Debt securities
Dez. 31, 2012
Trading assets
Debt securities
Jun. 30, 2012
Trading assets
Debt securities
Dez. 31, 2011
Trading assets
Debt securities
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Jun. 30, 2012
Trading assets
Debt securities
Corporate debt securities
Dez. 31, 2011
Trading assets
Debt securities
Corporate debt securities
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Option model
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Option model
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Option model
Minimum
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Option model
Minimum
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Option model
Maximum
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Option model
Maximum
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Option model
Weighted average
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Discounted cash flow
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Discounted cash flow
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Discounted cash flow
Minimum
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Discounted cash flow
Minimum
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Discounted cash flow
Maximum
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Discounted cash flow
Maximum
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Market comparable
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Market comparable
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Market comparable
Minimum
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Market comparable
Minimum
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Market comparable
Maximum
Dez. 31, 2012
Trading assets
Debt securities
Corporate debt securities
Market comparable
Maximum
Jun. 30, 2013
Trading assets
Debt securities
Corporate debt securities
Market comparable
Weighted average
Jun. 30, 2013
Trading assets
Debt securities
RMBS
Dez. 31, 2012
Trading assets
Debt securities
RMBS
Jun. 30, 2012
Trading assets
Debt securities
RMBS
Dez. 31, 2011
Trading assets
Debt securities
RMBS
Jun. 30, 2013
Trading assets
Debt securities
RMBS
Discounted cash flow
Minimum
Dez. 31, 2012
Trading assets
Debt securities
RMBS
Discounted cash flow
Minimum
Jun. 30, 2013
Trading assets
Debt securities
RMBS
Discounted cash flow
Maximum
Dez. 31, 2012
Trading assets
Debt securities
RMBS
Discounted cash flow
Maximum
Jun. 30, 2013
Trading assets
Debt securities
RMBS
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading assets
Debt securities
CMBS
Dez. 31, 2012
Trading assets
Debt securities
CMBS
Jun. 30, 2012
Trading assets
Debt securities
CMBS
Dez. 31, 2011
Trading assets
Debt securities
CMBS
Jun. 30, 2013
Trading assets
Debt securities
CMBS
Discounted cash flow
Minimum
Dez. 31, 2012
Trading assets
Debt securities
CMBS
Discounted cash flow
Minimum
Jun. 30, 2013
Trading assets
Debt securities
CMBS
Discounted cash flow
Maximum
Dez. 31, 2012
Trading assets
Debt securities
CMBS
Discounted cash flow
Maximum
Jun. 30, 2013
Trading assets
Debt securities
CMBS
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Jun. 30, 2012
Trading assets
Debt securities
Collateralized debt obligations
Dez. 31, 2011
Trading assets
Debt securities
Collateralized debt obligations
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Discounted cash flow
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Discounted cash flow
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Discounted cash flow
Minimum
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Discounted cash flow
Minimum
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Discounted cash flow
Maximum
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Discounted cash flow
Maximum
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Vendor price
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Vendor price
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Vendor price
Minimum
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Vendor price
Minimum
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Vendor price
Maximum
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Vendor price
Maximum
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Vendor price
Weighted average
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Market comparable
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Market comparable
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Market comparable
Minimum
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Market comparable
Minimum
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Market comparable
Maximum
Dez. 31, 2012
Trading assets
Debt securities
Collateralized debt obligations
Market comparable
Maximum
Jun. 30, 2013
Trading assets
Debt securities
Collateralized debt obligations
Market comparable
Weighted average
Jun. 30, 2013
Trading assets
Equity securities
Dez. 31, 2012
Trading assets
Equity securities
Jun. 30, 2012
Trading assets
Equity securities
Dez. 31, 2011
Trading assets
Equity securities
Jun. 30, 2013
Trading assets
Equity securities
Discounted cash flow
Dez. 31, 2012
Trading assets
Equity securities
Discounted cash flow
Jun. 30, 2013
Trading assets
Equity securities
Discounted cash flow
Minimum
Dez. 31, 2012
Trading assets
Equity securities
Discounted cash flow
Minimum
Jun. 30, 2013
Trading assets
Equity securities
Discounted cash flow
Maximum
Dez. 31, 2012
Trading assets
Equity securities
Discounted cash flow
Maximum
Jun. 30, 2013
Trading assets
Equity securities
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading assets
Equity securities
Market comparable
Dez. 31, 2012
Trading assets
Equity securities
Market comparable
Jun. 30, 2013
Trading assets
Equity securities
Market comparable
Minimum
Dez. 31, 2012
Trading assets
Equity securities
Market comparable
Minimum
Jun. 30, 2013
Trading assets
Equity securities
Market comparable
Maximum
Dez. 31, 2012
Trading assets
Equity securities
Market comparable
Maximum
Jun. 30, 2013
Trading assets
Equity securities
Market comparable
Weighted average
Jun. 30, 2013
Trading assets
Derivative instruments
Dez. 31, 2012
Trading assets
Derivative instruments
Jun. 30, 2012
Trading assets
Derivative instruments
Dez. 31, 2011
Trading assets
Derivative instruments
Jun. 30, 2013
Trading assets
Derivative instruments
Interest rate derivatives
Dez. 31, 2012
Trading assets
Derivative instruments
Interest rate derivatives
Jun. 30, 2012
Trading assets
Derivative instruments
Interest rate derivatives
Dez. 31, 2011
Trading assets
Derivative instruments
Interest rate derivatives
Jun. 30, 2013
Trading assets
Derivative instruments
Interest rate derivatives
Option model
Minimum
Dez. 31, 2012
Trading assets
Derivative instruments
Interest rate derivatives
Option model
Minimum
Jun. 30, 2013
Trading assets
Derivative instruments
Interest rate derivatives
Option model
Maximum
Dez. 31, 2012
Trading assets
Derivative instruments
Interest rate derivatives
Option model
Maximum
Jun. 30, 2013
Trading assets
Derivative instruments
Interest rate derivatives
Option model
Weighted average
Jun. 30, 2013
Trading assets
Derivative instruments
Credit derivatives
Dez. 31, 2012
Trading assets
Derivative instruments
Credit derivatives
Jun. 30, 2012
Trading assets
Derivative instruments
Credit derivatives
Dez. 31, 2011
Trading assets
Derivative instruments
Credit derivatives
Jun. 30, 2013
Trading assets
Derivative instruments
Credit derivatives
Discounted cash flow
Minimum
Dez. 31, 2012
Trading assets
Derivative instruments
Credit derivatives
Discounted cash flow
Minimum
Jun. 30, 2013
Trading assets
Derivative instruments
Credit derivatives
Discounted cash flow
Maximum
Dez. 31, 2012
Trading assets
Derivative instruments
Credit derivatives
Discounted cash flow
Maximum
Jun. 30, 2013
Trading assets
Derivative instruments
Credit derivatives
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading assets
Derivative instruments
Equity/Index-related products
Dez. 31, 2012
Trading assets
Derivative instruments
Equity/Index-related products
Jun. 30, 2012
Trading assets
Derivative instruments
Equity/Index-related products
Dez. 31, 2011
Trading assets
Derivative instruments
Equity/Index-related products
Jun. 30, 2013
Trading assets
Derivative instruments
Equity/Index-related products
Option model
Minimum
Dez. 31, 2012
Trading assets
Derivative instruments
Equity/Index-related products
Option model
Minimum
Jun. 30, 2013
Trading assets
Derivative instruments
Equity/Index-related products
Option model
Maximum
Dez. 31, 2012
Trading assets
Derivative instruments
Equity/Index-related products
Option model
Maximum
Jun. 30, 2013
Trading assets
Derivative instruments
Equity/Index-related products
Option model
Weighted average
Jun. 30, 2013
Trading assets
Other
Dez. 31, 2012
Trading assets
Other
Jun. 30, 2012
Trading assets
Other
Dez. 31, 2011
Trading assets
Other
Jun. 30, 2013
Trading assets
Other
Discounted cash flow
Dez. 31, 2012
Trading assets
Other
Discounted cash flow
Jun. 30, 2013
Trading assets
Other
Discounted cash flow
Minimum
Dez. 31, 2012
Trading assets
Other
Discounted cash flow
Minimum
Jun. 30, 2013
Trading assets
Other
Discounted cash flow
Maximum
Dez. 31, 2012
Trading assets
Other
Discounted cash flow
Maximum
Jun. 30, 2013
Trading assets
Other
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading assets
Other
Market comparable
Dez. 31, 2012
Trading assets
Other
Market comparable
Jun. 30, 2013
Trading assets
Other
Market comparable
Minimum
Dez. 31, 2012
Trading assets
Other
Market comparable
Minimum
Jun. 30, 2013
Trading assets
Other
Market comparable
Maximum
Dez. 31, 2012
Trading assets
Other
Market comparable
Maximum
Jun. 30, 2013
Trading assets
Other
Market comparable
Weighted average
Jun. 30, 2013
Investment securities
Dez. 31, 2012
Investment securities
Jun. 30, 2012
Investment securities
Dez. 31, 2011
Investment securities
Jun. 30, 2013
Other investments
Dez. 31, 2012
Other investments
Jun. 30, 2012
Other investments
Dez. 31, 2011
Other investments
Jun. 30, 2013
Other investments
Private equity
Dez. 31, 2012
Other investments
Private equity
Jun. 30, 2013
Other investments
Hedge funds
Dez. 31, 2012
Other investments
Hedge funds
Jun. 30, 2013
Other investments
Other equity investments
Dez. 31, 2012
Other investments
Other equity investments
Jun. 30, 2013
Other investments
Life finance instruments
Dez. 31, 2012
Other investments
Life finance instruments
Jun. 30, 2012
Other investments
Life finance instruments
Dez. 31, 2011
Other investments
Life finance instruments
Jun. 30, 2013
Other investments
Life finance instruments
Discounted cash flow
Minimum
Dez. 31, 2012
Other investments
Life finance instruments
Discounted cash flow
Minimum
Jun. 30, 2013
Other investments
Life finance instruments
Discounted cash flow
Maximum
Dez. 31, 2012
Other investments
Life finance instruments
Discounted cash flow
Maximum
Jun. 30, 2013
Other investments
Life finance instruments
Discounted cash flow
Weighted average
Jun. 30, 2013
Other investments
Other equity investments - of which private
Dez. 31, 2012
Other investments
Other equity investments - of which private
Jun. 30, 2013
Other investments
Other equity investments - of which private
Discounted cash flow
Dez. 31, 2012
Other investments
Other equity investments - of which private
Discounted cash flow
Jun. 30, 2013
Other investments
Other equity investments - of which private
Discounted cash flow
Minimum
Dez. 31, 2012
Other investments
Other equity investments - of which private
Discounted cash flow
Minimum
Jun. 30, 2013
Other investments
Other equity investments - of which private
Discounted cash flow
Maximum
Dez. 31, 2012
Other investments
Other equity investments - of which private
Discounted cash flow
Maximum
Jun. 30, 2013
Other investments
Other equity investments - of which private
Discounted cash flow
Weighted average
Jun. 30, 2013
Other investments
Other equity investments - of which private
Market comparable
Dez. 31, 2012
Other investments
Other equity investments - of which private
Market comparable
Jun. 30, 2013
Other investments
Other equity investments - of which private
Market comparable
Minimum
Dez. 31, 2012
Other investments
Other equity investments - of which private
Market comparable
Minimum
Jun. 30, 2013
Other investments
Other equity investments - of which private
Market comparable
Maximum
Dez. 31, 2012
Other investments
Other equity investments - of which private
Market comparable
Maximum
Jun. 30, 2013
Other investments
Other equity investments - of which private
Market comparable
Weighted average
Jun. 30, 2013
Other investments
Equity securities
Dez. 31, 2012
Other investments
Equity securities
Jun. 30, 2012
Other investments
Equity securities
Dez. 31, 2011
Other investments
Equity securities
Jun. 30, 2013
Loans
Dez. 31, 2012
Loans
Jun. 30, 2012
Loans
Dez. 31, 2011
Loans
Jun. 30, 2013
Loans - of which commercial and industrial
Dez. 31, 2012
Loans - of which commercial and industrial
Jun. 30, 2012
Loans - of which commercial and industrial
Dez. 31, 2011
Loans - of which commercial and industrial
Jun. 30, 2013
Loans - of which commercial and industrial
Discounted cash flow
Jun. 30, 2013
Loans - of which commercial and industrial
Discounted cash flow
Minimum
Dez. 31, 2012
Loans - of which commercial and industrial
Discounted cash flow
Minimum
Jun. 30, 2013
Loans - of which commercial and industrial
Discounted cash flow
Maximum
Dez. 31, 2012
Loans - of which commercial and industrial
Discounted cash flow
Maximum
Jun. 30, 2013
Loans - of which commercial and industrial
Discounted cash flow
Weighted average
Jun. 30, 2013
Loans - of which commercial and industrial
Market comparable
Jun. 30, 2013
Loans - of which commercial and industrial
Market comparable
Minimum
Jun. 30, 2013
Loans - of which commercial and industrial
Market comparable
Maximum
Jun. 30, 2013
Loans - of which commercial and industrial
Market comparable
Weighted average
Jun. 30, 2013
Loans - of which financial institutions
Dez. 31, 2012
Loans - of which financial institutions
Jun. 30, 2012
Loans - of which financial institutions
Dez. 31, 2011
Loans - of which financial institutions
Jun. 30, 2013
Loans - of which financial institutions
Discounted cash flow
Minimum
Dez. 31, 2012
Loans - of which financial institutions
Discounted cash flow
Minimum
Jun. 30, 2013
Loans - of which financial institutions
Discounted cash flow
Maximum
Dez. 31, 2012
Loans - of which financial institutions
Discounted cash flow
Maximum
Jun. 30, 2013
Loans - of which financial institutions
Discounted cash flow
Weighted average
Jun. 30, 2013
Other intangible assets.
Dez. 31, 2012
Other intangible assets.
Jun. 30, 2012
Other intangible assets.
Dez. 31, 2011
Other intangible assets.
Jun. 30, 2013
Other assets
Dez. 31, 2012
Other assets
Jun. 30, 2012
Other assets
Dez. 31, 2011
Other assets
Jun. 30, 2013
Other assets - of which loans held-for-sale
Dez. 31, 2012
Other assets - of which loans held-for-sale
Jun. 30, 2012
Other assets - of which loans held-for-sale
Dez. 31, 2011
Other assets - of which loans held-for-sale
Jun. 30, 2013
Other assets - of which loans held-for-sale
Discounted cash flow
Dez. 31, 2012
Other assets - of which loans held-for-sale
Discounted cash flow
Jun. 30, 2013
Other assets - of which loans held-for-sale
Discounted cash flow
Minimum
Dez. 31, 2012
Other assets - of which loans held-for-sale
Discounted cash flow
Minimum
Jun. 30, 2013
Other assets - of which loans held-for-sale
Discounted cash flow
Maximum
Dez. 31, 2012
Other assets - of which loans held-for-sale
Discounted cash flow
Maximum
Jun. 30, 2013
Other assets - of which loans held-for-sale
Discounted cash flow
Weighted average
Jun. 30, 2013
Other assets - of which loans held-for-sale
Vendor price
Dez. 31, 2012
Other assets - of which loans held-for-sale
Vendor price
Jun. 30, 2013
Other assets - of which loans held-for-sale
Vendor price
Minimum
Dez. 31, 2012
Other assets - of which loans held-for-sale
Vendor price
Minimum
Jun. 30, 2013
Other assets - of which loans held-for-sale
Vendor price
Maximum
Dez. 31, 2012
Other assets - of which loans held-for-sale
Vendor price
Maximum
Jun. 30, 2013
Other assets - of which loans held-for-sale
Vendor price
Weighted average
Jun. 30, 2013
Other assets - of which loans held-for-sale
Market comparable
Dez. 31, 2012
Other assets - of which loans held-for-sale
Market comparable
Jun. 30, 2013
Other assets - of which loans held-for-sale
Market comparable
Minimum
Dez. 31, 2012
Other assets - of which loans held-for-sale
Market comparable
Minimum
Jun. 30, 2013
Other assets - of which loans held-for-sale
Market comparable
Maximum
Dez. 31, 2012
Other assets - of which loans held-for-sale
Market comparable
Maximum
Jun. 30, 2013
Other assets - of which loans held-for-sale
Market comparable
Weighted average
Jun. 30, 2013
Assets
Dez. 31, 2012
Assets
Jun. 30, 2012
Assets
Dez. 31, 2011
Assets
Quantitative information about level 3 assets at fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Fair value, assets 1'186 1'204 0 193 14'513 15'509 19'277 22'278 4'511 5'888 7'935 10'028 2'057 3'192 4'125 5'076 136 754           797 1'231           872 797           906 724 1'253 1'786           306 1'023 1'364 1'517           865 447 654 727 442 123           175 193           86 78           423 485 429 467 41 26           191 237           6'579 6'650 8'586 9'587 1'560 1'859 2'195 2'547           1'627 1'294 2'091 2'171           2'076 1'920 2'247 2'732           3'000 2'486 2'327 2'196 553 564           2'313 1'891           319 170 92 102 7'925 8'184 9'158 9'045 3'980 3'958 133 165 2'099 2'243 1'713 1'818 1'922 1'969           2'099 2'245 650 759           963 903           6'212 6'366 7'236 7'076 7'149 6'619 6'400 6'842 4'899 4'778 3'978 4'559 4'459           282       1'298 1'530 2'093 2'179           39 43 63 70 6'631 5'164 6'635 7'469 5'842 4'463 6'052 6'901 796 328           2'546 2'031           1'786 2'009           36'576 35'689 42'811 47'203
Unobservable input                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Buyback probability (in %)                                     50.00% 50.00% 100.00% 100.00% 61.00%                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Capitalization rate (in %)                                                                                                     4.00% 5.00% 12.00% 12.00% 9.00%                                                               7.00% 7.00% 7.00% 7.00% 7.00%                                                                                                                                                                                                                                                                                                                                      
Correlation (in %)                                     (83.00%) (87.00%) 93.00% 97.00% 15.00%                                                                                                                                                                       17.00% 17.00% 100.00% 100.00% 72.00%         41.00% 30.00% 97.00% 97.00% 60.00%         (83.00%) (87.00%) 93.00% 97.00% 15.00%                                                                                                                                                                                                                                                          
Credit spread (in bp)                                                   54 0 650 2'439 406                                                                                                                                                         21 34 500 157 92         1 1 2'688 5'843 140                                                                                                             963 1'070 1'315 2'049 1'123                                         37 0 2'527 2'763 507                 99 0 920 888 461                             110 20 1'710 1'458 522                                    
Contingent probability (in %)                                                                                                                                                                                                                                                                                                                                                             50.00% 50.00% 50.00% 50.00% 50.00%                                                                                                                                                      
EBITDA multiple                                                                                                                                                                                           3 3 12 12 8                                                                                                                                                                       2 2 12 13 8                                                                                                                                        
Internal rate of return (in %)                                                                                                       9.00%   15.00%                                                                                                                                                                                                                                                                                                                                                                                                                
Life expectancy (in years)                                                                                                                                                                                                                                                                               4 4 20 20 10                                                   1 1 22 23 9                                                                                                                                                                        
Prepayment rate (in %)                                                                                   0.00% 0.00% 26.00% 55.00% 7.00%         0.00% 0.00% 10.00% 10.00% 7.00%             0.00% 0.00% 20.00% 40.00% 16.00%                                                                                 2.00% 2.00% 45.00% 45.00% 28.00%         0.00% 0.00% 25.00% 40.00% 5.00%                                                                                                                                                                                                                                                                            
Price (in %)                                                                 0.00% 0.00% 136.00% 146.00% 90.00%                                                               0.00% 0.00% 138.00% 102.00% 102.00%     84.00% 80.00% 97.00% 93.00% 87.00%                                                                                                                             0.00% 0.00% 123.00% 103.00% 38.00%                                                                                                                     0.00% 100.00% 48.00%                                                             1.00% 0.00% 150.00% 103.00% 103.00%     0.00% 0.00% 116.00% 115.00% 73.00%        
Recovery rate (in %)                                                                                                                                                                                                                                       0.00% 0.00% 77.00% 75.00% 25.00%                                                                                                                                                                                                                                                                            
Volatility (in %)                                                                                                                                                                                                                     2.00% (5.00%) 31.00% 31.00% 7.00%                           4.00% 2.00% 148.00% 157.00% 30.00%                                                                                                                                                                                                                                                          
Volatility skew (in %)                                                                                                                                                                                                                     (9.00%)   4.00%   (2.00%)                                                                                                                                                                                                                                                                                              
Discount rate (in %)                                                                                   1.00% 2.00% 38.00% 50.00% 10.00%         0.00% 2.00% 34.00% 35.00% 15.00%             3.00% 2.00% 19.00% 35.00% 6.00%                                         15.00%   15.00%   15.00%                                                 0.00% 2.00% 38.00% 35.00% 10.00%                                                                                                                                                                                                                                                                            
Default rate (in %)                                                                                   0.00% 0.00% 25.00% 25.00% 7.00%         0.00% 0.00% 15.00% 40.00% 4.00%             1.00% 0.00% 3.00% 25.00% 2.00%                                                                                                   0.00% 0.00% 25.00% 25.00% 11.00%                                                                                                                                                                                                                                                                            
Loss severity (in %)                                                                                   0.00% 0.00% 100.00% 100.00% 39.00%         0.00% 0.00% 50.00% 90.00% 14.00%             25.00% 0.00% 50.00% 100.00% 33.00%                                                                                                   0.00% 0.00% 100.00% 100.00% 58.00%                                                                                                                                                                                                                                                                            

v2.4.0.6
Financial instruments (Details 16) (Recurring basis, CHF)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Jun. 30, 2012
Obligation to return securities received as collateral
Dez. 31, 2011
Obligation to return securities received as collateral
Jun. 30, 2013
Due to banks and customer deposits
Dez. 31, 2012
Due to banks and customer deposits
Jun. 30, 2013
Trading Liabilities
Dez. 31, 2012
Trading Liabilities
Jun. 30, 2012
Trading Liabilities
Dez. 31, 2011
Trading Liabilities
Jun. 30, 2013
Trading Liabilities
Interest rate derivatives
Dez. 31, 2012
Trading Liabilities
Interest rate derivatives
Jun. 30, 2012
Trading Liabilities
Interest rate derivatives
Dez. 31, 2011
Trading Liabilities
Interest rate derivatives
Jun. 30, 2013
Trading Liabilities
Interest rate derivatives
Option model
Minimum
Dez. 31, 2012
Trading Liabilities
Interest rate derivatives
Option model
Minimum
Jun. 30, 2013
Trading Liabilities
Interest rate derivatives
Option model
Maximum
Dez. 31, 2012
Trading Liabilities
Interest rate derivatives
Option model
Maximum
Jun. 30, 2013
Trading Liabilities
Interest rate derivatives
Option model
Weighted average
Jun. 30, 2013
Trading Liabilities
Foreign exchange derivatives
Dez. 31, 2012
Trading Liabilities
Foreign exchange derivatives
Jun. 30, 2012
Trading Liabilities
Foreign exchange derivatives
Dez. 31, 2011
Trading Liabilities
Foreign exchange derivatives
Jun. 30, 2013
Trading Liabilities
Foreign exchange derivatives
Option model
Minimum
Dez. 31, 2012
Trading Liabilities
Foreign exchange derivatives
Option model
Minimum
Jun. 30, 2013
Trading Liabilities
Foreign exchange derivatives
Option model
Maximum
Dez. 31, 2012
Trading Liabilities
Foreign exchange derivatives
Option model
Maximum
Jun. 30, 2013
Trading Liabilities
Foreign exchange derivatives
Option model
Weighted average
Jun. 30, 2013
Trading Liabilities
Credit derivatives
Dez. 31, 2012
Trading Liabilities
Credit derivatives
Jun. 30, 2012
Trading Liabilities
Credit derivatives
Dez. 31, 2011
Trading Liabilities
Credit derivatives
Jun. 30, 2013
Trading Liabilities
Credit derivatives
Discounted cash flow
Minimum
Dez. 31, 2012
Trading Liabilities
Credit derivatives
Discounted cash flow
Minimum
Jun. 30, 2013
Trading Liabilities
Credit derivatives
Discounted cash flow
Maximum
Dez. 31, 2012
Trading Liabilities
Credit derivatives
Discounted cash flow
Maximum
Jun. 30, 2013
Trading Liabilities
Credit derivatives
Discounted cash flow
Weighted average
Jun. 30, 2013
Trading Liabilities
Equity/Index-related products
Dez. 31, 2012
Trading Liabilities
Equity/Index-related products
Jun. 30, 2012
Trading Liabilities
Equity/Index-related products
Dez. 31, 2011
Trading Liabilities
Equity/Index-related products
Jun. 30, 2013
Trading Liabilities
Equity/Index-related products
Option model
Minimum
Dez. 31, 2012
Trading Liabilities
Equity/Index-related products
Option model
Minimum
Jun. 30, 2013
Trading Liabilities
Equity/Index-related products
Option model
Maximum
Dez. 31, 2012
Trading Liabilities
Equity/Index-related products
Option model
Maximum
Jun. 30, 2013
Trading Liabilities
Equity/Index-related products
Option model
Weighted average
Jun. 30, 2013
Short-term borrowings.
Dez. 31, 2012
Short-term borrowings.
Jun. 30, 2012
Short-term borrowings.
Dez. 31, 2011
Short-term borrowings.
Jun. 30, 2013
Long-term debt
Dez. 31, 2012
Long-term debt
Jun. 30, 2012
Long-term debt
Dez. 31, 2011
Long-term debt
Jun. 30, 2013
Long-term debt
Long-term debt - of which structured notes over two years
Dez. 31, 2012
Long-term debt
Long-term debt - of which structured notes over two years
Jun. 30, 2012
Long-term debt
Long-term debt - of which structured notes over two years
Dez. 31, 2011
Long-term debt
Long-term debt - of which structured notes over two years
Jun. 30, 2013
Long-term debt
Long-term debt - of which structured notes over two years
Option model
Minimum
Dez. 31, 2012
Long-term debt
Long-term debt - of which structured notes over two years
Option model
Minimum
Jun. 30, 2013
Long-term debt
Long-term debt - of which structured notes over two years
Option model
Maximum
Dez. 31, 2012
Long-term debt
Long-term debt - of which structured notes over two years
Option model
Maximum
Jun. 30, 2013
Long-term debt
Long-term debt - of which structured notes over two years
Option model
Weighted average
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Dez. 31, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Jun. 30, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Dez. 31, 2011
Long-term debt
Long-term debt - of which nonrecourse liabilities
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Vendor price
Dez. 31, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Vendor price
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Vendor price
Minimum
Dez. 31, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Vendor price
Minimum
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Vendor price
Maximum
Dez. 31, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Vendor price
Maximum
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Vendor price
Weighted average
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Market comparable
Dez. 31, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Market comparable
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Market comparable
Minimum
Dez. 31, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Market comparable
Minimum
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Market comparable
Maximum
Dez. 31, 2012
Long-term debt
Long-term debt - of which nonrecourse liabilities
Market comparable
Maximum
Jun. 30, 2013
Long-term debt
Long-term debt - of which nonrecourse liabilities
Market comparable
Weighted average
Jun. 30, 2013
Other liabilities
Dez. 31, 2012
Other liabilities
Jun. 30, 2012
Other liabilities
Dez. 31, 2011
Other liabilities
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Dez. 31, 2012
Other liabilities
Other liabilities - of which failed sales
Jun. 30, 2012
Other liabilities
Other liabilities - of which failed sales
Dez. 31, 2011
Other liabilities
Other liabilities - of which failed sales
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Discounted cash flow
Dez. 31, 2012
Other liabilities
Other liabilities - of which failed sales
Discounted cash flow
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Discounted cash flow
Minimum
Dez. 31, 2012
Other liabilities
Other liabilities - of which failed sales
Discounted cash flow
Minimum
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Discounted cash flow
Maximum
Dez. 31, 2012
Other liabilities
Other liabilities - of which failed sales
Discounted cash flow
Maximum
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Discounted cash flow
Weighted average
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Market comparable
Dez. 31, 2012
Other liabilities
Other liabilities - of which failed sales
Market comparable
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Market comparable
Minimum
Dez. 31, 2012
Other liabilities
Other liabilities - of which failed sales
Market comparable
Minimum
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Market comparable
Maximum
Dez. 31, 2012
Other liabilities
Other liabilities - of which failed sales
Market comparable
Maximum
Jun. 30, 2013
Other liabilities
Other liabilities - of which failed sales
Market comparable
Weighted average
Jun. 30, 2013
Liabilities:
Dez. 31, 2012
Liabilities:
Jun. 30, 2012
Liabilities:
Dez. 31, 2011
Liabilities:
Quantitative information about level 3 liabilities at fair value                                                                                                                                                                                                                  
Fair value, liabilities 0 193 62 25 5'369 5'356 6'131 7'343 1'095 1'357 1'334 1'588           1'312 1'648 2'205 2'836           1'361 819 1'256 1'520           1'244 1'003 889 1'022           193 124 78 236 10'960 10'098 11'677 12'715 6'306 6'189 7'167 7'576           3'088 2'551 2'821 3'585 2'763 2'255           262 230           2'677 2'848 3'558 3'891 936 1'160 1'671 1'909 263 290           651 646           19'261 18'451 21'444 24'378
Unobservable input                                                                                                                                                                                                                  
Basis spread (in bp)                         (21) (28) 211 54 106                                                                                                                                                                                
Buyback probability (in %)                                                                               50.00% 50.00% 100.00% 100.00% 61.00%                         50.00% 50.00% 100.00% 100.00% 61.00%                                                                                        
Correlation (in %)                         (30.00%) 17.00% 99.00% 100.00% 62.00%         (10.00%) (10.00%) 70.00% 70.00% 50.00%         42.00% 0.00% 98.00% 47.00% 46.00%         (83.00%) (87.00%) 93.00% 97.00% 15.00%                         (83.00%) (87.00%) 99.00% 97.00% 16.00%                                                                                        
Credit spread (in bp)                                                             1 0 2'688 5'843 151                                                                                                             175 0 1'710 1'532 965                      
Gap risk (in %)                                                                               0.00% 0.00% 8.00% 4.00% 0.00%                         0.00% 0.00% 8.00% 12.00% 0.00%                                                                                        
Mean reversion (in %)                         3.00% (33.00%) 10.00% 5.00% 7.00%                                                                                                                                                                                
Prepayment rate (in %)                         5.00% 4.00% 45.00% 45.00% 31.00%         20.00% 4.00% 32.00% 22.00% 26.00%         0.00% 0.00% 25.00% 40.00% 3.00%                                                                                                                                            
Price (in %)                                                                                                                                       0.00% 0.00% 150.00% 103.00% 103.00%     0.00% 0.00% 87.00% 87.00% 7.00%                                   0.00% 0.00% 99.00% 100.00% 74.00%        
Recovery rate (in %)                                                             20.00% 0.00% 77.00% 77.00% 42.00%                                                                                                             10.00%   10.00%   10.00%                      
Skew (in %)                                                                               59.00% 56.00% 129.00% 128.00% 94.00%                                                                                                                          
Volatility (in %)                                                                               4.00% 2.00% 148.00% 157.00% 29.00%                         4.00% 2.00% 148.00% 157.00% 29.00%                                                                                        
Discount rate (in %)                                                             0.00% 2.00% 38.00% 35.00% 10.00%                                                                                                                                            
Default rate (in %)                                                             0.00% 0.00% 25.00% 25.00% 11.00%                                                                                                                                            
Loss severity (in %)                                                             0.00% 0.00% 100.00% 100.00% 58.00%                                                                                                                                            

v2.4.0.6
Financial instruments (Details 17) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Financial assets (CHF million)        
Loans 246'186 248'995 242'223 239'164
Financial liabilities (CHF million)        
Short-term borrowings 20'976 24'657 18'641 19'184
Long-term debt 133'505 143'094 148'134 154'838
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 73'432   69'791  
Loans 222'575   218'281  
Other financial assets 152'471   132'147  
Financial liabilities (CHF million)        
Due to banks and deposits 352'326   331'270  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 19'630   23'937  
Short-term borrowings 15'357   14'128  
Long-term debt 69'563   82'750  
Other financial liabilities 117'769   89'361  
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 58'890   63'900  
Financial liabilities (CHF million)        
Due to banks and deposits 207'672   200'838  
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 0   0  
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 72'911   69'764  
Loans 221'822   221'030  
Other financial assets 92'207   66'798  
Financial liabilities (CHF million)        
Due to banks and deposits 144'555   130'313  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 19'630   23'939  
Short-term borrowings 15'363   14'131  
Long-term debt 65'972   79'846  
Other financial liabilities 116'533   88'121  
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 521   27  
Loans 4'454   4'482  
Other financial assets 1'806   1'772  
Financial liabilities (CHF million)        
Due to banks and deposits 10   9  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0   0  
Short-term borrowings 0   0  
Long-term debt 4'364   4'546  
Other financial liabilities 1'151   1'171  
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 73'432   69'791  
Loans 226'276   225'512  
Other financial assets 152'903   132'470  
Financial liabilities (CHF million)        
Due to banks and deposits 352'237   331'160  
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 19'630   23'939  
Short-term borrowings 15'363   14'131  
Long-term debt 70'336   84'392  
Other financial liabilities 117'684   89'292  

v2.4.0.6
Assets pledged and collateral (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2013
Dez. 31, 2012
Assets pledged and collateral (CHF million)    
Total assets pledged or assigned as collateral 146'389 151'419
of which encumbered 86'390 90'745
Fair value of collateral received with the right to sell or repledge 387'061 402'793
of which sold or repledged 293'292 292'514

v2.4.0.6
Litigation (Details)
3 Months Ended 3 Months Ended
Jun. 30, 2013
CHF
Jun. 30, 2013
Minimum
CHF
Jun. 30, 2013
Maximum
CHF
Jun. 30, 2013
Singapore MAS matter
Monetary Authority of Singapore
Minimum
SGD
Jun. 30, 2013
Singapore MAS matter
Monetary Authority of Singapore
Maximum
SGD
Jun. 30, 2013
Credit Suisse Securities (USA) LLC
Mortgage-related matters - Individual investor actions
Federal Deposit Insurance Corporation as receiver for Colonial Bank
US District Court for the Central District of California
USD ($)
Jun. 30, 2013
Group parent company
Auction rate securities
Elbit Systems Ltd.
US District Court for the Southern District of New York (SDNY)
USD ($)
Loss Contingencies              
Range of possible losses that are not covered by existing provisions   0 2'300'000'000        
Net litigation provisions recorded 155'000'000            
Litigation disclosures              
RMBS offerings by third party           283'000'000  
Percentage of RMBS issued by third party underwritten by CSS LLC           12.00%  
Value of RMBS issued by third party underwritten by CSS LLC           34'000'000  
Fines, judgments and settlements paid             16'000'000
Additional Statutory Reserves, deposited with the Monetary Authority of Singapore in a non-interest bearing account       400'000'000 600'000'000    

v2.4.0.6
Subsidiary guarantee information (Details) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Condensed consolidating statements of operations (CHF million)          
Interest and dividend income 6'219 4'824 7'044 11'043 12'339
Interest expense (3'578) (3'017) (5'430) (6'595) (8'841)
Net interest income 2'641 1'807 1'614 4'448 3'498
Commissions and fees 3'611 3'328 3'116 6'939 6'278
Trading revenues 357 1'815 1'156 2'172 1'345
Other revenues 417 220 375 637 1'177
Net revenues 7'026 7'170 6'261 14'196 12'298
Provision for credit losses 51 22 25 73 59
Compensation and benefits 2'973 3'024 3'005 5'997 6'716
General and administrative expenses 1'901 1'754 1'673 3'655 3'326
Commission expenses 462 479 427 941 868
Total other operating expenses 2'363 2'233 2'100 4'596 4'194
Total operating expenses 5'336 5'257 5'105 10'593 10'910
Income tax expense 475 510 311 985 295
Net income 1'164 1'381 820 2'545 1'034
Net income/(loss) attributable to noncontrolling interests 119 78 32 197 202
Net income attributable to shareholders 1'045 1'303 788 2'348 832
Income from continuing operations before taxes 1'639 1'891 1'131 3'530 1'329
Credit Suisse (USA), Inc - Consolidated
         
Condensed consolidating statements of operations (CHF million)          
Interest and dividend income 1'690   1'996 3'402 3'837
Interest expense (1'053)   (1'175) (2'027) (2'209)
Net interest income 637   821 1'375 1'628
Commissions and fees 1'076   913 2'030 1'873
Trading revenues (466)   (497) (459) 243
Other revenues 280   129 497 415
Net revenues 1'527   1'366 3'443 4'159
Provision for credit losses 2   0 2 (4)
Compensation and benefits 896   814 1'821 1'973
General and administrative expenses 508   383 1'015 800
Commission expenses 58   58 121 114
Total other operating expenses 566   441 1'136 914
Total operating expenses 1'462   1'255 2'957 2'887
Income tax expense (28)   33 71 432
Net income 91   78 413 844
Net income/(loss) attributable to noncontrolling interests 98   13 167 199
Net income attributable to shareholders (7)   65 246 645
Income from continuing operations before taxes 63   111 484 1'276
Bank parent company and other subsidiaries
         
Condensed consolidating statements of operations (CHF million)          
Interest and dividend income 4'392   4'909 7'370 8'224
Interest expense (2'507)   (4'232) (4'467) (6'576)
Net interest income 1'885   677 2'903 1'648
Commissions and fees 2'488   2'144 4'810 4'285
Trading revenues 822   1'578 2'623 1'198
Other revenues 139   232 163 747
Net revenues 5'334   4'631 10'499 7'878
Provision for credit losses 33   10 35 36
Compensation and benefits 1'989   2'171 4'102 4'718
General and administrative expenses 1'416   1'295 2'679 2'520
Commission expenses 401   365 814 746
Total other operating expenses 1'817   1'660 3'493 3'266
Total operating expenses 3'806   3'831 7'595 7'984
Income tax expense 483   221 868 (155)
Net income 1'012   569 2'001 13
Net income/(loss) attributable to noncontrolling interests 222   70 368 89
Net income attributable to shareholders 790   499 1'633 (76)
Income from continuing operations before taxes 1'495   790 2'869 (142)
Bank
         
Condensed consolidating statements of operations (CHF million)          
Interest and dividend income 6'082   6'905 10'772 12'061
Interest expense (3'560)   (5'407) (6'494) (8'785)
Net interest income 2'522   1'498 4'278 3'276
Commissions and fees 3'564   3'057 6'840 6'158
Trading revenues 356   1'081 2'164 1'441
Other revenues 419   361 660 1'162
Net revenues 6'861   5'997 13'942 12'037
Provision for credit losses 35   10 37 32
Compensation and benefits 2'885   2'985 5'923 6'691
General and administrative expenses 1'924   1'678 3'694 3'320
Commission expenses 459   423 935 860
Total other operating expenses 2'383   2'101 4'629 4'180
Total operating expenses 5'268   5'086 10'552 10'871
Income tax expense 455   254 939 277
Net income 1'103   647 2'414 857
Net income/(loss) attributable to noncontrolling interests 320   83 535 288
Net income attributable to shareholders 783   564 1'879 569
Income from continuing operations before taxes 1'558   901 3'353 1'134
Group parent company
         
Condensed consolidating statements of operations (CHF million)          
Interest and dividend income 13   21 27 52
Interest expense (11)   (19) (23) (50)
Net interest income 2   2 4 2
Commissions and fees 1   3 3 5
Trading revenues 0   0 0 0
Other revenues 1'039   789 2'314 817
Net revenues 1'042   794 2'321 824
Provision for credit losses 0   0 0 0
Compensation and benefits 18   23 32 35
General and administrative expenses (34)   (24) (74) (53)
Commission expenses 0   1 0 1
Total other operating expenses (34)   (23) (74) (52)
Total operating expenses (16)   0 (42) (17)
Income tax expense 13   6 15 9
Net income 1'045   788 2'348 832
Net income/(loss) attributable to noncontrolling interests 0   0 0 0
Net income attributable to shareholders 1'045   788 2'348 832
Income from continuing operations before taxes 1'058   794 2'363 841
Other Group subsidiaries
         
Condensed consolidating statements of operations (CHF million)          
Interest and dividend income 124   118 244 226
Interest expense (7)   (4) (78) (6)
Net interest income 117   114 166 220
Commissions and fees 46   56 96 115
Trading revenues 1   75 8 (96)
Other revenues (1'041)   (775) (2'337) (802)
Net revenues (877)   (530) (2'067) (563)
Provision for credit losses 16   15 36 27
Compensation and benefits 70   (3) 42 (10)
General and administrative expenses 11   19 35 59
Commission expenses 3   3 6 7
Total other operating expenses 14   22 41 66
Total operating expenses 84   19 83 56
Income tax expense 7   51 31 9
Net income (984)   (615) (2'217) (655)
Net income/(loss) attributable to noncontrolling interests (201)   (51) (338) (86)
Net income attributable to shareholders (783)   (564) (1'879) (569)
Income from continuing operations before taxes (977)   (564) (2'186) (646)

v2.4.0.6
Subsidiary guarantee information (Details 2) (CHF)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Mrz. 31, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Comprehensive income (CHF million)          
Net income 1'164 1'381 820 2'545 1'034
Gains/(losses) on cash flow hedges (15) 2 (4) (13) 10
Foreign currency translation (166) 927 1'115 761 (2)
Unrealized gains/(losses) on securities (14) (7) (47) (21) 137
Actuarial gains/(losses) 81 70 46 151 119
Net prior service cost (31) (27) (14) (58) (36)
Other comprehensive income/(loss), net of tax (145) 965 1'096 820 228
Comprehensive income/(loss) 1'019 2'346 1'916 3'365 1'262
Comprehensive income/(loss) attributable to noncontrolling interests 110 205 217 315 208
Comprehensive income/(loss) attributable to shareholders 909 2'141 1'699 3'050 1'054
Credit Suisse (USA), Inc - Consolidated
         
Comprehensive income (CHF million)          
Net income 91   78 413 844
Gains/(losses) on cash flow hedges 0   0 0 0
Foreign currency translation (15)   999 724 169
Unrealized gains/(losses) on securities 0   0 0 0
Actuarial gains/(losses) 10   10 20 19
Net prior service cost 0   0 0 (1)
Other comprehensive income/(loss), net of tax (5)   1'009 744 187
Comprehensive income/(loss) 86   1'087 1'157 1'031
Comprehensive income/(loss) attributable to noncontrolling interests 94   208 286 229
Comprehensive income/(loss) attributable to shareholders (8)   879 871 802
Bank parent company and other subsidiaries
         
Comprehensive income (CHF million)          
Net income 1'012   569 2'001 13
Gains/(losses) on cash flow hedges (21)   2 (17) 1
Foreign currency translation (151)   108 44 (282)
Unrealized gains/(losses) on securities (6)   (52) (10) 122
Actuarial gains/(losses) 4   4 8 7
Net prior service cost 0   0 0 1
Other comprehensive income/(loss), net of tax (174)   62 25 (151)
Comprehensive income/(loss) 838   631 2'026 (138)
Comprehensive income/(loss) attributable to noncontrolling interests 201   262 479 102
Comprehensive income/(loss) attributable to shareholders 637   369 1'547 (240)
Bank
         
Comprehensive income (CHF million)          
Net income 1'103   647 2'414 857
Gains/(losses) on cash flow hedges (21)   2 (17) 1
Foreign currency translation (166)   1'107 768 (113)
Unrealized gains/(losses) on securities (6)   (52) (10) 122
Actuarial gains/(losses) 14   14 28 26
Net prior service cost 0   0 0 0
Other comprehensive income/(loss), net of tax (179)   1'071 769 36
Comprehensive income/(loss) 924   1'718 3'183 893
Comprehensive income/(loss) attributable to noncontrolling interests 295   470 765 331
Comprehensive income/(loss) attributable to shareholders 629   1'248 2'418 562
Group parent company
         
Comprehensive income (CHF million)          
Net income 1'045   788 2'348 832
Gains/(losses) on cash flow hedges 6   (5) 4 10
Foreign currency translation 0   0 0 0
Unrealized gains/(losses) on securities 0   0 0 0
Actuarial gains/(losses) 0   0 0 0
Net prior service cost 0   0 0 0
Other comprehensive income/(loss), net of tax 6   (5) 4 10
Comprehensive income/(loss) 1'051   783 2'352 842
Comprehensive income/(loss) attributable to noncontrolling interests 0   0 0 0
Comprehensive income/(loss) attributable to shareholders 1'051   783 2'352 842
Other Group subsidiaries
         
Comprehensive income (CHF million)          
Net income (984)   (615) (2'217) (655)
Gains/(losses) on cash flow hedges 0   (1) 0 (1)
Foreign currency translation 0   8 (7) 111
Unrealized gains/(losses) on securities (8)   5 (11) 15
Actuarial gains/(losses) 67   32 123 93
Net prior service cost (31)   (14) (58) (36)
Other comprehensive income/(loss), net of tax 28   30 47 182
Comprehensive income/(loss) (956)   (585) (2'170) (473)
Comprehensive income/(loss) attributable to noncontrolling interests (185)   (253) (450) (123)
Comprehensive income/(loss) attributable to shareholders (771)   (332) (1'720) (350)

v2.4.0.6
Subsidiary guarantee information (Details 3) (CHF)
In Millions, unless otherwise specified
Jun. 30, 2013
Mrz. 31, 2013
Dez. 31, 2012
Jun. 30, 2012
Mrz. 31, 2012
Dez. 31, 2011
Assets (CHF million)            
Cash and due from banks 56'584 57'242 61'763 99'038    
Interest-bearing deposits with banks 1'563 1'781 1'945 2'328    
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 173'404 180'513 183'455 226'864    
Securities received as collateral 21'675 33'199 30'045 30'191    
Trading assets 245'834 264'201 256'399 284'058    
Investment securities 3'546 3'428 3'498 5'326    
Other investments 11'628 12'084 12'022 12'773    
Net loans 246'186 248'995 242'223 239'164    
Premises and equipment 5'459 5'593 5'618 6'846    
Goodwill 8'554 8'584 8'389 8'665    
Other intangible assets 237 256 243 278    
Brokerage receivables 72'247 58'538 45'768 50'411    
Other assets 72'986 72'204 72'912 77'513    
Total assets 919'903 946'618 924'280 1'043'455    
Liabilities and equity (CHF million)            
Due to banks 29'440 35'033 31'014 41'325    
Customer deposits 328'389 316'681 308'312 312'683    
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 99'073 127'182 132'721 189'266    
Obligation to return securities received as collateral 21'675 33'199 30'045 30'191    
Trading liabilities 89'917 91'490 90'816 115'782    
Short-term borrowings 20'976 24'657 18'641 19'184    
Long-term debt 133'505 143'094 148'134 154'838    
Brokerage payables 91'404 73'466 64'676 75'822    
Other liabilities 56'117 56'870 57'637 62'259    
Total liabilities 870'496 901'672 881'996 1'001'350    
Total shareholders' equity 42'402 37'825 35'498 34'774    
Noncontrolling interests 7'005 7'121 6'786 7'331    
Total equity 49'407 44'946 42'284 42'105 40'864 41'085
Total liabilities and equity 919'903 946'618 924'280 1'043'455    
Credit Suisse (USA), Inc - Consolidated
           
Assets (CHF million)            
Cash and due from banks 4'942   4'388      
Interest-bearing deposits with banks 86   86      
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 121'158   124'976      
Securities received as collateral 22'502   34'980      
Trading assets 86'589   87'958      
Investment securities 0   0      
Other investments 5'801   5'899      
Net loans 21'967   22'945      
Premises and equipment 1'026   1'062      
Goodwill 601   581      
Other intangible assets 86   77      
Brokerage receivables 37'474   20'545      
Other assets 19'835   15'469      
Total assets 322'067   318'966      
Liabilities and equity (CHF million)            
Due to banks 247   164      
Customer deposits 0   1      
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 111'386   127'666      
Obligation to return securities received as collateral 22'502   34'980      
Trading liabilities 19'154   23'332      
Short-term borrowings 29'994   20'102      
Long-term debt 36'228   35'485      
Brokerage payables 68'473   44'400      
Other liabilities 11'811   12'008      
Total liabilities 299'795   298'138      
Total shareholders' equity 18'531   17'318      
Noncontrolling interests 3'741   3'510      
Total equity 22'272   20'828      
Total liabilities and equity 322'067   318'966      
Bank parent company and other subsidiaries
           
Assets (CHF million)            
Cash and due from banks 52'587   56'988      
Interest-bearing deposits with banks 2'222   3'633      
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 52'237   58'470      
Securities received as collateral (827)   (4'935)      
Trading assets 159'423   168'644      
Investment securities 2'072   1'939      
Other investments 5'629   5'917      
Net loans 207'776   204'553      
Premises and equipment 4'234   4'354      
Goodwill 7'075   6'929      
Other intangible assets 151   166      
Brokerage receivables 34'772   25'223      
Other assets 52'798   57'313      
Total assets 580'149   589'194      
Liabilities and equity (CHF million)            
Due to banks 29'307   30'410      
Customer deposits 316'482   297'689      
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (12'313)   5'055      
Obligation to return securities received as collateral (827)   (4'935)      
Trading liabilities 70'789   67'759      
Short-term borrowings (9'018)   (5'264)      
Long-term debt 96'561   111'512      
Brokerage payables 22'931   20'276      
Other liabilities 44'052   45'359      
Total liabilities 557'964   567'861      
Total shareholders' equity 18'056   17'449      
Noncontrolling interests 4'129   3'884      
Total equity 22'185   21'333      
Total liabilities and equity 580'149   589'194      
Bank
           
Assets (CHF million)            
Cash and due from banks 57'529   61'376      
Interest-bearing deposits with banks 2'308   3'719      
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 173'395   183'446      
Securities received as collateral 21'675   30'045      
Trading assets 246'012   256'602      
Investment securities 2'072   1'939      
Other investments 11'430   11'816      
Net loans 229'743   227'498      
Premises and equipment 5'260   5'416      
Goodwill 7'676   7'510      
Other intangible assets 237   243      
Brokerage receivables 72'246   45'768      
Other assets 72'633   72'782      
Total assets 902'216   908'160      
Liabilities and equity (CHF million)            
Due to banks 29'554   30'574      
Customer deposits 316'482   297'690      
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 99'073   132'721      
Obligation to return securities received as collateral 21'675   30'045      
Trading liabilities 89'943   91'091      
Short-term borrowings 20'976   14'838      
Long-term debt 132'789   146'997      
Brokerage payables 91'404   64'676      
Other liabilities 55'863   57'367      
Total liabilities 857'759   865'999      
Total shareholders' equity 36'587   34'767      
Noncontrolling interests 7'870   7'394      
Total equity 44'457   42'161      
Total liabilities and equity 902'216   908'160      
Group parent company
           
Assets (CHF million)            
Cash and due from banks 3   19      
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 0   0      
Other investments 40'916   35'088      
Net loans 4'175   4'459      
Premises and equipment 0   0      
Goodwill 0   0      
Other intangible assets 0   0      
Brokerage receivables 0   0      
Other assets 242   173      
Total assets 45'336   39'739      
Liabilities and equity (CHF million)            
Due to banks 2'451   3'753      
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 418   437      
Brokerage payables 0   0      
Other liabilities 65   51      
Total liabilities 2'934   4'241      
Total shareholders' equity 42'402   35'498      
Noncontrolling interests 0   0      
Total equity 42'402   35'498      
Total liabilities and equity 45'336   39'739      
Other Group subsidiaries
           
Assets (CHF million)            
Cash and due from banks (948)   368      
Interest-bearing deposits with banks (745)   (1'774)      
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 9   9      
Securities received as collateral 0   0      
Trading assets (178)   (203)      
Investment securities 1'474   1'559      
Other investments (40'718)   (34'882)      
Net loans 12'268   10'266      
Premises and equipment 199   202      
Goodwill 878   879      
Other intangible assets 0   0      
Brokerage receivables 1   0      
Other assets 111   (43)      
Total assets (27'649)   (23'619)      
Liabilities and equity (CHF million)            
Due to banks (2'565)   (3'313)      
Customer deposits 11'907   10'622      
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 (26)   (275)      
Short-term borrowings 0   3'803      
Long-term debt 298   700      
Brokerage payables 0   0      
Other liabilities 189   219      
Total liabilities 9'803   11'756      
Total shareholders' equity (36'587)   (34'767)      
Noncontrolling interests (865)   (608)      
Total equity (37'452)   (35'375)      
Total liabilities and equity (27'649)   (23'619)      

v2.4.0.6
Subsidiary guarantee information (Details 4) (CHF)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating activities of continuing operations (CHF million)    
Net cash provided by/(used in) operating activities of continuing operations 14'614 (10'422)
Investing activities of continuing operations (CHF million)    
(Increase)/decrease in interest-bearing deposits with banks 529 (182)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 14'007 10'374
Purchase of investment securities (212) (208)
Proceeds from sale of investment securities 36 339
Maturities of investment securities 92 167
Investments in subsidiaries and other investments (901) (688)
Proceeds from sale of other investments 1'617 1'112
(Increase)/decrease in loans (3'598) (5'975)
Proceeds from sale of loans 484 522
Capital expenditures for premises and equipment and other intangible assets (440) (670)
Proceeds from sale of premises and equipment and other intangible assets 8 8
Other, net (2) 2'039
Net cash provided by/(used in) investing activities of continuing operations 11'620 6'838
Financing activities of continuing operations (CHF million)    
Increase/(decrease) in due to banks and customer deposits 15'593 (2'035)
Increase/(decrease) in short-term borrowings 5'896 (7'814)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (37'364) 11'587
Issuances of long-term debt 17'259 19'667
Repayments of long-term debt (33'622) (28'420)
Issuances of common shares 928 1'323
Sale of treasury shares 5'128 3'775
Repurchase of treasury shares (5'479) (3'862)
Dividends paid/capital repayments (406) (1'151)
Excess tax benefits on share based awards   0
Other, net (464) (780)
Net cash provided by/(used in) financing activities of continuing operations (32'531) (7'710)
Effect of exchange rate changes on cash and due from banks (CHF million)    
Effect of exchange rate changes on cash and due from banks 1'118 (241)
Net increase/(decrease) in cash and due from banks (CHF million)    
Net increase/(decrease) in cash and due from banks (5'179) (11'535)
Cash and due from banks at beginning of period 61'763 110'573
Cash and due from banks at end of period 56'584 99'038
Credit Suisse (USA), Inc - Consolidated
   
Operating activities of continuing operations (CHF million)    
Net cash provided by/(used in) operating activities of continuing operations 1'908 (8'011)
Investing activities of continuing operations (CHF million)    
(Increase)/decrease in interest-bearing deposits with banks 3 (1)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 7'978 (6'167)
Purchase of investment securities 0 0
Proceeds from sale of investment securities 0 0
Maturities of investment securities 0 0
Investments in subsidiaries and other investments 224 (163)
Proceeds from sale of other investments 910 608
(Increase)/decrease in loans 1'739 2'084
Proceeds from sale of loans 0 0
Capital expenditures for premises and equipment and other intangible assets (119) (170)
Proceeds from sale of premises and equipment and other intangible assets 0 2
Other, net (61) 214
Net cash provided by/(used in) investing activities of continuing operations 10'674 (3'593)
Financing activities of continuing operations (CHF million)    
Increase/(decrease) in due to banks and customer deposits 76 213
Increase/(decrease) in short-term borrowings 9'118 678
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (20'405) 15'780
Issuances of long-term debt 679 444
Repayments of long-term debt (1'974) (3'727)
Issuances of common shares 0 0
Sale of treasury shares 0 0
Repurchase of treasury shares 0 0
Dividends paid/capital repayments 0 0
Excess tax benefits on share based awards   0
Other, net 323 (1'467)
Net cash provided by/(used in) financing activities of continuing operations (12'183) 11'921
Effect of exchange rate changes on cash and due from banks (CHF million)    
Effect of exchange rate changes on cash and due from banks 155 31
Net increase/(decrease) in cash and due from banks (CHF million)    
Net increase/(decrease) in cash and due from banks 554 348
Cash and due from banks at beginning of period 4'388 3'698
Cash and due from banks at end of period 4'942 4'046
Bank parent company and other subsidiaries
   
Operating activities of continuing operations (CHF million)    
Net cash provided by/(used in) operating activities of continuing operations 12'669 (2'032)
Investing activities of continuing operations (CHF million)    
(Increase)/decrease in interest-bearing deposits with banks 1'556 (268)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 6'029 16'522
Purchase of investment securities (212) (25)
Proceeds from sale of investment securities 36 339
Maturities of investment securities 39 106
Investments in subsidiaries and other investments (863) (452)
Proceeds from sale of other investments 438 448
(Increase)/decrease in loans (3'513) (7'469)
Proceeds from sale of loans 484 522
Capital expenditures for premises and equipment and other intangible assets (317) (494)
Proceeds from sale of premises and equipment and other intangible assets 8 6
Other, net 59 1'817
Net cash provided by/(used in) investing activities of continuing operations 3'744 11'052
Financing activities of continuing operations (CHF million)    
Increase/(decrease) in due to banks and customer deposits 14'745 (3'220)
Increase/(decrease) in short-term borrowings (3'222) (8'492)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (16'959) (4'193)
Issuances of long-term debt 16'338 18'550
Repayments of long-term debt (31'113) (23'712)
Issuances of common shares 0 0
Sale of treasury shares 0 0
Repurchase of treasury shares 0 0
Dividends paid/capital repayments (147) (176)
Excess tax benefits on share based awards   14
Other, net (1'417) 615
Net cash provided by/(used in) financing activities of continuing operations (21'775) (20'614)
Effect of exchange rate changes on cash and due from banks (CHF million)    
Effect of exchange rate changes on cash and due from banks 961 (228)
Net increase/(decrease) in cash and due from banks (CHF million)    
Net increase/(decrease) in cash and due from banks (4'401) (11'822)
Cash and due from banks at beginning of period 56'988 107'526
Cash and due from banks at end of period 52'587 95'704
Bank
   
Operating activities of continuing operations (CHF million)    
Net cash provided by/(used in) operating activities of continuing operations 14'577 (10'043)
Investing activities of continuing operations (CHF million)    
(Increase)/decrease in interest-bearing deposits with banks 1'559 (269)
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 14'007 10'355
Purchase of investment securities (212) (25)
Proceeds from sale of investment securities 36 339
Maturities of investment securities 39 106
Investments in subsidiaries and other investments (639) (615)
Proceeds from sale of other investments 1'348 1'056
(Increase)/decrease in loans (1'774) (5'385)
Proceeds from sale of loans 484 522
Capital expenditures for premises and equipment and other intangible assets (436) (664)
Proceeds from sale of premises and equipment and other intangible assets 8 8
Other, net (2) 2'031
Net cash provided by/(used in) investing activities of continuing operations 14'418 7'459
Financing activities of continuing operations (CHF million)    
Increase/(decrease) in due to banks and customer deposits 14'821 (3'007)
Increase/(decrease) in short-term borrowings 5'896 (7'814)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (37'364) 11'587
Issuances of long-term debt 17'017 18'994
Repayments of long-term debt (33'087) (27'439)
Issuances of common shares 0 0
Sale of treasury shares 0 0
Repurchase of treasury shares 0 0
Dividends paid/capital repayments (147) (176)
Excess tax benefits on share based awards   14
Other, net (1'094) (852)
Net cash provided by/(used in) financing activities of continuing operations (33'958) (8'693)
Effect of exchange rate changes on cash and due from banks (CHF million)    
Effect of exchange rate changes on cash and due from banks 1'116 (197)
Net increase/(decrease) in cash and due from banks (CHF million)    
Net increase/(decrease) in cash and due from banks (3'847) (11'474)
Cash and due from banks at beginning of period 61'376 111'224
Cash and due from banks at end of period 57'529 99'750
Group parent company
   
Operating activities of continuing operations (CHF million)    
Net cash provided by/(used in) operating activities of continuing operations 169 190
Investing activities of continuing operations (CHF million)    
(Increase)/decrease in interest-bearing deposits with banks 0 0
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0
Purchase of investment securities 0 0
Proceeds from sale of investment securities 0 0
Maturities of investment securities 0 0
Investments in subsidiaries and other investments 0 (45)
Proceeds from sale of other investments 32 0
(Increase)/decrease in loans 541 719
Proceeds from sale of loans 0 0
Capital expenditures for premises and equipment and other intangible assets 0 0
Proceeds from sale of premises and equipment and other intangible assets 0 0
Other, net 0 28
Net cash provided by/(used in) investing activities of continuing operations 573 702
Financing activities of continuing operations (CHF million)    
Increase/(decrease) in due to banks and customer deposits (1'314) (586)
Increase/(decrease) in short-term borrowings 0 0
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 0
Issuances of long-term debt 5 5
Repayments of long-term debt (288) (660)
Issuances of common shares 928 1'323
Sale of treasury shares 38 361
Repurchase of treasury shares (192) (472)
Dividends paid/capital repayments (154) (944)
Excess tax benefits on share based awards   0
Other, net 221 77
Net cash provided by/(used in) financing activities of continuing operations (756) (896)
Effect of exchange rate changes on cash and due from banks (CHF million)    
Effect of exchange rate changes on cash and due from banks (2) 57
Net increase/(decrease) in cash and due from banks (CHF million)    
Net increase/(decrease) in cash and due from banks (16) 53
Cash and due from banks at beginning of period 19 13
Cash and due from banks at end of period 3 66
Group Parent company - subsidiary that holds a banking license
   
Net increase/(decrease) in cash and due from banks (CHF million)    
Dividend income from investments 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 21 46
Other Group subsidiaries
   
Operating activities of continuing operations (CHF million)    
Net cash provided by/(used in) operating activities of continuing operations (132) (569)
Investing activities of continuing operations (CHF million)    
(Increase)/decrease in interest-bearing deposits with banks (1'030) 87
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 19
Purchase of investment securities 0 (183)
Proceeds from sale of investment securities 0 0
Maturities of investment securities 53 61
Investments in subsidiaries and other investments (262) (28)
Proceeds from sale of other investments 237 56
(Increase)/decrease in loans (2'365) (1'309)
Proceeds from sale of loans 0 0
Capital expenditures for premises and equipment and other intangible assets (4) (6)
Proceeds from sale of premises and equipment and other intangible assets 0 0
Other, net 0 (20)
Net cash provided by/(used in) investing activities of continuing operations (3'371) (1'323)
Financing activities of continuing operations (CHF million)    
Increase/(decrease) in due to banks and customer deposits 2'086 1'558
Increase/(decrease) in short-term borrowings 0 0
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 0
Issuances of long-term debt 237 668
Repayments of long-term debt (247) (321)
Issuances of common shares 0 0
Sale of treasury shares 5'090 3'414
Repurchase of treasury shares (5'287) (3'390)
Dividends paid/capital repayments (105) (31)
Excess tax benefits on share based awards   (14)
Other, net 409 (5)
Net cash provided by/(used in) financing activities of continuing operations 2'183 1'879
Effect of exchange rate changes on cash and due from banks (CHF million)    
Effect of exchange rate changes on cash and due from banks 4 (101)
Net increase/(decrease) in cash and due from banks (CHF million)    
Net increase/(decrease) in cash and due from banks (1'316) (114)
Cash and due from banks at beginning of period 368 (664)
Cash and due from banks at end of period (948) (778)