6-K 1 a110210b4q.htm 6-K Credit Suisse - SEC Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549



Form 6-K


REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

February 10, 2011
Commission File Number 001-33434
CREDIT SUISSE AG

(Translation of registrant’s name into English)
Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
(Address of principal executive office)



Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.


   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

   Yes      No   
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-.















Introduction

This report filed on Form 6-K contains certain information about Credit Suisse AG to be incorporated by reference in the Registration Statement on Form F-3 (file no. 333-158199). Credit Suisse Group AG’s financial report for the fourth quarter of 2010 (Credit Suisse Financial Report 4Q10) is attached as an exhibit to this Form 6-K and was filed with the US Securities and Exchange Commission (SEC) on February 10, 2011. The Bank is incorporating by reference the Credit Suisse Financial Report 4Q10 (except for the sections entitled “Dear shareholders” and “Investor information”).

Unless the context otherwise requires, reference herein to “Credit Suisse Group”, “Credit Suisse”, “the Group”, “we”, “us” and “our” mean Credit Suisse Group AG and its consolidated subsidiaries and the term “the Bank” means Credit Suisse AG, the Swiss bank subsidiary of the Group, and its consolidated subsidiaries.

The Bank, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of the Group. The Bank’s registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.

References herein to “CHF” are to Swiss francs.

The Credit Suisse Financial Report 4Q10 contains information for the three months and the year ended December 31, 2010. The Group's and the Bank’s independent registered public accounting firm has not completed its audit of the consolidated financial statements for the year ended December 31, 2010 and the Group and the Bank have not finalized their Annual Report on Form 20-F for the period. Accordingly, such financial information is subject to completion of year-end audit procedures which may result in changes to that information.

Management has not yet completed its assessment of the Group’s and the Bank’s internal control over financial reporting for the year ended December 31, 2010, and the independent registered public accounting firm has not yet completed its audit of the Group’s and Bank’s internal control over financial reporting. In connection with the filing of the Group’s and the Bank’s Annual Report on Form 20-F for the year ended December 31, 2010, the Group and the Bank will provide management's annual report on internal control over financial reporting and the registered public accounting firm's report thereon, which have not yet been finalized.




Forward-Looking Statements

This Form 6-K and the information incorporated by reference in this Form 6-K include statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In addition, in the future the Group, the Bank and others on their behalf may make statements that constitute forward-looking statements.

When evaluating forward-looking statements, you should carefully consider the cautionary statement regarding forward-looking information, the risk factors and other information set forth in the Group’s and the Bank’s annual report on Form 20-F for the year ended December 31, 2009 (the Credit Suisse 2009 20-F), and subsequent annual reports on Form 20-F filed by the Group and the Bank with the SEC and the Group’s and the Bank’s reports on Form 6-K furnished to or filed with the SEC, and other uncertainties and events.




Key information




Selected financial data



Selected operations statement information
in 4Q10 4Q09 % change 2010 2009 % change
Statements of operations (CHF million)  
Net revenues  6,813 6,580 4 29,598 31,993 (7)
Provision for credit losses  (45) (52) (13) (124) 460
Compensation and benefits  3,276 2,413 36 14,372 14,706 (2)
General and administrative expenses  1,650 2,255 (27) 7,088 7,622 (7)
Commission expenses  536 499 7 1,991 1,848 8
Total other operating expenses  2,186 2,754 (21) 9,079 9,470 (4)
Total operating expenses  5,462 5,167 6 23,451 24,176 (3)
Income from continuing operations before taxes    1,396 1,465 (5) 6,271 7,357 (15)
Income tax expense  313 439 (29) 1,258 1,794 (30)
Income from continuing operations  1,083 1,026 6 5,013 5,563 (10)
Income/(loss) from discontinuing operations  0 0 (19) 169
Net income  1,083 1,026 6 4,994 5,732 (13)
Less net income/(loss) attributable to noncontrolling interests    328 93 253 802 (697)
Net income attributable to shareholders    755 933 (19) 4,192 6,429 (35)
   of which from continuing operations  755 933 (19) 4,211 6,260 (33)
   of which from discontinued operations  0 (19) 169

Selected balance sheet information
end of 4Q10 4Q09 % change
Balance sheet statistics (CHF million)  
Total assets  1,008,761 1,010,482 0
Share capital  4,400 4,400 0

For additional information on the condensed consolidating statements of operations for the three months and the year ended December 31, 2010 and 2009 and the condensed consolidating balance sheets as of December 31, 2010 and December 31, 2009, refer to Note 27 – Subsidiary guarantee information in V – Condensed consolidated financial statements – unaudited in the Credit Suisse Financial Report 4Q10. For a detailed description of factors that affect the results of operations of the Bank, refer to II – Operating and financial review – Operating environment in the Credit Suisse 2009 20-F and I – Credit Suisse results – Operating environment in the Credit Suisse Financial Report 4Q10.

BIS statistics
end of 4Q10 4Q09 % change
Capital (CHF million)  
Tier 1 capital  35,032 34,695 1
   of which hybrid instruments  10,589 11,617 (9)
Total BIS eligible capital  47,291 46,320 2
Capital ratios (%)  
Tier 1 ratio  17.0 16.5
Total capital ratio  23.0 22.0




Operating and financial review and prospects

Except where noted, the business of the Bank is substantially the same as the business of the Group, and substantially all of the Bank’s operations are conducted through the Private Banking, Investment Banking and Asset Management segments. These segment results are included in Core Results. Certain other assets, liabilities and results of operations are managed as part of the activities of the three segments, however, since they are legally owned by the Group, they are not included in the Bank’s consolidated financial statements. These relate principally to the activities of Clariden Leu, Neue Aargauer Bank and BANK-now, which are managed as part of Private Banking. Core Results also includes certain Group corporate center activities that are not applicable to the Bank.

These operations and activities vary from period to period and give rise to differences between the Bank’s consolidated assets, liabilities, revenues and expenses, including pensions and taxes, and those of the Group.



Differences between the Group and the Bank businesses
Entity Principal business activity
Clariden Leu  Banking and securities
Neue Aargauer Bank  Banking (in the Swiss canton of Aargau)
BANK-now  Private credit and car leasing (in Switzerland)
Financing vehicles of the Group    Special purpose vehicles for various funding activities of the Group, including for purposes of raising consolidated capital

Comparison of selected operations statement information
  Bank Group
in 4Q10 4Q09 4Q10 4Q09
Statements of operations (CHF million)  
Net revenues  6,813 6,580 7,268 6,715
Total operating expenses  5,462 5,167 5,689 5,295
Income from continuing operations before taxes  1,396 1,465 1,602 1,460
Income from continuing operations  1,083 1,026 1,197 999
Net income attributable to shareholders  755 933 841 793
   of which from continuing operations  755 933 841 793

Comparison of selected operations statement information
  Bank Group
in 2010 2009 2010 2009
Statements of operations (CHF million)  
Net revenues  29,598 31,993 31,386 33,294
Total operating expenses  23,451 24,176 23,978 24,711
Income from continuing operations before taxes  6,271 7,357 7,487 8,077
Income from continuing operations  5,013 5,563 5,939 6,242
Net income attributable to shareholders  4,192 6,429 5,098 6,724
   of which from continuing operations  4,211 6,260 5,117 6,555

Comparison of selected balance sheet information
  Bank Group
end of 4Q10 4Q09 4Q10 4Q09
Balance sheet statistics (CHF million)  
Total assets  1,008,761 1,010,482 1,032,005 1,031,427
Total liabilities  969,597 964,731 988,990 983,099

For information on the operating and financial review and prospects of the Bank, refer to I – Credit Suisse results on pages 5 to 22, II – Results by division on pages 23 to 44 and III – Overview of results and assets under management on pages 45 to 50. These sections are included in the Credit Suisse Financial Report 4Q10.




Treasury and Risk Management

For information on the Bank’s treasury and risk management, refer to IV – Treasury and Risk management on pages 51 to 68 of the Credit Suisse Financial Report 4Q10.


Exhibits

No. Description



99.1 Credit Suisse Financial Report 4Q10




Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



 

 

CREDIT SUISSE AG

 (Registrant)

 

 

Date: February 10, 2011





By:

/s/ Brady Dougan

Brady Dougan

Chief Executive Officer





By:

/s/ David Mathers

David Mathers

Chief Financial Officer