Key metrics | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Credit Suisse (CHF million, except where indicated) | |||||||||||||||||
Net income/(loss) attributable to shareholders | (5,828) | 779 | 691 | – | – | (2,944) | 1,875 | – | |||||||||
of which from continuing operations | (5,828) | 779 | 701 | – | – | (2,944) | 1,773 | – | |||||||||
Basic earnings/(loss) per share from continuing operations (CHF) | (3.28) | 0.46 | 0.40 | – | – | (1.73) | 0.99 | – | |||||||||
Diluted earnings/(loss) per share from continuing operations (CHF) | (3.28) | 0.44 | 0.39 | – | – | (1.73) | 0.98 | – | |||||||||
Return on equity attributable to shareholders (%) | (51.3) | 7.1 | 6.2 | – | – | (6.8) | 4.4 | – | |||||||||
Effective tax rate (%) | 9.7 | 9.7 | 21.2 | – | – | (21.6) | 38.7 | – | |||||||||
Core Results (CHF million, except where indicated) | |||||||||||||||||
Net revenues | 4,189 | 5,995 | 6,419 | (30) | (35) | 23,384 | 25,074 | (7) | |||||||||
Provision for credit losses | 40 | 89 | 55 | (55) | (27) | 192 | 153 | 25 | |||||||||
Total operating expenses | 9,468 | 4,414 | 4,381 | 114 | 116 | 23,104 | 17,721 | 30 | |||||||||
Income/(loss) before taxes | (5,319) | 1,492 | 1,983 | – | – | 88 | 7,200 | (99) | |||||||||
Cost/income ratio (%) | 226.0 | 73.6 | 68.3 | – | – | 98.8 | 70.7 | – | |||||||||
Assets under management and net new assets (CHF billion) | |||||||||||||||||
Assets under management | 1,214.1 | 1,285.8 | 1,368.7 | (5.6) | (11.3) | 1,214.1 | 1,368.7 | (11.3) | |||||||||
Net new assets from continuing operations | 4.3 | 16.2 | (2.9) | (73.5) | – | 49.1 | 29.9 | 64.2 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 820,805 | 858,420 | 921,462 | (4) | (11) | 820,805 | 921,462 | (11) | |||||||||
Net loans | 272,995 | 274,825 | 272,551 | (1) | 0 | 272,995 | 272,551 | 0 | |||||||||
Total shareholders' equity | 44,382 | 44,757 | 43,959 | (1) | 1 | 44,382 | 43,959 | 1 | |||||||||
Tangible shareholders' equity | 39,378 | 36,022 | 35,066 | 9 | 12 | 39,378 | 35,066 | 12 | |||||||||
Basel III regulatory capital and leverage statistics | |||||||||||||||||
Risk-weighted assets (CHF million) | 294,950 | 290,122 | 291,410 | 2 | 1 | 294,950 | 291,410 | 1 | |||||||||
CET1 ratio (%) | 14.3 | 14.0 | 14.9 | – | – | 14.3 | 14.9 | – | |||||||||
Look-through CET1 ratio (%) | 11.4 | 10.2 | 10.1 | – | – | 11.4 | 10.1 | – | |||||||||
Look-through CET1 leverage ratio (%) | 3.3 | 2.8 | 2.5 | – | – | 3.3 | 2.5 | – | |||||||||
Look-through Tier 1 leverage ratio (%) | 4.5 | 3.9 | 3.5 | – | – | 4.5 | 3.5 | – | |||||||||
Share information | |||||||||||||||||
Shares outstanding (million) | 1,951.5 | 1,633.7 | 1,599.5 | 19 | 22 | 1,951.5 | 1,599.5 | 22 | |||||||||
of which common shares issued | 1,957.4 | 1,638.4 | 1,607.2 | 19 | 22 | 1,957.4 | 1,607.2 | 22 | |||||||||
of which treasury shares | (5.9) | (4.7) | (7.7) | 26 | (23) | (5.9) | (7.7) | (23) | |||||||||
Book value per share (CHF) | 22.74 | 27.40 | 27.48 | (17) | (17) | 22.74 | 27.48 | (17) | |||||||||
Tangible book value per share (CHF) | 20.18 | 22.05 | 21.92 | (8) | (8) | 20.18 | 21.92 | (8) | |||||||||
Market capitalization (CHF million) | 42,456 | 38,371 | 40,308 | 11 | 5 | 42,456 | 40,308 | 5 | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 48,200 | 48,100 | 45,800 | 0 | 5 | 48,200 | 45,800 | 5 | |||||||||
See relevant tables for additional information on these metrics.
|
Credit Suisse | |||||||||||||||||
in | % change | in | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 4,210 | 5,985 | 6,372 | (30) | (34) | 23,797 | 26,242 | (9) | |||||||||
Provision for credit losses | 133 | 110 | 75 | 21 | 77 | 324 | 186 | 74 | |||||||||
Compensation and benefits | 3,149 | 2,507 | 2,621 | 26 | 20 | 11,546 | 11,334 | 2 | |||||||||
Total other operating expenses | 7,369 | 2,516 | 2,784 | 193 | 165 | 14,349 | 11,095 | 29 | |||||||||
of which goodwill impairment | 3,797 | 0 | 0 | – | – | 3,797 | 0 | – | |||||||||
of which restructuring expenses | 355 | – | – | – | – | 355 | – | – | |||||||||
Total operating expenses | 10,518 | 5,023 | 5,405 | 109 | 95 | 25,895 | 22,429 | 15 | |||||||||
Income/(loss) from continuing operations before taxes | (6,441) | 852 | 892 | – | – | (2,422) | 3,627 | – | |||||||||
Income tax expense/(benefit) | (627) | 83 | 189 | – | – | 523 | 1,405 | (63) | |||||||||
Income/(loss) from discontinued operations | 0 | 0 | (10) | – | 100 | 0 | 102 | (100) | |||||||||
Net income/(loss) attributable to noncontrolling interests | 14 | (10) | 2 | – | – | (1) | 449 | – | |||||||||
Net income/(loss) attributable to shareholders | (5,828) | 779 | 691 | – | – | (2,944) | 1,875 | – | |||||||||
Metrics (%) | |||||||||||||||||
Cost/income ratio | 249.8 | 83.9 | 84.8 | – | – | 108.8 | 85.5 | – |
Core Results | |||||||||||||||||
in | % change | in | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 4,189 | 5,995 | 6,419 | (30) | (35) | 23,384 | 25,074 | (7) | |||||||||
Provision for credit losses | 40 | 89 | 55 | (55) | (27) | 192 | 153 | 25 | |||||||||
Compensation and benefits | 2,912 | 2,242 | 2,332 | 30 | 25 | 10,529 | 10,252 | 3 | |||||||||
Total other operating expenses | 6,556 | 2,172 | 2,049 | 202 | 220 | 12,575 | 7,469 | 68 | |||||||||
of which goodwill impairment | 3,797 | 0 | 0 | – | – | 3,797 | 0 | – | |||||||||
of which restructuring expenses | 202 | – | – | – | – | 202 | – | – | |||||||||
Total operating expenses | 9,468 | 4,414 | 4,381 | 114 | 116 | 23,104 | 17,721 | 30 | |||||||||
Income/(loss) before taxes | (5,319) | 1,492 | 1,983 | – | – | 88 | 7,200 | (99) | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | (48.9) | 13.3 | 17.0 | – | – | 0.2 | 15.5 | – | |||||||||
Cost/income ratio | 226.0 | 73.6 | 68.3 | – | – | 98.8 | 70.7 | – |
Swiss Universal Bank | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 1,470 | 1,320 | 1,709 | 11 | (14) | 5,563 | 5,721 | (3) | |||||||||
of which Private Banking | 953 | 839 | 1,249 | 14 | (24) | 3,633 | 3,914 | (7) | |||||||||
of which Corporate & Institutional Banking | 517 | 481 | 460 | 7 | 12 | 1,930 | 1,807 | 7 | |||||||||
Provision for credit losses | 43 | 39 | 29 | 10 | 48 | 138 | 94 | 47 | |||||||||
Compensation and benefits | 524 | 451 | 474 | 16 | 11 | 1,915 | 1,835 | 4 | |||||||||
Total other operating expenses | 536 | 436 | 499 | 23 | 7 | 1,851 | 1,816 | 2 | |||||||||
of which restructuring expenses | 39 | – | – | – | – | 39 | – | – | |||||||||
Total operating expenses | 1,060 | 887 | 973 | 20 | 9 | 3,766 | 3,651 | 3 | |||||||||
of which Private Banking | 773 | 624 | 700 | 24 | 10 | 2,715 | 2,626 | 3 | |||||||||
of which Corporate & Institutional Banking | 287 | 263 | 273 | 9 | 5 | 1,051 | 1,025 | 3 | |||||||||
Income before taxes | 367 | 394 | 707 | (7) | (48) | 1,659 | 1,976 | (16) | |||||||||
of which Private Banking | 166 | 201 | 539 | (17) | (69) | 869 | 1,228 | (29) | |||||||||
of which Corporate & Institutional Banking | 201 | 193 | 168 | 4 | 20 | 790 | 748 | 6 | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | 12.5 | 13.3 | 23.7 | – | – | 13.8 | 16.5 | – | |||||||||
Cost/income ratio | 72.1 | 67.2 | 56.9 | – | – | 67.7 | 63.8 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets | 59,869 | 58,654 | 57,291 | 2 | 4 | 59,869 | 57,291 | 4 | |||||||||
Leverage exposure | 235,700 | 231,921 | 238,856 | 2 | (1) | 235,700 | 238,856 | (1) |
International Wealth Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 1,146 | 1,050 | 1,350 | 9 | (15) | 4,394 | 4,751 | (8) | |||||||||
of which Private Banking | 782 | 742 | 867 | 5 | (10) | 3,066 | 3,127 | (2) | |||||||||
of which Asset Management | 364 | 308 | 483 | 18 | (25) | 1,328 | 1,624 | (18) | |||||||||
Provision for credit losses | (8) | 11 | 7 | – | – | 3 | 12 | (75) | |||||||||
Compensation and benefits | 528 | 470 | 547 | 12 | (3) | 2,044 | 2,138 | (4) | |||||||||
Total other operating expenses | 646 | 377 | 373 | 71 | 73 | 1,638 | 1,389 | 18 | |||||||||
of which restructuring expenses | 33 | – | – | – | – | 33 | – | – | |||||||||
Total operating expenses | 1,174 | 847 | 920 | 39 | 28 | 3,682 | 3,527 | 4 | |||||||||
of which Private Banking | 846 | 580 | 610 | 46 | 39 | 2,537 | 2,320 | 9 | |||||||||
of which Asset Management | 328 | 267 | 310 | 23 | 6 | 1,145 | 1,207 | (5) | |||||||||
Income/(loss) before taxes | (20) | 192 | 423 | – | – | 709 | 1,212 | (42) | |||||||||
of which Private Banking | (56) | 151 | 250 | – | – | 526 | 795 | (34) | |||||||||
of which Asset Management | 36 | 41 | 173 | (12) | (79) | 183 | 417 | (56) | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | (1.7) | 17.0 | 37.7 | – | – | 15.5 | 27.0 | – | |||||||||
Cost/income ratio | 102.4 | 80.7 | 68.1 | – | – | 83.8 | 74.2 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets | 32,407 | 31,305 | 31,471 | 4 | 3 | 32,407 | 31,471 | 3 | |||||||||
Leverage exposure | 99,112 | 91,333 | 84,369 | 9 | 17 | 99,112 | 84,369 | 17 |
Asia Pacific | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 826 | 885 | 736 | (7) | 12 | 3,839 | 3,335 | 15 | |||||||||
of which Private Banking | 271 | 303 | 273 | (11) | (1) | 1,178 | 1,037 | 14 | |||||||||
of which Investment Banking | 555 | 582 | 463 | (5) | 20 | 2,661 | 2,298 | 16 | |||||||||
Provision for credit losses | 3 | 24 | 5 | (88) | (40) | 35 | 40 | (13) | |||||||||
Compensation and benefits | 390 | 404 | 349 | (3) | 12 | 1,557 | 1,425 | 9 | |||||||||
Total other operating expenses | 1,050 | 295 | 260 | 256 | 304 | 1,870 | 970 | 93 | |||||||||
of which goodwill impairment | 756 | 0 | 0 | – | – | 756 | 0 | – | |||||||||
of which restructuring expenses | 3 | – | – | – | – | 3 | – | – | |||||||||
Total operating expenses | 1,440 | 699 | 609 | 106 | 136 | 3,427 | 2,395 | 43 | |||||||||
of which Private Banking | 228 | 210 | 204 | 9 | 12 | 816 | 723 | 13 | |||||||||
of which Investment Banking | 1,212 | 489 | 405 | 148 | 199 | 2,611 | 1,672 | 56 | |||||||||
Income/(loss) before taxes | (617) | 162 | 122 | – | – | 377 | 900 | (58) | |||||||||
of which Private Banking | 48 | 69 | 67 | (30) | (28) | 344 | 310 | 11 | |||||||||
of which Investment Banking | (665) | 93 | 55 | – | – | 33 | 590 | (94) | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | (49.6) | 12.5 | 7.1 | – | – | 6.7 | 13.1 | – | |||||||||
Cost/income ratio | 174.3 | 79.0 | 82.7 | – | – | 89.3 | 71.8 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets | 27,624 | 27,054 | 27,139 | 2 | 2 | 27,624 | 27,139 | 2 | |||||||||
Leverage exposure | 98,698 | 100,402 | 137,843 | (2) | (28) | 98,698 | 137,843 | (28) |
Global Markets | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 1,127 | 1,634 | 1,779 | (31) | (37) | 7,391 | 8,613 | (14) | |||||||||
Provision for credit losses | (1) | 14 | 11 | – | – | 13 | 7 | 86 | |||||||||
Compensation and benefits | 968 | 621 | 691 | 56 | 40 | 3,418 | 3,332 | 3 | |||||||||
Total other operating expenses | 3,634 | 830 | 712 | 338 | 410 | 5,904 | 2,617 | 126 | |||||||||
of which goodwill impairment | 2,661 | 0 | 0 | – | – | 2,661 | 0 | – | |||||||||
of which restructuring expenses | 105 | – | – | – | – | 105 | – | – | |||||||||
Total operating expenses | 4,602 | 1,451 | 1,403 | 217 | 228 | 9,322 | 5,949 | 57 | |||||||||
Income/(loss) before taxes | (3,474) | 169 | 365 | – | – | (1,944) | 2,657 | – | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | (83.4) | 3.7 | 7.2 | – | – | (10.0) | 14.0 | – | |||||||||
Cost/income ratio | 408.3 | 88.8 | 78.9 | – | – | 126.1 | 69.1 | – | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Risk-weighted assets | 73,706 | 72,690 | 73,280 | 1 | 1 | 73,706 | 73,280 | 1 | |||||||||
Risk-weighted assets (USD) | 74,514 | 74,394 | 74,048 | 0 | 1 | 74,514 | 74,048 | 1 | |||||||||
Leverage exposure | 313,315 | 348,096 | 412,316 | (10) | (24) | 313,315 | 412,316 | (24) | |||||||||
Leverage exposure (USD) | 316,752 | 356,254 | 416,639 | (11) | (24) | 316,752 | 416,639 | (24) |
Investment Banking & Capital Markets | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 403 | 379 | 504 | 6 | (20) | 1,752 | 2,106 | (17) | |||||||||
Provision for credit losses | 3 | 0 | 0 | – | – | 3 | (2) | – | |||||||||
Compensation and benefits | 368 | 227 | 246 | 62 | 50 | 1,266 | 1,188 | 7 | |||||||||
Total other operating expenses | 529 | 108 | 119 | 390 | 345 | 836 | 412 | 103 | |||||||||
of which goodwill impairment | 380 | 0 | 0 | – | – | 380 | 0 | – | |||||||||
of which restructuring expenses | 22 | – | – | – | – | 22 | – | – | |||||||||
Total operating expenses | 897 | 335 | 365 | 168 | 146 | 2,102 | 1,600 | 31 | |||||||||
Income/(loss) before taxes | (497) | 44 | 139 | – | – | (353) | 508 | – | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | (78.4) | 7.3 | 26.8 | – | – | (15.0) | 26.2 | – | |||||||||
Cost/income ratio | 222.6 | 88.4 | 72.4 | – | – | 120.0 | 76.0 | – | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Risk-weighted assets | 17,824 | 17,539 | 13,870 | 2 | 29 | 17,824 | 13,870 | 29 | |||||||||
Risk-weighted assets (USD) | 18,020 | 17,950 | 14,015 | 0 | 29 | 18,020 | 14,015 | 29 | |||||||||
Leverage exposure | 42,861 | 37,731 | 42,017 | 14 | 2 | 42,861 | 42,017 | 2 | |||||||||
Leverage exposure (USD) | 43,331 | 38,615 | 42,457 | 12 | 2 | 43,331 | 42,457 | 2 |
Strategic Resolution Unit | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 21 | (10) | (47) | – | – | 413 | 1,168 | (65) | |||||||||
Provision for credit losses | 93 | 21 | 20 | 343 | 365 | 132 | 33 | 300 | |||||||||
Compensation and benefits | 237 | 265 | 289 | (11) | (18) | 1,017 | 1,082 | (6) | |||||||||
Total other operating expenses | 813 | 344 | 735 | 136 | 11 | 1,774 | 3,626 | (51) | |||||||||
of which restructuring expenses | 153 | – | – | – | – | 153 | – | – | |||||||||
Total operating expenses | 1,050 | 609 | 1,024 | 72 | 3 | 2,791 | 4,708 | (41) | |||||||||
Loss before taxes | (1,122) | (640) | (1,091) | 75 | 3 | (2,510) | (3,573) | (30) | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Risk-weighted assets | 61,638 | 61,636 | 65,072 | 0 | (5) | 61,638 | 65,072 | (5) | |||||||||
Leverage exposure | 138,219 | 155,501 | 219,075 | (11) | (37) | 138,219 | 219,075 | (37) |
Corporate Center | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | (783) | 727 | 341 | – | – | 445 | 548 | (19) | |||||||||
Provision for credit losses | 0 | 1 | 3 | (100) | (100) | 0 | 2 | (100) | |||||||||
Compensation and benefits | 134 | 69 | 25 | 94 | 436 | 329 | 334 | (1) | |||||||||
Total other operating expenses | 161 | 126 | 86 | 28 | 87 | 476 | 265 | 80 | |||||||||
Total operating expenses | 295 | 195 | 111 | 51 | 166 | 805 | 599 | 34 | |||||||||
Income/(loss) before taxes | (1,078) | 531 | 227 | – | – | (360) | (53) | – |
BIS capital metrics | |||||||||||||
Phase-in | Look-through | ||||||||||||
end of | 4Q15 | 3Q15 | 4Q14 | 4Q15 | 3Q15 | 4Q14 | |||||||
Capital metrics (%, except where indicated) | |||||||||||||
Risk-weighted assets (CHF billion) | 295.0 | 290.1 | 291.4 | 289.9 | 284.6 | 284.2 | |||||||
CET1 ratio | 14.3 | 14.0 | 14.9 | 11.4 | 10.2 | 10.1 | |||||||
Tier 1 ratio | 18.0 | 16.8 | 17.1 | 15.4 | 14.3 | 14.0 | |||||||
Total capital ratio | 21.3 | 20.1 | 20.8 | 17.7 | 16.7 | 16.5 |
Leverage metrics | |||||||||||||
Phase-in | Look-through | ||||||||||||
end of | 4Q15 | 3Q15 | 4Q14 | 4Q15 | 3Q15 | 4Q14 | |||||||
Leverage metrics (%, except where indicated) | |||||||||||||
Leverage exposure (CHF billion) | 993.5 | 1,050.7 | 1,157.6 | 987.6 | 1,044.9 | 1,149.7 | |||||||
BIS CET1 leverage ratio | 4.2 | 3.9 | 3.7 | 3.3 | 2.8 | 2.5 | |||||||
BIS tier 1 leverage ratio | 5.3 | 4.6 | 4.3 | 4.5 | 3.9 | 3.5 | |||||||
Swiss leverage ratio | 6.3 | 5.5 | 5.2 | 5.2 | 4.5 | 4.1 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 2,194 | 2,084 | 2,126 | 5 | 3 | 9,299 | 9,034 | 3 | |||||||||
Commissions and fees | 2,914 | 2,892 | 3,213 | 1 | (9) | 12,044 | 13,051 | (8) | |||||||||
Trading revenues | (1,349) | 801 | 287 | – | – | 1,340 | 2,026 | (34) | |||||||||
Other revenues | 451 | 208 | 746 | 117 | (40) | 1,114 | 2,131 | (48) | |||||||||
Net revenues | 4,210 | 5,985 | 6,372 | (30) | (34) | 23,797 | 26,242 | (9) | |||||||||
Provision for credit losses | 133 | 110 | 75 | 21 | 77 | 324 | 186 | 74 | |||||||||
Compensation and benefits | 3,149 | 2,507 | 2,621 | 26 | 20 | 11,546 | 11,334 | 2 | |||||||||
General and administrative expenses | 2,808 | 2,100 | 2,362 | 34 | 19 | 8,574 | 9,534 | (10) | |||||||||
Commission expenses | 409 | 416 | 422 | (2) | (3) | 1,623 | 1,561 | 4 | |||||||||
Goodwill impairment | 3,797 | 0 | 0 | – | – | 3,797 | 0 | – | |||||||||
Restructuring expenses | 355 | – | – | – | – | 355 | – | – | |||||||||
Total other operating expenses | 7,369 | 2,516 | 2,784 | 193 | 165 | 14,349 | 11,095 | 29 | |||||||||
Total operating expenses | 10,518 | 5,023 | 5,405 | 109 | 95 | 25,895 | 22,429 | 15 | |||||||||
Income/(loss) from continuing operations before taxes | (6,441) | 852 | 892 | – | – | (2,422) | 3,627 | – | |||||||||
Income tax expense/(benefit) | (627) | 83 | 189 | – | – | 523 | 1,405 | (63) | |||||||||
Income/(loss) from continuing operations | (5,814) | 769 | 703 | – | – | (2,945) | 2,222 | – | |||||||||
Income/(loss) from discontinued operations | 0 | 0 | (10) | – | 100 | 0 | 102 | (100) | |||||||||
Net income/(loss) | (5,814) | 769 | 693 | – | – | (2,945) | 2,324 | – | |||||||||
Net income/(loss) attributable to noncontrolling interests | 14 | (10) | 2 | – | – | (1) | 449 | – | |||||||||
Net income/(loss) attributable to shareholders | (5,828) | 779 | 691 | – | – | (2,944) | 1,875 | – | |||||||||
of which from continuing operations | (5,828) | 779 | 701 | – | – | (2,944) | 1,773 | – | |||||||||
of which from discontinued operations | 0 | 0 | (10) | – | 100 | 0 | 102 | (100) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (50.7) | 6.5 | 6.2 | – | – | (4.5) | 6.3 | – | |||||||||
Cost/income ratio | 249.8 | 83.9 | 84.8 | – | – | 108.8 | 85.5 | – | |||||||||
Effective tax rate | 9.7 | 9.7 | 21.2 | – | – | (21.6) | 38.7 | – | |||||||||
Earnings per share (CHF) | |||||||||||||||||
Basic earnings/(loss) per share from continuing operations | (3.28) | 0.46 | 0.40 | – | – | (1.73) | 0.99 | – | |||||||||
Basic earnings/(loss) per share | (3.28) | 0.46 | 0.39 | – | – | (1.73) | 1.05 | – | |||||||||
Diluted earnings/(loss) per share from continuing operations | (3.28) | 0.44 | 0.39 | – | – | (1.73) | 0.98 | – | |||||||||
Diluted earnings/(loss) per share | (3.28) | 0.44 | 0.38 | – | – | (1.73) | 1.04 | – | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity attributable to shareholders | (51.3) | 7.1 | 6.2 | – | – | (6.8) | 4.4 | – | |||||||||
Return on tangible equity attributable to shareholders 1 | (62.7) | 8.9 | 7.8 | – | – | (8.4) | 5.4 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 820,805 | 858,420 | 921,462 | (4) | (11) | 820,805 | 921,462 | (11) | |||||||||
Risk-weighted assets 2 | 289,946 | 284,622 | 284,248 | 2 | 2 | 289,946 | 284,248 | 2 | |||||||||
Leverage exposure 2 | 987,628 | 1,044,869 | 1,149,656 | (5) | (14) | 987,628 | 1,149,656 | (14) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 48,200 | 48,100 | 45,800 | 0 | 5 | 48,200 | 45,800 | 5 | |||||||||
1
Based on tangible shareholders' equity attributable to shareholders, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity attributable to shareholders. Management believes that the return on tangible shareholders' equity attributable to shareholders is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired.
|
|||||||||||||||||
2
Disclosed on a look-through basis.
|
Credit Suisse and Core Results | |||||||||||||||||||
Core Results | Strategic Resolution Unit | Credit Suisse | |||||||||||||||||
in | 4Q15 | 3Q15 | 4Q14 | 4Q15 | 3Q15 | 4Q14 | 4Q15 | 3Q15 | 4Q14 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 4,189 | 5,995 | 6,419 | 21 | (10) | (47) | 4,210 | 5,985 | 6,372 | ||||||||||
Provision for credit losses | 40 | 89 | 55 | 93 | 21 | 20 | 133 | 110 | 75 | ||||||||||
Compensation and benefits | 2,912 | 2,242 | 2,332 | 237 | 265 | 289 | 3,149 | 2,507 | 2,621 | ||||||||||
General and administrative expenses | 2,189 | 1,797 | 1,670 | 619 | 303 | 692 | 2,808 | 2,100 | 2,362 | ||||||||||
Commission expenses | 368 | 375 | 379 | 41 | 41 | 43 | 409 | 416 | 422 | ||||||||||
Goodwill impairment | 3,797 | 0 | 0 | 0 | 0 | 0 | 3,797 | 0 | 0 | ||||||||||
Restructuring expenses | 202 | – | – | 153 | – | – | 355 | – | – | ||||||||||
Total other operating expenses | 6,556 | 2,172 | 2,049 | 813 | 344 | 735 | 7,369 | 2,516 | 2,784 | ||||||||||
Total operating expenses | 9,468 | 4,414 | 4,381 | 1,050 | 609 | 1,024 | 10,518 | 5,023 | 5,405 | ||||||||||
Income/(loss) before taxes | (5,319) | 1,492 | 1,983 | (1,122) | (640) | (1,091) | (6,441) | 852 | 892 |
Core Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 4,189 | 5,995 | 6,419 | (30) | (35) | 23,384 | 25,074 | (7) | |||||||||
Provision for credit losses | 40 | 89 | 55 | (55) | (27) | 192 | 153 | 25 | |||||||||
Compensation and benefits | 2,912 | 2,242 | 2,332 | 30 | 25 | 10,529 | 10,252 | 3 | |||||||||
General and administrative expenses | 2,189 | 1,797 | 1,670 | 22 | 31 | 7,112 | 6,086 | 17 | |||||||||
Commission expenses | 368 | 375 | 379 | (2) | (3) | 1,464 | 1,383 | 6 | |||||||||
Goodwill impairment | 3,797 | 0 | 0 | – | – | 3,797 | 0 | – | |||||||||
Restructuring expenses | 202 | – | – | – | – | 202 | – | – | |||||||||
Total other operating expenses | 6,556 | 2,172 | 2,049 | 202 | 220 | 12,575 | 7,469 | 68 | |||||||||
Total operating expenses | 9,468 | 4,414 | 4,381 | 114 | 116 | 23,104 | 17,721 | 30 | |||||||||
Income/(loss) before taxes | (5,319) | 1,492 | 1,983 | – | – | 88 | 7,200 | (99) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (48.9) | 13.3 | 17.0 | – | – | 0.2 | 15.5 | – | |||||||||
Cost/income ratio | 226.0 | 73.6 | 68.3 | – | – | 98.8 | 70.7 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 743,141 | 775,828 | 813,998 | (4) | (9) | 743,141 | 813,998 | (9) | |||||||||
Risk-weighted assets 1 | 228,308 | 222,986 | 219,176 | 2 | 4 | 228,308 | 219,176 | 4 | |||||||||
Leverage exposure 1 | 849,409 | 889,368 | 930,581 | (4) | (9) | 849,409 | 930,581 | (9) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 46,100 | 45,100 | 42,400 | 2 | 9 | 46,100 | 42,400 | 9 | |||||||||
1
Disclosed on a look-through basis.
|
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,470 | 1,320 | 1,709 | 11 | (14) | 5,563 | 5,721 | (3) | |||||||||
Provision for credit losses | 43 | 39 | 29 | 10 | 48 | 138 | 94 | 47 | |||||||||
Compensation and benefits | 524 | 451 | 474 | 16 | 11 | 1,915 | 1,835 | 4 | |||||||||
General and administrative expenses | 427 | 370 | 427 | 15 | 0 | 1,540 | 1,526 | 1 | |||||||||
Commission expenses | 70 | 66 | 72 | 6 | (3) | 272 | 290 | (6) | |||||||||
Restructuring expenses | 39 | – | – | – | – | 39 | – | – | |||||||||
Total other operating expenses | 536 | 436 | 499 | 23 | 7 | 1,851 | 1,816 | 2 | |||||||||
Total operating expenses | 1,060 | 887 | 973 | 20 | 9 | 3,766 | 3,651 | 3 | |||||||||
Income before taxes | 367 | 394 | 707 | (7) | (48) | 1,659 | 1,976 | (16) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 12.5 | 13.3 | 23.7 | – | – | 13.8 | 16.5 | – | |||||||||
Cost/income ratio | 72.1 | 67.2 | 56.9 | – | – | 67.7 | 63.8 | – | |||||||||
Number of employees and relationship managers | |||||||||||||||||
Number of employees (full-time equivalents) | 14,200 | 13,900 | 13,200 | 2 | 8 | 14,200 | 13,200 | 8 | |||||||||
Number of relationship managers | 2,060 | 2,040 | 2,070 | 1 | 0 | 2,060 | 2,070 | 0 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Private Banking | 953 | 839 | 1,249 | 14 | (24) | 3,633 | 3,914 | (7) | |||||||||
Corporate & Institutional Banking | 517 | 481 | 460 | 7 | 12 | 1,930 | 1,807 | 7 | |||||||||
Net revenues | 1,470 | 1,320 | 1,709 | 11 | (14) | 5,563 | 5,721 | (3) | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 753 | 708 | 601 | 6 | 25 | 2,757 | 2,377 | 16 | |||||||||
Recurring commissions and fees | 373 | 372 | 412 | 0 | (9) | 1,569 | 1,671 | (6) | |||||||||
Transaction-based revenues | 262 | 251 | 301 | 4 | (13) | 1,155 | 1,271 | (9) | |||||||||
Other revenues | 82 | (11) | 395 | – | (79) | 82 | 402 | (80) | |||||||||
Net revenues | 1,470 | 1,320 | 1,709 | 11 | (14) | 5,563 | 5,721 | (3) | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 60 | 57 | 46 | 5 | 30 | 205 | 163 | 26 | |||||||||
Releases of provisions | (17) | (18) | (17) | (6) | 0 | (67) | (69) | (3) | |||||||||
Provision for credit losses | 43 | 39 | 29 | 10 | 48 | 138 | 94 | 47 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 218,306 | 212,348 | 213,888 | 3 | 2 | 218,306 | 213,888 | 2 | |||||||||
Net loans | 163,912 | 163,813 | 164,755 | 0 | (1) | 163,912 | 164,755 | (1) | |||||||||
Risk-weighted assets | 59,869 | 58,654 | 57,291 | 2 | 4 | 59,869 | 57,291 | 4 | |||||||||
Leverage exposure | 235,700 | 231,921 | 238,856 | 2 | (1) | 235,700 | 238,856 | (1) |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 953 | 839 | 1,249 | 14 | (24) | 3,633 | 3,914 | (7) | |||||||||
Provision for credit losses | 14 | 14 | 10 | 0 | 40 | 49 | 60 | (18) | |||||||||
Compensation and benefits | 364 | 295 | 315 | 23 | 16 | 1,299 | 1,228 | 6 | |||||||||
General and administrative expenses | 328 | 285 | 336 | 15 | (2) | 1,198 | 1,193 | 0 | |||||||||
Commission expenses | 49 | 44 | 49 | 11 | 0 | 186 | 205 | (9) | |||||||||
Restructuring expenses | 32 | – | – | – | – | 32 | – | – | |||||||||
Total other operating expenses | 409 | 329 | 385 | 24 | 6 | 1,416 | 1,398 | 1 | |||||||||
Total operating expenses | 773 | 624 | 700 | 24 | 10 | 2,715 | 2,626 | 3 | |||||||||
Income before taxes | 166 | 201 | 539 | (17) | (69) | 869 | 1,228 | (29) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 81.1 | 74.4 | 56.0 | – | – | 74.7 | 67.1 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 465 | 452 | 375 | 3 | 24 | 1,770 | 1,493 | 19 | |||||||||
Recurring commissions and fees | 257 | 255 | 300 | 1 | (14) | 1,102 | 1,219 | (10) | |||||||||
Transaction-based revenues | 149 | 133 | 184 | 12 | (19) | 657 | 774 | (15) | |||||||||
Other revenues | 82 | (1) | 390 | – | (79) | 104 | 428 | (76) | |||||||||
Net revenues | 953 | 839 | 1,249 | 14 | (24) | 3,633 | 3,914 | (7) | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 157 | 138 | 193 | – | – | 146 | 153 | – | |||||||||
Net margin 2 | 27 | 33 | 83 | – | – | 35 | 48 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,570 | 1,570 | 1,590 | 0 | (1) | 1,570 | 1,590 | (1) | |||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 517 | 481 | 460 | 7 | 12 | 1,930 | 1,807 | 7 | |||||||||
Provision for credit losses | 29 | 25 | 19 | 16 | 53 | 89 | 34 | 162 | |||||||||
Compensation and benefits | 160 | 156 | 159 | 3 | 1 | 616 | 607 | 1 | |||||||||
General and administrative expenses | 99 | 85 | 91 | 16 | 9 | 342 | 333 | 3 | |||||||||
Commission expenses | 21 | 22 | 23 | (5) | (9) | 86 | 85 | 1 | |||||||||
Restructuring expenses | 7 | – | – | – | – | 7 | – | – | |||||||||
Total other operating expenses | 127 | 107 | 114 | 19 | 11 | 435 | 418 | 4 | |||||||||
Total operating expenses | 287 | 263 | 273 | 9 | 5 | 1,051 | 1,025 | 3 | |||||||||
Income before taxes | 201 | 193 | 168 | 4 | 20 | 790 | 748 | 6 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 55.5 | 54.7 | 59.3 | – | – | 54.5 | 56.7 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 288 | 256 | 226 | 13 | 27 | 987 | 884 | 12 | |||||||||
Recurring commissions and fees | 116 | 117 | 112 | (1) | 4 | 467 | 452 | 3 | |||||||||
Transaction-based revenues | 113 | 118 | 117 | (4) | (3) | 498 | 497 | 0 | |||||||||
Other revenues | 0 | (10) | 5 | 100 | (100) | (22) | (26) | (15) | |||||||||
Net revenues | 517 | 481 | 460 | 7 | 12 | 1,930 | 1,807 | 7 | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers (Switzerland) | 490 | 470 | 480 | 4 | 2 | 490 | 480 | 2 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,146 | 1,050 | 1,350 | 9 | (15) | 4,394 | 4,751 | (8) | |||||||||
Provision for credit losses | (8) | 11 | 7 | – | – | 3 | 12 | (75) | |||||||||
Compensation and benefits | 528 | 470 | 547 | 12 | (3) | 2,044 | 2,138 | (4) | |||||||||
General and administrative expenses | 556 | 319 | 303 | 74 | 83 | 1,373 | 1,107 | 24 | |||||||||
Commission expenses | 57 | 58 | 70 | (2) | (19) | 232 | 282 | (18) | |||||||||
Restructuring expenses | 33 | – | – | – | – | 33 | – | – | |||||||||
Total other operating expenses | 646 | 377 | 373 | 71 | 73 | 1,638 | 1,389 | 18 | |||||||||
Total operating expenses | 1,174 | 847 | 920 | 39 | 28 | 3,682 | 3,527 | 4 | |||||||||
Income/(loss) before taxes | (20) | 192 | 423 | – | – | 709 | 1,212 | (42) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (1.7) | 17.0 | 37.7 | – | – | 15.5 | 27.0 | – | |||||||||
Cost/income ratio | 102.4 | 80.7 | 68.1 | – | – | 83.8 | 74.2 | – | |||||||||
Number of employees and relationship managers | |||||||||||||||||
Number of employees (full-time equivalents) | 9,100 | 8,900 | 8,700 | 2 | 5 | 9,100 | 8,700 | 5 | |||||||||
Number of relationship managers | 1,190 | 1,200 | 1,200 | (1) | (1) | 1,190 | 1,200 | (1) |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Private Banking | 782 | 742 | 867 | 5 | (10) | 3,066 | 3,127 | (2) | |||||||||
Asset Management | 364 | 308 | 483 | 18 | (25) | 1,328 | 1,624 | (18) | |||||||||
Net revenues | 1,146 | 1,050 | 1,350 | 9 | (15) | 4,394 | 4,751 | (8) | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 275 | 259 | 237 | 6 | 16 | 1,006 | 904 | 11 | |||||||||
Recurring commissions and fees | 494 | 496 | 580 | 0 | (15) | 1,965 | 2,232 | (12) | |||||||||
Transaction- and performance-based revenues | 372 | 328 | 484 | 13 | (23) | 1,449 | 1,554 | (7) | |||||||||
Other revenues | 5 | (33) | 49 | – | (90) | (26) | 61 | – | |||||||||
Net revenues | 1,146 | 1,050 | 1,350 | 9 | (15) | 4,394 | 4,751 | (8) | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 16 | 14 | 9 | 14 | 78 | 37 | 18 | 106 | |||||||||
Releases of provisions | (24) | (3) | (2) | – | – | (34) | (6) | 467 | |||||||||
Provision for credit losses | (8) | 11 | 7 | – | – | 3 | 12 | (75) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 94,033 | 86,700 | 92,466 | 8 | 2 | 94,033 | 92,466 | 2 | |||||||||
Net loans | 39,464 | 40,276 | 38,702 | (2) | 2 | 39,464 | 38,702 | 2 | |||||||||
Risk-weighted assets | 32,407 | 31,305 | 31,471 | 4 | 3 | 32,407 | 31,471 | 3 | |||||||||
Leverage exposure | 99,112 | 91,333 | 84,369 | 9 | 17 | 99,112 | 84,369 | 17 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 782 | 742 | 867 | 5 | (10) | 3,066 | 3,127 | (2) | |||||||||
Provision for credit losses | (8) | 11 | 7 | – | – | 3 | 12 | (75) | |||||||||
Compensation and benefits | 331 | 313 | 357 | 6 | (7) | 1,343 | 1,373 | (2) | |||||||||
General and administrative expenses | 445 | 225 | 204 | 98 | 118 | 996 | 755 | 32 | |||||||||
Commission expenses | 40 | 42 | 49 | (5) | (18) | 168 | 192 | (13) | |||||||||
Restructuring expenses | 30 | – | – | – | – | 30 | – | – | |||||||||
Total other operating expenses | 515 | 267 | 253 | 93 | 104 | 1,194 | 947 | 26 | |||||||||
Total operating expenses | 846 | 580 | 610 | 46 | 39 | 2,537 | 2,320 | 9 | |||||||||
Income/(loss) before taxes | (56) | 151 | 250 | – | – | 526 | 795 | (34) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 108.2 | 78.2 | 70.4 | – | – | 82.7 | 74.2 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 275 | 259 | 237 | 6 | 16 | 1,006 | 904 | 11 | |||||||||
Recurring commissions and fees | 283 | 292 | 334 | (3) | (15) | 1,161 | 1,276 | (9) | |||||||||
Transaction- and performance-based revenues | 214 | 192 | 219 | 11 | (2) | 891 | 871 | 2 | |||||||||
Other revenues | 10 | (1) | 77 | – | (87) | 8 | 76 | (89) | |||||||||
Net revenues | 782 | 742 | 867 | 5 | (10) | 3,066 | 3,127 | (2) | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 106 | 101 | 108 | – | – | 102 | 101 | – | |||||||||
Net margin 2 | (8) | 20 | 31 | – | – | 17 | 26 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,190 | 1,200 | 1,200 | (1) | (1) | 1,190 | 1,200 | (1) | |||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 364 | 308 | 483 | 18 | (25) | 1,328 | 1,624 | (18) | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Compensation and benefits | 197 | 157 | 190 | 25 | 4 | 701 | 765 | (8) | |||||||||
General and administrative expenses | 111 | 94 | 99 | 18 | 12 | 377 | 352 | 7 | |||||||||
Commission expenses | 17 | 16 | 21 | 6 | (19) | 64 | 90 | (29) | |||||||||
Restructuring expenses | 3 | – | – | – | – | 3 | – | – | |||||||||
Total other operating expenses | 131 | 110 | 120 | 19 | 9 | 444 | 442 | 0 | |||||||||
Total operating expenses | 328 | 267 | 310 | 23 | 6 | 1,145 | 1,207 | (5) | |||||||||
Income before taxes | 36 | 41 | 173 | (12) | (79) | 183 | 417 | (56) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 90.1 | 86.7 | 64.2 | – | – | 86.2 | 74.3 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Recurring commissions and fees | 211 | 204 | 246 | 3 | (14) | 804 | 956 | (16) | |||||||||
Transaction- and performance-based revenues | 158 | 136 | 265 | 16 | (40) | 558 | 683 | (18) | |||||||||
Other revenues | (5) | (32) | (28) | (84) | (82) | (34) | (15) | 127 | |||||||||
Net revenues | 364 | 308 | 483 | 18 | (25) | 1,328 | 1,624 | (18) | |||||||||
Net revenue detail by type (CHF million) | |||||||||||||||||
Traditional investments | 130 | 134 | 126 | (3) | 3 | 537 | 543 | (1) | |||||||||
Alternative investments | 234 | 174 | 357 | 34 | (34) | 791 | 1,081 | (27) | |||||||||
Net revenues | 364 | 308 | 483 | 18 | (25) | 1,328 | 1,624 | (18) |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 826 | 885 | 736 | (7) | 12 | 3,839 | 3,335 | 15 | |||||||||
Provision for credit losses | 3 | 24 | 5 | (88) | (40) | 35 | 40 | (13) | |||||||||
Compensation and benefits | 390 | 404 | 349 | (3) | 12 | 1,557 | 1,425 | 9 | |||||||||
General and administrative expenses | 225 | 207 | 188 | 9 | 20 | 790 | 721 | 10 | |||||||||
Commission expenses | 66 | 88 | 72 | (25) | (8) | 321 | 249 | 29 | |||||||||
Goodwill impairment | 756 | 0 | 0 | – | – | 756 | 0 | – | |||||||||
Restructuring expenses | 3 | – | – | – | – | 3 | – | – | |||||||||
Total other operating expenses | 1,050 | 295 | 260 | 256 | 304 | 1,870 | 970 | 93 | |||||||||
Total operating expenses | 1,440 | 699 | 609 | 106 | 136 | 3,427 | 2,395 | 43 | |||||||||
Income/(loss) before taxes | (617) | 162 | 122 | – | – | 377 | 900 | (58) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (49.6) | 12.5 | 7.1 | – | – | 6.7 | 13.1 | – | |||||||||
Cost/income ratio | 174.3 | 79.0 | 82.7 | – | – | 89.3 | 71.8 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 6,700 | 6,400 | 5,900 | 5 | 14 | 6,700 | 5,900 | 14 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Net revenues (CHF million) | |||||||||||||||||
Private Banking | 271 | 303 | 273 | (11) | (1) | 1,178 | 1,037 | 14 | |||||||||
Investment Banking | 555 | 582 | 463 | (5) | 20 | 2,661 | 2,298 | 16 | |||||||||
Net revenues | 826 | 885 | 736 | (7) | 12 | 3,839 | 3,335 | 15 | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 23 | 37 | 7 | (38) | 229 | 74 | 50 | 48 | |||||||||
Releases of provisions | (20) | (13) | (2) | 54 | – | (39) | (10) | 290 | |||||||||
Provision for credit losses | 3 | 24 | 5 | (88) | (40) | 35 | 40 | (13) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 85,929 | 86,995 | 105,574 | (1) | (19) | 85,929 | 105,574 | (19) | |||||||||
Risk-weighted assets | 27,624 | 27,054 | 27,139 | 2 | 2 | 27,624 | 27,139 | 2 | |||||||||
Leverage exposure | 98,698 | 100,402 | 137,843 | (2) | (28) | 98,698 | 137,843 | (28) |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 271 | 303 | 273 | (11) | (1) | 1,178 | 1,037 | 14 | |||||||||
Provision for credit losses | (5) | 24 | 2 | – | – | 18 | 4 | 350 | |||||||||
Compensation and benefits | 139 | 132 | 128 | 5 | 9 | 522 | 455 | 15 | |||||||||
General and administrative expenses | 78 | 64 | 65 | 22 | 20 | 244 | 228 | 7 | |||||||||
Commission expenses | 10 | 14 | 11 | (29) | (9) | 49 | 40 | 23 | |||||||||
Restructuring expenses | 1 | – | – | – | – | 1 | – | – | |||||||||
Total other operating expenses | 89 | 78 | 76 | 14 | 17 | 294 | 268 | 10 | |||||||||
Total operating expenses | 228 | 210 | 204 | 9 | 12 | 816 | 723 | 13 | |||||||||
Income before taxes | 48 | 69 | 67 | (30) | (28) | 344 | 310 | 11 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 84.1 | 69.3 | 74.7 | – | – | 69.3 | 69.7 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 131 | 114 | 96 | 15 | 36 | 445 | 389 | 14 | |||||||||
Recurring commissions and fees | 60 | 65 | 69 | (8) | (13) | 260 | 237 | 10 | |||||||||
Transaction-based revenues | 84 | 103 | 107 | (18) | (21) | 456 | 411 | 11 | |||||||||
Other revenues | (4) | 21 | 1 | – | – | 17 | 0 | – | |||||||||
Net revenues | 271 | 303 | 273 | (11) | (1) | 1,178 | 1,037 | 14 | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 72 | 84 | 73 | – | – | 79 | 76 | – | |||||||||
Net margin 2 | 13 | 19 | 18 | – | – | 23 | 23 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 590 | 550 | 520 | 7 | 13 | 590 | 520 | 13 | |||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 555 | 582 | 463 | (5) | 20 | 2,661 | 2,298 | 16 | |||||||||
Provision for credit losses | 8 | 0 | 3 | – | 167 | 17 | 36 | (53) | |||||||||
Compensation and benefits | 251 | 272 | 221 | (8) | 14 | 1,035 | 970 | 7 | |||||||||
General and administrative expenses | 147 | 143 | 123 | 3 | 20 | 546 | 493 | 11 | |||||||||
Commission expenses | 56 | 74 | 61 | (24) | (8) | 272 | 209 | 30 | |||||||||
Goodwill impairment | 756 | 0 | 0 | – | – | 756 | 0 | – | |||||||||
Restructuring expenses | 2 | – | – | – | – | 2 | – | – | |||||||||
Total other operating expenses | 961 | 217 | 184 | 343 | 422 | 1,576 | 702 | 125 | |||||||||
Total operating expenses | 1,212 | 489 | 405 | 148 | 199 | 2,611 | 1,672 | 56 | |||||||||
Income/(loss) before taxes | (665) | 93 | 55 | – | – | 33 | 590 | (94) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 218.4 | 84.0 | 87.5 | – | – | 98.1 | 72.8 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Fixed income sales and trading | 139 | 98 | 78 | 42 | 78 | 608 | 653 | (7) | |||||||||
Equity sales and trading | 379 | 452 | 331 | (16) | 15 | 1,872 | 1,383 | 35 | |||||||||
Underwriting and advisory | 80 | 58 | 90 | 38 | (11) | 292 | 397 | (26) | |||||||||
Other revenues | (43) | (26) | (36) | 65 | 19 | (111) | (135) | (18) | |||||||||
Net revenues | 555 | 582 | 463 | (5) | 20 | 2,661 | 2,298 | 16 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,127 | 1,634 | 1,779 | (31) | (37) | 7,391 | 8,613 | (14) | |||||||||
Provision for credit losses | (1) | 14 | 11 | – | – | 13 | 7 | 86 | |||||||||
Compensation and benefits | 968 | 621 | 691 | 56 | 40 | 3,418 | 3,332 | 3 | |||||||||
General and administrative expenses | 722 | 682 | 561 | 6 | 29 | 2,546 | 2,063 | 23 | |||||||||
Commission expenses | 146 | 148 | 151 | (1) | (3) | 592 | 554 | 7 | |||||||||
Goodwill impairment | 2,661 | 0 | 0 | – | – | 2,661 | 0 | – | |||||||||
Restructuring expenses | 105 | – | – | – | – | 105 | – | – | |||||||||
Total other operating expenses | 3,634 | 830 | 712 | 338 | 410 | 5,904 | 2,617 | 126 | |||||||||
Total operating expenses | 4,602 | 1,451 | 1,403 | 217 | 228 | 9,322 | 5,949 | 57 | |||||||||
Income/(loss) before taxes | (3,474) | 169 | 365 | – | – | (1,944) | 2,657 | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (83.4) | 3.7 | 7.2 | – | – | (10.0) | 14.0 | – | |||||||||
Cost/income ratio | 408.3 | 88.8 | 78.9 | – | – | 126.1 | 69.1 | – | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Total assets | 262,201 | 291,978 | 365,580 | (10) | (28) | 262,201 | 365,580 | (28) | |||||||||
Risk-weighted assets | 73,706 | 72,690 | 73,280 | 1 | 1 | 73,706 | 73,280 | 1 | |||||||||
Risk-weighted assets (USD) | 74,514 | 74,394 | 74,048 | 0 | 1 | 74,514 | 74,048 | 1 | |||||||||
Leverage exposure | 313,315 | 348,096 | 412,316 | (10) | (24) | 313,315 | 412,316 | (24) | |||||||||
Leverage exposure (USD) | 316,752 | 356,254 | 416,639 | (11) | (24) | 316,752 | 416,639 | (24) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 13,000 | 12,800 | 11,900 | 2 | 9 | 13,000 | 11,900 | 9 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Fixed income sales and trading | 303 | 796 | 783 | (62) | (61) | 3,815 | 4,743 | (20) | |||||||||
Equity sales and trading | 602 | 689 | 810 | (13) | (26) | 2,787 | 2,969 | (6) | |||||||||
Underwriting | 281 | 212 | 222 | 33 | 27 | 994 | 1,098 | (9) | |||||||||
Other | (59) | (63) | (36) | (6) | 64 | (205) | (197) | 4 | |||||||||
Net revenues | 1,127 | 1,634 | 1,779 | (31) | (37) | 7,391 | 8,613 | (14) |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 403 | 379 | 504 | 6 | (20) | 1,752 | 2,106 | (17) | |||||||||
Provision for credit losses | 3 | 0 | 0 | – | – | 3 | (2) | – | |||||||||
Compensation and benefits | 368 | 227 | 246 | 62 | 50 | 1,266 | 1,188 | 7 | |||||||||
General and administrative expenses | 127 | 107 | 118 | 19 | 8 | 432 | 409 | 6 | |||||||||
Commission expenses | 0 | 1 | 1 | (100) | (100) | 2 | 3 | (33) | |||||||||
Goodwill impairment | 380 | 0 | 0 | – | – | 380 | 0 | – | |||||||||
Restructuring expenses | 22 | – | – | – | – | 22 | – | – | |||||||||
Total other operating expenses | 529 | 108 | 119 | 390 | 345 | 836 | 412 | 103 | |||||||||
Total operating expenses | 897 | 335 | 365 | 168 | 146 | 2,102 | 1,600 | 31 | |||||||||
Income/(loss) before taxes | (497) | 44 | 139 | – | – | (353) | 508 | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (78.4) | 7.3 | 26.8 | – | – | (15.0) | 26.2 | – | |||||||||
Cost/income ratio | 222.6 | 88.4 | 72.4 | – | – | 120.0 | 76.0 | – | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Total assets | 19,800 | 13,921 | 14,928 | 42 | 33 | 19,800 | 14,928 | 33 | |||||||||
Risk-weighted assets | 17,824 | 17,539 | 13,870 | 2 | 29 | 17,824 | 13,870 | 29 | |||||||||
Risk-weighted assets (USD) | 18,020 | 17,950 | 14,015 | 0 | 29 | 18,020 | 14,015 | 29 | |||||||||
Leverage exposure | 42,861 | 37,731 | 42,017 | 14 | 2 | 42,861 | 42,017 | 2 | |||||||||
Leverage exposure (USD) | 43,331 | 38,615 | 42,457 | 12 | 2 | 43,331 | 42,457 | 2 | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 2,800 | 2,800 | 2,400 | 0 | 17 | 2,800 | 2,400 | 17 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Debt underwriting | 163 | 219 | 202 | (26) | (19) | 852 | 1,064 | (20) | |||||||||
Equity underwriting | 102 | 52 | 148 | 96 | (31) | 376 | 494 | (24) | |||||||||
Total underwriting | 265 | 271 | 350 | (2) | (24) | 1,228 | 1,558 | (21) | |||||||||
Advisory and other fees | 251 | 155 | 190 | 62 | 32 | 705 | 584 | 21 | |||||||||
Other | (113) | (47) | (36) | 140 | 214 | (181) | (36) | 403 | |||||||||
Net revenues | 403 | 379 | 504 | 6 | (20) | 1,752 | 2,106 | (17) |
in 4Q15 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
||||||||
Related to private banking (CHF million) | |||||||||||||||
Net revenues | 953 | 782 | 271 | – | – | – | 2,006 | ||||||||
of which net interest income | 465 | 275 | 131 | – | – | – | 871 | ||||||||
of which recurring | 257 | 283 | 60 | – | – | – | 600 | ||||||||
of which transaction-based | 149 | 214 | 84 | – | – | – | 447 | ||||||||
Provision for credit losses | 14 | (8) | (5) | – | – | – | 1 | ||||||||
Total operating expenses | 773 | 846 | 228 | – | – | – | 1,847 | ||||||||
Income/(loss) before taxes | 166 | (56) | 48 | – | – | – | 158 | ||||||||
Related to corporate & institutional banking (CHF million) | |||||||||||||||
Net revenues | 517 | – | – | – | – | – | 517 | ||||||||
of which net interest income | 288 | – | – | – | – | – | 288 | ||||||||
of which recurring | 116 | – | – | – | – | – | 116 | ||||||||
of which transaction-based | 113 | – | – | – | – | – | 113 | ||||||||
Provision for credit losses | 29 | – | – | – | – | – | 29 | ||||||||
Total operating expenses | 287 | – | – | – | – | – | 287 | ||||||||
Income before taxes | 201 | – | – | – | – | – | 201 | ||||||||
Related to investment banking (CHF million) | |||||||||||||||
Net revenues | – | – | 555 | 1,127 | 403 | – | 2,085 | ||||||||
of which fixed income sales and trading | – | – | 139 | 303 | – | – | 442 | ||||||||
of which equity sales and trading | – | – | 379 | 602 | – | – | 981 | ||||||||
of which underwriting and advisory | – | – | 80 | 281 | 516 | – | 877 | ||||||||
Provision for credit losses | – | – | 8 | (1) | 3 | – | 10 | ||||||||
Total operating expenses | – | – | 1,212 | 4,602 | 897 | – | 6,711 | ||||||||
Loss before taxes | – | – | (665) | (3,474) | (497) | – | (4,636) | ||||||||
Related to asset management (CHF million) | |||||||||||||||
Net revenues | – | 364 | – | – | – | – | 364 | ||||||||
Provision for credit losses | – | 0 | – | – | – | – | 0 | ||||||||
Total operating expenses | – | 328 | – | – | – | – | 328 | ||||||||
Income before taxes | – | 36 | – | – | – | – | 36 | ||||||||
Related to corporate center (CHF million) | |||||||||||||||
Net revenues | – | – | – | – | – | (783) | (783) | ||||||||
Provision for credit losses | – | – | – | – | – | 0 | 0 | ||||||||
Total operating expenses | – | – | – | – | – | 295 | 295 | ||||||||
Loss before taxes | – | – | – | – | – | (1,078) | (1,078) | ||||||||
Total (CHF million) | |||||||||||||||
Net revenues | 1,470 | 1,146 | 826 | 1,127 | 403 | (783) | 4,189 | ||||||||
Provision for credit losses | 43 | (8) | 3 | (1) | 3 | 0 | 40 | ||||||||
Total operating expenses | 1,060 | 1,174 | 1,440 | 4,602 | 897 | 295 | 9,468 | ||||||||
Income/(loss) before taxes | 367 | (20) | (617) | (3,474) | (497) | (1,078) | (5,319) |
Core Results by business activity (continued) | |||||||||||||||
in 2015 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
||||||||
Related to private banking (CHF million) | |||||||||||||||
Net revenues | 3,633 | 3,066 | 1,178 | – | – | – | 7,877 | ||||||||
of which net interest income | 1,770 | 1,006 | 445 | – | – | – | 3,221 | ||||||||
of which recurring | 1,102 | 1,161 | 260 | – | – | – | 2,523 | ||||||||
of which transaction-based | 657 | 891 | 456 | – | – | – | 2,004 | ||||||||
Provision for credit losses | 49 | 3 | 18 | – | – | – | 70 | ||||||||
Total operating expenses | 2,715 | 2,537 | 816 | – | – | – | 6,068 | ||||||||
Income before taxes | 869 | 526 | 344 | – | – | – | 1,739 | ||||||||
Related to corporate & institutional banking (CHF million) | |||||||||||||||
Net revenues | 1,930 | – | – | – | – | – | 1,930 | ||||||||
of which net interest income | 987 | – | – | – | – | – | 987 | ||||||||
of which recurring | 467 | – | – | – | – | – | 467 | ||||||||
of which transaction-based | 498 | – | – | – | – | – | 498 | ||||||||
Provision for credit losses | 89 | – | – | – | – | – | 89 | ||||||||
Total operating expenses | 1,051 | – | – | – | – | – | 1,051 | ||||||||
Income before taxes | 790 | – | – | – | – | – | 790 | ||||||||
Related to investment banking (CHF million) | |||||||||||||||
Net revenues | – | – | 2,661 | 7,391 | 1,752 | – | 11,804 | ||||||||
of which fixed income sales and trading | – | – | 608 | 3,815 | – | – | 4,423 | ||||||||
of which equity sales and trading | – | – | 1,872 | 2,787 | – | – | 4,659 | ||||||||
of which underwriting and advisory | – | – | 292 | 994 | 1,933 | – | 3,219 | ||||||||
Provision for credit losses | – | – | 17 | 13 | 3 | – | 33 | ||||||||
Total operating expenses | – | – | 2,611 | 9,322 | 2,102 | – | 14,035 | ||||||||
Income/(loss) before taxes | – | – | 33 | (1,944) | (353) | – | (2,264) | ||||||||
Related to asset management (CHF million) | |||||||||||||||
Net revenues | – | 1,328 | – | – | – | – | 1,328 | ||||||||
Provision for credit losses | – | 0 | – | – | – | – | 0 | ||||||||
Total operating expenses | – | 1,145 | – | – | – | – | 1,145 | ||||||||
Income before taxes | – | 183 | – | – | – | – | 183 | ||||||||
Related to corporate center (CHF million) | |||||||||||||||
Net revenues | – | – | – | – | – | 445 | 445 | ||||||||
Provision for credit losses | – | – | – | – | – | 0 | 0 | ||||||||
Total operating expenses | – | – | – | – | – | 805 | 805 | ||||||||
Loss before taxes | – | – | – | – | – | (360) | (360) | ||||||||
Total (CHF million) | |||||||||||||||
Net revenues | 5,563 | 4,394 | 3,839 | 7,391 | 1,752 | 445 | 23,384 | ||||||||
Provision for credit losses | 138 | 3 | 35 | 13 | 3 | 0 | 192 | ||||||||
Total operating expenses | 3,766 | 3,682 | 3,427 | 9,322 | 2,102 | 805 | 23,104 | ||||||||
Income/(loss) before taxes | 1,659 | 709 | 377 | (1,944) | (353) | (360) | 88 |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 21 | (10) | (47) | – | – | 413 | 1,168 | (65) | |||||||||
of which from noncontrolling interests without SEI | 20 | 3 | (4) | – | – | 11 | 427 | (97) | |||||||||
Provision for credit losses | 93 | 21 | 20 | 343 | 365 | 132 | 33 | 300 | |||||||||
Compensation and benefits | 237 | 265 | 289 | (11) | (18) | 1,017 | 1,082 | (6) | |||||||||
General and administrative expenses | 619 | 303 | 692 | 104 | (11) | 1,462 | 3,448 | (58) | |||||||||
of which litigation expenses | 292 | 61 | 427 | 379 | (32) | 414 | 2,535 | (84) | |||||||||
Commission expenses | 41 | 41 | 43 | 0 | (5) | 159 | 178 | (11) | |||||||||
Restructuring expenses | 153 | – | – | – | – | 153 | – | – | |||||||||
Total other operating expenses | 813 | 344 | 735 | 136 | 11 | 1,774 | 3,626 | (51) | |||||||||
Total operating expenses | 1,050 | 609 | 1,024 | 72 | 3 | 2,791 | 4,708 | (41) | |||||||||
of which from noncontrolling interests without SEI | 5 | 12 | 5 | (58) | 0 | 22 | 32 | (31) | |||||||||
Loss before taxes | (1,122) | (640) | (1,091) | 75 | 3 | (2,510) | (3,573) | (30) | |||||||||
of which from noncontrolling interests without SEI | 15 | (9) | (9) | – | – | (11) | 395 | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (51.0) | (29.3) | (39.8) | – | – | (28.2) | (32.6) | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 77,664 | 82,592 | 107,464 | (6) | (28) | 77,664 | 107,464 | (28) | |||||||||
Risk-weighted assets | 61,638 | 61,636 | 65,072 | 0 | (5) | 61,638 | 65,072 | (5) | |||||||||
Leverage exposure | 138,219 | 155,501 | 219,075 | (11) | (37) | 138,219 | 219,075 | (37) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 2,100 | 3,000 | 3,400 | (30) | (38) | 2,100 | 3,400 | (38) | |||||||||
Significant economic interest (SEI)
|
in | % change | in | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Restructuring of select onshore businesses | 176 | 192 | 190 | (8) | (7) | 758 | 910 | (17) | |||||||||
Legacy cross-border business and small markets | 69 | 71 | 91 | (3) | (24) | 292 | 403 | (28) | |||||||||
Restructuring of former Asset Management division | (63) | (18) | (30) | 250 | 110 | (108) | 167 | – | |||||||||
Legacy investment banking portfolio | (136) | (220) | (261) | (38) | (48) | (380) | (388) | (2) | |||||||||
Legacy funding costs | (67) | (61) | (56) | 10 | 20 | (250) | (219) | 14 | |||||||||
Other | 22 | 23 | 23 | (4) | (4) | 90 | (132) | – | |||||||||
Noncontrolling interests without SEI | 20 | 3 | (4) | – | – | 11 | 427 | (97) | |||||||||
Net revenues | 21 | (10) | (47) | – | – | 413 | 1,168 | (65) |
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | (783) | 727 | 341 | – | – | 445 | 548 | (19) | |||||||||
Provision for credit losses | 0 | 1 | 3 | (100) | (100) | 0 | 2 | (100) | |||||||||
Compensation and benefits | 134 | 69 | 25 | 94 | 436 | 329 | 334 | (1) | |||||||||
General and administrative expenses | 132 | 112 | 73 | 18 | 81 | 431 | 260 | 66 | |||||||||
Commission expenses | 29 | 14 | 13 | 107 | 123 | 45 | 5 | – | |||||||||
Total other operating expenses | 161 | 126 | 86 | 28 | 87 | 476 | 265 | 80 | |||||||||
Total operating expenses | 295 | 195 | 111 | 51 | 166 | 805 | 599 | 34 | |||||||||
Income/(loss) before taxes | (1,078) | 531 | 227 | – | – | (360) | (53) | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 62,872 | 83,886 | 21,562 | (25) | 192 | 62,872 | 21,562 | 192 | |||||||||
Risk-weighted assets 1 | 16,878 | 15,744 | 16,125 | 7 | 5 | 16,878 | 16,125 | 5 | |||||||||
Leverage exposure 1 | 59,723 | 79,885 | 15,180 | (25) | 293 | 59,723 | 15,180 | 293 | |||||||||
1
Disclosed on a look-through basis.
|
Corporate Center results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Treasury results | (115) | 74 | 15 | – | – | 69 | (78) | – | |||||||||
Fair value impact from movements in own credit spreads | (697) | 623 | 297 | – | – | 298 | 543 | (45) | |||||||||
Other | 29 | 30 | 29 | (3) | 0 | 78 | 83 | (6) | |||||||||
Net revenues | (783) | 727 | 341 | – | – | 445 | 548 | (19) |
Corporate Center – expenses before and after service allocation to divisions | |||||||||||||||||
in | % change | in | % change | ||||||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | 2015 | 2014 | YoY | ||||||||||
Statements of expenses (CHF million) | |||||||||||||||||
Compensation and benefits | 861 | 711 | 761 | 21 | 13 | 3,020 | 3,030 | 0 | |||||||||
General and administrative expenses | 1,155 | 1,006 | 1,031 | 15 | 12 | 3,915 | 3,531 | 11 | |||||||||
Commission expenses | 29 | 14 | 13 | 107 | 123 | 45 | 5 | – | |||||||||
Restructuring expenses | 106 | – | – | – | – | 106 | – | – | |||||||||
Total other operating expenses | 1,290 | 1,020 | 1,044 | 26 | 24 | 4,066 | 3,536 | 15 | |||||||||
Total operating expenses before allocation to divisions | 2,151 | 1,731 | 1,805 | 24 | 19 | 7,086 | 6,566 | 8 | |||||||||
Net allocation to divisions | 1,856 | 1,536 | 1,694 | 21 | 10 | 6,281 | 5,967 | 5 | |||||||||
of which Swiss Universal Bank | 470 | 375 | 406 | 25 | 16 | 1,531 | 1,468 | 4 | |||||||||
of which International Wealth Management | 279 | 230 | 241 | 21 | 16 | 967 | 930 | 4 | |||||||||
of which Asia Pacific | 198 | 204 | 205 | (3) | (3) | 756 | 724 | 4 | |||||||||
of which Global Markets | 627 | 510 | 575 | 23 | 9 | 2,090 | 1,946 | 7 | |||||||||
of which Investment Banking & Capital Markets | 93 | 70 | 79 | 33 | 18 | 289 | 252 | 15 | |||||||||
of which Strategic Resolution Unit | 189 | 147 | 188 | 29 | 1 | 648 | 647 | 0 | |||||||||
Total operating expenses | 295 | 195 | 111 | 51 | 166 | 805 | 599 | 34 |
Assets under management – Group | |||||||||||
end of | % change | ||||||||||
4Q15 | 3Q15 | 4Q14 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Swiss Universal Bank - Private Banking | 241.0 | 237.1 | 258.6 | 1.6 | (6.8) | ||||||
Swiss Universal Bank - Corporate & Institutional Banking | 275.8 | 263.1 | 275.9 | 4.8 | 0.0 | ||||||
International Wealth Management - Private Banking | 289.6 | 286.5 | 323.7 | 1.1 | (10.5) | ||||||
International Wealth Management - Asset Management | 321.3 | 314.6 | 305.2 | 2.1 | 5.3 | ||||||
Asia Pacific - Private Banking | 150.4 | 139.1 | 150.5 | 8.1 | (0.1) | ||||||
Strategic Resolution Unit | 27.3 | 136.7 | 144.0 | (80.0) | (81.0) | ||||||
Assets managed across businesses 1 | (91.3) | (91.3) | (89.2) | 0.0 | 2.4 | ||||||
Assets under management | 1,214.1 | 1,285.8 | 1,368.7 | (5.6) | (11.3) | ||||||
of which discretionary assets | 410.1 | 433.5 | 429.1 | (5.4) | (4.4) | ||||||
of which advisory assets | 804.0 | 852.3 | 939.6 | (5.7) | (14.4) | ||||||
1
Assets managed by International Wealth Management – Asset Management for the other businesses.
|
in | 4Q15 | 3Q15 | 4Q14 | 2015 | 2014 | ||||||
Net new assets (CHF billion) | |||||||||||
Swiss Universal Bank - Private Banking | (2.9) | 3.1 | 0.1 | 3.2 | 3.8 | ||||||
Swiss Universal Bank - Corporate & Institutional Banking | 4.2 | 1.9 | 3.6 | 10.6 | 5.5 | ||||||
International Wealth Management - Private Banking | (4.2) | 1.7 | 2.0 | (3.0) | 7.3 | ||||||
International Wealth Management - Asset Management | 3.6 | 5.6 | (8.6) | 26.5 | 6.5 | ||||||
Asia Pacific - Private Banking | 3.0 | 3.7 | 1.6 | 17.8 | 17.5 | ||||||
Strategic Resolution Unit | (0.1) | 0.9 | (2.2) | (1.8) | (9.6) | ||||||
Assets managed across businesses 1 | 0.7 | (0.7) | 0.6 | (4.2) | (3.1) | ||||||
Net new assets | 4.3 | 16.2 | (2.9) | 49.1 | 27.9 | ||||||
of which continuing operations | 4.3 | 16.2 | (2.9) | 49.1 | 29.9 | ||||||
of which discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | (2.0) | ||||||
1
Assets managed by International Wealth Management – Asset Management for the other businesses.
|
BIS capital metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q15 | 3Q15 | 4Q14 | QoQ | 4Q15 | 3Q15 | 4Q14 | QoQ | |||||||||
Capital and risk-weighted assets (CHF million) | |||||||||||||||||
CET1 capital | 42,072 | 40,545 | 43,322 | 4 | 32,938 | 29,044 | 28,576 | 13 | |||||||||
Tier 1 capital | 53,063 | 48,656 | 49,804 | 9 | 44,601 | 40,568 | 39,892 | 10 | |||||||||
Total eligible capital | 62,682 | 58,413 | 60,751 | 7 | 51,425 | 47,408 | 46,876 | 8 | |||||||||
Risk-weighted assets | 294,950 | 290,122 | 291,410 | 2 | 289,946 | 284,622 | 284,248 | 2 | |||||||||
Capital ratios (%) | |||||||||||||||||
CET1 ratio | 14.3 | 14.0 | 14.9 | – | 11.4 | 10.2 | 10.1 | – | |||||||||
Tier 1 ratio | 18.0 | 16.8 | 17.1 | – | 15.4 | 14.3 | 14.0 | – | |||||||||
Total capital ratio | 21.3 | 20.1 | 20.8 | – | 17.7 | 16.7 | 16.5 | – |
Eligible capital – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q15 | 3Q15 | 4Q14 | QoQ | 4Q15 | 3Q15 | 4Q14 | QoQ | |||||||||
Eligible capital (CHF million) | |||||||||||||||||
Total shareholders' equity | 44,382 | 44,757 | 43,959 | (1) | 44,382 | 44,757 | 43,959 | (1) | |||||||||
Regulatory adjustments 1 | (459) | (206) | (375) | 123 | (459) | (206) | (375) | 123 | |||||||||
Adjustments subject to phase-in | (1,851) | 2 | (4,006) | (262) | (54) | (10,985) | (15,507) | (15,008) | (29) | ||||||||
CET1 capital | 42,072 | 40,545 | 43,322 | 4 | 32,938 | 29,044 | 28,576 | 13 | |||||||||
Additional tier 1 instruments | 11,663 | 3 | 11,524 | 11,316 | 1 | 11,663 | 11,524 | 11,316 | 1 | ||||||||
Additional tier 1 instruments subject to phase-out 4 | 2,616 | 2,546 | 2,473 | 3 | – | – | – | – | |||||||||
Deductions from additional tier 1 capital | (3,288) | 5 | (5,959) | (7,307) | (45) | – | – | – | – | ||||||||
Additional tier 1 capital | 10,991 | 8,111 | 6,482 | 36 | 11,663 | 11,524 | 11,316 | 1 | |||||||||
Tier 1 capital | 53,063 | 48,656 | 49,804 | 9 | 44,601 | 40,568 | 39,892 | 10 | |||||||||
Tier 2 instruments | 6,824 | 6 | 6,840 | 6,984 | 0 | 6,824 | 6,840 | 6,984 | 0 | ||||||||
Tier 2 instruments subject to phase-out | 2,970 | 3,086 | 4,190 | (4) | – | – | – | – | |||||||||
Deductions from tier 2 capital | (175) | (169) | (227) | 4 | – | – | – | – | |||||||||
Tier 2 capital | 9,619 | 9,757 | 10,947 | (1) | 6,824 | 6,840 | 6,984 | – | |||||||||
Total eligible capital | 62,682 | 58,413 | 60,751 | 7 | 51,425 | 47,408 | 46,876 | 8 | |||||||||
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend accrual.
|
|||||||||||||||||
2
Reflects 40% phase-in deductions, including goodwill, other intangible assets and certain deferred tax assets, and 60% of an adjustment primarily for the accounting treatment of pension plans pursuant to phase-in requirements.
|
|||||||||||||||||
3
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 6.6 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 5.1 billion consists of capital instruments with a capital ratio write-down trigger of 5.125%.
|
|||||||||||||||||
4
Includes hybrid capital instruments that are subject to phase-out.
|
|||||||||||||||||
5
Includes 60% of goodwill and other intangible assets (CHF 3.0 billion) and other capital deductions, including gains/(losses) due to changes in own credit risk on fair-valued financial liabilities, that will be deducted from CET1 once Basel III is fully implemented.
|
|||||||||||||||||
6
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 2.7 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 4.1 billion consists of capital instruments with a capital ratio write-down trigger of 5%.
|
Capital movement – Group | |||||
4Q15 |
Phase-in |
Look- through |
|||
CET1 capital (CHF million) | |||||
Balance at beginning of period | 40,545 | 29,044 | |||
Net loss attributable to shareholders | (5,828) | (5,828) | |||
Foreign exchange impact 1 | 205 | 111 | |||
Issuances 2 | 5,832 | 5,832 | |||
Reversal of goodwill and intangible assets, net of deferred tax liability | 1,514 | 3,784 | |||
Reversal of own credit on fair-valued financial liabilities | 288 | 720 | |||
Other | (484) | 3 | (725) | ||
Balance at end of period | 42,072 | 32,938 | |||
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
|
|||||
2
Represents issuances of CHF 6.0 billion, net of related fees and taxes recorded in additional paid-in-capital.
|
|||||
3
Includes the net effect of share-based compensation and pensions, the impact of a dividend accrual, which includes the assumption that 60% of the proposed dividend is distributed in shares and a change in other regulatory adjustments (e.g., certain deferred tax assets).
|
Risk-weighted assets – Group | |||||||||||||||||
Phase-in | |||||||||||||||||
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
Corporate Center |
Group |
||||||||||
4Q15 | |||||||||||||||||
Credit risk | 47,833 | 18,496 | 15,577 | 41,195 | 14,559 | 38,335 | 17,203 | 193,198 | |||||||||
Market risk | 658 | 725 | 5,170 | 19,247 | 83 | 3,747 | 169 | 29,799 | |||||||||
Operational risk | 11,056 | 12,932 | 6,812 | 13,206 | 3,182 | 19,250 | 0 | 66,438 | |||||||||
Non-counterparty risk | 322 | 254 | 65 | 58 | 0 | 306 | 4,510 | 5,515 | |||||||||
Risk-weighted assets | 59,869 | 32,407 | 27,624 | 73,706 | 17,824 | 61,638 | 21,882 | 294,950 | |||||||||
4Q14 | |||||||||||||||||
Credit risk | 46,789 | 19,557 | 14,372 | 39,728 | 12,284 | 41,553 | 18,380 | 192,663 | |||||||||
Market risk | 871 | 789 | 6,951 | 21,280 | 0 | 4,406 | 171 | 34,468 | |||||||||
Operational risk | 9,316 | 10,897 | 5,740 | 12,222 | 1,586 | 18,652 | 0 | 58,413 | |||||||||
Non-counterparty risk | 315 | 228 | 76 | 50 | 0 | 461 | 4,736 | 5,866 | |||||||||
Risk-weighted assets | 57,291 | 31,471 | 27,139 | 73,280 | 13,870 | 65,072 | 23,287 | 291,410 | |||||||||
Look-through | |||||||||||||||||
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
Corporate Center |
Group |
||||||||||
4Q15 (CHF million) | |||||||||||||||||
Credit risk | 47,833 | 18,496 | 15,577 | 41,195 | 14,559 | 38,335 | 12,199 | 188,194 | |||||||||
Market risk | 658 | 725 | 5,170 | 19,247 | 83 | 3,747 | 169 | 29,799 | |||||||||
Operational risk | 11,056 | 12,932 | 6,812 | 13,206 | 3,182 | 19,250 | 0 | 66,438 | |||||||||
Non-counterparty risk | 322 | 254 | 65 | 58 | 0 | 306 | 4,510 | 5,515 | |||||||||
Risk-weighted assets | 59,869 | 32,407 | 27,624 | 73,706 | 17,824 | 61,638 | 16,878 | 289,946 | |||||||||
4Q14 (CHF million) | |||||||||||||||||
Credit risk | 46,789 | 19,557 | 14,372 | 39,728 | 12,284 | 41,553 | 11,218 | 185,501 | |||||||||
Market risk | 871 | 789 | 6,951 | 21,280 | 0 | 4,406 | 171 | 34,468 | |||||||||
Operational risk | 9,316 | 10,897 | 5,740 | 12,222 | 1,586 | 18,652 | 0 | 58,413 | |||||||||
Non-counterparty risk | 315 | 228 | 76 | 50 | 0 | 461 | 4,736 | 5,866 | |||||||||
Risk-weighted assets | 57,291 | 31,471 | 27,139 | 73,280 | 13,870 | 65,072 | 16,125 | 284,248 |
Risk-weighted asset movement by risk type – Group | |||||||||||
Credit risk |
Market risk |
Operational risk |
Non- counterparty risk |
Total risk- weighted assets |
|||||||
4Q15 (CHF million) | |||||||||||
Balance at beginning of period | 191,235 | 33,011 | 60,288 | 5,588 | 290,122 | ||||||
Foreign exchange impact | 1,181 | (31) | 0 | 0 | 1,150 | ||||||
Movements in risk levels | (2,037) | 3,825 | 0 | (73) | 1,715 | ||||||
Model and parameter updates 1 | 1,291 | (5,932) | 1,725 | 0 | (2,916) | ||||||
Methodology and policy changes – internal 2 | 754 | (1,074) | 11,300 | 0 | 10,980 | ||||||
Methodology and policy changes – external 3 | 774 | 0 | (6,875) | 0 | (6,101) | ||||||
Balance at end of period – phase-in | 193,198 | 29,799 | 66,438 | 5,515 | 294,950 | ||||||
Look-through adjustment 4 | (5,004) | – | – | – | (5,004) | ||||||
Balance at end of period – look-through | 188,194 | 29,799 | 66,438 | 5,515 | 289,946 | ||||||
1
Represents movements arising from updates to models and recalibrations of parameters.
|
|||||||||||
2
Represents internal changes impacting how exposures are treated.
|
|||||||||||
3
Represents externally prescribed regulatory changes impacting how exposures are treated.
|
|||||||||||
4
The look-through adjustment impacts only credit risk within the Corporate Center. The difference between phase-in and look-through risk-weighted assets relates to transitional arrangements such as the impact from pension assets and deferred tax assets not deducted from CET1 during the phase-in period and the transitional impact from threshold-related risk-weighted assets.
|
BIS leverage metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q15 | 3Q15 | 4Q14 | QoQ | 4Q15 | 3Q15 | 4Q14 | QoQ | |||||||||
Capital (CHF million) | |||||||||||||||||
CET1 capital | 42,072 | 40,545 | 43,322 | 4 | 32,938 | 29,044 | 28,576 | 13 | |||||||||
Tier 1 capital | 53,063 | 48,656 | 49,804 | 9 | 44,601 | 40,568 | 39,892 | 10 | |||||||||
Leverage exposure (CHF million) | |||||||||||||||||
Leverage exposure | 993,506 | 1,050,698 | 1,157,557 | (5) | 987,628 | 1,044,869 | 1,149,656 | (5) | |||||||||
Leverage ratios (%) | |||||||||||||||||
CET1 leverage ratio | 4.2 | 3.9 | 3.7 | – | 3.3 | 2.8 | 2.5 | – | |||||||||
Tier 1 leverage ratio | 5.3 | 4.6 | 4.3 | – | 4.5 | 3.9 | 3.5 | – |
Swiss capital metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q15 | 3Q15 | 4Q14 | QoQ | 4Q15 | 3Q15 | 4Q14 | QoQ | |||||||||
Capital development (CHF million) | |||||||||||||||||
CET1 capital | 42,072 | 40,545 | 43,322 | 4 | 32,938 | 29,044 | 28,576 | 13 | |||||||||
Swiss regulatory adjustments 1 | (143) | (144) | (133) | (1) | (151) | (152) | (143) | (1) | |||||||||
Swiss CET1 capital | 41,929 | 40,401 | 43,189 | 4 | 32,787 | 28,892 | 28,433 | 13 | |||||||||
High-trigger capital instruments | 9,244 | 2 | 9,069 | 8,893 | 2 | 9,244 | 9,069 | 8,893 | 2 | ||||||||
Low-trigger capital instruments | 9,243 | 3 | 9,295 | 9,406 | (1) | 9,243 | 9,295 | 9,406 | (1) | ||||||||
Additional tier 1 and tier 2 instruments subject to phase-out | 5,586 | 5,633 | 6,663 | (1) | – | – | – | – | |||||||||
Deductions from additional tier 1 and tier 2 capital | (3,463) | (6,128) | (7,533) | (43) | – | – | – | – | |||||||||
Swiss total eligible capital | 62,539 | 58,270 | 60,618 | 7 | 51,274 | 47,256 | 46,732 | 9 | |||||||||
Risk-weighted assets (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III | 294,950 | 290,122 | 291,410 | 2 | 289,946 | 284,622 | 284,248 | 2 | |||||||||
Swiss regulatory adjustments 4 | 908 | 949 | 1,058 | (4) | 907 | 948 | 1,057 | (4) | |||||||||
Swiss risk-weighted assets | 295,858 | 291,071 | 292,468 | 2 | 290,853 | 285,570 | 285,305 | 2 | |||||||||
Swiss capital ratios (%) | |||||||||||||||||
Swiss CET1 ratio | 14.2 | 13.9 | 14.8 | – | 11.3 | 10.1 | 10.0 | – | |||||||||
Swiss total capital ratio | 21.1 | 20.0 | 20.7 | – | 17.6 | 16.5 | 16.4 | – | |||||||||
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||||||||||||
2
Consists of CHF 6.6 billion additional tier 1 instruments and CHF 2.7 billion tier 2 instruments.
|
|||||||||||||||||
3
Consists of CHF 5.1 billion additional tier 1 instruments and CHF 4.1 billion tier 2 instruments.
|
|||||||||||||||||
4
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q15 | 3Q15 | 4Q14 | QoQ | 4Q15 | 3Q15 | 4Q14 | QoQ | |||||||||
Swiss leverage metrics (CHF million, except where indicated) | |||||||||||||||||
Swiss total eligible capital | 62,539 | 58,270 | 60,618 | 7 | 51,274 | 47,256 | 46,732 | 9 | |||||||||
Leverage exposure | 993,506 | 1,050,698 | 1,157,557 | (5) | 987,628 | 1,044,869 | 1,149,656 | (5) | |||||||||
Swiss leverage ratio (%) | 6.3 | 5.5 | 5.2 | – | 5.2 | 4.5 | 4.1 | – |
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
Total |
||||||||
4Q15 (CHF million) | |||||||||||||||
Average | 21 | 35 | 9 | 2 | 25 | (41) | 51 | ||||||||
Minimum | 13 | 33 | 6 | 1 | 17 | – | 1 | 43 | |||||||
Maximum | 35 | 42 | 12 | 3 | 35 | – | 1 | 60 | |||||||
End of period | 17 | 40 | 9 | 1 | 31 | (42) | 56 | ||||||||
3Q15 (CHF million) | |||||||||||||||
Average | 22 | 36 | 11 | 2 | 26 | (44) | 53 | ||||||||
Minimum | 17 | 32 | 7 | 1 | 16 | – | 1 | 46 | |||||||
Maximum | 31 | 39 | 17 | 3 | 34 | – | 1 | 63 | |||||||
End of period | 31 | 34 | 10 | 1 | 25 | (43) | 58 | ||||||||
4Q14 (CHF million) | |||||||||||||||
Average | 10 | 36 | 8 | 1 | 19 | (29) | 45 | ||||||||
Minimum | 7 | 33 | 6 | 0 | 16 | – | 1 | 36 | |||||||
Maximum | 16 | 39 | 13 | 2 | 25 | – | 1 | 53 | |||||||
End of period | 9 | 39 | 7 | 1 | 20 | (29) | 47 | ||||||||
Excludes risks associated with counterparty and own credit exposures.
|
|||||||||||||||
1
As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.
|
in | 4Q15 | 3Q15 | 4Q14 | 2015 | 2014 | ||||||
Consolidated statements of operations (CHF million) | |||||||||||
Interest and dividend income | 4,526 | 4,422 | 4,406 | 19,341 | 19,061 | ||||||
Interest expense | (2,332) | (2,338) | (2,280) | (10,042) | (10,027) | ||||||
Net interest income | 2,194 | 2,084 | 2,126 | 9,299 | 9,034 | ||||||
Commissions and fees | 2,914 | 2,892 | 3,213 | 12,044 | 13,051 | ||||||
Trading revenues | (1,349) | 801 | 287 | 1,340 | 2,026 | ||||||
Other revenues | 451 | 208 | 746 | 1,114 | 2,131 | ||||||
Net revenues | 4,210 | 5,985 | 6,372 | 23,797 | 26,242 | ||||||
Provision for credit losses | 133 | 110 | 75 | 324 | 186 | ||||||
Compensation and benefits | 3,149 | 2,507 | 2,621 | 11,546 | 11,334 | ||||||
General and administrative expenses | 2,808 | 2,100 | 2,362 | 8,574 | 9,534 | ||||||
Commission expenses | 409 | 416 | 422 | 1,623 | 1,561 | ||||||
Goodwill impairment | 3,797 | 0 | 0 | 3,797 | 0 | ||||||
Restructuring expenses | 355 | – | – | 355 | – | ||||||
Total other operating expenses | 7,369 | 2,516 | 2,784 | 14,349 | 11,095 | ||||||
Total operating expenses | 10,518 | 5,023 | 5,405 | 25,895 | 22,429 | ||||||
Income/(loss) from continuing operations before taxes | (6,441) | 852 | 892 | (2,422) | 3,627 | ||||||
Income tax expense/(benefit) | (627) | 83 | 189 | 523 | 1,405 | ||||||
Income/(loss) from continuing operations | (5,814) | 769 | 703 | (2,945) | 2,222 | ||||||
Income/(loss) from discontinued operations, net of tax | 0 | 0 | (10) | 0 | 102 | ||||||
Net income/(loss) | (5,814) | 769 | 693 | (2,945) | 2,324 | ||||||
Net income/(loss) attributable to noncontrolling interests | 14 | (10) | 2 | (1) | 449 | ||||||
Net income/(loss) attributable to shareholders | (5,828) | 779 | 691 | (2,944) | 1,875 | ||||||
of which from continuing operations | (5,828) | 779 | 701 | (2,944) | 1,773 | ||||||
of which from discontinued operations | 0 | 0 | (10) | 0 | 102 | ||||||
Basic earnings per share (CHF) | |||||||||||
Basic earnings/(loss) per share from continuing operations | (3.28) | 0.46 | 0.40 | (1.73) | 0.99 | ||||||
Basic earnings/(loss) per share from discontinued operations | 0.00 | 0.00 | (0.01) | 0.00 | 0.06 | ||||||
Basic earnings/(loss) per share | (3.28) | 0.46 | 0.39 | (1.73) | 1.05 | ||||||
Diluted earnings per share (CHF) | |||||||||||
Diluted earnings/(loss) per share from continuing operations | (3.28) | 0.44 | 0.39 | (1.73) | 0.98 | ||||||
Diluted earnings/(loss) per share from discontinued operations | 0.00 | 0.00 | (0.01) | 0.00 | 0.06 | ||||||
Diluted earnings/(loss) per share | (3.28) | 0.44 | 0.38 | (1.73) | 1.04 |
end of | 4Q15 | 3Q15 | 4Q14 | ||||
Assets (CHF million) | |||||||
Cash and due from banks | 92,328 | 94,643 | 79,349 | ||||
Interest-bearing deposits with banks | 867 | 1,087 | 1,244 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 123,049 | 132,106 | 163,208 | ||||
Securities received as collateral, at fair value | 28,511 | 26,322 | 26,854 | ||||
Trading assets, at fair value | 190,737 | 199,792 | 241,131 | ||||
Investment securities | 3,090 | 3,185 | 2,791 | ||||
Other investments | 7,021 | 7,443 | 8,613 | ||||
Net loans | 272,995 | 274,825 | 272,551 | ||||
Premises and equipment | 4,644 | 4,519 | 4,641 | ||||
Goodwill | 4,808 | 8,526 | 8,644 | ||||
Other intangible assets | 196 | 209 | 249 | ||||
Brokerage receivables | 34,542 | 48,501 | 41,629 | ||||
Other assets | 58,017 | 57,262 | 70,558 | ||||
Total assets | 820,805 | 858,420 | 921,462 | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 21,054 | 27,313 | 26,009 | ||||
Customer deposits | 342,705 | 358,760 | 369,058 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 46,598 | 51,313 | 70,119 | ||||
Obligation to return securities received as collateral, at fair value | 28,511 | 26,322 | 26,854 | ||||
Trading liabilities, at fair value | 48,971 | 62,260 | 72,655 | ||||
Short-term borrowings | 8,657 | 14,007 | 25,921 | ||||
Long-term debt | 197,608 | 190,126 | 177,898 | ||||
Brokerage payables | 39,452 | 40,069 | 56,977 | ||||
Other liabilities | 42,231 | 42,750 | 50,970 | ||||
Total liabilities | 775,787 | 812,920 | 876,461 | ||||
Common shares | 78 | 65 | 64 | ||||
Additional paid-in capital | 31,925 | 25,994 | 27,007 | ||||
Retained earnings | 29,139 | 34,967 | 32,083 | ||||
Treasury shares, at cost | (125) | (118) | (192) | ||||
Accumulated other comprehensive income/(loss) | (16,635) | (16,151) | (15,003) | ||||
Total shareholders' equity | 44,382 | 44,757 | 43,959 | ||||
Noncontrolling interests | 636 | 743 | 1,042 | ||||
Total equity | 45,018 | 45,500 | 45,001 | ||||
Total liabilities and equity | 820,805 | 858,420 | 921,462 |
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
Accumu- lated other compre- hensive income |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
4Q15 (CHF million) | |||||||||||||||||
Balance at beginning of period | 65 | 25,994 | 34,967 | (118) | (16,151) | 44,757 | 743 | 45,500 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (135) | (135) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 5 | 5 | |||||||||
Net income/(loss) | – | – | (5,828) | – | – | (5,828) | 14 | (5,814) | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (484) | (484) | 10 | (474) | |||||||||
Issuance of common shares | 13 | 6,021 | – | – | – | 6,034 | – | 6,034 | |||||||||
Sale of treasury shares | – | (28) | – | 6,543 | – | 6,515 | – | 6,515 | |||||||||
Repurchase of treasury shares | – | – | – | (6,571) | – | (6,571) | – | (6,571) | |||||||||
Share-based compensation, net of tax | – | 258 | 3 | – | 21 | – | 279 | – | 279 | ||||||||
Financial instruments indexed to own shares 4 | – | (108) | – | – | – | (108) | – | (108) | |||||||||
Other | – | (212) | – | – | – | (212) | (1) | (213) | |||||||||
Balance at end of period | 78 | 31,925 | 29,139 | (125) | (16,635) | 44,382 | 636 | 45,018 | |||||||||
2015 (CHF million) | |||||||||||||||||
Balance at beginning of period | 64 | 27,007 | 32,083 | (192) | (15,003) | 43,959 | 1,042 | 45,001 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (381) | (381) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 55 | 55 | |||||||||
Net income/(loss) | – | – | (2,944) | – | – | (2,944) | (1) | (2,945) | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (1,632) | (1,632) | (18) | (1,650) | |||||||||
Issuance of common shares | 14 | 6,731 | – | – | – | 6,745 | – | 6,745 | |||||||||
Sale of treasury shares | – | (37) | – | 18,789 | – | 18,752 | – | 18,752 | |||||||||
Repurchase of treasury shares | – | – | – | (19,761) | – | (19,761) | – | (19,761) | |||||||||
Share-based compensation, net of tax | – | (321) | 5 | – | 1,039 | – | 718 | – | 718 | ||||||||
Financial instruments indexed to own shares 4 | – | (106) | – | – | – | (106) | – | (106) | |||||||||
Dividends paid | – | (1,137) | 6 | – | – | – | (1,137) | – | (1,137) | ||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – | (58) | (58) | |||||||||
Other | – | (212) | – | – | – | (212) | (3) | (215) | |||||||||
Balance at end of period | 78 | 31,925 | 29,139 | (125) | (16,635) | 44,382 | 636 | 45,018 | |||||||||
1
Distributions to owners in funds include the return of original capital invested and any related dividends.
|
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2
Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
|
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3
Includes a net tax charge of CHF (16) million from the excess recognized compensation expense over fair value of shares delivered.
|
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4
Includes certain call options the Group purchased on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
|
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5
Includes a net tax charge of CHF (28) million from the excess recognized compensation expense over fair value of shares delivered.
|
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6
Paid out of reserves from capital contributions.
|
in | 4Q15 | 3Q15 | 4Q14 | 2015 | 2014 | ||||||
Basic net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Income/(loss) from continuing operations | (5,828) | 779 | 701 | (2,944) | 1,773 | ||||||
Income/(loss) from discontinued operations, net of tax | 0 | 0 | (10) | 0 | 102 | ||||||
Net income/(loss) attributable to shareholders | (5,828) | 779 | 691 | (2,944) | 1,875 | ||||||
Preferred securities dividends | – | – | (25) | – | (53) | ||||||
Net income/(loss) attributable to shareholders for basic earnings per share | (5,828) | 779 | 666 | (2,944) | 1,822 | ||||||
Available for common shares | (5,828) | 770 | 642 | (2,958) | 1,743 | ||||||
Available for unvested share-based payment awards | 0 | 9 | 24 | 14 | 79 | ||||||
Diluted net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Net income/(loss) attributable to shareholders for diluted earnings per share | (5,828) | 779 | 666 | (2,944) | 1,822 | ||||||
Available for common shares | (5,828) | 770 | 642 | (2,958) | 1,743 | ||||||
Available for unvested share-based payment awards | 0 | 9 | 24 | 14 | 79 | ||||||
Weighted-average shares outstanding (million) | |||||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 1,777.2 | 1,688.0 | 1,659.3 | 1,706.3 | 1,665.1 | ||||||
Dilutive share options and warrants | 0.0 | 1.0 | 0.8 | 0.0 | 0.8 | ||||||
Dilutive share awards | 0.0 | 54.5 | 25.5 | 0.0 | 12.2 | ||||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 1 | 1,777.2 | 2 | 1,743.5 | 1,685.6 | 1,706.3 | 2 | 1,678.1 | ||||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 19.1 | 20.4 | 62.2 | 25.7 | 72.7 | ||||||
Basic earnings/(loss) per share available for common shares (CHF) | |||||||||||
Basic earnings/(loss) per share from continuing operations | (3.28) | 0.46 | 0.40 | (1.73) | 0.99 | ||||||
Basic earnings/(loss) per share from discontinued operations | 0.00 | 0.00 | (0.01) | 0.00 | 0.06 | ||||||
Basic earnings/(loss) per share available for common shares | (3.28) | 0.46 | 0.39 | (1.73) | 1.05 | ||||||
Diluted earnings/(loss) per share available for common shares (CHF) | |||||||||||
Diluted earnings/(loss) per share from continuing operations | (3.28) | 0.44 | 0.39 | (1.73) | 0.98 | ||||||
Diluted earnings/(loss) per share from discontinued operations | 0.00 | 0.00 | (0.01) | 0.00 | 0.06 | ||||||
Diluted earnings/(loss) per share available for common shares | (3.28) | 0.44 | 0.38 | (1.73) | 1.04 | ||||||
Prior periods have been adjusted to reflect the increase in the number of shares outstanding as a result of the discount element in the 2015 rights issue, as required under US GAAP.
|
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1
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 7.9 million, 6.4 million, 9.1 million, 7.6 million and 8.9 million for 4Q15, 3Q15, 4Q14, 2015 and 2014, respectively.
|
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2
Due to the net loss in 4Q15 and 2015, 0.9 million and 0.9 million, respectively, weighted-average share options and warrants outstanding and 61.2 million and 47.8 million, respectively, weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive.
|
in | 4Q15 | 2015 | |||
Restructuring expenses by segment (CHF million) | |||||
Swiss Universal Bank | 39 | 39 | |||
International Wealth Management | 33 | 33 | |||
Asia Pacific | 3 | 3 | |||
Global Markets | 105 | 105 | |||
Investment Banking & Capital Markets | 22 | 22 | |||
Strategic Resolution Unit | 153 | 153 | |||
Total restructuring expense by segment | 355 | 355 |
in | 4Q15 | 2015 | |||
Restructuring expenses by type (CHF million) | |||||
Compensation and benefits-related expenses | 309 | 309 | |||
of which severance | 191 | 191 | |||
of which accelerated deferred compensation | 87 | 87 | |||
of which pensions | 31 | 31 | |||
General and administrative-related expenses | 46 | 46 | |||
Total restructuring expense by type | 355 | 355 |
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