6-K 1 a210422.htm 6-K 6-K
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
April 22, 2021
Commission File Number 001-15244
Credit Suisse Group AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland
(Address of principal executive office)

Commission File Number 001-33434
Credit Suisse AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 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.




Explanatory note
On April 22, 2021, the Credit Suisse Earnings Release 1Q21 was published. A copy of the Earnings Release is attached as an exhibit to this report on Form 6-K. This report on Form 6-K (including the exhibit hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-238458) and the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856), and (ii) shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, except, in the case of both (i) and (ii), the information under “Group and Bank differences” and “Selected financial data – Bank” shall not be incorporated by reference into, or be deemed “filed”, with respect to the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856).
The 1Q21 Credit Suisse Financial Report as of and for the three months ended March 31, 2021 will be published on or about May 6, 2021.
Credit Suisse Group AG and Credit Suisse AG file an annual report on Form 20-F and file quarterly reports, including unaudited interim financial information, and furnish or file other reports on Form 6-K with the US Securities and Exchange Commission (SEC) pursuant to the requirements of the Securities Exchange Act of 1934, as amended. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are available to the public over the internet at the SEC’s website at www.sec.gov. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are also available under “Investor Relations” on Credit Suisse Group AG’s website at www.credit-suisse.com and at the offices of the New York Stock Exchange, 20 Broad Street, New York, NY 10005.
Unless the context otherwise requires, references 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 direct bank subsidiary of the Group, and its consolidated subsidiaries.
SEC regulations require certain information to be included in registration statements relating to securities offerings. Such additional information for the Group and the Bank is included in this report on Form 6-K, which should be read together with the Group’s and the Bank’s annual report on Form 20-F for the year ended December 31, 2020 (Credit Suisse 2020 20-F) filed with the SEC on March 18, 2021, and the Group’s earnings release for the first quarter of 2021 (Credit Suisse Earnings Release 1Q21), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about Credit Suisse AG relating to its results as of and for the three months ended March 31, 2021. Credit Suisse AG, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of the Group. Credit Suisse AG’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.
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. 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 Credit Suisse 2020 20-F, subsequent annual reports on Form 20-F filed by the Group and the Bank with the SEC, the Group’s and the Bank’s reports on Form 6-K furnished to or filed with the SEC, and other uncertainties and events.
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Group and Bank differences
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 Swiss Universal Bank, International Wealth Management, Asia Pacific and the Investment Bank. Effective April 1, 2021, the Asset Management business has been separated from the International Wealth Management division and is managed as a new division of the Group. Certain Corporate Center activities of the Group, such as hedging activities relating to share-based compensation awards, are not applicable to the Bank. Certain other assets, liabilities and results of operations, primarily relating to Credit Suisse Services AG (our Swiss service company) and its subsidiary, are managed as part of the activities of the Group’s segments. However, they are legally owned by the Group and are not part of the Bank’s consolidated financial statements.
Comparison of consolidated statements of operations
   Bank Group
in 1Q21 1Q20 1Q21 1Q20
Statements of operations (CHF million)   
Net revenues 7,653 5,785 7,574 5,776
Total operating expenses 4,091 4,124 3,937 4,007
Income/(loss) before taxes (837) 1,093 (757) 1,201
Net income/(loss) (289) 1,219 (231) 1,311
Net income/(loss) attributable to shareholders (214) 1,213 (252) 1,314
Comparison of consolidated balance sheets
   Bank Group
end of 1Q21 4Q20 1Q21 4Q20
Balance sheet statistics (CHF million)   
Total assets 855,597 809,688 851,395 805,822
Total liabilities 806,242 762,629 806,511 762,881
Capitalization and indebtedness
   Bank Group
end of 1Q21 4Q20 1Q21 4Q20
Capitalization and indebtedness (CHF million)   
Due to banks 19,469 16,420 19,422 16,423
Customer deposits 407,082 392,039 406,069 390,921
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 22,951 23,944 22,853 23,851
Long-term debt 164,443 160,279 170,453 161,087
All other liabilities 192,297 169,947 187,714 170,599
Total liabilities  806,242 762,629 806,511 762,881
Total equity 49,355 47,059 44,884 42,941
Total capitalization and indebtedness  855,597 809,688 851,395 805,822
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BIS capital metrics
   Bank Group
end of 1Q21 4Q20 1Q21 4Q20
Capital and risk-weighted assets (CHF million)   
CET1 capital 42,550 40,701 36,964 35,361
Tier 1 capital 58,050 55,659 53,411 51,202
Total eligible capital 59,067 56,620 54,429 52,163
Risk-weighted assets 302,022 275,676 302,869 275,084
Capital ratios (%)   
CET1 ratio 14.1 14.8 12.2 12.9
Tier 1 ratio 19.2 20.2 17.6 18.6
Total capital ratio 19.6 20.5 18.0 19.0
Selected financial data – Bank
Condensed consolidated statements of operations
in 1Q21 1Q20 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 3,042 4,282 (29)
Interest expense (1,399) (2,746) (49)
Net interest income 1,643 1,536 7
Commissions and fees 3,751 2,920 28
Trading revenues 1,800 878 105
Other revenues 459 451 2
Net revenues  7,653 5,785 32
Provision for credit losses  4,399 568
Compensation and benefits 1,975 2,057 (4)
General and administrative expenses 1,752 1,722 2
Commission expenses 329 345 (5)
Restructuring expenses 35
Total other operating expenses 2,116 2,067 2
Total operating expenses  4,091 4,124 (1)
Income/(loss) before taxes  (837) 1,093
Income tax expense/(benefit) (548) (126) 335
Net income/(loss)  (289) 1,219
Net income/(loss) attributable to noncontrolling interests (75) 6
Net income/(loss) attributable to shareholders  (214) 1,213
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Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 1Q21 4Q20 % change
Assets (CHF million)   
Cash and due from banks 132,310 138,207 (4)
Interest-bearing deposits with banks 1,377 1,230 12
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 91,121 79,133 15
Securities received as collateral 56,494 50,773 11
Trading assets 157,279 157,511 0
Investment securities 612 605 1
Other investments 5,607 5,379 4
Net loans 313,198 300,341 4
Goodwill 3,951 3,755 5
Other intangible assets 239 237 1
Brokerage receivables 47,684 35,943 33
Other assets 45,725 36,574 25
Total assets  855,597 809,688 6
Liabilities and equity (CHF million)   
Due to banks 19,469 16,420 19
Customer deposits 407,082 392,039 4
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 22,951 23,944 (4)
Obligation to return securities received as collateral 56,494 50,773 11
Trading liabilities 47,728 45,871 4
Short-term borrowings 30,556 21,308 43
Long-term debt 164,443 160,279 3
Brokerage payables 26,892 21,655 24
Other liabilities 30,627 30,340 1
Total liabilities  806,242 762,629 6
Total shareholder's equity  48,593 46,264 5
Noncontrolling interests 762 795 (4)
Total equity  49,355 47,059 5
Total liabilities and equity  855,597 809,688 6
BIS statistics (Basel III)
end of 1Q21 4Q20 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 42,550 40,701 5
Tier 1 capital 58,050 55,659 4
Total eligible capital 59,067 56,620 4
Capital ratios (%)   
CET1 ratio 14.1 14.8
Tier 1 ratio 19.2 20.2
Total capital ratio 19.6 20.5
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Exhibits
No. Description
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
(Registrants)
Date: April 22, 2021
By:
/s/ Thomas Gottstein                                 /s/ David R. Mathers
      Thomas Gottstein                                       David R. Mathers
      Chief Executive Officer                               Chief Financial Officer 
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