Credit Suisse : Restated historical financial information (2016 to 1H20) – Spreadsheet

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Pre-Proof 2, Feb 7

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October 8, 2020

Reporting structure

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Credit Suisse

Credit Suisse (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Statements of operations (CHF million)
Net interest income	7,562	6,557	1,585	1,593	3,178	1,419	2,412	7,009	1,532	2,001	3,533	1,782	1,702	7,017	1,534	1,570	3,104
Commissions and fees	11,092	11,817	3,046	3,159	6,205	2,821	2,864	11,890	2,612	2,927	5,539	2,754	2,865	11,158	2,927	2,880	5,807
Trading revenues	313	1,317	578	528	1,106	383	(865)	624	840	182	1,022	149	568	1,739	927	1,254	2,181
Other revenues	1,356	1,209	427	315	742	265	390	1,397	403	471	874	641	1,055	2,570	388	490	878
Net revenues	20,323	20,900	5,636	5,595	11,231	4,888	4,801	20,920	5,387	5,581	10,968	5,326	6,190	22,484	5,776	6,194	11,970
Provision for credit losses	252	210	48	73	121	65	59	245	81	25	106	72	146	324	568	296	864
Compensation and benefits	10,652	10,367	2,538	2,547	5,085	2,394	2,141	9,620	2,518	2,545	5,063	2,383	2,590	10,036	2,316	2,594	4,910
General and administrative expenses	9,690	6,645	1,508	1,420	2,928	1,301	1,569	5,798	1,413	1,395	2,808	1,404	1,916	6,128	1,346	1,440	2,786
Commission expenses	1,455	1,430	344	328	672	286	301	1,259	313	314	627	325	324	1,276	345	313	658
Restructuring expenses	540	455	144	175	319	171	136	626	-	-	-	-	-	-	-	-	-
Total other operating expenses	11,685	8,530	1,996	1,923	3,919	1,758	2,006	7,683	1,726	1,709	3,435	1,729	2,240	7,404	1,691	1,753	3,444
Total operating expenses	22,337	18,897	4,534	4,470	9,004	4,152	4,147	17,303	4,244	4,254	8,498	4,112	4,830	17,440	4,007	4,347	8,354
Income/(loss) before taxes	(2,266)	1,793	1,054	1,052	2,106	671	595	3,372	1,062	1,302	2,364	1,142	1,214	4,720	1,201	1,551	2,752
Income tax expense/(benefit)	441	2,741	362	398	760	261	340	1,361	313	365	678	256	361	1,295	(110)	391	281
Net income/(loss)	(2,707)	(948)	692	654	1,346	410	255	2,011	749	937	1,686	886	853	3,425	1,311	1,160	2,471
Net income/(loss) attributable to noncontrolling interests	3	35	(2)	7	5	(14)	(4)	(13)	0	0	0	5	1	6	(3)	(2)	(5)
Net income/(loss) attributable to shareholders	(2,710)	(983)	694	647	1,341	424	259	2,024	749	937	1,686	881	852	3,419	1,314	1,162	2,476
Statement of operations metrics (%)
Return on regulatory capital	(5.3)	4.2	9.9	9.8	9.9	6.3	5.6	8.0	9.9	12.0	11.0	10.4	11.0	10.9	11.9	15.5	13.7
Cost/income ratio	109.9	90.4	80.4	79.9	80.2	84.9	86.4	82.7	78.8	76.2	77.5	77.2	78.0	77.6	69.4	70.2	69.8
Effective tax rate	(19.5)	152.9	34.3	37.8	36.1	38.9	57.1	40.4	29.5	28.0	28.7	22.4	29.7	27.4	(9.2)	25.2	10.2
Earnings per share (CHF)
Basic earnings/(loss) per share	(1.27)	(0.41)	0.27	0.25	0.52	0.17	0.10	0.79	0.29	0.37	0.66	0.35	0.34	1.35	0.53	0.47	1.00
Diluted earnings/(loss) per share	(1.27)	(0.41)	0.26	0.25	0.51	0.16	0.10	0.77	0.29	0.36	0.65	0.34	0.33	1.32	0.52	0.46	0.98
Return on equity (%)
Return on equity	(6.1)	(2.3)	6.7	6.1	6.4	4.0	2.4	4.7	6.9	8.5	7.7	8.0	7.6	7.7	11.7	9.8	10.7
Return on tangible equity	(6.9)	(2.6)	7.6	6.9	7.2	4.5	2.7	5.4	7.8	9.7	8.7	9.0	8.6	8.7	13.1	11.0	12.0

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Credit Suisse Adj

Credit Suisse (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Reconciliation of adjusted results
Credit Suisse (CHF million)
Net revenues	20,323	20,900	5,636	5,595	11,231	4,888	4,801	20,920	5,387	5,581	10,968	5,326	6,190	22,484	5,776	6,194	11,970
Real estate gains	(424)	0	(1)	0	(1)	(15)	(12)	(28)	(30)	(75)	(105)	0	(146)	(251)	0	0	0
(Gains)/losses on business sales	58	13	(73)	0	(73)	5	(3)	(71)	0	0	0	0	2	2	0	0	0
Adjusted net revenues	19,957	20,913	5,562	5,595	11,157	4,878	4,786	20,821	5,357	5,506	10,863	5,326	6,046	22,235	5,776	6,194	11,970
Provision for credit losses	252	210	48	73	121	65	59	245	81	25	106	72	146	324	568	296	864
Total operating expenses	22,337	18,897	4,534	4,470	9,004	4,152	4,147	17,303	4,244	4,254	8,498	4,112	4,830	17,440	4,007	4,347	8,354
Restructuring expenses	(540)	(455)	(144)	(175)	(319)	(171)	(136)	(626)	-	-	-	-	-	-	-	-	-
Major litigation provisions	(2,707)	(493)	(85)	(55)	(140)	(22)	(82)	(244)	(6)	(29)	(35)	(28)	(326)	(389)	(18)	(61)	(79)
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(35)	(16)	(51)	0	(57)	(108)	5	(3)	2
Expenses related to business sales	-	(8)	0	(1)	(1)	(2)	(48)	(51)	0	0	0	0	0	0	0	0	0
Adjusted total operating expenses	19,090	17,941	4,305	4,239	8,544	3,957	3,881	16,382	4,203	4,209	8,412	4,084	4,447	16,943	3,994	4,283	8,277
Income/(loss) before taxes	(2,266)	1,793	1,054	1,052	2,106	671	595	3,372	1,062	1,302	2,364	1,142	1,214	4,720	1,201	1,551	2,752
Total adjustments	2,881	969	155	231	386	185	251	822	11	(30)	(19)	28	239	248	13	64	77
Adjusted income/(loss) before taxes	615	2,762	1,209	1,283	2,492	856	846	4,194	1,073	1,272	2,345	1,170	1,453	4,968	1,214	1,615	2,829
Adjusted return on regulatory capital (%)	1.4	6.5	11.4	12.0	11.7	8.1	8.0	9.9	10.0	11.8	10.9	10.7	13.2	11.4	12.0	16.2	14.1

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Credit Suisse 2

Credit Suisse (unaudited)
2016	2017	1Q18	2Q18	3Q18	4Q18	2018	1Q19	2Q19	3Q19	4Q19	2019	1Q20	2Q20
Results
Assets (CHF million)
Cash and due from banks	121,161	109,815	118,164	112,513	94,945	100,047	100,047	94,762	92,489	95,743	101,879	101,879	119,172	132,070
Interest-bearing deposits with banks	772	726	730	1,022	1,236	1,142	1,142	963	909	777	741	741	912	1,185
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	134,839	115,346	121,170	117,617	117,010	117,095	117,095	116,151	113,466	112,724	106,997	106,997	107,876	104,890
Securities received as collateral	32,564	38,074	41,227	45,522	47,010	41,696	41,696	49,472	45,378	38,677	40,219	40,219	28,655	42,479
Trading assets	165,661	156,715	140,787	136,265	128,399	133,635	133,635	144,922	145,613	157,743	153,797	153,797	150,798	156,730
Investment securities	1,978	1,810	1,560	1,652	1,620	1,479	1,479	1,716	1,398	999	1,006	1,006	1,164	584
Other investments	6,777	5,964	5,487	5,626	5,011	4,890	4,890	4,839	4,986	5,358	5,666	5,666	5,858	5,848
Net loans	275,976	279,149	283,854	287,660	284,511	287,581	287,581	292,970	293,797	298,470	296,779	296,779	302,674	294,312
Goodwill	4,913	4,742	4,667	4,797	4,736	4,766	4,766	4,807	4,731	4,760	4,663	4,663	4,604	4,676
Other intangible assets	213	223	212	212	214	219	219	224	216	219	291	291	279	273
Brokerage receivables	33,431	46,968	52,739	45,132	48,282	38,907	38,907	42,309	41,654	39,284	35,648	35,648	62,893	44,287
Other assets	41,576	36,757	38,455	40,140	35,570	37,459	37,459	40,501	39,579	41,166	39,609	39,609	47,281	41,146
Total assets	819,861	796,289	809,052	798,158	768,544	768,916	768,916	793,636	784,216	795,920	787,295	787,295	832,166	828,480
Liabilities (CHF million)
Due to banks	22,800	15,413	18,858	17,459	16,725	15,220	15,220	18,780	18,498	20,075	16,744	16,744	25,394	18,018
Customer deposits	355,833	361,162	368,382	367,408	349,818	363,925	363,925	367,147	364,302	374,872	383,783	383,783	389,905	388,995
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	33,016	26,496	27,579	19,886	18,442	24,623	24,623	20,617	19,582	23,924	27,533	27,533	45,451	30,589
Obligation to return securities received as collateral	32,564	38,074	41,227	45,522	47,010	41,696	41,696	49,472	45,378	38,677	40,219	40,219	28,655	42,479
Trading liabilities	44,930	39,119	44,755	42,776	43,328	42,169	42,169	39,536	43,356	43,858	38,186	38,186	44,877	44,040
Short-term borrowings	15,385	25,889	31,872	30,573	17,488	21,926	21,926	26,557	26,139	26,151	28,385	28,385	27,929	27,386
Long-term debt	193,315	173,032	166,166	165,961	164,087	154,308	154,308	160,261	157,955	159,115	152,005	152,005	144,923	169,426
Brokerage payables	39,852	43,303	37,838	34,450	39,904	30,923	30,923	37,942	35,120	33,545	25,683	25,683	44,171	31,909
Other liabilities	39,855	31,612	29,678	30,514	28,808	30,107	30,107	29,393	29,958	30,399	31,043	31,043	32,088	28,787
Total liabilities	777,550	754,100	766,355	754,549	725,610	724,897	724,897	749,705	740,288	750,616	743,581	743,581	783,393	781,629
Total shareholders' equity	41,897	41,902	42,540	43,470	42,734	43,922	43,922	43,825	43,673	45,150	43,644	43,644	48,675	46,535
Noncontrolling interests	414	287	157	139	200	97	97	106	255	154	70	70	98	316
Total equity	42,311	42,189	42,697	43,609	42,934	44,019	44,019	43,931	43,928	45,304	43,714	43,714	48,773	46,851
Total liabilities and equity	819,861	796,289	809,052	798,158	768,544	768,916	768,916	793,636	784,216	795,920	787,295	787,295	832,166	828,480
Tangible shareholders' equity	36,771	36,937	37,661	38,461	37,784	38,937	38,937	38,794	38,726	40,171	38,690	38,690	43,792	41,586
Book value per share (CHF)
Total book value per share	20.05	16.43	16.75	17.05	16.74	17.22	17.22	17.48	17.42	18.25	17.91	17.91	20.29	19.06
Tangible book value per share	17.59	14.48	14.83	15.08	14.80	15.27	15.27	15.47	15.44	16.24	15.88	15.88	18.25	17.03
Shares outstanding (million)
Common shares issued	2,089.9	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0	2,556.0
Treasury shares	0.0	(5.7)	(16.4)	(6.0)	(3.6)	(5.4)	(5.4)	(48.2)	(48.2)	(82.2)	(119.8)	(119.8)	(157.0)	(114.4)
Shares outstanding	2,089.9	2,550.3	2,539.6	2,550.0	2,552.4	2,550.6	2,550.6	2,507.8	2,507.8	2,473.8	2,436.2	2,436.2	2,399.0	2,441.6

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Headcount

Headcount (unaudited)
2016	2017	1Q18	2Q18	3Q18	4Q18	2018	1Q19	2Q19	3Q19	4Q19	2019	1Q20	2Q20
Results
Employees (full-time equivalents)
Swiss Universal Bank	13,440	12,800	12,620	12,380	12,230	12,150	12,150	12,180	12,390	12,560	12,560	12,560	13,260	13,210
International Wealth Management	10,070	9,980	9,900	9,810	9,930	9,930	9,930	10,130	9,880	10,150	10,230	10,230	9,970	9,920
Asia Pacific	5,840	6,240	6,100	6,000	6,060	6,200	6,200	6,300	6,380	6,500	6,530	6,530	6,970	7,030
Investment Bank	15,590	15,830	15,790	15,380	15,510	15,590	15,590	15,810	16,220	16,740	17,050	17,050	17,100	17,420
Strategic Resolution Unit	1,830	1,530	1,480	1,390	1,350	1,320	1,320	-	-	-	-	-	-	-
Corporate Center	400	460	480	470	480	490	490	1,780	1,490	1,490	1,490	1,490	1,200	1,220
Total employees	47,170	46,840	46,370	45,430	45,560	45,680	45,680	46,200	46,360	47,440	47,860	47,860	48,500	48,800
Other headcount
Outsourced roles, contractors and consultants	-	-	13,480	13,720	13,890	13,810	13,810	13,520	13,180	13,510	13,320	13,320	12,790	12,770
Total employees and other headcount	47,170	46,840	59,850	59,150	59,450	59,490	59,490	59,720	59,540	60,950	61,180	61,180	61,290	61,570
Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
Outsourced roles, contractors and consultants excludes the headcount of certain managed service resources which are related to fixed fee projects.

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Capital_Risk

Capital & Risk (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Capital metrics
CET1 capital (CHF million)	30,783	34,824	35,020	35,533	35,533	35,557	35,824	35,824	36,556	36,394	36,394	37,384	36,774	36,774	36,332	37,346	37,346
Risk-weighted assets (CHF million)	268,045	271,680	271,015	277,125	277,125	276,607	284,582	284,582	290,098	290,798	290,798	302,121	290,463	290,463	300,580	299,293	299,293
CET1 ratio (%)	11.5	12.8	12.9	12.8	12.8	12.9	12.6	12.6	12.6	12.5	12.5	12.4	12.7	12.7	12.1	12.5	12.5
Leverage metrics
Leverage exposure (CHF million)	950,763	916,525	932,071	920,002	920,002	884,952	881,386	881,386	901,814	897,916	897,916	921,411	909,994	909,994	869,706	836,755	836,755
CET1 leverage ratio (%)	3.2	3.8	3.8	3.9	3.9	4.0	4.1	4.1	4.1	4.1	4.1	4.1	4.0	4.0	4.2	4.5	4.5
Tier 1 leverage ratio (%)	4.4	5.2	5.1	5.2	5.2	5.1	5.2	5.2	5.2	5.3	5.3	5.5	5.5	5.5	5.8	6.2	6.2
Risk metrics (CHF million)
Average one-day, 98% trading book risk management Value-at-Risk	33	26	29	31	30	26	28	29	27	25	26	28	27	27	35	80	57

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Swiss UB

Swiss Universal Bank (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Statements of operations (CHF million)
Net revenues	5,720	5,314	1,406	1,392	2,798	1,309	1,336	5,443	1,337	1,454	2,791	1,380	1,734	5,905	1,454	1,474	2,928
Provision for credit losses	79	75	34	35	69	32	26	127	29	9	38	28	43	109	124	28	152
Compensation and benefits	2,002	1,972	491	489	980	467	456	1,903	479	496	975	481	489	1,945	500	498	998
General and administrative expenses	1,272	1,256	257	257	514	257	320	1,091	270	266	536	242	282	1,060	243	242	485
Commission expenses	285	289	62	60	122	53	55	230	55	50	105	60	53	218	56	50	106
Restructuring expenses	60	59	28	27	55	25	21	101	-	-	-	-	-	-	-	-	-
Total other operating expenses	1,617	1,604	347	344	691	335	396	1,422	325	316	641	302	335	1,278	299	292	591
Total operating expenses	3,619	3,576	838	833	1,671	802	852	3,325	804	812	1,616	783	824	3,223	799	790	1,589
Income/(loss) before taxes	2,022	1,663	534	524	1,058	475	458	1,991	504	633	1,137	569	867	2,573	531	656	1,187
Statement of operations metrics (%)
Return on regulatory capital	17.3	14.3	17.9	17.2	17.6	15.4	14.7	16.3	16.0	20.0	18.0	17.8	26.9	20.2	17.5	21.2	19.3
Cost/income ratio	63.3	67.3	59.6	59.8	59.7	61.3	63.8	61.1	60.1	55.8	57.9	56.7	47.5	54.6	55.0	53.6	54.3
Net revenue detail (CHF million)
Net interest income	2,700	2,720	688	694	1,382	672	716	2,770	674	677	1,351	658	696	2,705	694	677	1,371
Recurring commissions and fees	1,446	1,446	380	386	766	380	369	1,515	359	367	726	378	385	1,489	374	347	721
Transaction-based revenues	1,257	1,201	317	323	640	256	255	1,151	291	338	629	258	257	1,144	374	336	710
Other revenues	317	(53)	21	(11)	10	1	(4)	7	13	72	85	86	396	567	12	114	126
Net revenues	5,720	5,314	1,406	1,392	2,798	1,309	1,336	5,443	1,337	1,454	2,791	1,380	1,734	5,905	1,454	1,474	2,928
Balance sheet statistics (CHF million)
Total assets	228,138	232,011	240,551	238,348	238,348	237,681	241,366	241,366	245,933	247,220	247,220	249,947	249,829	249,829	255,472	258,030	258,030
Net loans	165,685	165,041	166,537	167,342	167,342	167,696	168,393	168,393	169,531	170,835	170,835	171,570	170,772	170,772	174,160	173,787	173,787
Risk-weighted assets	71,327	69,745	74,624	75,585	75,585	77,215	79,133	79,133	78,855	79,241	79,241	81,528	80,489	80,489	83,044	85,542	85,542
Leverage exposure	262,552	265,654	275,179	273,611	273,611	272,757	275,229	275,229	279,142	281,273	281,273	284,143	284,798	284,798	289,862	292,774	292,774
Number of employees and relationship managers
Number of employees (full-time equivalents)	13,440	12,800	12,620	12,380	12,380	12,230	12,150	12,150	12,180	12,390	12,390	12,560	12,560	12,560	13,260	13,210	13,210
Number of relationship managers	1,970	1,840	1,850	1,820	1,820	1,790	1,780	1,780	1,800	1,810	1,810	1,800	1,790	1,790	1,810	1,810	1,810
Results - Private Clients
Statements of operations (CHF million)
Net revenues	3,199	2,826	742	736	1,478	709	716	2,903	717	809	1,526	692	968	3,186	769	836	1,605
Provision for credit losses	39	42	10	11	21	13	(4)	30	11	10	21	14	11	46	12	28	40
Compensation and benefits	1,172	1,099	280	278	558	265	254	1,077	269	279	548	271	280	1,099	294	289	583
General and administrative expenses	768	773	161	158	319	161	179	659	167	160	327	152	177	656	160	154	314
Commission expenses	113	141	26	27	53	26	25	104	25	24	49	28	26	103	24	21	45
Restructuring expenses	51	53	22	17	39	17	10	66	-	-	-	-	-	-	-	-	-
Total other operating expenses	932	967	209	202	411	204	214	829	192	184	376	180	203	759	184	175	359
Total operating expenses	2,104	2,066	489	480	969	469	468	1,906	461	463	924	451	483	1,858	478	464	942
Income/(loss) before taxes	1,056	718	243	245	488	227	252	967	245	336	581	227	474	1,282	279	344	623
Cost/income ratio (%)	65.8	73.1	65.9	65.2	65.6	66.1	65.4	65.7	64.3	57.2	60.6	65.2	49.9	58.3	62.2	55.5	58.7
Net revenue detail (CHF million)
Net interest income	1,558	1,571	403	404	807	394	414	1,615	386	393	779	387	414	1,580	415	400	815
Recurring commissions and fees	820	812	206	211	417	209	209	835	199	202	401	213	212	826	204	179	383
Transaction-based revenues	454	441	114	121	235	91	87	413	102	127	229	93	90	412	152	126	278
Other revenues	367	2	19	0	19	15	6	40	30	87	117	(1)	252	368	(2)	131	129
Net revenues	3,199	2,826	742	736	1,478	709	716	2,903	717	809	1,526	692	968	3,186	769	836	1,605
Margins on assets under management (annualized) (bp)
Gross margin	168	140	143	141	142	135	140	140	138	152	145	129	179	150	146	167	156
Net margin	56	36	47	47	47	43	49	47	47	63	55	42	87	60	53	69	61
Number of relationship managers
Number of relationship managers	1,430	1,300	1,310	1,290	1,290	1,270	1,260	1,260	1,280	1,290	1,290	1,280	1,280	1,280	1,320	1,330	1,330
Assets under management (CHF billion)
Assets under management	192.2	208.3	206.7	207.9	207.9	209.3	198.0	198.0	210.7	214.7	214.7	214.2	217.6	217.6	194.8	201.8	201.8
Average assets under management	190.0	202.2	207.8	208.4	208.1	209.5	205.0	207.7	207.2	212.9	210.0	214.5	216.8	212.8	210.7	200.2	205.5
Net new assets	0.1	4.7	2.7	0.5	3.2	0.9	(1.1)	3.0	3.3	1.2	4.5	(0.6)	(0.5)	3.4	(4.2)	(1.6)	(5.8)
Results - Corporate & Institutional Clients
Statements of operations (CHF million)
Net revenues	2,521	2,488	664	656	1,320	600	620	2,540	620	645	1,265	688	766	2,719	685	638	1,323
Provision for credit losses	40	33	24	24	48	19	30	97	18	(1)	17	14	32	63	112	0	112
Compensation and benefits	830	873	211	211	422	202	202	826	210	217	427	210	209	846	206	209	415
General and administrative expenses	504	483	96	99	195	96	141	432	103	106	209	90	105	404	83	88	171
Commission expenses	172	148	36	33	69	27	30	126	30	26	56	32	27	115	32	29	61
Restructuring expenses	9	6	6	10	16	8	11	35	-	-	-	-	-	-	-	-	-
Total other operating expenses	685	637	138	142	280	131	182	593	133	132	265	122	132	519	115	117	232
Total operating expenses	1,515	1,510	349	353	702	333	384	1,419	343	349	692	332	341	1,365	321	326	647
Income/(loss) before taxes	966	945	291	279	570	248	206	1,024	259	297	556	342	393	1,291	252	312	564
Cost/income ratio (%)	60.1	60.7	52.6	53.8	53.2	55.5	61.9	55.9	55.3	54.1	54.7	48.3	44.5	50.2	46.9	51.1	48.9
Net revenue detail (CHF million)
Net interest income	1,142	1,149	285	290	575	278	302	1,155	288	284	572	271	282	1,125	279	277	556
Recurring commissions and fees	626	634	174	175	349	171	160	680	160	165	325	165	173	663	170	168	338
Transaction-based revenues	803	760	203	202	405	165	168	738	189	211	400	165	167	732	222	210	432
Other revenues	(50)	(55)	2	(11)	(9)	(14)	(10)	(33)	(17)	(15)	(32)	87	144	199	14	(17)	(3)
Net revenues	2,521	2,488	664	656	1,320	600	620	2,540	620	645	1,265	688	766	2,719	685	638	1,323
Number of relationship managers
Number of relationship managers	540	540	540	530	530	520	520	520	520	520	520	520	510	510	490	480	480
Assets under management (CHF billion)
Assets under management	339.3	354.7	352.0	355.8	355.8	360.2	348.7	348.7	395.9	410.7	410.7	424.6	436.4	436.4	405.3	427.4	427.4
Net new assets	2.5	(13.9)	3.8	0.9	4.7	1.8	2.1	8.6	27.6	8.9	36.5	6.3	2.5	45.3	4.8	1.6	6.4

&A &P/&N

Swiss UB Adj

Swiss Universal Bank (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Reconciliation of adjusted results
Swiss Univeral Bank (CHF million)
Net revenues	5,720	5,314	1,406	1,392	2,798	1,309	1,336	5,443	1,337	1,454	2,791	1,380	1,734	5,905	1,454	1,474	2,928
Real estate gains	(366)	0	0	0	0	(15)	(6)	(21)	(30)	(87)	(117)	0	(106)	(223)	0	0	0
(Gains)/losses on business sales	0	0	(37)	0	(37)	0	0	(37)	0	0	0	0	0	0	0	0	0
Adjusted net revenues	5,354	5,314	1,369	1,392	2,761	1,294	1,330	5,385	1,307	1,367	2,674	1,380	1,628	5,682	1,454	1,474	2,928
Provision for credit losses	79	75	34	35	69	32	26	127	29	9	38	28	43	109	124	28	152
Total operating expenses	3,619	3,576	838	833	1,671	802	852	3,325	804	812	1,616	783	824	3,223	799	790	1,589
Restructuring expenses	(60)	(59)	(28)	(27)	(55)	(25)	(21)	(101)	-	-	-	-	-	-	-	-	-
Major litigation provisions	(19)	(49)	0	0	0	(2)	(35)	(37)	0	(3)	(3)	0	0	(3)	(1)	0	(1)
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(10)	0	(10)	0	(2)	(12)	0	0	0
Adjusted total operating expenses	3,540	3,468	810	806	1,616	775	796	3,187	794	809	1,603	783	822	3,208	798	790	1,588
Income/(loss) before taxes	2,022	1,663	534	524	1,058	475	458	1,991	504	633	1,137	569	867	2,573	531	656	1,187
Total adjustments	(287)	108	(9)	27	18	12	50	80	(20)	(84)	(104)	0	(104)	(208)	1	0	1
Adjusted income/(loss) before taxes	1,735	1,771	525	551	1,076	487	508	2,071	484	549	1,033	569	763	2,365	532	656	1,188
Adjusted return on regulatory capital (%)	14.9	15.2	17.6	18.1	17.9	15.8	16.2	17.0	15.4	17.3	16.4	17.8	23.7	18.6	17.5	21.2	19.4
Swiss Universal Bank - Private Clients (CHF million)
Net revenues	3,199	2,826	742	736	1,478	709	716	2,903	717	809	1,526	692	968	3,186	769	836	1,605
Real estate gains	(366)	0	0	0	0	(15)	(6)	(21)	(30)	(87)	(117)	0	(104)	(221)	0	0	0
(Gains)/losses on business sales	0	0	(19)	0	(19)	0	0	(19)	0	0	0	0	0	0	0	0	0
Adjusted net revenues	2,833	2,826	723	736	1,459	694	710	2,863	687	722	1,409	692	864	2,965	769	836	1,605
Provision for credit losses	39	42	10	11	21	13	(4)	30	11	10	21	14	11	46	12	28	40
Total operating expenses	2,104	2,066	489	480	969	469	468	1,906	461	463	924	451	483	1,858	478	464	942
Restructuring expenses	(51)	(53)	(22)	(17)	(39)	(17)	(10)	(66)	-	-	-	-	-	-	-	-	-
Major litigation provisions	0	(6)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(7)	0	(7)	0	(1)	(8)	0	0	0
Adjusted total operating expenses	2,053	2,007	467	463	930	452	458	1,840	454	463	917	451	482	1,850	478	464	942
Income/(loss) before taxes	1,056	718	243	245	488	227	252	967	245	336	581	227	474	1,282	279	344	623
Total adjustments	(315)	59	3	17	20	2	4	26	(23)	(87)	(110)	0	(103)	(213)	0	0	0
Adjusted income/(loss) before taxes	741	777	246	262	508	229	256	993	222	249	471	227	371	1,069	279	344	623
Swiss Universal Bank - Corporate and Institutional Clients (CHF million)
Net revenues	2,521	2,488	664	656	1,320	600	620	2,540	620	645	1,265	688	766	2,719	685	638	1,323
Real estate gains	0	0	0	0	0	0	0	0	0	0	0	0	(2)	(2)	0	0	0
(Gains)/losses on business sales	0	0	(18)	0	(18)	0	0	(18)	0	0	0	0	0	0	0	0	0
Adjusted net revenues	2,521	2,488	646	656	1,302	600	620	2,522	620	645	1,265	688	764	2,717	685	638	1,323
Provision for credit losses	40	33	24	24	48	19	30	97	18	(1)	17	14	32	63	112	0	112
Total operating expenses	1,515	1,510	349	353	702	333	384	1,419	343	349	692	332	341	1,365	321	326	647
Restructuring expenses	(9)	(6)	(6)	(10)	(16)	(8)	(11)	(35)	-	-	-	-	-	-	-	-	-
Major litigation provisions	(19)	(43)	0	0	0	(2)	(35)	(37)	0	(3)	(3)	0	0	(3)	(1)	0	(1)
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(3)	0	(3)	0	(1)	(4)	0	0	0
Adjusted total operating expenses	1,487	1,461	343	343	686	323	338	1,347	340	346	686	332	340	1,358	320	326	646
Income/(loss) before taxes	966	945	291	279	570	248	206	1,024	259	297	556	342	393	1,291	252	312	564
Total adjustments	28	49	(12)	10	(2)	10	46	54	3	3	6	0	(1)	5	1	0	1
Adjusted income/(loss) before taxes	994	994	279	289	568	258	252	1,078	262	300	562	342	392	1,296	253	312	565

&A &P/&N

IWM

International Wealth Management (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Statements of operations (CHF million)
Net revenues	4,721	5,055	1,385	1,326	2,711	1,240	1,369	5,320	1,390	1,355	2,745	1,435	1,636	5,816	1,477	1,266	2,743
Provision for credit losses	20	28	0	5	5	16	16	37	10	8	18	14	17	49	39	34	73
Compensation and benefits	2,195	2,285	589	567	1,156	546	609	2,311	581	588	1,169	599	609	2,377	593	603	1,196
General and administrative expenses	1,124	1,148	253	249	502	238	280	1,020	253	277	530	251	322	1,103	277	236	513
Commission expenses	239	242	54	59	113	58	56	227	54	54	108	56	58	222	59	53	112
Restructuring expenses	54	70	26	28	54	28	33	115	-	-	-	-	-	-	-	-	-
Total other operating expenses	1,417	1,460	333	336	669	324	369	1,362	307	331	638	307	380	1,325	336	289	625
Total operating expenses	3,612	3,745	922	903	1,825	870	978	3,673	888	919	1,807	906	989	3,702	929	892	1,821
Income/(loss) before taxes	1,089	1,282	463	418	881	354	375	1,610	492	428	920	515	630	2,065	509	340	849
Statement of operations metrics (%)
Return on regulatory capital	21.5	24.6	34.7	31.8	33.2	26.9	28.4	30.4	36.5	31.0	33.7	36.5	44.5	37.3	38.7	25.1	31.7
Cost/income ratio	76.5	74.1	66.6	68.1	67.3	70.2	71.4	69.0	63.9	67.8	65.8	63.1	60.5	63.7	62.9	70.5	66.4
Net revenue detail (CHF million)
Net interest income	1,217	1,360	367	372	739	360	382	1,481	348	349	697	354	368	1,419	346	313	659
Recurring commissions and fees	1,911	2,132	546	565	1,111	558	561	2,230	537	552	1,089	562	580	2,231	545	515	1,060
Transaction- and performance- based revenues	1,529	1,637	433	406	839	347	427	1,613	504	452	956	404	441	1,801	458	371	829
Other revenues	64	(74)	39	(17)	22	(25)	(1)	(4)	1	2	3	115	247	365	128	67	195
Net revenues	4,721	5,055	1,385	1,326	2,711	1,240	1,369	5,320	1,390	1,355	2,745	1,435	1,636	5,816	1,477	1,266	2,743
Balance sheet statistics (CHF million)
Total assets	91,097	93,674	93,193	91,675	91,675	89,366	90,354	90,354	92,387	93,234	93,234	94,433	91,277	91,277	90,874	94,364	94,364
Net loans	44,965	50,474	51,454	52,260	52,260	51,416	51,695	51,695	53,185	54,115	54,115	54,812	53,794	53,794	50,412	50,958	50,958
Risk-weighted assets	37,360	39,950	39,112	39,182	39,182	39,845	40,359	40,359	42,053	43,278	43,278	44,494	43,529	43,529	44,928	46,753	46,753
Leverage exposure	95,346	100,533	99,582	98,319	98,319	96,273	97,099	97,099	98,963	99,946	99,946	101,710	99,085	99,085	99,194	103,305	103,305
Number of employees
Number of employees (full-time equivalents)	10,070	9,980	9,900	9,810	9,810	9,930	9,930	9,930	10,130	9,880	9,880	10,150	10,230	10,230	9,970	9,920	9,920
Results - Private Banking
Statements of operations (CHF million)
Net revenues	3,380	3,532	1,022	971	1,993	884	905	3,782	989	971	1,960	1,035	1,186	4,181	1,032	905	1,937
Provision for credit losses	20	28	0	5	5	16	16	37	10	6	16	15	17	48	39	32	71
Compensation and benefits	1,524	1,541	412	401	813	405	383	1,601	415	426	841	418	429	1,688	427	436	863
General and administrative expenses	813	786	174	167	341	144	182	667	157	179	336	161	213	710	183	147	330
Commission expenses	173	184	39	41	80	37	37	154	37	37	74	39	36	149	38	34	72
Restructuring expenses	47	44	18	25	43	21	25	89	-	-	-	-	-	-	-	-	-
Total other operating expenses	1,033	1,014	231	233	464	202	244	910	194	216	410	200	249	859	221	181	402
Total operating expenses	2,557	2,555	643	634	1,277	607	627	2,511	609	642	1,251	618	678	2,547	648	617	1,265
Income/(loss) before taxes	803	949	379	332	711	261	262	1,234	370	323	693	402	491	1,586	345	256	601
Cost/income ratio (%)	75.7	72.3	62.9	65.3	64.1	68.7	69.3	66.4	61.6	66.1	63.8	59.7	57.2	60.9	62.8	68.2	65.3
Net revenue detail (CHF million)
Net interest income	1,217	1,360	367	372	739	360	382	1,481	348	349	697	354	368	1,419	346	313	659
Recurring commissions and fees	1,091	1,197	306	313	619	301	304	1,224	293	294	587	299	319	1,205	294	273	567
Transaction- and performance- based revenues	1,024	974	312	286	598	222	216	1,036	348	316	664	252	270	1,186	381	320	701
Other revenues	48	1	37	0	37	1	3	41	0	12	12	130	229	371	11	(1)	10
Net revenues	3,380	3,532	1,022	971	1,993	884	905	3,782	989	971	1,960	1,035	1,186	4,181	1,032	905	1,937
Margins on assets under management (annualized) (bp)
Gross margin	113	103	112	104	108	96	99	103	110	107	108	114	128	115	115	107	111
Net margin	27	28	41	36	39	28	29	34	41	36	38	44	53	44	39	30	35
Number of relationship managers
Number of relationship managers	1,140	1,130	1,130	1,120	1,120	1,120	1,110	1,110	1,150	1,180	1,180	1,170	1,150	1,150	1,160	1,170	1,170
Assets under management (CHF billion)
Assets under management	323.2	366.9	369.7	370.7	370.7	368.4	357.5	357.5	356.4	363.1	363.1	365.2	370.0	370.0	327.7	344.5	344.5
Average assets under management	300.3	343.9	366.2	371.7	369.0	369.0	365.5	368.1	360.0	363.0	361.5	364.5	370.6	364.5	358.1	338.1	348.1
Net new assets	15.6	15.6	5.5	5.2	10.7	3.0	0.5	14.2	1.3	5.5	6.8	3.6	0.6	11.0	3.7	1.8	5.5
Results - Asset Management
Statements of operations (CHF million)
Net revenues	1,341	1,523	363	355	718	356	464	1,538	401	384	785	400	450	1,635	445	361	806
Provision for credit losses	0	0	0	0	0	0	0	0	0	2	2	(1)	0	1	0	2	2
Compensation and benefits	671	744	177	166	343	141	226	710	166	162	328	181	180	689	166	167	333
General and administrative expenses	311	362	79	82	161	94	98	353	96	98	194	90	109	393	94	89	183
Commission expenses	66	58	15	18	33	21	19	73	17	17	34	17	22	73	21	19	40
Restructuring expenses	7	26	8	3	11	7	8	26	-	-	-	-	-	-	-	-	-
Total other operating expenses	384	446	102	103	205	122	125	452	113	115	228	107	131	466	115	108	223
Total operating expenses	1,055	1,190	279	269	548	263	351	1,162	279	277	556	288	311	1,155	281	275	556
Income/(loss) before taxes	286	333	84	86	170	93	113	376	122	105	227	113	139	479	164	84	248
Cost/income ratio (%)	78.7	78.1	76.9	75.8	76.3	73.9	75.6	75.6	69.6	72.1	70.8	72.0	69.1	70.6	63.1	76.2	69.0
Net revenue detail (CHF million)
Management fees	856	980	260	270	530	271	275	1,076	266	284	550	282	280	1,112	269	251	520
Performance and placement revenues	191	259	28	38	66	33	40	139	31	32	63	89	92	244	(33)	48	15
Investment and partnership income	294	284	75	47	122	52	149	323	104	68	172	29	78	279	209	62	271
Net revenues	1,341	1,523	363	355	718	356	464	1,538	401	384	785	400	450	1,635	445	361	806
of which recurring commissions and fees	820	935	240	252	492	257	257	1,006	244	258	502	263	261	1,026	251	242	493
of which transaction- and performance- based revenues	505	663	121	120	241	125	211	577	156	136	292	152	171	615	77	51	128
of which other revenues	16	(75)	2	(17)	(15)	(26)	(4)	(45)	1	(10)	(9)	(15)	18	(6)	117	68	185
Assets under management (CHF billion)
Assets under management	321.6	385.6	391.2	401.4	401.4	403.7	388.7	388.7	404.5	414.0	414.0	426.0	437.9	437.9	409.6	423.8	423.8
Average assets under management	317.5	368.4	386.6	399.2	392.9	403.8	401.7	397.8	398.0	412.0	405.0	421.8	433.3	416.3	432.5	412.4	422.5
Net new assets	5.6	20.3	9.0	8.0	17.0	4.5	0.7	22.2	(0.5)	8.6	8.1	5.9	7.5	21.5	0.1	4.1	4.2

&A &P/&N

IWM Adj

International Wealth Management (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Reconciliation of adjusted results
International Wealth Management (CHF million)
Net revenues	4,721	5,055	1,385	1,326	2,711	1,240	1,369	5,320	1,390	1,355	2,745	1,435	1,636	5,816	1,477	1,266	2,743
Real estate gains	(54)	0	0	0	0	0	(2)	(2)	0	(13)	(13)	0	(32)	(45)	0	0	0
(Gains)/losses on business sales	0	28	(36)	0	(36)	5	(24)	(55)	0	0	0	0	0	0	0	0	0
Adjusted net revenues	4,667	5,083	1,349	1,326	2,675	1,245	1,343	5,263	1,390	1,342	2,732	1,435	1,604	5,771	1,477	1,266	2,743
Provision for credit losses	20	28	0	5	5	16	16	37	10	8	18	14	17	49	39	34	73
Total operating expenses	3,612	3,745	922	903	1,825	870	978	3,673	888	919	1,807	906	989	3,702	929	892	1,821
Restructuring expenses	(54)	(70)	(26)	(28)	(54)	(28)	(33)	(115)	-	-	-	-	-	-	-	-	-
Major litigation provisions	12	(48)	0	0	0	0	0	0	27	0	27	0	3	30	0	32	32
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(10)	(2)	(12)	0	(9)	(21)	1	0	1
Expenses related to business sales	-	0	0	0	0	0	(47)	(47)	0	0	0	0	0	0	0	0	0
Adjusted total operating expenses	3,570	3,627	896	875	1,771	842	898	3,511	905	917	1,822	906	983	3,711	930	924	1,854
Income/(loss) before taxes	1,089	1,282	463	418	881	354	375	1,610	492	428	920	515	630	2,065	509	340	849
Total adjustments	(12)	146	(10)	28	18	33	54	105	(17)	(11)	(28)	0	(26)	(54)	(1)	(32)	(33)
Adjusted income/(loss) before taxes	1,077	1,428	453	446	899	387	429	1,715	475	417	892	515	604	2,011	508	308	816
Adjusted return on regulatory capital (%)	21.3	27.4	33.9	34.0	33.9	29.3	32.5	32.4	35.2	30.2	32.7	36.5	42.6	36.3	38.6	22.8	30.5
International Wealth Management - Private Banking (CHF million)
Net revenues	3,380	3,532	1,022	971	1,993	884	905	3,782	989	971	1,960	1,035	1,186	4,181	1,032	905	1,937
Real estate gains	(54)	0	0	0	0	0	(2)	(2)	0	(13)	(13)	0	(32)	(45)	0	0	0
(Gains)/losses on business sales	0	0	(37)	0	(37)	0	0	(37)	0	0	0	0	0	0	0	0	0
Adjusted net revenues	3,326	3,532	985	971	1,956	884	903	3,743	989	958	1,947	1,035	1,154	4,136	1,032	905	1,937
Provision for credit losses	20	28	0	5	5	16	16	37	10	6	16	15	17	48	39	32	71
Total operating expenses	2,557	2,555	643	634	1,277	607	627	2,511	609	642	1,251	618	678	2,547	648	617	1,265
Restructuring expenses	(47)	(44)	(18)	(25)	(43)	(21)	(25)	(89)	-	-	-	-	-	-	-	-	-
Major litigation provisions	12	(48)	0	0	0	0	0	0	27	0	27	0	3	30	0	32	32
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(8)	(2)	(10)	0	(7)	(17)	1	0	1
Adjusted total operating expenses	2,522	2,463	625	609	1,234	586	602	2,422	628	640	1,268	618	674	2,560	649	649	1,298
Income/(loss) before taxes	803	949	379	332	711	261	262	1,234	370	323	693	402	491	1,586	345	256	601
Total adjustments	(19)	92	(19)	25	6	21	23	50	(19)	(11)	(30)	0	(28)	(58)	(1)	(32)	(33)
Adjusted income/(loss) before taxes	784	1,041	360	357	717	282	285	1,284	351	312	663	402	463	1,528	344	224	568
International Wealth Management - Asset Management (CHF million)
Net revenues	1,341	1,523	363	355	718	356	464	1,538	401	384	785	400	450	1,635	445	361	806
(Gains)/losses on business sales	0	28	1	0	1	5	(24)	(18)	0	0	0	0	0	0	0	0	0
Adjusted net revenues	1,341	1,551	364	355	719	361	440	1,520	401	384	785	400	450	1,635	445	361	806
Provision for credit losses	0	0	0	0	0	0	0	0	0	2	2	(1)	0	1	0	2	2
Total operating expenses	1,055	1,190	279	269	548	263	351	1,162	279	277	556	288	311	1,155	281	275	556
Restructuring expenses	(7)	(26)	(8)	(3)	(11)	(7)	(8)	(26)	-	-	-	-	-	-	-	-	-
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(2)	0	(2)	0	(2)	(4)	0	0	0
Expenses related to business sales	-	0	0	0	0	0	(47)	(47)	0	0	0	0	0	0	0	0	0
Adjusted total operating expenses	1,048	1,164	271	266	537	256	296	1,089	277	277	554	288	309	1,151	281	275	556
Income/(loss) before taxes	286	333	84	86	170	93	113	376	122	105	227	113	139	479	164	84	248
Total adjustments	7	54	9	3	12	12	31	55	2	0	2	0	2	4	0	0	0
Adjusted income/(loss) before taxes	293	387	93	89	182	105	144	431	124	105	229	113	141	483	164	84	248

&A &P/&N

APAC

Asia Pacific (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Statements of operations (CHF million)
Net revenues	2,658	2,814	811	722	1,533	642	584	2,759	743	755	1,498	781	750	3,029	835	808	1,643
Provision for credit losses	27	16	9	8	17	2	9	28	17	4	21	20	14	55	99	86	185
Compensation and benefits	1,268	1,279	343	309	652	318	274	1,244	318	332	650	303	332	1,285	320	334	654
General and administrative expenses	612	605	204	173	377	137	156	670	154	151	305	151	164	620	154	153	307
Commission expenses	144	155	41	35	76	32	40	148	35	36	71	37	39	147	44	39	83
Restructuring expenses	17	25	4	15	19	6	12	37	-	-	-	-	-	-	-	-	-
Total other operating expenses	773	785	249	223	472	175	208	855	189	187	376	188	203	767	198	192	390
Total operating expenses	2,041	2,064	592	532	1,124	493	482	2,099	507	519	1,026	491	535	2,052	518	526	1,044
Income/(loss) before taxes	590	734	210	182	392	147	93	632	219	232	451	270	201	922	218	196	414
Statement of operations metrics (%)
Return on regulatory capital	17.6	21.4	22.9	18.8	20.9	15.2	9.3	16.4	20.5	21.4	21.0	24.6	18.4	21.3	21.7	20.0	21.0
Cost/income ratio	76.8	73.3	73.0	73.7	73.3	76.8	82.5	76.1	68.2	68.7	68.5	62.9	71.3	67.7	62.0	65.1	63.5
Balance sheet statistics (CHF million)
Total assets	56,773	60,500	70,141	69,433	69,433	64,802	69,643	69,643	72,177	72,417	72,417	75,657	73,719	73,719	74,453	71,729	71,729
Net loans	39,400	42,063	43,836	43,082	43,082	41,512	42,852	42,852	44,041	44,477	44,477	46,048	45,969	45,969	42,226	39,664	39,664
Risk-weighted assets	23,777	24,707	26,211	27,608	27,608	28,016	31,585	31,585	33,082	32,510	32,510	33,628	31,857	31,857	31,803	29,418	29,418
Leverage exposure	66,253	69,170	78,397	77,718	77,718	72,554	77,417	77,417	79,835	79,902	79,902	83,153	81,090	81,090	81,685	78,712	78,712
Number of employees
Number of employees (full-time equivalents)	5,840	6,240	6,100	6,000	6,000	6,060	6,200	6,200	6,300	6,380	6,380	6,500	6,530	6,530	6,970	7,030	7,030
Net revenue detail (CHF million)
Net interest income	738	966	288	224	512	215	237	964	231	264	495	293	330	1,118	312	261	573
Recurring commissions and fees	283	341	95	98	193	97	88	378	94	94	188	96	94	378	94	80	174
Transaction-based revenues	1,653	1,507	428	400	828	330	258	1,416	418	397	815	293	325	1,433	403	466	869
Other revenues	(16)	0	0	0	0	0	1	1	0	0	0	99	1	100	26	1	27
Net revenues	2,658	2,814	811	722	1,533	642	584	2,759	743	755	1,498	781	750	3,029	835	808	1,643
Margins on assets under management (annualized) (bp)
Gross margin	167	154	165	142	153	127	115	137	142	139	140	145	137	141	156	155	156
Net margin	37	40	43	36	39	29	18	31	42	43	42	50	37	43	41	38	39
Number of relationship managers
Number of relationship managers	640	590	600	610	610	600	580	580	600	600	600	610	600	600	620	620	620
Assets under management (CHF billion)
Assets under Management	166.9	196.8	197.1	203.5	203.5	205.0	199.3	199.3	214.7	214.5	214.5	217.1	220.0	220.0	197.0	215.8	215.8
Average assets under management	159.5	182.3	197.2	203.3	200.3	202.0	203.4	201.5	209.3	217.3	213.3	214.9	219.3	215.2	213.8	208.4	211.1
Net new assets	13.6	16.9	4.2	3.4	7.6	5.9	0.9	14.4	3.8	2.5	6.3	1.7	0.7	8.7	3.0	4.5	7.5

&A &P/&N

APAC Adj

Asia Pacific (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Reconciliation of adjusted results
Asia Pacific (CHF million, except where indicated)
Net revenues	2,658	2,814	811	722	1,533	642	584	2,759	743	755	1,498	781	750	3,029	835	808	1,643
Provision for credit losses	27	16	9	8	17	2	9	28	17	4	21	20	14	55	99	86	185
Total operating expenses	2,041	2,064	592	532	1,124	493	482	2,099	507	519	1,026	491	535	2,052	518	526	1,044
Restructuring expenses	(17)	(25)	(4)	(15)	(19)	(6)	(12)	(37)	-	-	-	-	-	-	-	-	-
Major litigation provisions	0	0	(48)	(29)	(77)	(1)	(1)	(79)	0	0	0	0	0	0	0	0	0
Adjusted total operating expenses	2,024	2,039	540	488	1,028	486	469	1,983	507	519	1,026	491	535	2,052	518	526	1,044
Income/(loss) before taxes	590	734	210	182	392	147	93	632	219	232	451	270	201	922	218	196	414
Total adjustments	17	25	52	44	96	7	13	116	0	0	0	0	0	0	0	0	0
Adjusted income/(loss) before taxes	607	759	262	226	488	154	106	748	219	232	451	270	201	922	218	196	414
Adjusted return on regulatory capital (%)	18.1	22.2	28.6	23.5	26.1	15.9	10.6	19.4	20.5	21.4	21.0	24.6	18.4	21.3	21.7	20.0	21.0

&A &P/&N

IB

Investment Bank (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Statements of operations (CHF million)
Net revenues	8,420	8,516	2,296	2,307	4,603	1,798	1,603	8,004	2,007	2,201	4,208	2,006	1,947	8,161	2,080	2,862	4,942
Provision for credit losses	15	59	5	27	32	11	8	51	19	(1)	18	19	67	104	304	143	447
Compensation and benefits	4,288	4,086	991	1,033	2,024	934	803	3,761	1,004	1,022	2,026	928	986	3,940	955	1,031	1,986
General and administrative expenses	2,645	2,446	622	653	1,275	552	603	2,430	588	604	1,192	593	685	2,470	577	625	1,202
Commission expenses	656	665	162	153	315	135	141	591	153	157	310	157	154	621	161	151	312
Restructuring expenses	282	230	74	92	166	87	100	353	-	-	-	-	-	-	-	-	-
Total other operating expenses	3,583	3,341	858	898	1,756	774	844	3,374	741	761	1,502	750	839	3,091	738	776	1,514
Total operating expenses	7,871	7,427	1,849	1,931	3,780	1,708	1,647	7,135	1,745	1,783	3,528	1,678	1,825	7,031	1,693	1,807	3,500
Income/(loss) before taxes	534	1,030	442	349	791	79	(52)	818	243	419	662	309	55	1,026	83	912	995
Statement of operations metrics (%)
Return on regulatory capital	4.2	7.6	12.8	9.6	11.2	2.3	(1.5)	5.9	6.9	11.7	9.3	8.5	1.5	7.1	2.3	25.8	14.4
Cost/income ratio	93.5	87.2	80.5	83.7	82.1	95.0	102.7	89.1	86.9	81.0	83.8	83.6	93.7	86.2	81.4	63.1	70.8
Net revenue detail (CHF million)
Fixed income sales and trading	2,748	2,939	880	754	1,634	527	465	2,626	865	883	1,748	828	776	3,352	1,178	1,285	2,463
Equity sales and trading	2,616	2,216	580	598	1,178	485	478	2,141	602	598	1,200	556	522	2,278	777	598	1,375
Capital markets	2,155	2,562	650	681	1,331	538	375	2,244	400	562	962	462	436	1,860	61	886	947
Advisory and other fees	790	760	170	257	427	230	280	937	122	142	264	163	169	596	139	178	317
Other revenues	111	39	16	17	33	18	5	56	18	16	34	(3)	44	75	(75)	(85)	(160)
Net revenues	8,420	8,516	2,296	2,307	4,603	1,798	1,603	8,004	2,007	2,201	4,208	2,006	1,947	8,161	2,080	2,862	4,942
Balance sheet statistics (CHF million)
Total assets	284,878	280,645	281,080	285,811	285,811	266,022	257,998	257,998	278,732	269,466	269,466	266,702	266,257	266,257	293,836	270,220	270,220
Net loans	15,455	17,639	19,366	22,505	22,505	21,595	22,909	22,909	24,676	22,853	22,853	24,354	24,657	24,657	34,450	28,322	28,322
Risk-weighted assets	71,318	78,538	79,276	82,828	82,828	81,377	84,862	84,862	84,476	85,632	85,632	88,205	82,218	82,218	97,255	86,022	86,022
Risk-weighted assets (USD)	69,723	80,379	83,025	83,456	83,456	83,297	86,041	86,041	84,723	87,646	87,646	88,486	84,842	84,842	100,904	90,554	90,554
Leverage exposure	344,234	338,074	340,906	344,719	344,719	321,783	312,655	312,655	330,103	326,386	326,386	335,793	332,019	332,019	362,870	325,409	325,409
Leverage exposure (USD)	336,535	345,997	357,025	347,332	347,332	329,375	316,998	316,998	331,072	334,061	334,061	336,862	342,614	342,614	376,490	342,554	342,554
Risk metrics (CHF million)
Average one-day, 98% trading book risk management Value-at-Risk	26	26	29	31	30	26	27	28	26	25	26	28	26	26	35	80	58
Number of employees (full-time equivalents)
Number of employees	15,590	15,830	15,790	15,380	15,380	15,510	15,590	15,590	15,810	16,220	16,220	16,740	17,050	17,050	17,100	17,420	17,420
Return on regulatory capital is based on US dollar denominated numbers.

&A &P/&N

IB Adj

Investment Bank (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Reconciliation of adjusted results
Investment Bank (CHF million)
Net revenues	8,420	8,516	2,296	2,307	4,603	1,798	1,603	8,004	2,007	2,201	4,208	2,006	1,947	8,161	2,080	2,862	4,942
Real estate gains	0	0	0	0	0	0	0	0	0	0	0	0	(7)	(7)	0	0	0
Adjusted net revenues	8,420	8,516	2,296	2,307	4,603	1,798	1,603	8,004	2,007	2,201	4,208	2,006	1,940	8,154	2,080	2,862	4,942
Provision for credit losses	15	59	5	27	32	11	8	51	19	(1)	18	19	67	104	304	143	447
Total operating expenses	7,871	7,427	1,849	1,931	3,780	1,708	1,647	7,135	1,745	1,783	3,528	1,678	1,825	7,031	1,693	1,807	3,500
Restructuring expenses	(282)	(230)	(74)	(92)	(166)	(87)	(100)	(353)	-	-	-	-	-	-	-	-	-
Major litigation provisions	(7)	0	0	0	0	(10)	0	(10)	0	0	0	0	0	0	0	(24)	(24)
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(15)	(15)	(30)	0	(46)	(76)	4	(3)	1
Expenses related to business sales	-	(8)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Adjusted total operating expenses	7,582	7,189	1,775	1,839	3,614	1,611	1,547	6,772	1,730	1,768	3,498	1,678	1,779	6,955	1,697	1,780	3,477
Income/(loss) before taxes	534	1,030	442	349	791	79	(52)	818	243	419	662	309	55	1,026	83	912	995
Total adjustments	289	238	74	92	166	97	100	363	15	15	30	0	39	69	(4)	27	23
Adjusted income/(loss) before taxes	823	1,268	516	441	957	176	48	1,181	258	434	692	309	94	1,095	79	939	1,018
Adjusted return on regulatory capital (%)	6.4	9.3	14.9	12.1	13.6	5.0	1.4	8.5	7.3	12.1	9.7	8.5	2.6	7.6	2.2	26.5	14.7
Return on regulatory capital is based on US dollar denominated numbers.

&A &P/&N

IB USD

Investment Bank (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Statements of operations (USD million)
Net revenues	8,572	8,688	2,439	2,331	4,770	1,839	1,606	8,215	2,014	2,202	4,216	2,023	1,977	8,216	2,155	2,981	5,136
Provision for credit losses	15	61	6	27	33	11	8	52	19	(2)	17	19	69	105	315	148	463
Compensation and benefits	4,356	4,165	1,053	1,044	2,097	956	803	3,856	1,008	1,020	2,028	937	1,000	3,965	990	1,073	2,063
General and administrative expenses	2,688	2,495	661	661	1,322	564	605	2,491	590	604	1,194	599	695	2,488	597	652	1,249
Commission expenses	666	678	173	154	327	138	141	606	153	158	311	158	156	625	167	157	324
Restructuring expenses	288	235	78	93	171	88	101	360	-	-	-	-	-	-	-	-	-
Total other operating expenses	3,642	3,408	912	908	1,820	790	847	3,457	743	762	1,505	757	851	3,113	764	809	1,573
Total operating expenses	7,998	7,573	1,965	1,952	3,917	1,746	1,650	7,313	1,751	1,782	3,533	1,694	1,851	7,078	1,754	1,882	3,636
Income/(loss) before taxes	559	1,054	468	352	820	82	(52)	850	244	422	666	310	57	1,033	86	951	1,037
Net revenue detail (USD million)
Fixed income sales and trading	2,806	3,000	935	762	1,697	538	466	2,701	869	882	1,751	834	789	3,374	1,220	1,337	2,557
Equity sales and trading	2,673	2,260	617	604	1,221	495	479	2,195	603	599	1,202	560	529	2,291	805	623	1,428
Capital markets	2,186	2,612	690	688	1,378	551	375	2,304	402	563	965	465	443	1,873	63	925	988
Advisory and other fees	800	777	180	259	439	236	281	956	122	142	264	165	172	601	144	185	329
Other revenues	107	39	17	18	35	19	5	59	18	16	34	(1)	44	77	(77)	(89)	(166)
Net revenues	8,572	8,688	2,439	2,331	4,770	1,839	1,606	8,215	2,014	2,202	4,216	2,023	1,977	8,216	2,155	2,981	5,136
Reconciliation of adjusted results
Investment Bank (USD million)
Net revenues	8,572	8,688	2,439	2,331	4,770	1,839	1,606	8,215	2,014	2,202	4,216	2,023	1,977	8,216	2,155	2,981	5,136
Real estate gains	0	0	0	0	0	0	0	0	0	0	0	0	(7)	(7)	0	0	0
Adjusted net revenues	8,572	8,688	2,439	2,331	4,770	1,839	1,606	8,215	2,014	2,202	4,216	2,023	1,970	8,209	2,155	2,981	5,136
Provision for credit losses	15	61	6	27	33	11	8	52	19	(2)	17	19	69	105	315	148	463
Total operating expenses	7,998	7,573	1,965	1,952	3,917	1,746	1,650	7,313	1,751	1,782	3,533	1,694	1,851	7,078	1,754	1,882	3,636
Restructuring expenses	(288)	(235)	(78)	(93)	(171)	(88)	(101)	(360)	-	-	-	-	-	-	-	-	-
Major litigation provisions	(7)	0	0	0	0	(10)	(2)	(12)	0	0	0	0	0	0	0	(25)	(25)
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	(15)	(15)	(30)	(1)	(47)	(78)	4	(3)	1
Expenses related to business sales	-	(8)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Adjusted total operating expenses	7,703	7,330	1,887	1,859	3,746	1,648	1,547	6,941	1,736	1,767	3,503	1,693	1,804	7,000	1,758	1,854	3,612
Income/(loss) before taxes	559	1,054	468	352	820	82	(52)	850	244	422	666	310	57	1,033	86	951	1,037
Total adjustments	295	243	78	93	171	98	103	372	15	15	30	1	40	71	(4)	28	24
Adjusted income/(loss) before taxes	854	1,297	546	445	991	180	51	1,222	259	437	696	311	97	1,104	82	979	1,061

&A &P/&N

CC

Corporate Center (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Results
Statements of operations (CHF million)
Treasury results	(148)	68	(106)	(2)	(108)	(2)	135	25	(115)	(205)	(320)	(273)	92	(501)	(43)	(228)	(271)
Asset Resolution Unit	(35)	(23)	(58)	(44)	(42)	(144)	(57)	(38)	(95)
Other	223	19	47	26	73	55	(51)	77	60	44	104	41	73	218	30	50	80
Net revenues	75	87	(59)	24	(35)	53	84	102	(90)	(184)	(274)	(276)	123	(427)	(70)	(216)	(286)
Provision for credit losses	0	0	0	(1)	(1)	1	1	1	6	5	11	(9)	5	7	2	5	7
Compensation and benefits	287	413	59	78	137	68	(58)	147	136	107	243	72	174	489	(52)	128	76
General and administrative expenses	447	394	46	(19)	27	59	116	202	148	97	245	167	463	875	95	184	279
Commission expenses	77	47	21	19	40	5	6	51	16	17	33	15	20	68	25	20	45
Restructuring expenses	6	14	1	0	1	(3)	1	(1)	-	-	-	-	-	-	-	-	-
Total other operating expenses	530	455	68	0	68	61	123	252	164	114	278	182	483	943	120	204	324
Total operating expenses	817	868	127	78	205	129	65	399	300	221	521	254	657	1,432	68	332	400
Income/(loss) before taxes	(742)	(781)	(186)	(53)	(239)	(77)	18	(298)	(396)	(410)	(806)	(521)	(539)	(1,866)	(140)	(553)	(693)
of which Asset Resolution Unit	(103)	(92)	(195)	(94)	(94)	(383)	(94)	(75)	(169)
Balance sheet statistics (CHF million)
Total assets	83,366	88,519	98,612	90,140	90,140	92,303	93,369	93,369	104,407	101,879	101,879	109,181	106,213	106,213	117,531	134,137	134,137
Risk-weighted assets	17,652	24,332	28,729	30,733	30,733	30,191	30,239	30,239	51,632	50,137	50,137	54,266	52,370	52,370	43,550	51,558	51,558
Leverage exposure	81,298	87,848	99,527	91,631	91,631	93,414	94,094	94,094	113,771	110,409	110,409	116,612	113,002	113,002	36,095	36,555	36,555
Expense allocation to divisions (CHF million)
Compensation and benefits	3,379	3,512	804	842	1,646	823	693	3,162	885	863	1,748	817	889	3,454	693	887	1,580
General and administrative expenses	2,995	2,630	561	535	1,096	523	664	2,283	669	605	1,274	605	1,000	2,879	540	639	1,179
Commission expenses	77	47	21	19	40	5	6	51	16	17	33	15	20	68	25	20	45
Restructuring expenses	172	172	35	96	131	115	128	374	-	-	-	-	-	-	-	-	-
Total other operating expenses	3,244	2,849	617	650	1,267	643	798	2,708	685	622	1,307	620	1,020	2,947	565	659	1,224
Total operating expenses before allocations to divisions	6,623	6,361	1,421	1,492	2,913	1,466	1,491	5,870	1,570	1,485	3,055	1,437	1,909	6,401	1,258	1,546	2,804
Net allocations to divisions	5,806	5,493	1,294	1,414	2,708	1,337	1,426	5,471	1,270	1,264	2,534	1,183	1,252	4,969	1,190	1,214	2,404
of which Swiss Universal Bank	1,115	1,124	261	279	540	274	277	1,091	275	276	551	255	257	1,063	261	263	524
of which International Wealth Management	932	967	242	260	502	245	252	999	252	250	502	232	242	976	241	245	486
of which Asia Pacific	588	652	168	163	331	156	174	661	170	172	342	163	164	669	170	168	338
of which Investment Bank	2,616	2,439	566	633	1,199	601	659	2,459	573	566	1,139	533	589	2,261	518	538	1,056
of which Strategic Resolution Unit	555	311	57	79	136	61	64	261	-	-	-	-	-	-	-	-	-
Total operating expenses	817	868	127	78	205	129	65	399	300	221	521	254	657	1,432	68	332	400
Results - Asset Resolution Unit
Statements of operations (CHF million)
Revenues from portfolio assets	26	35	61	12	11	84	(6)	24	18
Asset funding costs	(61)	(58)	(119)	(56)	(53)	(228)	(51)	(62)	(113)
Net revenues	(35)	(23)	(58)	(44)	(42)	(144)	(57)	(38)	(95)
Provision for credit losses	6	4	10	(9)	4	5	0	(2)	(2)
Compensation and benefits	34	41	75	28	28	131	24	20	44
General and administrative expenses	26	21	47	29	19	95	12	17	29
Commission expenses	2	3	5	2	1	8	1	2	3
Total other operating expenses	28	24	52	31	20	103	13	19	32
Total operating expenses	62	65	127	59	48	234	37	39	76
Income/(loss) before taxes	(103)	(92)	(195)	(94)	(94)	(383)	(94)	(75)	(169)
Balance sheet statistics (CHF million)
Total assets	15,674	15,464	15,464	14,850	12,668	12,668	14,320	13,000	13,000
Risk-weighted assets (USD)	12,663	8,852	8,852	10,672	10,750	10,750	9,313	11,341	11,341
Leverage exposure (USD)	24,222	24,219	24,219	22,752	20,719	20,719	21,744	20,157	20,157
Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.

&A &P/&N

CC Adj

Corporate Center (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Reconciliation of adjusted results
Corporate Center (CHF million)
Net revenues	75	87	(59)	24	(35)	53	84	102	(90)	(184)	(274)	(276)	123	(427)	(70)	(216)	(286)
Real estate (gains)/losses	0	0	0	0	0	0	(4)	(4)	0	25	25	0	(1)	24	0	0	0
(Gains)/losses on business sales	52	23	0	0	0	0	21	21	0	0	0	0	2	2	0	0	0
Adjusted net revenues	127	110	(59)	24	(35)	53	101	119	(90)	(159)	(249)	(276)	124	(401)	(70)	(216)	(286)
Provision for credit losses	0	0	0	(1)	(1)	1	1	1	6	5	11	(9)	5	7	2	5	7
Total operating expenses	817	868	127	78	205	129	65	399	300	221	521	254	657	1,432	68	332	400
Restructuring expenses	(6)	(14)	(1)	0	(1)	3	(1)	1	-	-	-	-	-	-	-	-	-
Major litigation provisions	0	(127)	0	0	0	0	(1)	(1)	(33)	(26)	(59)	(28)	(329)	(416)	(17)	(69)	(86)
Expenses related to real estate disposals	-	-	-	-	-	-	-	-	0	1	1	0	0	1	0	0	0
Adjusted total operating expenses	811	727	126	78	204	132	63	399	267	196	463	226	328	1,017	51	263	314
Income/(loss) before taxes	(742)	(781)	(186)	(53)	(239)	(77)	18	(298)	(396)	(410)	(806)	(521)	(539)	(1,866)	(140)	(553)	(693)
Total adjustments	58	164	1	0	1	(3)	19	17	33	51	83	28	330	441	17	69	86
Adjusted income/(loss) before taxes	(684)	(617)	(185)	(53)	(238)	(80)	37	(281)	(363)	(360)	(723)	(493)	(209)	(1,425)	(123)	(484)	(607)
Asset Resolution Unit (USD million)
Net revenues	(35)	(22)	(57)	(45)	(43)	(145)	(59)	(39)	(98)
(Gains)/losses on business sales	0	0	0	0	2	2	0	0	0
Adjusted net revenues	(35)	(22)	(57)	(45)	(41)	(143)	(59)	(39)	(98)
Provision for credit losses	6	5	11	(10)	4	5	0	(2)	(2)
Total operating expenses	62	64	126	60	48	234	38	42	80
Income/(loss) before taxes	(103)	(91)	(194)	(95)	(95)	(384)	(97)	(79)	(176)
Total adjustments	0	0	0	0	2	2	0	0	0
Adjusted income/(loss) before taxes	(103)	(91)	(194)	(95)	(93)	(382)	(97)	(79)	(176)
Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.

&A &P/&N

SRU

Strategic Resolution Unit (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018
Results
Statements of operations (CHF million)
Net revenues	(1,271)	(886)	(203)	(176)	(379)	(154)	(175)	(708)
of which from noncontrolling interests without SEI	27	45	(2)	8	6	(12)	(2)	(8)
Provision for credit losses	111	32	0	(1)	(1)	3	(1)	1
Compensation and benefits	612	332	65	71	136	61	57	254
General and administrative expenses	3,590	796	126	107	233	58	94	385
of which from litigation provisions	2,792	300	47	31	78	14	40	132
Commission expenses	54	32	4	2	6	3	3	12
Restructuring expenses	121	57	11	13	24	28	(31)	21
Total other operating expenses	3,765	885	141	122	263	89	66	418
Total operating expenses	4,377	1,217	206	193	399	150	123	672
of which from noncontrolling interests without SEI	23	10	1	1	2	1	1	4
Income/(loss) before taxes	(5,759)	(2,135)	(409)	(368)	(777)	(307)	(297)	(1,381)
of which from noncontrolling interests without SEI	4	35	(3)	7	4	(13)	(3)	(12)
Net revenue detail (CHF million)
Restructuring of select onshore businesses	154	31	(4)	5	1	0	0	1
Legacy cross-border and small markets businesses	194	121	16	13	29	13	11	53
Legacy asset management positions	(90)	(79)	0	2	2	10	0	12
Legacy investment banking portfolio	(1,253)	(697)	(119)	(126)	(245)	(86)	(122)	(453)
Legacy funding costs	(315)	(337)	(83)	(82)	(165)	(90)	(60)	(315)
Other	12	30	(11)	4	(7)	11	(2)	2
Noncontrolling interests without SEI	27	45	(2)	8	6	(12)	(2)	(8)
Net revenues	(1,271)	(886)	(203)	(176)	(379)	(154)	(175)	(708)
Balance sheet statistics (CHF million)
Total assets	75,609	40,940	25,475	22,751	22,751	18,370	16,186	16,186
Risk-weighted assets	46,611	34,408	23,063	21,189	21,189	19,963	18,404	18,404
Risk-weighted assets (USD)	45,568	35,214	24,154	21,350	21,350	20,434	18,660	18,660
Leverage exposure	101,080	55,246	38,480	34,004	34,004	28,171	24,892	24,892
Leverage exposure (USD)	98,819	56,541	40,300	34,262	34,262	28,836	25,238	25,238
Number of employees (full-time equivalents)
Number of employees	1,830	1,530	1,480	1,390	1,390	1,350	1,320	1,320
Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.

&A &P/&N

SRU Adj

Strategic Resolution Unit (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018
Reconciliation of adjusted results
Strategic Resolution Unit (CHF milllion)
Net revenues	(1,271)	(886)	(203)	(176)	(379)	(154)	(175)	(708)
Real estate gains	(4)	0	(1)	0	(1)	0	0	(1)
(Gains)/losses on business sales	6	(38)	0	0	0	0	0	0
Adjusted net revenues	(1,269)	(924)	(204)	(176)	(380)	(154)	(175)	(709)
Provision for credit losses	111	32	0	(1)	(1)	3	(1)	1
Total operating expenses	4,377	1,217	206	193	399	150	123	672
Restructuring expenses	(121)	(57)	(11)	(13)	(24)	(28)	31	(21)
Major litigation provisions	(2,693)	(269)	(37)	(26)	(63)	(9)	(45)	(117)
Expenses related to business sales	-	0	0	(1)	(1)	(2)	(1)	(4)
Adjusted total operating expenses	1,563	891	158	153	311	111	108	530
Income/(loss) before taxes	(5,759)	(2,135)	(409)	(368)	(777)	(307)	(297)	(1,381)
Total adjustments	2,816	288	47	40	87	39	15	141
Adjusted income/(loss) before taxes	(2,943)	(1,847)	(362)	(328)	(690)	(268)	(282)	(1,240)
Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.

&A &P/&N

SRU USD

Strategic Resolution Unit (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018
Results
Statements of operations (USD million)
Net revenues	(1,285)	(905)	(215)	(178)	(393)	(158)	(174)	(725)
of which from noncontrolling interests without SEI	28	47	(2)	8	6	(12)	(2)	(8)
Provision for credit losses	115	31	0	(1)	(1)	3	(1)	1
Compensation and benefits	620	338	69	72	141	61	58	260
General and administrative expenses	3,555	812	134	108	242	60	94	396
of which from litigation provisions	2,747	307	49	32	81	14	41	136
Commission expenses	55	34	4	2	6	4	3	13
Restructuring expenses	123	59	12	12	24	28	(31)	21
Total other operating expenses	3,733	905	150	122	272	92	66	430
Total operating expenses	4,353	1,243	219	194	413	153	124	690
of which from noncontrolling interests without SEI	24	10	1	1	2	1	1	4
Income/(loss) before taxes	(5,753)	(2,179)	(434)	(371)	(805)	(314)	(297)	(1,416)
of which from noncontrolling interests without SEI	4	37	(3)	7	4	(13)	(3)	(12)
Net revenue detail (USD million)
Restructuring of select onshore businesses	156	31	(4)	5	1	0	0	1
Legacy cross-border and small markets businesses	198	123	16	14	30	13	11	54
Legacy asset management positions	(89)	(81)	0	2	2	10	0	12
Legacy investment banking portfolio	(1,270)	(710)	(125)	(129)	(254)	(87)	(122)	(463)
Legacy funding costs	(319)	(345)	(87)	(82)	(169)	(93)	(59)	(321)
Other	11	30	(13)	4	(9)	11	(2)	0
Noncontrolling interests without SEI	28	47	(2)	8	6	(12)	(2)	(8)
Net revenues	(1,285)	(905)	(215)	(178)	(393)	(158)	(174)	(725)
Reconciliation of adjusted results
Strategic Resolution Unit (USD million)
Net revenues	(1,285)	(905)	(215)	(178)	(393)	(158)	(174)	(725)
Real estate gains	(4)	0	(1)	0	(1)	0	0	(1)
(Gains)/losses on business sales	6	(39)	0	0	0	0	0	0
Adjusted net revenues	(1,283)	(944)	(216)	(178)	(394)	(158)	(174)	(726)
Provision for credit losses	115	31	0	(1)	(1)	3	(1)	1
Total operating expenses	4,353	1,243	219	194	413	153	124	690
Restructuring expenses	(123)	(59)	(12)	(12)	(24)	(28)	31	(21)
Major litigation provisions	(2,646)	(275)	(41)	(26)	(67)	(8)	(45)	(120)
Expenses related to business sales	0	0	0	(1)	(1)	(3)	(1)	(5)
Adjusted total operating expenses	1,584	909	166	155	321	114	109	544
Income/(loss) before taxes	(5,753)	(2,179)	(434)	(371)	(805)	(314)	(297)	(1,416)
Total adjustments	2,771	295	52	39	91	39	15	145
Adjusted income/(loss) before taxes	(2,982)	(1,884)	(382)	(332)	(714)	(275)	(282)	(1,271)
Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.

&A &P/&N

AuM

Assets under Management (unaudited)
2016	2017	1Q18	2Q18	6M18	3Q18	4Q18	2018	1Q19	2Q19	6M19	3Q19	4Q19	2019	1Q20	2Q20	6M20
Assets under management
Assets under management (CHF billion)
Swiss Universal Bank - Private Clients	192.2	208.3	206.7	207.9	207.9	209.3	198.0	198.0	210.7	214.7	214.7	214.2	217.6	217.6	194.8	201.8	201.8
Swiss Universal Bank - Corporate & Institutional Clients	339.3	354.7	352.0	355.8	355.8	360.2	348.7	348.7	395.9	410.7	410.7	424.6	436.4	436.4	405.3	427.4	427.4
International Wealth Management - Private Banking	323.2	366.9	369.7	370.7	370.7	368.4	357.5	357.5	356.4	363.1	363.1	365.2	370.0	370.0	327.7	344.5	344.5
International Wealth Management - Asset Management	321.6	385.6	391.2	401.4	401.4	403.7	388.7	388.7	404.5	414.0	414.0	426.0	437.9	437.9	409.6	423.8	423.8
Asia Pacific	166.9	196.8	197.1	203.5	203.5	205.0	199.3	199.3	214.7	214.5	214.5	217.1	220.0	220.0	197.0	215.8	215.8
Strategic Resolution Unit	13.7	5.0	2.6	2.5	2.5	2.4	0.5	0.5	-	-	-	-	-	-	-	-	-
Assets managed across businesses	(105.8)	(141.2)	(141.4)	(145.2)	(145.2)	(146.8)	(147.8)	(147.8)	(155.2)	(161.3)	(161.3)	(170.2)	(174.7)	(174.7)	(163.9)	(169.9)	(169.9)
Assets under management	1,251.1	1,376.1	1,377.9	1,396.6	1,396.6	1,402.2	1,344.9	1,344.9	1,427.0	1,455.7	1,455.7	1,476.9	1,507.2	1,507.2	1,370.5	1,443.4	1,443.4
of which discretionary assets	404.3	452.5	455.5	463.2	463.2	464.4	442.9	442.9	461.1	469.2	469.2	475.0	489.7	489.7	450.1	468.1	468.1
of which advisory assets	846.8	923.6	922.4	933.4	933.4	937.8	902.0	902.0	965.9	986.5	986.5	1,001.9	1,017.5	1,017.5	920.4	975.3	975.3
Net new assets (CHF billion)
Swiss Universal Bank - Private Clients	0.1	4.7	2.7	0.5	3.2	0.9	(1.1)	3.0	3.3	1.2	4.5	(0.6)	(0.5)	3.4	(4.2)	(1.6)	(5.8)
Swiss Universal Bank - Corporate & Institutional Clients	2.5	(13.9)	3.8	0.9	4.7	1.8	2.1	8.6	27.6	8.9	36.5	6.3	2.5	45.3	4.8	1.6	6.4
International Wealth Management - Private Banking	15.6	15.6	5.5	5.2	10.7	3.0	0.5	14.2	1.3	5.5	6.8	3.6	0.6	11.0	3.7	1.8	5.5
International Wealth Management - Asset Management	5.6	20.3	9.0	8.0	17.0	4.5	0.7	22.2	(0.5)	8.6	8.1	5.9	7.5	21.5	0.1	4.1	4.2
Asia Pacific	13.6	16.9	4.2	3.4	7.6	5.9	0.9	14.4	3.8	2.5	6.3	1.7	0.7	8.7	3.0	4.5	7.5
Strategic Resolution Unit	(8.5)	(2.5)	(0.1)	(0.1)	(0.2)	0.0	(0.1)	(0.3)	-	-	-	-	-	-	-	-	-
Assets managed across businesses	(2.1)	(3.3)	(2.1)	(2.6)	(4.7)	(0.9)	(2.8)	(8.4)	(0.9)	(3.8)	(4.7)	(5.0)	(0.9)	(10.6)	(1.6)	(0.6)	(2.2)
Net new assets	26.8	37.8	23.0	15.3	38.3	15.2	0.2	53.7	34.6	22.9	57.5	11.9	9.9	79.3	5.8	9.8	15.6
Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual assets under management were either transferred to other divisions or no longer qualify as assets under management.

&A &P/&N