UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
February 18, 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 February 18, 2021, the Credit Suisse Earnings Release 4Q20 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).
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, 2019 (Credit Suisse 2019 20-F) filed with the SEC on March 30, 2020, the Group’s financial report for the first quarter of 2020 (Credit Suisse Financial Report 1Q20), filed with the SEC on Form 6-K on May 7, 2020, the Group’s financial report for the second quarter of 2020 (Credit Suisse Financial Report 2Q20), filed with the SEC on Form 6-K on July 30, 2020, the Group’s financial report for the third quarter of 2020 (Credit Suisse Financial Report 3Q20), filed with the SEC on Form 6-K on October 29, 2020 and the Group’s earnings release for the fourth quarter of 2020 (Credit Suisse Earnings Release 4Q20), 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 and twelve months ended December 31, 2020. 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 2019 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. 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 Bank Group
in 4Q20 4Q19 4Q20 4Q19 2020 2019 2020 2019
Statements of operations (CHF million)   
Net revenues 5,260 6,206 5,221 6,190 22,503 22,686 22,389 22,484
Total operating expenses 5,283 4,963 5,171 4,830 18,200 17,969 17,826 17,440
Income/(loss) before taxes (161) 1,097 (88) 1,214 3,211 4,393 3,467 4,720
Net income/(loss) (364) 727 (350) 853 2,514 3,095 2,666 3,425
Net income/(loss) attributable to shareholders (365) 728 (353) 852 2,511 3,081 2,669 3,419
Comparison of consolidated balance sheets
   Bank Group
end of 4Q20 4Q19 4Q20 4Q19
Balance sheet statistics (CHF million)   
Total assets 809,688 790,459 805,822 787,295
Total liabilities 762,629 743,696 762,881 743,581
Capitalization and indebtedness
   Bank Group
end of 4Q20 4Q19 4Q20 4Q19
Capitalization and indebtedness (CHF million)   
Due to banks 16,420 16,742 16,423 16,744
Customer deposits 392,039 384,950 390,921 383,783
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 23,944 27,641 23,851 27,533
Long-term debt 160,279 151,000 161,087 152,005
All other liabilities 169,947 163,363 170,599 163,516
Total liabilities  762,629 743,696 762,881 743,581
Total equity 47,059 46,763 42,941 43,714
Total capitalization and indebtedness  809,688 790,459 805,822 787,295
3
BIS capital metrics
   Bank Group
end of 4Q20 4Q19 4Q20 4Q19
Capital and risk-weighted assets (CHF million)   
CET1 capital 40,701 41,933 35,361 36,774
Tier 1 capital 55,659 54,024 51,202 49,791
Total eligible capital 56,620 56,958 52,163 52,725
Risk-weighted assets 275,676 290,843 275,084 290,463
Capital ratios (%)   
CET1 ratio 14.8 14.4 12.9 12.7
Tier 1 ratio 20.2 18.6 18.6 17.1
Total capital ratio 20.5 19.6 19.0 18.2
4Q19 amounts are shown on a look-through basis.
Selected financial data – Bank
Condensed consolidated statements of operations
in 4Q20 4Q19 % change 2020 2019 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 2,777 4,376 (37) 13,878 20,180 (31)
Interest expense (1,324) (2,669) (50) (7,918) (13,131) (40)
Net interest income 1,453 1,707 (15) 5,960 7,049 (15)
Commissions and fees 3,185 2,834 12 11,850 11,071 7
Trading revenues 468 558 (16) 3,178 1,773 79
Other revenues 154 1,107 (86) 1,515 2,793 (46)
Net revenues  5,260 6,206 (15) 22,503 22,686 (1)
Provision for credit losses  138 146 (5) 1,092 324 237
Compensation and benefits 2,286 2,342 (2) 8,860 9,105 (3)
General and administrative expenses 2,643 2,297 15 7,962 7,588 5
Commission expenses 303 324 (6) 1,256 1,276 (2)
Restructuring expenses 51 – – 122 – –
Total other operating expenses 2,997 2,621 14 9,340 8,864 5
Total operating expenses  5,283 4,963 6 18,200 17,969 1
Income/(loss) before taxes  (161) 1,097 – 3,211 4,393 (27)
Income tax expense 203 370 (45) 697 1,298 (46)
Net income/(loss)  (364) 727 – 2,514 3,095 (19)
Net income/(loss) attributable to noncontrolling interests 1 (1) – 3 14 (79)
Net income/(loss) attributable to shareholders  (365) 728 – 2,511 3,081 (19)
4
Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 4Q20 4Q19 % change
Assets (CHF million)   
Cash and due from banks 138,207 101,044 37
Interest-bearing deposits with banks 1,230 673 83
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 79,133 106,997 (26)
Securities received as collateral 50,773 40,219 26
Trading assets 157,511 153,895 2
Investment securities 605 1,004 (40)
Other investments 5,379 5,634 (5)
Net loans 300,341 304,025 (1)
Goodwill 3,755 3,960 (5)
Other intangible assets 237 291 (19)
Brokerage receivables 35,943 35,648 1
Other assets 36,574 37,069 (1)
Total assets  809,688 790,459 2
Liabilities and equity (CHF million)   
Due to banks 16,420 16,742 (2)
Customer deposits 392,039 384,950 2
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 23,944 27,641 (13)
Obligation to return securities received as collateral 50,773 40,219 26
Trading liabilities 45,871 38,186 20
Short-term borrowings 21,308 28,869 (26)
Long-term debt 160,279 151,000 6
Brokerage payables 21,655 25,683 (16)
Other liabilities 30,340 30,406 0
Total liabilities  762,629 743,696 3
Total shareholder's equity  46,264 46,120 0
Noncontrolling interests 795 643 24
Total equity  47,059 46,763 1
Total liabilities and equity  809,688 790,459 2
BIS statistics (Basel III)
end of 4Q20 4Q19 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 40,701 41,933 (3)
Tier 1 capital 55,659 54,024 3
Total eligible capital 56,620 56,958 (1)
Capital ratios (%)   
CET1 ratio 14.8 14.4 –
Tier 1 ratio 20.2 18.6 –
Total capital ratio 20.5 19.6 –
4Q19 amounts are shown on a look-through basis.
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Exhibits
No. Description
6
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: February 18, 2021
By:
/s/ Thomas Gottstein                                 /s/ David R. Mathers
      Thomas Gottstein                                       David R. Mathers
      Chief Executive Officer                               Chief Financial Officer 
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