Cash-based awards (Details 5) - CHF (SFr)
SFr in Millions |
12 Months Ended |
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Dec. 31, 2021 |
Feb. 11, 2022 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Estimated unrecognized compensation expense |
SFr 1,136
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| Contingent Capital Awards (CCA) |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Description |
CCA were granted in February 2022, 2021 and 2020 to managing directors and directors as part of the 2021, 2020 and 2019 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA are scheduled to vest on the third anniversary of the grant date, other than those granted to individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the EU or UK Capital Requirements Directive V related provisions. As of February 2022, CCA granted to MRTs, risk manager MRTs and senior managers vest on the fourth, fifth and seventh anniversaries of the grant date, respectively. CCA awards will be expensed over the vesting period. CCA generally provide a conditional right to receive semi-annual cash payments of interest equivalents until settled, with rates being dependent upon the vesting period and currency of denomination. CCA granted in 2022, 2021 and 2020 that vest four, five or seven years from the date of grant are not eligible for semi-annual cash payments of interest equivalents. CCA granted to certain regulated employees that vest over three years are not eligible for semi-annual cash payments of interest equivalents.
■ CCA granted in 2022, 2021 and 2020 that are denominated in US dollars and vest three years from the date of grant receive interest equivalents at a rate of 4.18%, 3.60% and 4.08% respectively, per annum plus the daily compounded (spread exclusive) US dollar Secured Overnight Financing Rate (SOFR);
■ CCA granted in 2022, 2021 and 2020 that are denominated in Swiss francs and vest three years from the date of grant receive interest equivalents at a rate of 3.44%, 3.06% and 3.36% respectively, per annum plus the daily compounded (spread exclusive) Swiss franc Swiss Average Rate Overnight (SARON); and
■ The semi-annual interest equivalent cash payment calculation cycle up to February 2021, was based on the six-month US dollar London Interbank Offered Rate (LIBOR) for CCA denominated in US dollars and the six-month Swiss franc LIBOR for CCA denominated in Swiss francs.
The rates were set in line with market conditions at the time of grant and existing high-trigger and low-trigger contingent capital instruments that the Group has issued. For CCA granted in February 2022, employees who received compensation in Swiss francs received CCA denominated in Swiss francs and all other employees received CCA denominated in US dollars.
As CCA qualify as going concern loss-absorbing capital of the Group, the timing and form of distribution upon settlement is subject to approval by FINMA. At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The fair value will be determined by the Group. In the case of a cash settlement, the CCA award will be converted into the local currency of each respective employee.
CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero and forfeited if any of the following trigger events were to occur:
■ the Group’s reported common equity tier 1 (CET1) ratio falls below 7%; or
■ FINMA determines that cancellation of the CCA and other similar contingent capital instruments is necessary, or that the Group requires public sector capital support, in either case to prevent it from becoming insolvent or otherwise failing.
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| Estimated unrecognized compensation expense |
SFr 134
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| Contingent Capital Awards (CCA) | Grant Date, February 11, 2022 | Subsequent Event |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount |
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SFr 75
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| Contingent Capital Awards (CCA) | Grant Date, February 11, 2022 | Subsequent Event | Forecast/Estimate |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Estimated unrecognized compensation expense |
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72
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| Contingent Capital Awards (CCA) | Grant Date, 2021 |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount |
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SFr 253
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| Contingent Capital Awards (CCA) | Grant Date, 2020 |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount |
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SFr 268
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| Contingent Capital Awards (CCA) | Cliff vesting [Member] |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Maximum Contractual Term |
3 years
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| Contingent Capital Awards (CCA) | UK PRA staff or similuar regulations, Senior managemement | Cliff vesting [Member] |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Maximum Contractual Term |
7 years
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| Contingent Capital Awards (CCA) | MRTs | Cliff vesting [Member] |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Maximum Contractual Term |
4 years
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| Contingent Capital Awards (CCA) | Risk manager MRTs | Cliff vesting [Member] |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Maximum Contractual Term |
5 years
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| Bank |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Estimated unrecognized compensation expense |
SFr 1,111
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| Bank | Contingent Capital Awards (CCA) |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Estimated unrecognized compensation expense |
SFr 129
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| Bank | Contingent Capital Awards (CCA) | Grant Date, February 11, 2022 | Subsequent Event |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount |
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71
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| Bank | Contingent Capital Awards (CCA) | Grant Date, February 11, 2022 | Subsequent Event | Forecast/Estimate |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Estimated unrecognized compensation expense |
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SFr 68
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| Bank | Contingent Capital Awards (CCA) | Grant Date, 2021 |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount |
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SFr 245
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| Bank | Contingent Capital Awards (CCA) | Grant Date, 2020 |
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| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] |
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| Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount |
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SFr 257
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