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
October 30, 2019
Commission File Number 001-15244
CREDIT SUISSE GROUP AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 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, CH 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 October 30, 2019, the Credit Suisse Financial Report 3Q19 was published. A copy of the Financial Report is attached as an exhibit to this report on Form 6-K. This report on Form 6-K (including the exhibits hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-218604) 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), (a) the sections of the attached Financial Report entitled “Investor information” and “Financial calendar and contacts” shall not be incorporated by reference into, or be deemed “filed”, with respect to any such Registration Statements, (b) 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) and (c) the section of the attached Financial Report entitled “II – Treasury, risk, balance sheet and off-balance sheet – Capital management – Bank regulatory disclosures” 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, 2018 (Credit Suisse 2018 20-F) filed with the SEC on March 22, 2019, the Group’s financial report for the first quarter of 2019 (Credit Suisse Financial Report 1Q19), filed with the SEC on Form 6-K on May 3, 2019, the Group’s financial report for the second quarter of 2019 (Credit Suisse Financial Report 2Q19), filed with the SEC on Form 6-K on July 31, 2019, and the Group’s financial report for the third quarter of 2019 (Credit Suisse Financial Report 3Q19), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about Credit Suisse AG (Bank) relating to its results as of and for the three and nine months ended September 30, 2019. 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 2018 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.
2
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, Global Markets, Investment Banking & Capital Markets and, until December 31, 2018, the Strategic Resolution Unit segments. 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.
For further information on the differences between the Group and the Bank, refer to “Note 34 – Subsidiary guarantee information” in III –Condensed consolidated financial statements – unaudited in the Credit Suisse Financial Report 3Q19.
Comparison of consolidated statements of operations
   Bank Group Bank Group
in 3Q19 3Q18 3Q19 3Q18 9M19 9M18 9M19 9M18
Statements of operations (CHF million)   
Net revenues 5,369 4,881 5,326 4,888 16,480 16,077 16,294 16,119
Total operating expenses 4,262 4,263 4,112 4,152 13,006 13,451 12,610 13,156
Income before taxes 1,035 553 1,142 671 3,296 2,440 3,506 2,777
Net income 808 293 886 410 2,368 1,551 2,572 1,756
Net income attributable to shareholders 800 305 881 424 2,353 1,554 2,567 1,765
Comparison of consolidated balance sheets
   Bank Group
end of 3Q19 4Q18 3Q19 4Q18
Balance sheet statistics (CHF million)   
Total assets 798,621 772,069 795,920 768,916
Total liabilities 750,797 726,075 750,616 724,897
Capitalization and indebtedness
   Bank Group
end of 3Q19 4Q18 3Q19 4Q18
Capitalization and indebtedness (CHF million)   
Due to banks 20,069 15,220 20,075 15,220
Customer deposits 376,199 365,263 374,872 363,925
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,032 24,623 23,924 24,623
Long-term debt 158,161 153,433 159,115 154,308
Other liabilities 172,336 167,536 172,630 166,821
Total liabilities  750,797 726,075 750,616 724,897
Total equity 47,824 45,994 45,304 44,019
Total capitalization and indebtedness  798,621 772,069 795,920 768,916
3
BIS capital metrics
   Bank Group
end of 3Q19 4Q18 3Q19 4Q18
Capital and risk-weighted assets (CHF million)   
CET1 capital 41,989 38,915 37,384 35,824
Tier 1 capital 54,514 48,231 50,865 46,040
Total eligible capital 57,893 52,431 54,244 50,239
Risk-weighted assets 305,429 286,081 302,121 284,582
Capital ratios (%)   
CET1 ratio 13.7 13.6 12.4 12.6
Tier 1 ratio 17.8 16.9 16.8 16.2
Total capital ratio 19.0 18.3 18.0 17.7
Selected financial data – Bank
Condensed consolidated statements of operations
in 3Q19 3Q18 % change 9M19 9M18 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 5,328 4,561 17 15,804 14,107 12
Interest expense (3,541) (3,110) 14 (10,462) (9,413) 11
Net interest income 1,787 1,451 23 5,342 4,694 14
Commissions and fees 2,754 2,784 (1) 8,237 8,910 (8)
Trading revenues 128 363 (65) 1,215 1,411 (14)
Other revenues 700 283 147 1,686 1,062 59
Net revenues  5,369 4,881 10 16,480 16,077 3
Provision for credit losses  72 65 11 178 186 (4)
Compensation and benefits 2,154 2,204 (2) 6,763 6,905 (2)
General and administrative expenses 1,783 1,613 11 5,291 5,171 2
Commission expenses 325 286 14 952 958 (1)
Restructuring expenses – 160 – – 417 –
Total other operating expenses 2,108 2,059 2 6,243 6,546 (5)
Total operating expenses  4,262 4,263 0 13,006 13,451 (3)
Income before taxes  1,035 553 87 3,296 2,440 35
Income tax expense 227 260 (13) 928 889 4
Net income  808 293 176 2,368 1,551 53
Net income/(loss) attributable to noncontrolling interests 8 (12) – 15 (3) –
Net income attributable to shareholders  800 305 162 2,353 1,554 51
4
Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 3Q19 4Q18 % change
Assets (CHF million)   
Cash and due from banks 94,983 99,314 (4)
Interest-bearing deposits with banks 709 1,074 (34)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 112,724 117,095 (4)
Securities received as collateral 38,677 41,696 (7)
Trading assets 157,870 133,859 18
Investment securities 998 1,477 (32)
Other investments 5,325 4,824 10
Net loans 305,408 292,875 4
Goodwill 4,046 4,056 0
Other intangible assets 219 219 0
Brokerage receivables 39,284 38,907 1
Other assets 38,378 36,673 5
Total assets  798,621 772,069 3
Liabilities and equity (CHF million)   
Due to banks 20,069 15,220 32
Customer deposits 376,199 365,263 3
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,032 24,623 (2)
Obligation to return securities received as collateral 38,677 41,696 (7)
Trading liabilities 43,869 42,171 4
Short-term borrowings 26,649 22,419 19
Long-term debt 158,161 153,433 3
Brokerage payables 33,545 30,923 8
Other liabilities 29,596 30,327 (2)
Total liabilities  750,797 726,075 3
Total shareholder's equity  47,058 45,296 4
Noncontrolling interests 766 698 10
Total equity  47,824 45,994 4
Total liabilities and equity  798,621 772,069 3
BIS statistics (Basel III)
end of 3Q19 4Q18 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 41,989 38,915 8
Tier 1 capital 54,514 48,231 13
Total eligible capital 57,893 52,431 10
Capital ratios (%)   
CET1 ratio 13.7 13.6 –
Tier 1 ratio 17.8 16.9 –
Total capital ratio 19.0 18.3 –
5
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: October 30, 2019
By:
/s/ Tidjane Thiam                                 /s/ David R. Mathers
      Tidjane Thiam                                       David R. Mathers
      Chief Executive Officer                          Chief Financial Officer 
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