 |  Weaker markets than in 2000 and the costs of investing in expanding our presence in the five countries targeted by our European wealth management initiative brought the Private Banking business unit’s full year pre-tax profits in 2001 down 16% from last year to CHF 2,703 million, despite a continued focus on controlling operating costs. Net new money inflows in 2001, at CHF 22.5 billion an eight-fold increase over 2000, demonstrate our success this year in re-energizing our asset-gathering performance, and our single-minded focus on growing this world-leading business.
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