 |  UBS Warburg’s Corporate and Institutional Clients business unit recorded a strong performa-nce in 2001 relative to the much weaker markets this year. Pre-tax profit was CHF 4,256 million, a decline of 15% over 2000, our best year ever.
Full year results for UBS Capital reflect the very challenging market in 2001, with few opportunities for divestments, and write-downs of several investments as a result of the problems caused for some of our investee companies by the deteriorating economic conditions. Pre-tax losses for 2001 of CHF 1,032 million, compared to pre-tax profits of CHF 173 million in 2000.
Pre-tax profits at the Private Clients business unit (UBS PaineWebber) were CHF 258 million, a strong result relative to our peers, achieved against a particularly poor market environment, with two successive years of market declines in the US for the first time since the late 1970s.
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