 |  Our net profit for the year 2001 was CHF 4,973 million, 36% less than in 2000. Pre-goodwill, net profit for the year was CHF 6,296 million, 26% lower than we achieved in the much stronger markets of 2000 and 28% lower once we exclude the effect of one-off provisions and restructuring charges in 2000 related to the PaineWebber merger.
Income
Full year operating income was 2% higher in 2001 than in 2000, at CHF 37,114 million, with the effect of much more difficult market conditions offset by the addition of UBS PaineWebber’s businesses.
Expenses
Total operating expenses increased 16% to CHF 30,396 million, driven by the inclusion of UBS PaineWebber. Like-for-like, costs fell 7%, as performance-related compensation was reduced, and non-personnel costs were carefully restricted.
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