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|  UBS’s core businesses performed relatively strongly in 2001, demonstrating their ability to enhance market share in a challenging environment. In the early part of 2002, markets have remained difficult, with uncertainty and volatility continuing to affect transaction levels and corporate activity.
In the face of this challenging environment, we will continue to assess our cost base carefully, investing where strategically most important. Our prudent resource management over the last two years means that we do not believe that significant staff reductions are likely to be necessary, unless markets stagnate.
With prospects for an economic recovery receding into the latter part of the year, potential for this year to outperform 2001 is limited. However, our businesses have shown themselves to be increasingly competitive and we are confident that we can continue the progress we have made in the past year, expanding in corporate finance, further developing our European wealth management initiative and ensuring that all the strengths of our integrated group are focused on building the world’s leading wealth management and investment banking businesses.
14 March 2002
UBS AG
Marcel Ospel
Chairman | Peter Wuffli
President |
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