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Significant Financial Events
There were no significant financial events in
2004 or first, third and fourth quarter 2003, but
there was one significant financial event in second
quarter 2003.
We realized a gain of CHF 2 million (pre-tax
CHF 161 million) in second quarter 2003 from
the sale of the Wealth Management USA business’
Correspondent Services Corporation (CSC)
clearing operation. A substantial portion of
CSC’s net assets comprised goodwill stemming
from the PaineWebber acquisition. After deducting
taxes of CHF 159 million (based on the purchase
price) and writing down goodwill associated
with CSC, the net gain from the transaction
was CHF 2 million.
Important legal information - please read the disclaimer before proceeding.
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