Financial Businesses

Headcount in our Financial Businesses was 68,197 on 31 March 2005, up 790 from 67,407 on 31 December 2004, with higher headcount levels across all our businesses. In the Wealth Management business (up 356) the main increases occurred in the Asia Pacific region to support our growing presence, and in Switzerland where we invested in our product and service capabilities as well as in client advisors for Swiss clients. A build-up of client advisory capacity also led to a headcount increase in our Swiss retail banking business (up 57). Headcount in the Investment Bank rose by 213, mainly in back-office functions, supporting increased business volume. In Corporate Center, headcount was up by 163, mainly reflecting the transfer of IT professionals previously outsourced.