The number of people employed in our financial businesses was
69,569 on 31 December 2005. Because of the sale of Private
Banks & GAM, the number of people employed in our financial
businesses was 933 less than on 30 September 2005. If employees
from Private Banks & GAM are excluded, the number
of employees in the rest of the financial businesses actually rose
by 752 quarter-on-quarter, with staff levels up in all areas.
For the whole of 2005, the number of people employed in
our financial businesses rose by 2,162 or 3%. In Swiss and international
wealth management (up 1,462), we continued to
add client advisors around the world and hire staff in support
functions. Our US-based wealth management business (up 65)
saw the number of employees increase because of hiring in support
and logistics functions. The Swiss commercial and retail
banking business recorded higher personnel numbers (up 515)
– with the increase partly due to the first-time inclusion of employees
paid by the hour in the total. At the Investment Bank,
staff levels (up 1,204) rose mainly in the investment banking
and fixed income, rates and currencies businesses. They were
also up in operations, reflecting higher market activity. Hiring
was also seen in general counsel functions, reflecting the more
stringent regulatory environment.
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