Financial Businesses Results

The number of personnel in our financial businesses was 80,637 on 31 March 2007, up 2,497 from 78,140 on 31 December 2006, with staff levels increasing across most of our businesses. Excluding the additional personnel from the McDonald acquisition and Perot contractors converted into UBS employees, staff numbers worldwide would have been up by 1,158 people.
Staff numbers in IT infrastructure increased by 1,040 employees, mainly as a result of converting Perot contractors into full-time UBS employees (872 FTEs). The number of employees in our international and Swiss wealth management businesses rose by 609, with much of the increase in Asia Pacific, Switzerland and Europe, where our business continued to grow. We continued to add client advisors in Switzerland (up 119) and in the rest of the world (up 189). In our US wealth management business, financial advisor levels increased by 94, reflecting the inclusion of McDonald, partially offset by attrition among existing financial advisors. Non- financial advisor staff was up by 354. This increase was due to the integration of McDonald and hiring in support of ongoing initiatives in marketing, product and service development, operations and related IT staff. Staff levels in our Swiss retail banking business fell by 160, reflecting an alignment in counting methods that no longer include long-term unpaid absentees as employees. The number of employees in our Investment Bank rose by 280, with increases in all business areas reflecting continued growth in strategic areas.