Results

The number of people employed at UBS was 83,839 on 31 March 2008, up 279 compared with the end of fourth quarter 2007. Staff levels rose in Global Wealth Management & Business Banking, Global Asset Management and Corporate Center, while the Investment Bank reduced staff levels.

Global Wealth Management & Business Banking increased its workforce by 349 employees since the end of fourth quarter 2007. The international and Swiss wealth management business added 346 people, including 243 new client advisors (123 new client advisors internationally, mainly in Asia Pacific and Europe, and 120 in Switzerland). UBS's US wealth management business decreased its number of financial advisors by 29, though levels of non-financial advisor staff rose in support of the branch network and staff training functions. The number of personnel in Business Banking Switzerland decreased slightly by 21.

Staff levels in Global Asset Management were up, mainly due to the acquisition of Caisse Centrale de Rescompte in France which added 165 employees. Other increases were in fund services, real estate and the Brazilian asset management business.

The number of Investment Bank employees decreased by 3% since the end of fourth quarter 2007 and, consistent with plans announced in October 2007, by a total of 1,513 people since the end of third quarter 2007.