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Investment Bank
Business group reporting
In first quarter 2008, the Investment Bank recorded a loss of CHF 18,228 million, compared with a pre-tax profit of CHF 1,539 million in first quarter 2007. This decline was due to net revenues of negative CHF 19,113 million in the fixed income, currencies and commodities area, mainly related to the inventory of securities linked to the US real estate market.
| Spreadsheets |
Business group reporting | |||||
Quarter ended | % change from | ||||
CHF million | 31.3.08 | 31.12.07 | 31.3.07 | 4Q07 | 1Q07 |
Investment banking | 1,677 | 1,335 | (67) | (58) | |
Advisory | 376 | 742 | 438 | (49) | (14) |
Capital market revenues | 279 | 1,016 | 980 | (73) | (72) |
Equities | 108 | 817 | 546 | (87) | (80) |
Fixed income, currencies and commodities | 171 | 199 | 434 | (14) | (61) |
Other fee income and risk management | (98) | (81) | (83) | (21) | (18) |
Sales and trading | (17,165) | (13,939) | 4,923 | (23) | |
Equities | 2,015 | 2,868 | (3) | (32) | |
Fixed income, currencies and commodities | (15,954) | 2,055 | (20) | ||
Total Investment Bank income | (16,608) | (12,262) | 6,258 | (35) | |
Credit loss (expense) / recovery | (308) | (223) | (20) | 38 | |
Total Investment Bank operating income core business | (16,916) | (12,485) | 6,238 | (35) | |
Own credit | 2,103 | 659 | 0 | 219 | |
Total Investment Bank operating income as reported | (14,813) | (11,826) | 6,238 | (25) | |
Cash components | 2,075 | 2,226 | 3,033 | (7) | (32) |
Share-based components 1 | (34) | 741 | 596 | ||
Total personnel expenses | 2,041 | 2,967 | 3,629 | (31) | (44) |
General and administrative expenses | 1,121 | 902 | 769 | 24 | 46 |
Services (to) / from other business units | 180 | 247 | 193 | (27) | (7) |
Depreciation of property and equipment | 51 | 51 | 54 | 0 | (6) |
Amortization of intangible assets | 22 | 41 | 54 | (46) | (59) |
Total operating expenses | 3,415 | 4,208 | 4,699 | (19) | (27) |
Business group performance before tax | (18,228) | (16,034) | 1,539 | (14) | |
Key performance indicators | |||||
Compensation ratio (%) 2 | N/A 3 | N/A 3 | 58.0 | ||
Cost / income ratio (%) 4 | N/A 3 | 75.1 | |||
Impaired lending portfolio as a % of total lending portfolio, gross | 0.3 | 0.4 | 0.1 | ||
Average VaR (10-day, 99% confidence, 5 years of historical data) | 306 | 665 | 517 | (54) | (41) |
Attributed equity and risk-weighted assets | |||||
Average attributed equity (CHF billion) 5 | 28.0 | ||||
Return on attributed equity (RoaE) (%) 6 | (260.4) | ||||
BIS risk-weighted assets (CHF billion) 7 | 225.2 | 190.7 | 182.2 | ||
Return on BIS risk-weighted assets (%) 8 | (32.4) | (8.7) | 3.5 | ||
Goodwill and intangible assets (CHF billion) 9 | 4.9 | 5.3 | 5.5 | ||
Additional information | |||||
Personnel (full-time equivalents) | 21,320 | 21,932 | 22,179 | (3) | (4) |
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