Wealth Management US

Business unit reporting

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Business unit reporting

Business unit reporting
	As of or for the quarter ended			% change from		Year-to-date
CHF million, except where indicated	30.6.08	31.3.08	30.6.07	1Q08	2Q07	30.6.08	30.6.07
Income	1,477	1,527	1,694	(3)	(13)	3,004	3,304
Credit loss (expense) / recovery	(1)	0	(1)		0	0	(1)
Total operating income	1,477	1,527	1,693	(3)	(13)	3,003	3,303
Cash components	985	1,012	1,093	(3)	(10)	1,996	2,166
Share-based components ¹	26	39	66	(33)	(61)	64	117
Total personnel expenses	1,010	1,051	1,159	(4)	(13)	2,061	2,283
General and administrative expenses	1,117	201	279	456	300	1,318	495
Services (to) / from other business units	57	59	79	(3)	(28)	116	159
Depreciation of property and equipment	20	19	20	5	0	39	39
Amortization of intangible assets	14	14	17	0	(18)	29	33
Total operating expenses	2,218	1,344	1,554	65	43	3,562	3,009
Business unit performance before tax	(741)	183	139			(559)	294

Key performance indicators
Invested assets (CHF billion)	712	709	898	0	(21)
Net new money (CHF billion) ²	(8.0)	3.1	2.5			(4.9)	13.4
Net new money including interest and dividend income (CHF billion) ³	(2.6)	8.6	8.9			6.0	25.7
Gross margin on invested assets (bps) ⁴	83	79	77	5	8	81	76
Cost / income ratio (%) ⁵	150.2	88.0	91.7			118.6	91.1
Recurring income ⁶	931	954	1,040	(2)	(10)	1,885	2,027
Financial advisor productivity
Revenues per advisor (CHF thousand) ⁷	181	185	212	(2)	(15)	367	415
Net new money per advisor (CHF thousand) ⁸	(981)	377	313			(598)	1,685
Invested assets per advisor (CHF thousand) ⁹	87,130	94,067	110,679	(7)	(21)

Attributed equity and risk-weighted assets
Average attributed equity (CHF billion) ¹⁰	6.8	6.6		3
Return on attributed equity (RoaE) (%) ¹¹						(16.7)
BIS risk-weighted assets (CHF billion) ¹²	21.3	15.8	19.6	35
Return on BIS risk-weighted assets (%) ¹³						(6.5)	3.1
Goodwill and intangible assets (CHF billion) ¹⁴	4.2	4.1	4.2	2

Additional information
Client assets (CHF billion)	777	773	981	1	(21)
Personnel (full-time equivalents)	19,085	19,371	19,171	(1)	0
Financial advisors (full-time equivalents)	8,090	8,219	7,982	(2)	1
1 Additionally includes social security contributions and expenses related to alternative investment awards. 2 Excludes interest and dividend income. 3 For purposes of comparison with US peers. 4 Income (annualized) / average invested assets. 5 Operating expenses / income. 6 Interest, asset-based revenues for portfolio management and account-based, distribution and advisory fees. 7 Income / average number of financial advisors. 8 Net new money / average number of financial advisors. 9 Average invested assets / average number of financial advisors, 10 See this page for further explanations. 11 Year-to-date business unit performance before tax (annualized as applicable) / attributed equity (year-to-date average). 12 BIS risk-weighted assets (RWA) are according to Basel II; for quarters prior to 1Q08, RWA are according to the Basel I framework. 13 Year-to-date business unit performance before tax (annualized as applicable) / BIS RWA (year-to-date average). 14 Quarters prior to 1Q08 represent goodwill and intangible assets in excess of 4% of BIS tier 1 capital.

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