On 30 June 2008, the number of Investment Bank employees was 19,475. This is a decrease of 1,695, or 8%, from the end of first quarter 2008 and a decrease of 2,662, or 12%, from the end of second quarter 2007. Headcount reductions across all businesses reflect adverse conditions, weak performance in some business areas and corresponding restructuring of the business. As previously announced, the Investment Bank expects to employ around 19,000 people at the end of 2008.