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Investment Bank
Division reporting
| Spreadsheets |
In third quarter 2008, the Investment Bank recorded a pre-tax loss of CHF 2,748 million compared with a pre-tax loss of CHF 5,233 million in the prior quarter. Negative revenues of CHF 4,563 million in the fixed income, currencies and commodities area contributed to this loss, and were only partly offset by positive contributions from equities and the investment banking department, as well as a gain of CHF 2,207 million due to the widening of UBS's own credit spread over the quarter.
Division reporting | |||||||
As of or for the quarter ended | % change from | Year-to-date | |||||
CHF million, except where indicated | 30.9.08 | 30.6.08 | 30.9.07 | 2Q08 | 3Q07 | 30.9.08 | 30.9.07 |
Investment banking | 1,008 | 1,545 | (22) | (49) | 2,351 | 4,959 | |
Advisory | 448 | 437 | 820 | 3 | (45) | 1,261 | 1,955 |
Capital market revenues | 440 | 750 | 793 | (41) | (45) | 1,469 | 3,245 |
Equities | 198 | 438 | 546 | (55) | (64) | 744 | 1,966 |
Fixed income, currencies and commodities | 242 | 312 | 247 | (22) | (2) | 725 | 1,279 |
Other fee income and risk management | (102) | (179) | (68) | 43 | (50) | (379) | (241) |
Sales and trading | (3,426) | (3,178) | (2,959) | (8) | (16) | (23,770) | 6,106 |
Equities | 1,542 | 1,448 | (26) | (22) | 4,626 | 6,989 | |
Fixed income, currencies and commodities | (4,720) | (4,407) | 3 | (4) | (28,396) | (883) | |
Total Investment Bank income | (2,641) | (2,170) | (1,414) | (22) | (87) | (21,418) | 11,065 |
Credit loss (expense) / recovery | (317) | (10) | (26) | (635) | (43) | ||
Total Investment Bank operating income core business | (2,958) | (2,180) | (1,440) | (36) | (105) | (22,054) | 11,022 |
Own credit | 2,207 | (122) | 0 | 4,188 | 0 | ||
Total Investment Bank operating income as reported | (750) | (2,302) | (1,440) | 67 | 48 | (17,866) | 11,022 |
Cash components | 1,089 | 1,731 | 828 | (37) | 32 | 4,888 | 6,683 |
Share-based components 1 | (28) | (237) | 487 | 88 | (299) | 1,643 | |
Total personnel expenses | 1,061 | 1,494 | 1,315 | (29) | (19) | 4,589 | 8,326 |
General and administrative expenses | 640 | 784 | 793 | (18) | (19) | 2,540 | 2,493 |
Services (to) / from other business units | 241 | 248 | 188 | (3) | 28 | 680 | 548 |
Depreciation of property and equipment | 34 | 45 | 59 | (24) | (42) | 131 | 159 |
Impairment of goodwill | 0 | 341 | 0 | (100) | 341 | 0 | |
Amortization of intangible assets | 21 | 20 | 38 | 5 | (45) | 64 | 131 |
Total operating expenses | 1,998 | 2,931 | 2,393 | (32) | (17) | 8,345 | 11,657 |
Division performance before tax | (2,748) | (5,233) | (3,833) | 47 | 28 | (26,210) | (635) |
Key performance indicators | |||||||
Compensation ratio (%) 2 | N/A3 | N/A 3 | N/A 3 | N/A 3 | 75.2 | ||
Cost / income ratio (%) 4 | N/A 3 | N/A 3 | N/A 3 | 105.4 | |||
Impaired lending portfolio as a % of total lending portfolio, gross | 1.0 | 0.4 | 0.4 | ||||
Average VaR (10-day, 99% confidence, 5 years of historical data) 5 | 461 | 310 | 447 | 49 | 3 | ||
Attributed equity and risk-weighted assets | |||||||
Average attributed equity (CHF billion) 6 | 26.0 | 27.0 | (4) | ||||
Return on attributed equity (RoaE) (%) 7 | (129.4) | ||||||
BIS risk-weighted assets (CHF billion) 8 | 221.1 | 214.2 | 3 | ||||
Return on BIS risk-weighted assets (%) 9 | (15.8) | (0.4) | |||||
Goodwill and intangible assets (CHF billion) 10 | 5.1 | 4.8 | 6 | ||||
Additional information | |||||||
Personnel (full-time equivalents) | 18,901 | 19,475 | 22,666 | (3) | (17) | ||
As announced on 3 October 2008, the Investment Bank will be repositioned following a detailed strategic review of the division by its chairman and chief executive officer, the Group Executive Committee and the Board of Directors. The repositioning will increase the efficiency of the division and lead to further reductions in its headcount and balance sheet. Reprioritizing the Investment Bank's business portfolio will preserve its core strengths and client franchises in the areas of equities, investment banking and fixed income, currencies and commodities, while select business activities will be downsized or exited. |
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