Corporate Center

Business division reporting

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Business division reporting

The Corporate Center recorded a pre-tax loss from continuing operations of CHF 3,610 million in fourth quarter 2008. This result compares with a pre-tax loss of CHF 7 million in third quarter, with the difference largely due to a transaction with the Swiss National Bank and the fair valuation impact of the mandatory convertible notes placed with the Swiss Confederation.

	As of or for the quarter ended			% change from		Year ended
CHF million, except where indicated	31.12.08	30.9.08	31.12.07	3Q08	4Q07	31.12.08	31.12.07
Total operating income	(3,358)	215	301			1,029	3,562
Cash components	154	280	272	(45)	(43)	1,069	1,244
Share-based components ¹	9	2	0	350		7	121
Total personnel expenses	163	282	272	(42)	(40)	1,076	1,365
General and administrative expenses	430	274	346	57	24	1,299	1,306
Services (to) / from other business units	(559)	(512)	(538)	(9)	(4)	(2,066)	(2,070)
Depreciation of property and equipment	217	178	184	22	18	720	739
Amortization of intangible assets	0	0	0			0	0
Total operating expenses ²	252	222	264	14	(5)	1,029	1,340
Performance from continuing operations before tax	(3,610)	(7)	37			0	2,222
Performance from discontinued operations before tax	19	0	34		(44)	198	145
Business division performance before tax	(3,590)	(7)	71			198	2,367

Contribution from private equity / Industrial Holdings
Total operating income	(12)	(1)	3			22	689
Total operating expenses	(2)	(10)	10	80		54	163
Operating profit from continuing operations before tax	(11)	8	(7)		(57)	(32)	526
Profit from discontinued operations before tax	19	0	34		(44)	155	138

Additional information
BIS risk-weighted assets (CHF billion) ³	8.8	12.0		(27)
Personnel (full-time equivalents) ⁴	7,285	7,207	6,913	1	5
Personnel for Operational Corporate Center (full-time equivalents)	1,572	1,597	1,622	(2)	(3)
Personnel for ITI (full-time equivalents)	4,066	4,140	4,343	(2)	(6)
Personnel for Group Offshoring (full-time equivalents)	1,646	1,469	948	12	74
1 Additionally includes social security contributions and expenses related to alternative investment awards. 2 Includes expenses for the Company Secretary, Board of Directors and Group Internal Audit. 3 BIS risk-weighted assets (RWA) are according to Basel II. 4 Personnel numbers exclude full-time equivalents from private equity (part of the Corporate Center): 1 for 4Q08, 4 for 3Q08, 3,843 for 4Q07.

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