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Fourth Quarter Report 2008
Feb. 10, 2009
| At a glance |
|
Business division and Corporate Center results
Global Wealth Management & Business Banking
Pre-tax profit for Global Wealth Management & Business Banking was CHF 1,133 million in fourth quarter 2008 – a decrease of 39% from the prior quarter. During this period, the Wealth Management International & Switzerland unit was impacted by credit losses on lombard loans and its pre-tax profit declined 36% to CHF 712 million. The Wealth Management US unit had further charges for auction rate securities and recorded a pre-tax loss of CHF 341 million, compared with a pre-tax profit of CHF 203 million in the prior quarter. Business Banking Switzerland reported a record quarterly pre-tax profit of CHF 762 million, an increase of 39%, partly following the revaluation of UBS’s participation in the SIX Swiss Exchange. Lower variable compensation resulted in significantly decreased personnel expenses in all three business units. Outflows of net new money were CHF 58.2 billion compared with outflows of CHF 49.3 billion in the prior quarter
Global Asset Management
Pre-tax profit for Global Asset Management was CHF 236 million in fourth quarter 2008, down 43% from CHF 415 million in the prior quarter. Excluding the gain on the sale of a minority stake in Adams Street Partnersin third quarter 2008, pre-tax profit would have decreased 4% in the fourth quarter.
Investment Bank
In fourth quarter 2008, the Investment Bank recorded a pre-tax loss of CHF 7,483 million compared with a pretax loss of CHF 2,748 million in the prior quarter. Results were mainly affected by negative revenues of CHF 3,107 million in the fixed income, currencies and commodities area. An own credit charge of CHF 1,616 million was recorded in the fourth quarter.
Corporate Center
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.
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