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Global Wealth Management & Business Banking
Business description
Global Wealth Management & Business Banking comprises the following business units, which are reported separately:
Wealth Management International & Switzerland provides a comprehensive range of products and services, individually tailored for wealthy and affluent clients around the world (except domestic US clients), via its extensive global branch network and through financial intermediaries. An open product platform gives clients access to a wide array of pre-screened, top-quality products from third-party providers that complement UBS's own lines.
Wealth Management US offers sophisticated products and services specifically designed to address the needs of emerging affluent, affluent, high net worth and ultra-high net worth domestic US clients.
Business Banking Switzerland offers high-quality, standardized products to the retail market for individual and small company clients, as well as more complex products and advisory services for larger corporate and institutional clients and financial institutions in Switzerland.
Performance in 2007
Wealth Management International & Switzerland:
Record net new money intake of CHF 125.1 billion (CHF 97.6 billion in 2006) led to an all-time high in invested assets of
CHF 1,294 billion (up 14% from 2006).
Record pre-tax profit of CHF 6,306 million (up 21% compared with 2006).
Cost / income ratio improved for the fifth consecutive year to 50.9%.
Wealth Management US:
23% year-on-year increase in performance before tax to CHF 718 million despite weakening of the US dollar. Record recurring income and lower general and administrative expenses.
Strong net new money intake of CHF 26.6 billion (CHF 15.7 billion in 2006). Invested assets increased to CHF 840 billion reflecting rising markets, net new money intake and the first-time inclusion of McDonald Investments.
Business Banking Switzerland:
Record performance before tax of CHF 2,460 million (CHF 2,356 million in 2006), mainly due to income growth.
Continued high level of efficiency with cost / income ratio of 57.3%.
Business group / business unit reporting | ||||||||
CHF million, except where indicated | Wealth Management International & Switzerland | Wealth Management US | Business Banking Switzerland | Global Wealth Management & Business Banking | ||||
As of or for the year ended | 31.12.07 | 31.12.06 | 31.12.07 | 31.12.06 | 31.12.07 | 31.12.06 | 31.12.07 | 31.12.06 |
Total operating income | 12,866 | 10,798 | 6,659 | 5,863 | 5,489 | 5,270 | 25,014 | 21,931 |
Total operating expenses | 6,560 | 5,595 | 5,941 | 5,281 | 3,029 | 2,914 | 15,530 | 13,790 |
Business group / business unit performance before tax | 6,306 | 5,203 | 718 | 582 | 2,460 | 2,356 | 9,484 | 8,141 |
Additional information | ||||||||
Net new money (CHF billion)1 | 125.1 | 97.6 | 26.6 | 15.7 | 4.6 | 1.2 | 156.3 | 114.5 |
Invested assets (CHF billion) | 1,294 | 1,138 | 840 | 824 | 164 | 161 | 2,298 | 2,123 |
Personnel (full-time equivalents) | 15,811 | 13,564 | 19,347 | 18,557 | 15,932 | 15,913 | 51,090 | 48,034 |
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