Corporate Center

Interactive Report

Business Group Reporting

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12. 2003	30.9. 2003	31.12. 2002	3Q03	4Q02	31.12. 2003	31.12. 2002


Income	267	239	474¹	12	(44)	989	2,429 ^1,2
Credit loss (expense) / recovery ³	(14)	66	117			162	247


Total operating income	253	305	591	(17)	(57)	1,151	2,676


Personnel expenses	186	170	234	9	(21)	762	1,031
General and administrative expenses	172	40	220	330	(22)	445	733
Depreciation	143	112	134	28	7	473	513
Amortization of goodwill and other intangible assets	27	23	33	17	(18)	101	122


Total operating expenses	528	345	621	53	(15)	1,781	2,399


Business Group performance before tax	(275)	(40)	(30)	(588)	(817)	(630)	277


Business Group Reporting excluding significant financial events
Total operating income	253	305	519⁴	(17)	(51)	1,151	2,449^4,5
Total operating expenses	528	345	621	53	(15)	1,781	2,399


Business Group performance before tax	(275)	(40)	(102)	(588)	(170)	(630)	50


Business Group performance before tax and amortization of goodwill and other intangible assets	(248)	(17)	(69)		(259)	(529)	172
Private Banks & GAM
Performance before tax	46	63	79	(27)	(42)	208	229⁵
Performance before tax and amortization of goodwill and other intangible assets	66	83	107	(20)	(38)	289	327⁵


Invested assets (CHF billion)	84	80	70	5	20
Net new money (CHF billion) ⁶	3.0	2.4	0.9			7.2	4.2


Headcount (full-time equivalents)	1,672	1,657	1,702	1	(2)

Additional Information				% change from

As at	31.12. 2003	30.9. 2003	31.12. 2002	3Q03	4Q02


Regulatory equity allocated (average)	8,400	9,650	9,350	(13)	(10)
Total headcount (full-time equivalents)	2,878	2,766	2,887	4	0

1 Includes significant financial event: gain on disposal of Klinik Hirslanden of CHF 72 million.
2 Includes significant financial event: gain on disposal of Hyposwiss of CHF 155 million.
3 In order to show the relevant Business Group performance over time, adjusted expected loss figures rather than the net IFRS actual credit loss expenses are reported for all Business Groups. The difference between the adjusted expected loss figures and the net IFRS actual credit loss expense recorded at Group level is reported in the Corporate Center (see Note 2 to the Financial Statements).
4 Excludes significant financial event: gain on disposal of Klinik Hirslanden of CHF 72 million.
5 Excludes significant financial event: gain on disposal of Hyposwiss of CHF 155 million.
6 Excludes interest and dividend income.

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