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Significant Financial Events
There were no significant financial events in 2004 or first quarter 2003, but there was one significant financial event in second quarter 2003.
We realized a gain of CHF 2 million (pre-tax CHF 161 million) in second quarter 2003 from the sale of the Wealth Management USAbusiness’s Correspondent Services Corporation (CSC) clearing operation. A substantial portion of CSC’s net assets comprised goodwillstemming from the PaineWebber acquisition. After deducting taxes of CHF 159 million (based on the purchase price) and writing down goodwill associated with CSC, the net gain from the transaction was CHF 2 million.
Details of significant financial events are shown in the table above.
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