More than two years ago, we launched the UBS Business University, placing UBS's learning and development activities under a single virtual roof. Our corporate university aligns the training and education activities for UBS employees around the world and promotes a culture of continuous improvement.

The UBS Business University is composed of physical locations, in-house facilities and a comprehensive online training library. Senior managers and subject matter experts sponsor and lead programs that give employees the skills they need to implement our business strategies and deliver superior client service. Our leadership and talent development programs were enhanced in 2012 to better support senior leaders and key talent, and this offering, along with a comprehensive suite of management skills training and new hire programs, equips our current and future leaders to lead UBS forward.

Collaborative, cross-divisional learning is a key element in many of our programs. For example, our Client Leadership Experience (CLE) workshops bring together client-facing employees from all divisions to build the knowledge, skills and networks needed to deliver the best solutions from across the firm to our clients. Since inception, 3,700 employees have participated.

In 2012, we launched a comprehensive certification program for all client advisors in our Private Clients, Wealth Management Switzerland and Corporate & Institutional Clients areas. This examination and certification process has been externally accredited by the State Secretariat for Economic Affairs (SECO) in Switzerland. We expect over 5,000 UBS client advisors in Switzerland to undergo the certification process over the next three years.

In addition to providing training opportunities globally, the Business University strengthens our learning culture by supporting line managers in their efforts to create an environment where employees learn and share knowledge. With the introduction of new learning technologies, the groundwork has been done to bring learning to the workplace to support our employees' performance.