UBS releases adjusted time series reflecting functional transformation of the Corporate Center
UBS today published adjusted time series showing historical quarterly and annual results for full-year 2006, 2007 and 2008 and each of the past ten quarters (starting with first quarter 2007) reflecting the functional transformation of the Corporate Center. By integrating most service, control and infrastructure functions across the business divisions in the Corporate Center, UBS seeks to improve its controls and the efficiency and quality of these functions on a sustainable basis.
Headcount and costs of these functions are now managed by the Corporate Center, but are (re-)allocated to the business division for which the respective services are performed. As such, the functional transformation does not materially impact UBS's external divisional disclosure, except for the presentation of ITI and Group Offshoring (excluding the India Service Centre). The respective costs of those two functions have been moved from the "Services (to) / from business divisions" line to direct cost lines in divisional income statements, and their headcount has been allocated to the business divisions. Prior periods have been adjusted to reflect this amended presentation methodology of ITI and Group Offshoring. Group results and business division performance before tax are not impacted.
More information about the functional transformation of the Corporate Center will be provided in the third quarter report, which will be published on 3 November 2009. A full set of time series can be found on www.ubs.com/investors. The numbers contained in these adjusted time series are unaudited.
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