Corporate and Investment Bank

For our Corporate and Investment Bank, the operating environment changed rapidly during 2007. Very favourable conditions in the first half of the year were followed, in the later part of 2007, by some of the most difficult financial markets in recent memory. In the rapidly changing environment, CIB’s earnings demonstrated the strength and resilience of our platform. Revenues were even slightly up on 2006, while operational pre-tax profits were very solid. In the challenging conditions of the second half of 2007, CIB substantially strengthened its competitive position. This was due partly to high-quality risk management, and partly to the fact that, at an early stage, we positioned ourselves defensively in the areas most directly affected by financial market turbulence.

CIB comprises two Corporate Divisions: Corporate Banking & Securities and Global Transaction Banking. Corporate Banking & Securities comprises two Business Divisions: Global Markets and Corporate Finance. Corporate Finance and Global Transaction Banking are together named Global Banking.