Now, we do have inflows. We clearly have inflows. We just have outflows that exceed them at the moment and we need to work on both of those. We need to work on maximizing inflows. We need to see the markets recover. We need to see value creation take place again, particularly in our strongholds in the emerging markets and we need to stem the outflows.
Kian Abouhossein – JPMorgan
And the advisory – the level of advisors, should we assume that that level is now a base level or should we assume – in the Wealth Management and Swiss Bank?
John Cryan
Well, we still expect to see another 100 or so leave us in the course of this quarter, Q4. You may have seen a chart, we’ll certainly produce it in a fortnight’s time, which shows the way that we grew the client advisor base in line with client assets, not with the number of clients we had and so the number of clients being serviced by an advisor fell over the period 2003, frankly, to 2007–08.
And so rebasing the business to a new level of client assets which drives our revenues, on a slightly smaller number of clients, has been necessary. Now we have had, regrettably, there’s no doubt about that but we have had to resize the business and that process does not complete formally until the early part of next year, as people finally leave the bank.
Kian Abouhossein – JPMorgan
Last question, just on the IB, the clean revenues, if you annualize it is 11.5 billion francs, 12 billion francs. That’s not a bad number but your cost income is about 86%, if I even adjust a little bit for additional, let’s say bonus accrual. What is the problem? Is it purely revenues or is there also some cost issue within that line?
John Cryan
I think all our problems at the moment can be summed up as revenues, revenues, revenues and I think it’s simply that. In fact, I think, if anything, our cost base is light compared with our principal competitors.
Kian Abouhossein – JPMorgan
And you can generate more revenues with the same risk-weighted asset base more or less? It sounds (models) going down, risk-weighted assets not growing but you think there is enough capacity to really generate enough – more revenues?
John Cryan
I do. I think the nature of the risk–weighted assets changes. I think we need to trade harder, so our regulatory VaR should naturally go up. However, there are still a big chunk of assets that relate to legacy positions which, in time, will just even with the passage of time, run off. So, yes, we recycle locked up risk assets and once they’re freed up, we redeploy them in our trading books. But at the moment, I guess we’re just not trading hard enough.
Kian Abouhossein – JPMorgan
Thank you very much.
John Cryan
You’re welcome.
Operator
The next question is from Mr. Huw Van Steenis, Morgan Stanley. Please go ahead, sir.
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