John Cryan
Well, there’s the net negative impact of the model changes that we mentioned.
Derek de Vries – BofA Merrill Lynch
Okay.
John Cryan
And then there’s the cost of – frankly it’s the cost of maintaining that back book. It doesn’t come for free. It doesn’t yield very much. It was written as a carry trade pre-crisis and it carries a funding and a risk cost. And that’s – while our book’s still sizeable, it’s still a sizeable number.
Derek de Vries – BofA Merrill Lynch
Okay.
John Cryan
So it’s really the legacy positions but that contribution, negative contribution from legacy positions, is running off materially.
Derek de Vries – BofA Merrill Lynch
Okay. Great. Thank you.
John Cryan
You’re welcome.
Operator
The next question is from Mr. Christopher Wheeler, MainFirst. Please go ahead, sir.
Christopher Wheeler – MainFirst Bank
Yes. Good morning, John. A couple of questions. Just returning to the Wealth Management expenses, looking at obviously personnel expenses you’ve explained the issue around the change in threshold. First of all, can you just share with us what the change in threshold was? That’s the first point. The second point is the non–comp expenses also, if you slip out the restructuring charge last time around, appear to have gone up about 9%. Have I missed something there in terms of what happened in the non–comp line within Wealth Management?
The third point really is just to touch again on the headcount reductions that are left, the 2000, excluding the service center sale. Where in the main are those going to come from? Obviously, you’re talking a great deal about the improvements in morale but obviously having the ongoing leak of jobs is something of a concern. And I guess the final point, going back again to our increase in personnel expenses on the back of the change in threshold, you say that 420 million francs is the original impact. I think you said that the one–off effect in wealth management was 250 million francs. How much of the rest of that 420 million francs, if you want, is the lag effect, rather than what the charge was for this third quarter? Thank you, John.
John Cryan
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