Lots of questions. The first one on the cost in Wealth Management. The non–personnel expenses may look as though they’ve gone up but that was – I think the factor there is the impairment of intangibles in relation to the private banking business in Bahamas.
Christopher Wheeler – MainFirst Bank
I think I’ve split that out, actually, John. I hope I have.
John Cryan
In that case, we’ll have to get back to you because I can’t think of a reason why it would have gone up.
Christopher Wheeler – MainFirst Bank
Yeah. I mean it’s gone – if we just look at the general and admin, they’ve gone from 513 million francs down to 499 million francs but you had a 66 million francs restructuring charge. But please, get back to me when you get a chance. That’s fine.
John Cryan
We may have one–offs in Q2 and Q3 that we need to work on.
Christopher Wheeler – MainFirst Bank
Okay.
John Cryan
We’ll get back to you. On the headcount reduction, most of the jobs that are in the 2000 are in Switzerland. They are mostly in Wealth Management and Swiss Bank and they’re mostly people who were in our so–called coach program, which was the outsourcing – the outplacement, rather, service that we set up, that winds down this quarter. So you’ll see those headcount numbers roll off the balance sheet this quarter and I think some in Q1 next year and as a consequence, the cost associated with that comes off.
So far as morale is concerned, we communicated those redundancies now in Q2, so two quarters ago. And those people, by and large, are not at work and if they are they’re happy to be at work. So I think the morale issue should be behind us in relation to those overhanging headcount reductions. They’re not all in Switzerland but that’s predominantly where they are. Philip, can you ––
Christopher Wheeler – MainFirst Bank
The threshold?
John Cryan
Well, the threshold is not a particular secret because 60,000 odd people in the company are going to know it. I think the threshold beforehand was 200,000 francs or equivalent in other currencies and it’s been raised to 250,000 francs.
Christopher Wheeler – MainFirst Bank
Okay. And then the final point was just how much of that 420 million francs of those additional personnel costs related to the catch-up the first two quarters? You’ve mentioned something like 250 million in Wealth Management in Switzerland, I wondered what the balance was?
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