John Cryan
It’s nearly all, I think – yeah, it’s nearly all of it.
Christopher Wheeler – MainFirst Bank
So if we kind of look at a run rate going forward, how should we work that out in terms of that 420 million francs? Because if you’re looking, trying to work out what the underlying costs were with the new threshold in the third quarter then you could just –
John Cryan
It’s difficult to forecast bonus rates. That’s why we give you them before the variable compensation. But the trend is a lower number of staff. We’ve taken the accounting charge under IFRS 2 on the acceleration of the accrual for the cash base, non–deferred compensation and so the Q4 should see a significantly lower compensation charge overall.
Christopher Wheeler – MainFirst Bank
Thanks, John.
Operator
The next question is from Mrs. Natalie Gratwohl, Handelszeitung. Please go ahead, madam.
Natalie Gratwohl – Handelszeitung
Yes. Good morning. You’ve mentioned that there were modest outflows in Asia and my question would be how do you see the further development in this region? And generally, how important is the region for the future of UBS?
John Cryan
Well, Asia is vitally important to us and at our Investor Day in two weeks time, Chi–Won, who runs our business out there, will be presenting on our Asian strategy. It’s our strongest suite of businesses. We’re number one in Wealth Management, number one in many of the products and services in investment banking and we’ve a strong asset manager there. So that whole region is vitally important to us.
Natalie Gratwohl – Handelszeitung
And do you expect – you bet you can defend this number one position?
John Cryan
Not only do we expect to, we intend to, yes, of course.
Natalie Gratwohl – Handelszeitung
Thank you.
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