We have reaped the benefits from investment banking. We are particularly pleased with our M&A performance in a business where we were literally nobody four or five years ago.
This is a substantial result in a business when we were literally nobodies four or five years ago.
As in 2004, we have achieved another record level of profit. Although markets clearly helped us last year, we believe the result also reflects the sustainable earnings power of UBS, based on our client-centric strategy of business focus and growth.
When you compare our fixed-income business with some of our competitors, there are some gaps. We do see opportunities to invest into people, in some instances into risk.
Julius Baer's business model is very similar to that of the three private banks and GAM. The sale of the complete unit pays special attention to the preservation of continuity between clients and their advisers creating value for all parties.