Personnel expenses	6 Months Ended
Jun. 30, 2025
Personnel Expenses [Line Items]
Personnel expenses	Note 6 Personnel expenses Personnel expenses For the quarter ended Year-to-date USD m 30.6.25 31.3.25 30.6.24 30.6.25 30.6.24 Salaries and variable compensation 1 5,900 5,968 6,058 11,868 11,922 of which: variable compensation – financial advisors 2 1,335 1,409 1,291 2,744 2,558 Contractors 79 72 82 152 168 Social security 416 405 419 821 828 Post-employment benefit plans 321 349 309 671 676 Other personnel expenses 260 237 251 497 476 Total personnel expenses 6,976 7,032 7,119 14,008 14,068 1 Includes role-based allowances. 2 Financial advisor compensation consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.

Personnel expenses

6 Months Ended

Jun. 30, 2025

Personnel Expenses [Line Items]

Personnel expenses

Note 6

Personnel expenses

For the quarter ended

Year-to-date

USD m

30.6.25

31.3.25

30.6.24

30.6.25

30.6.24

Salaries and variable compensation

5,900

5,968

6,058

11,868

11,922

of which: variable compensation – financial advisors

1,335

1,409

1,291

2,744

2,558

Contractors

152

168

Social security

416

405

419

821

828

Post-employment benefit plans

321

349

309

671

676

Other personnel expenses

260

237

251

497

476

Total personnel expenses

6,976

7,032

7,119

14,008

14,068

1 Includes role-based

allowances.

2 Financial advisor

compensation consists of

cash compensation, determined

using a formulaic

approach based on

production, and deferred

awards. It

also includes expenses

related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.