Personnel expenses	6 Months Ended
Jun. 30, 2026
Personnel Expenses [Line Items]
Personnel expenses	Note 6 Personnel expenses Personnel expenses Year-to-date USD m 30.6.26 30.6.25 Salaries and variable compensation 1 12,860 11,868 of which: variable compensation – financial advisors 2 3,029 2,744 Contractors 110 152 Social security 896 821 Post-employment benefit plans 602 671 Other personnel expenses 495 497 Total personnel expenses 14,963 14,008 1 Includes role-based allowances. 2 Financial advisor compensation mainly 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, 2026

Note 6

Personnel expenses

Year-to-date

USD m

30.6.26

30.6.25

Salaries and variable compensation

12,860

11,868

of which: variable compensation – financial advisors

3,029

2,744

Contractors

110

152

Social security

896

821

Post-employment benefit plans

602

671

Other personnel expenses

495

497

Total personnel expenses

14,963

14,008

1 Includes role-based allowances.

2 Financial advisor compensation mainly 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.