On average, no more than 20%. So the first big issue is to say that we have been able to keep the vast majority of the assets. So it’s very difficult for people that move out to be able to bring the assets with them. So if you look at the numbers, it’s quiet – I can give you maybe a bit of anecdotal evidence. Credit Suisse in the last 12 months lost around 500 client advisors. They moved so far $20 billion of assets. Let’s say that we’re going to lose further assets, because some of those people just left more recently and we’re going to see some outflows later on. But we are totally convinced that it’s not going to be a multiple of that $20 billion, the future outflows, so. And we are working hard to recapture some of it. I think that our strategy now is more focused on regaining the clients that left because of fears of the instability of the system.
In that sense, we maintain our ambitions. As we say, most likely we’re going to formulate these ambitions as Todd mentioned as a combined wealth management business going forward. Because it’s not really an issue any longer Credit Suisse versus UBS. It’s one team. We are working on maximizing the outcome. And so we’re going to just outline our many money growth ambitions in our three-year plan in a way that reflects win-backs and organic growth.
Benjamin Goy: Good color. Thank you.
Operator: The next question is from Christopher Hallam from Goldman Sachs. Please go ahead.
Christopher Hallam: Yeah. Good morning, everyone. Just two for me. So on profitability, clearly better than expected in the quarter. Previously, you’d guided for positive underlying PBT and H2 and breakeven in the third quarter. So given the third quarter is already quite positive, does that change how we should think about Q4? I guess the old guidance implied a sequential improvement in the fourth quarter in terms of PBT. So just wondering whether that’s still the right way to think about that. And then second, and I appreciate it’s a bit of a follow-up to some of the earlier questions on CS net new money. You’ve given the regional disclosure on a combined basis, but I just wanted to check whether the combined regional picture, sort of Asia strong, EMEA strong, Switzerland more balanced, is that consistent across both the CS and UBS wealth franchises?
Todd Tuckner : Thanks Christopher. Yeah, on the second question, it is consistent. Obviously, ex the U.S., given CS doesn’t have a wealth presence there, but across it is. I would say the APAC and EMEA proportionality holds, obviously, on the smaller base that we were talking about in terms of the net inflows this quarter compared to the UBS side. But yes, that dynamic does hold. In terms of profitability in the fourth quarter, I would say that we certainly accelerated a bit of what we were forecasting back in August in terms of 3Q, 4Q, where we said roughly breakeven in 3Q and further progress in 4Q. I think we’ve seen the progress that we’ve been able to accelerate, so really undertaking and executing integration and pace, and you see the results of that.
I’d say 4Q, in a way, standing alone relative to how we saw it back in August is still around the same. So I would look, meaning I would say we expect 4Q to come in better than break even, which is what we said was the case back in August. And I would say balancing the execution on the cost side, but also considering some of how we’re guiding on the revenue side, I think that number, you have an idea of where we at this stage expect that number to come in.
Christopher Hallam: Thanks, Todd. Very helpful.
Sergio Ermotti : Okay, I think this was the last question. Let me thank you for dialing in and by just quickly reiterating, as you can see, we are in full execution mode, but also at the same time we are planning for the future and the next milestones other than the operational one I just – we just described is to prepare the three-year plan that we will present in February. In the meantime, we are very focused really on, as I said, on execution, and I’m totally convinced that we are in a good place. And of course, in our missions to really create something that will not only be a huge restructuring story, but also something that set the base for future growth and ambitions that we have. We look forward to present you the three-year plan in February, and I’m sure in the meantime, we’re going to be in touch either directly or through my colleagues for the follow-ups of this goal. Thank you for calling in and enjoy the rest of the day. Thank you.
Operator: Ladies and gentlemen, the webcast and Q&A session for analysts and investors is over. You may disconnect your lines. We will now take a short break and continue with a media Q&A session at 10:45 CET.
