And those need financial advisers that need to be supported by digital tools. So we have launched the initial versions of an improved workstation. That will be further improved over time. Then we are working on further digitalization, some of the processes to support their business and increase their productivity as well. As you know, banking in itself is important to us as well in order to develop the product slate for them to be more successful also on the banking side. And since we started this, and this is before the update even, we have increased our banking business around deposits by $48 billion and the loans by $41 billion. So you see the banking business really coming through. And therefore, we need to continue to invest in that. Also in the process of supporting that flow into our bank in the U.S., it’s important as well.
Now if you read all these digital components that we have to deliver for the — for our Wealth Management clients, then automatically, we are building a base that we can also then develop specific propositions for our workplace wealth clients that we have 2 million of. So that’s the way you should look at it. Now honestly, I do think that, and most of the people who know me, think there is never an end to technology expenditures, and that will also not ever end in the U.S. So for us, this is more a program of continuation of investment and improvement and moving to an agile way working there as well, like we have done in many other parts of UBS. And then you will have a continuation of technology investments in order to improve each and every part of our franchise there to make it more efficient and make our financial advisers more productive.
Operator: The next question is from Magdalena Stoklosa from Morgan Stanley.
Magdalena Stoklosa: I’ve got two questions, both on wealth. The first one is literally a follow-up on your explanation about the kind of U.S. business over the last couple of years because, of course, we’ve talked over quarters about that kind of banking penetration, about business banking penetration, about the loan penetration as the way to grow that product franchise in the U.S. But Ralph, can I ask, when it comes to kind of deliverables going forward that you will be holding that kind of U.S. wealth business, too, what would be your key ones? Is it still about the deposits, the loan growth, the balances of which you’ve just mentioned? Or is it kind of more nuanced than that? So that’s the first question. And the second question is about the Middle East as an opportunity in wealth.
I think you very briefly mentioned it in the slides talking about EMEA flows or net flows. But can I just ask because, of course, we don’t really focus on the region kind of as much as we probably should, how do you see it as the wealth franchise? What’s the plan going forward? And actually, could you give us a sense just how much of those EMEA inflows were actually generated in MENA?
Ralph Hamers: So thank you, Magda. So on the first one, clearly, we go into much more details as to getting a feel for how the U.S. business is developing. But what is important here is that we are a top 5 player there. We are — we have a very specific brand recognition there and we have to build on the strength of our brand there, which basically means that the core of our business is done through our financial advisers, if not almost all. And that is the crucial aspect of it, and what we want to do is for them to be much more productive. So in terms of the levers that we pull is financial adviser productivity, not only by supporting them with much better processes, but also with the right and more sophisticated products than everybody else can; also global products, which is basically where the UBS as a global wealth manager comes in, as a differentiating tool there as well.
