Personnel expenses

12 Months Ended

Dec. 31, 2024

Personnel Expenses [Line Items]

Disclosure Of Employee Benefits Explanatory

Note 7 Personnel expenses

For the year ended

USD m

31.12.24

31.12.23

31.12.22

Salaries

1

12,178

10,997

7,045

Variable compensation

2

10,870

9,845

7,954

of which: performance awards

4,456

3,986

3,205

of which: financial advisors

3

5,293

4,549

4,508

of which: other

1,121

1,310

241

Contractors

325

334

323

Social security

1,622

1,473

944

Post-employment benefit plans

4

1,310

1,361

794

of which: defined benefit plans

731

847

437

of which: defined contribution plans

578

514

357

Other personnel expenses

1,013

890

621

Total personnel expenses

27,318

24,899

17,680

1 Includes role-based allowances. 2 Refer to Note 27 for more information. 3 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. 4 Refer to Note 26 for more

information. Includes curtailment gains of USD

104

m for the year ended 31 December 2024 (for the year ended 31 December 2023: USD

29

m; for the year ended 31 December 2022: USD

20

m), which represent a

reduction in the defined benefit obligation related to the Swiss pension plans resulting from a decrease in headcount following restructuring activities.

Personnel expenses increased by USD

2,419

m to USD

27,318

m, largely due to the consolidation of Credit Suisse expenses

for the full year and included employee costs arising due to the integration of the legacy operations of Credit Suisse into

the UBS Group.