8. Personnel expenses
| CHF millions |
2002
|
2003
|
|
|
||
| Salaries |
1508
|
1443
|
| Employee benefits |
223
|
307
|
The Group had 7949 employees at 31 December 2003, compared to 8287 at 31 December 2002. The decrease is mainly due to disposals and to reorganisation in the Financial Services Business Group and in the Americas.
The Group has revised the allocation of expenses to employee benefits. The equivalent 2002 employee benefits would have been CHF 287 million.
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