Download presentation - UniCredit Group
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STRONG COST CUTTING CONFIRMED, WITHOUT LIMITING<br />
INVESTMENTS FOR GROWTH<br />
STAFF EXPENSES<br />
-1.9%<br />
807 804<br />
789<br />
1Q07 4Q07 1Q08<br />
FTEs (1) -2.2%<br />
53,878 52,984<br />
• Lower staff expenses y/y across all<br />
Countries, despite impact of labor contract in<br />
Italy and Germany<br />
• Significant FTEs reduction following merger<br />
with Capitalia (-894 from Dec. 07)<br />
• 113 new branches opened since March 2007<br />
21<br />
OTHER ADMINISTRATIVE EXPENSES<br />
0.5%<br />
-0.6%<br />
1,048 1,059 1,053<br />
1Q07 4Q07 1Q08<br />
• Double digit decline in Austria (-11.5% y/y)<br />
and further reduction in Germany (-4.4% y/y),<br />
thanks to cost cutting on ICT, back office and<br />
indirect expenses<br />
• Mild increase (+4.0%) in Italy y/y, due to<br />
branch opening and growth projects<br />
(Household Financing Internationalization). Flat<br />
q/q, despite widespread Media Campaign<br />
(1)<br />
FTEs already calculated according to the criteria which will be applied for the “carve out” of the Retail business from the former Capitalia banks
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