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Overall cost base flat q-o-q, but down y-o-y by 7%<br />
Operating expenses<br />
in € m<br />
2,209<br />
119<br />
2,228<br />
145<br />
2,185 2,164<br />
2,154<br />
146 61 70<br />
2,090 2,083 2,039 2,103 2,084<br />
Eric Strutz CFO <br />
Frankfurt <br />
November 4th, <strong>2011</strong><br />
2,030 2,036<br />
59 34<br />
1,971 2,002<br />
Q1 Q2 <strong>Q3</strong> Q4 Q1 Q2 <strong>Q3</strong><br />
2010<br />
Operating expenses excl. integration charges<br />
Integration charges<br />
<strong>2011</strong><br />
Σ 6,622 Σ 6,220<br />
Personnel cost down q-o-q by €23m<br />
Other expenses up q-o-q by €29m due<br />
to accelerated merger of branch pairs<br />
CIR in Core Bank at 65% (<strong>Q3</strong>)<br />
Cost target for Roadmap 2012<br />
confirmed<br />
7
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