Prospectus - Notowania

usiness segments have posted results which, in absolute terms, are essentially in line
with the same period of the previous year.
The recent evolution of the financial markets, whose trend, as indicated in the
premises of the present Chapter, are part of the factors that influence the Group
results, could demonstrate its effect during Q4 of 2009 and Q1 of 2010. In this
context, we refer, in particular, to the changed economic framework that characterised
the sovereign debt of Greece and Spain and the indebtedness of an important
economic-financial operator in Dubai that are forecasted to have negative effects on
revenues deriving from trading and Group operations in capital markets.
In the first nine months of 2009 operating costs stood at € 11,521 million, compared
to the € 12,518 million recorded in the same period of the previous year.
Staff expenses amounted to € 6,821 million, down by 9.5% compared to the first nine
months of 2008. Net of these effects and taking into account the changes in the scope
of consolidation and the exchanges rates, staff expenses recorded a reduction.
This decrease is attributable to the reduction in both headcount and in the variable
component of compensation (€ -280 million, -30% compared to September 2008).
Headcount (in terms of FTE) as at September 30, 2009 stands at 166,421 employees,
with a reduction of 8,097 employees since the beginning of the year and of 10,970
employees compared to September 2008. The decreases, compared to September
2008, have mainly been concentrated in the following business segments:
• Retail and CIB mainly as the outcome of integration activities and of retirements
arranged with staff of the former Capitalia Group, during Q1 2009;
• Asset Management (-262 employees) following the restructuring process of the
relevant companies;
• CEE and mainly in Ukraine, Poland’s Market, Kazakhstan and Turkey;
• Corporate Centres following the streamlining process under way and as a result of
the synergies produced by centralisation of the Information Technology and Back
Office.
Other administrative expenses, totalling € 4,087 million in the first nine months of
2009, recorded a reduction of 8% compared to the same period of the previous year.
The decreases related to operating expenses (€ -68 million), advertising, marketing
and communication expenses (€ -124 million), staff-related expenses (business trips,
training, rent for over € -76 million) and expenses relevant to ICT (-€67 million),
following policies to improve efficiency adopted by the Group also in view of the
difficult economic climate.
Expense reimbursements, equal to € 318 million, decreased by 23.7% compared to the
same period of 2008, concentrated in Retail, while write-downs of property, plant and
equipment and intangible assets, amounting to € 931 million, post a slight reduction of
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