Prospectus - Notowania

Payroll costs were €6.8 billion, a reduction of 9.5% or 6.9% on a like-with-like basis, from M9 2008. This result was due to falls in
both headcount and variable compensation (down by 280 million or 30% from M9 2008).
The full time equivalent – FTE 2 headcount was 166,421 at September 30, 2009 - a reduction of 8,098 people since the beginning of
2009 and 10,972 people since September 30, 2008.
These reductions from September 30, 2008 mainly concerned:
� Retail (a reduction of 3,281 people, of which 2,527 in Italy) and CIB (a reduction of 1,234 people of which 706 in Italy)
mainly due to integration programs and early leaving agreed with former Capitalia Group staff in H1 2009.
� CEE Region (a reduction of 4,717 people) mainly in Ukraine (a reduction of 1,790 people), Poland’s Market (a reduction of
1.262 people), Kazakhstan (a reduction of 954 people) and Turkey (a reduction of 702 people);
� Corporate Centers (a reduction of 1,124 people) due to rationalization currently underway;
� GBS (a reduction of 282 people), the result of synergies arising from centralization of IT and back office activities;
� Asset Management (a reduction of 262 people) due to reorganization of the AM subsidiaries.
Other administrative expense amounted to €4.1 billion, a reduction of 8% or 4.8% on a like-with-like basis, from M9. The main
reductions concerned in other running costs (down by €68 million), ICT-related costs (down by €67 million), advertising,
communications and marketing (down by €124 million), and staff expenses (business travel, training and rentals down by over €76
million), following the efficiency measures taken by the Group in response to the economic downturn.
Other administrative expenses (€ million)
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
FIRST NINE MONTHS CHANGE
2009 2008 AMOUNT %
Indirect taxes and duties - 348 - 381 33 -8.7%
Misceilaneous costs and expenses - 3,739 - 4,062 323 -8.0%
advertising marketing and comunication - 244 - 368 124 -33.7%
expenses related to credit risk - 150 - 157 7 -4.5%
expenses related to personnel - 254 - 330 76 -23.0%
information communication technology expenses - 954 - 1,021 67 -6.6%
consulting and professionals services - 264 - 263 - 1 0.4%
real estate expenses - 987 - 969 - 18 1.9%
other functioning costs - 886 - 954 68 -7.1%
Other administrative expenses - 4,087 - 4,443 356 -8.0%
Miscellaneous costs and expenses% breakdown
23.7%
26.4%
6.5% 4.0%
7.1%
6.8%
25.5%
advertising marketing and
comunication
expenses related to credit risk
expenses related to personnel
information communication
technology expenses
consulting and professionals
services
real estate expenses
other functioning costs
Recoveries of expenses amounted to €318 million in M9 2009, a reduction on a like-for-like basis of 23.8% from M9 2008. Write-
downs of tangible and intangible assets fell by 2.9%, in fact on a like-for-like basis they rose slightly by 2.2%.
2 FTE: Staff on the payroll less secondees in other companies and long-term absentees, plus secondees from other companies; all
categories are accounted for on the basis of hours worked i.e. that for which the company bears a cost.
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