Maintaining strict cost, capital and risk discipline . In 2003, through the optimized use of our resources, we decreased our operating cost base by more than € 2 billion, further reduced our risk-weighted assets and again raised our BIS core capital ratio. Our substantially increased revenue strength and strict capital management led to a significantly improved return on equity at Deutsche Bank in 2003.
For 2004, we want to reduce our operating cost base to less than € 16.5 billion and to retain our strict capital and risk management.
Capitalizing on global leadership in CIB. Deutsche Bank is one of the world’s three leading investment banking houses. We have an outstanding platform and the critical mass necessary in all important lines of business and regions. We want to consolidate this position of strength in the interest of higher added value for shareholders, clients and staff and make greater use of the available potential through attractive financial products at competitive terms and conditions.
Delivering profitable growth in PCAM. Deutsche Bank’s PCAM Group Division stands for diverse business activities that complement each other.
Our Asset Management leveraged its strong platform in 2003 and again successfully expanded its distribution channels. The Private Wealth Management Business Division extended its range of products and services for high net worth clients by the acquisition of Rued, Blass & Cie AG Bankgeschaeft, the Swiss private bank, and is consistently increasing its market penetration. The Private & Business Clients Corporate Division is rapidly implementing its restructured business model and thereby improving its market access. We shall continue to expand our strong position as manager of institutional and private assets.