The general conditions for our financial reporting in 2003 were characterized by a gradual return of basic trust in the integrity of securities markets. In this situation the Investor Relations team provided a timely and consistent flow of information to shareholders and analysts. We satisfied our private investors’ appetite for information mainly via the Internet and our toll-free shareholder hotline. In numerous one-on-ones, brokerage conferences, telephone conferences and international roadshows we answered, in many cases together with the company’s management, questions from investors and analysts.
A highlight of our financial communications in 2003 were the Investor Day events in London and New York in September. The Spokesman of the Board of Managing Directors and Chairman of the Group Executive Committee, Josef Ackermann , and Chief Financial and Risk Officer Clemens Börsig presented the Group strategy and outlined our risk and capital management objectives. In addition, the Heads of the corporate and business divisions presented the current status of and outlook for their businesses to a large professional audience. On this occasion, key targets of Deutsche Bank were reaffirmed, for example a (pre-tax) return on equity of 25% and envisaged operative costs for 2004 of less than € 16.5 billion. All of our events for shareholders and analysts in 2003 were also broadcast live over the Internet and thus made accessible to the general public. Recordings of these events are also available for replay on the Internet.
To allow us to better respond to a growing number of questions from investors in our debt securities, our Investor Relations team expanded its services in 2003. We now also offer, as we have to our shareholders for some time, tailored information services to our bondholders and to rating agencies specialized in reviewing our credit quality as a borrower. The response from this increasingly important group of investors on capital markets has been invariably positive.