Staff adjustments to safeguard the future. The systematic continuation of strategic initiatives launched in 2002 influenced HR activities in the reporting year. To create the foundations for future growth, we had to adjust our personnel capacities: the number of staff (on a full-time equivalent basis) working in the Group fell during 2003 by 9,760 to 67,682.
Roughly one half of the reduction came from the sale or outsourcing of corporate activities. This caused a net decrease of 5,206 in the number of staff. Of this figure, 2,892 related to the disposal of parts of our securities services business and 821 to the outsourcing of the Continental European IT centres. The remaining staff adjustments resulted from restructurings completed in 2003.
Structural balance. In 2003, we again implemented the unavoidable staff reduction in as socially acceptable a way as possible and took care not to impair the structure of our workforce. The adjustments affected staff from all hierarchical levels, all age groups and both genders in roughly equal measure. Female employees, for example, made up roughly 45% of total staff at year’s end, the same as one year before. The age structure continues to show a well-balanced distribution with staff aged between 25 and 44 again forming the largest group. The average age of all our staff was 37.6 years, almost the same as one year before.
Our international competitiveness will only be sustainable in the long term with employees managed according to modern standards and with clear objectives. Their individual contribution to the bank's overall success must be rewarded – with attractive compensation systems and a working environment that promotes development and encourages staff to take on personal responsibility.
