Part of the Consolidated Financial Statements as of 31 December 2008; audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

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Corporate and Investment Bank Group Division

The following table sets forth the results of our Corporate and Investment Bank Group Division for the years ended December 31, 2008 and 2007, in accordance with our management reporting systems.

in € m.
(unless stated otherwise)

2008

2007

N/M – Not meaningful

1

See Note [2] to the consolidated financial statements for a description of how average active equity is allocated to the divisions.

Net revenues:

 

 

Sales & Trading (equity)

(630)

4,613

Sales & Trading (debt and other products)

124

8,407

Origination (equity)

336

861

Origination (debt)

(713)

714

Advisory

589

1,089

Loan products

1,260

974

Transaction services

2,774

2,585

Other products

(661)

(151)

Total net revenues

3,078

19,092

therein: Net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss

(1,027)

12,278

Provision for credit losses

408

109

Total noninterest expenses

10,090

13,802

therein:

 

 

Policyholder benefits and claims

(273)

116

Impairment of intangible assets

5

–

Restructuring activities

–

(4)

Minority interest

(48)

34

Income (loss) before income taxes

(7,371)

5,147

Cost/income ratio

N/M

72 %

Assets

2,047,181

1,800,027

Average active equity1

20,262

20,714

Pre-tax return on average active equity

(36) %

25 %

The following paragraphs discuss the contribution of the individual corporate divisions to the overall results of the Corporate and Investment Bank Group Division.

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