10 – Restructuring

Restructuring forms part of the Group’s Operational Excellence (OpEx) Programme. Restructuring expense is comprised of termination benefits, additional expenses covering the acceleration of deferred compensation awards not yet amortized due to the discontinuation of employment and contract termination costs related to real estate. Restructuring expenses of € 133 million were recognized during 2014 (2013: € 399 million).

in € m.

2014

2013

2012

Corporate Banking & Securities

(112)

(130)

(236)

Private & Business Clients

(9)

(22)

0

Global Transaction Banking

(10)

(54)

(40)

Deutsche Asset & Wealth Management

3

(170)

(104)

Non-Core Operations Unit

(4)

(25)

(12)

Infrastructure/Regional Management

0

0

(1)

Consolidation & Adjustments

0

0

0

Total Net Restructuring Charges

(133)

(399)

(394)

in € m.

2014

2013

2012

Restructuring – Staff related

(124)

(364)

(394)

thereof:

 

 

 

Termination Payments

(94)

(287)

(307)

Retention Acceleration

(29)

(72)

(83)

Social Security

(1)

(4)

(4)

Restructuring – Non Staff related

(9)

(35)

0

Total Net Restructuring Charges

(133)

(399)

(394)

Provisions for restructuring amounted to € 120 million and € 207 million as of December 31, 2014 and December 31, 2013 respectively. The majority of the current provisions for restructuring are expected to be utilized during 2015.

During 2014, 1,371 full-time equivalent (“FTE”) staff were reduced through restructuring (2013: 1,287).

Full-time equivalent staff

2014

2013

Corporate Banking & Securities

319

374

Private & Business Clients

92

42

Global Transaction Banking

157

172

Deutsche Asset & Wealth Management

207

224

Non-Core Operations Unit

11

0

Infrastructure/Regional Management

585

475

Total full-time equivalent staff

1,371

1,287


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