Personnel costs and personnel cost ratio

Personnel cost ratio declined, continuing the positive trend of previous years

In the 2023 reporting year, the Group successfully reduced the personnel cost ratio by 0.2 percentage points, to 15.6 percent. The personnel cost ratio relates personnel costs (adjusted for special factors) to revenue. The development of this ratio is an important benchmark for the company.

In 2023, adjusted personnel costs were down EUR 0.6 billion, primarily as a result of the reduced headcount. At the same time, revenue remained at a high level of EUR 112 billion, continuing the positive trend of previous years. Unadjusted personnel costs likewise fell by EUR 0.3 billion, with Germany alone accounting for a decline of EUR 0.2 billion, to EUR 19.1 billion. At the same time, revenue in Germany increased by EUR 0.4 billion.

Personnel costs are defined as basic personnel costs (wages, salaries) plus ancillary personnel costs (social costs). This figure is adjusted for special factors in conjunction with staff restructuring measures (specific staff reduction instruments). Adjusted personnel costs totaled EUR 17.5 billion.