Personnel costs and personnel cost ratio

Declining personnel cost ratio confirms the positive trend of previous years

In the 2024 reporting year, the Group successfully reduced its personnel cost ratio by 0.1 percentage points to 15.5 percent. The ratio relates personnel costs (adjusted for special factors) to revenue, and is used as steering KPI within the Group.

Adjusted personnel costs totaled EUR 17.9 billion. Despite the lower headcount, the adjusted personnel costs in 2024 rose by EUR 0.4 billion. This was primarily due to higher pay and salaries. Revenue also rose slightly to EUR 115.8 billion, continuing the positive trend from previous years. Unadjusted personnel costs fell by EUR 0.1 billion to EUR 19.0 billion and, in Germany, increased by EUR 0.2 billion. Group revenue rose by EUR 3.8 billion and revenue in Germany increased by EUR 0.6 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.