A total of approximately 2,400 staff, across all grades of the bank, will be impacted by the restructuring plan, of whom 900 are located in the United States, 350 in the United Kingdom, 250 in Asia/Pacific, and 900 in Continental Europe. The restructuring plan will be carried out over the next 12 months.
The restructuring plan represents a 2,100 headcount reduction in CIB. This comes in addition to the Group-wide reduction totalling 7,100 which has already been announced earlier this year. Other restructurings, primarily in Continental Europe, which would be part of the cost containment program already announced on November 1, 2001, are not included in this plan. Details will be communicated once the related plan is complete and the necessary legal steps have been finalised.
The restructuring in CIB covers the remaining steps to be taken to give effect to the CIB organizational and business model following its creation from the previous Group Divisions GCI, CORE and the cash and clearing business of GTS. The plan affects approximately 2,100 employees in CIB with a related reserve of EUR 210 million.
The restructuring in PCAM affects approximately 300 employees, mainly in the United States, in Asia/Pacific, and the United Kingdom with a related reserve of EUR 80 million. These reductions are part of the earlier announced figure of 7,100 employees. It reflects the re-organization of the PCAM business model.