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## Private & Business Clients 

<img src='content_image/5765.jpg'>

## Corporates & Markets 

The Corporates & Markets (C&M) segment being commented here encompasses Corporate Banking, the division Dresdner Kleinwort Wasserstein and the business shares from C&M that were transferred to the Institutional Restructuring Unit (IRU). In the year under review, these three segments were separated. Here, we are reporting for the last time according to the old structure. 

The operating income in Corporates & Markets stabilized at 3.7 billion euros. Administrative expenses were pared by 25.8 per- cent to 2.6 billion euros. As a result, the cost-income ratio im- proved from 91.6 to 70.7 percent. Loan loss provisions were significantly reduced to 874 million euros compared to 1,592 million euros in 2002. Therefore, a positive operating result of 219 million euros was recorded. If other income and expenses – the balance amounted to – 418 million euros – are taken into account, a loss after taxes was recorded of 273 (loss after taxes 1,642) million euros. 

## Corporates & Markets 

<img src='content_image/5766.jpg'>

