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Human Resources
Mastered a challenging year
The German economy continued to expand into the fourth quarter of
2011, and unemployment fell over the course of the year. However,
the employment situation in the banking sector remained tense, subdued
by the financial crisis. The Frax Index used by Handelsblatt to
record the number of vacant positions in the banking and finance
sector had almost returned to pre-financial crisis levels by the end of
2011, although it did fluctuate massively during the course of the
year.
UniCredit Bank AG (HVB) had already adopted an efficiency-enhancement
programme before the financial crisis which called for the
elim ination of a total of 2,500 positions at HVB Group. This programme
was already successfully completed in 2010.
In light of the persistently difficult outlook for the banking sector, we
decided to further optimise our cost structures as part of our strategic
2011-2015 multi-year plan. In addition to efficiency enhancements
in the area of cost of materials, another adjustment of our staffing
levels is planned. This will involve the elimination of around a thousand
positions by 2015, mainly in administrative and back office units
but including some 350 positions in the Corporate & Investment
Banking division. At the same time, we have created new positions in
the Compliance, Risk Management, Finance and Internal Audit units
to meet stricter regulatory requirements, opening up opportunities for
internal transfers in many cases. A large part of this efficiency enhancement
can also be achieved by exploiting natural staff turnover.
hvb workforce 1
2001 25,333
2002 24,272
2003 21,015
2004 20,069
2005 19,755
2006 18,930
2007 19,119
2008 18,720
2009 16,636
2010 15,782
2011 15,385
1 calculated as full-time equivalents (FTEs)
HVB Group’s workforce (measured in FTEs) increased slightly to
19,442 (2010: 19,146) whereas the FTEs at HVB decreased from
15,782 in 2010 to 15,385 in 2011. Services such as purchasing
and facility management were outsourced to the newly established
service provider UniCredit Global Business Services as part of the
All4Quality project; these measures will reduce the FTEs of HVB Group
(see also the section entitled “Global Business Services”). The adjusted
employee turnover rate at HVB amounted to 4.3% in 2011, much
lower than in previous years.
High priority for flexible working time and
performance-related pay
For many years we have leveraged the potential for making working
time more flexible:
– At 23.1%, the proportion of part-time workers at HVB was slightly
higher than in 2010.
– 53 employees took advantage of the partial-retirement scheme in
the year under review.
In terms of flexible working time as well as areas like remuneration
and internal transfers, our HR managers enjoyed a trustful relationship
with the employee representatives. This applies particularly to
the Central Works Council and the Speakers’ Committee for Senior
Executives. Together with the employee representatives, it was
possible to find an amicable solution even for controversial issues.
We would like to express our gratitude at this point to all those
involved in this process.
We continued to apply our cost management measures in 2011.
The payroll costs for HVB Group amounted to €1,819 million (2010:
€1,756 million). This increase is, however, attributable in part to
the first-time consolidation of several subsidiaries. The regulatory
requirements for the remuneration systems of larger financial institutions
were specified and tightened at the end of 2010 based on the
regulatory requirements governing the remuneration of financial
institutions (Instituts-Vergütungsverordnung). We have modified our
remuneration schemes to reflect the new regulations and at the same
time introduced longer retention periods for variable remuneration
and much higher proportions of stocks for senior executives in order
to strengthen the long-term incentives.
HypoVereinsbank · 2011 Annual Report 19