Although revenue increased by 0.5 per cent, Citi Private Bank defines demand as the number of billable hours. Further bad news came from the fact that expenses rose 2.4 per cent in the same time. The comparisons are with the first half of 2012. The biggest part of the cost increase comes from salary costs. These went up 2.8 per cent in the first half of 2013 while headcount rose just 0.4 per cent, according to Business Week.
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