And this is, I would say to your question one of the clear achievements of this transformation and also what we have seen in 2022, is actually our strong focus on the four business areas, where we think we are able to compete and where the clients really want to work with us. And we see that when we look at gaining market share, by the way, not only in the FIC business, but also in other areas of the bank, Corporate Banking in Germany, Wealth Management International, we clearly win market share, because we know we are acting there and we operating there, where we have our strengths. Then I do think, over the last three years, we would have never been able to actually do this what we have done without first class risk management. We had two crisises so to say, to manage the pandemic, but also obviously, the impact of this awful war in the Ukraine.
And you can only do it if you have complete belief in your capacity and capabilities as risk manager. We have had that for the last 13-14-15 years, you’ll see that with our results. And again, in 2022, we had an outstanding year in terms of risk management, by the way, Daniele, both on the front office side, as well as on the back office side in risk management itself. And then obviously, the focused discipline, which we had in the CRU, James was talking about that, which really helped us to create the capital, which we then use in order to invest it into the business. And last but not least, is the cost culture. And that is something in Deutsche Bank, which we haven’t had before. And I think I can judge on it, because I’ve been here for 33 years.
But the cost culture for three and a half or four and a half years now, where we took out over the last three years more than €3 billion of costs is something which earmarks a new era. Now this brings me to the point of where our areas of improvement? I wouldn’t call it area of improvement, but it’s clear that we cannot lose this cost focus. And James talked about this in his prepared remarks, how we want to take out the next €2 billion just in the in the year ’22. Out of the €2 billion, we already took out €490 million out of these four areas, i.e., German restructuring technology architecture, front to back process redesign, infrastructure efficiency, all the measures he mentioned on Page 29 of his presentation, €490 million has been already done in 2022.
And that focus will go on. And on top of that, we know we need to do more. And therefore, we set up an incremental cost management program, which even delivers more also in order to find the right response to the inflation, which we see in the economy. And therefore I think costs cannot go away. Second point where we need to a margin improve is regulatory remediation, we know there is a lot of work ongoing. We have achieved a lot, but we cannot let loose. We need to do it. It’s a foundation in order to grow sustainably and hence all focus also on that in the year ’23. And last but not least, I will say while we got really good at it, I think we can even further improve the way we are doing our portfolio allocation, capital allocation, in particular in volatile times like we have it right now.
