Fixed compliance costs have also risen considerably in recent years, due to stricter and more pervasive regulation. 18  In countries where a widespread adoption of new technologies has been coupled with large IT investments by banks, intermediaries tend to exhibit a higher ROE than elsewhere, sustained by a low cost-income ratio.
19  Italian banks are reducing their branch network and are increasingly relying on digital resources. The number of branches at the end of 2017 was 20 per cent lower than in 2008. Ambitious programs of staff reduction and internal restructuring have been announced (and in many cases are being implemented) by all the largest banking groups.