The investment banking division, which is the motor of the group's business, posted a 57% decline in pre-tax profit to 447m euros in the final quarter, thanks to a sagging demand for debt products.

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Operating pre-tax profit in the wealth management business was the highest in the bank's history, said Mr Gorman.

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Perik's target profit margin is the same for the assessment business as for test prep, 20% after tax. (Test prep accounts for 70% of the company's revenues, K--12 the rest.) His risky strategy: Instead of emphasizing customized assessment tests for particular school districts, he plans to deliver a more generic product.

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Net profit from continuing business was 113m euros, after certain exceptional charges including changes to the company's tax payment.

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