The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
250 jobs Number of planned job losses
Announcement Date
10 November 2010
Employment effect (start)
Foreseen end date
Description
Este Bank Hungary plans to dismiss 9% of its employees, i.e. 250 persons until the end of 2010. The financial crises and a new taxation system in Hungary are indicated as the reasons of the dismissals. The management stated that the bank has successfully implemented its cost-driven business strategy which made it possible to avoid redundancy until recently. The planned redundancies are necessary in the current economic and business environment to ensure the long-term viability of operations.
Erste Bank Hungary is part of the Erste Group. With its eight subsidiaries, Erste Bank Hungary covers the entire spectrum of financial services. The premium position held by Erste Bank Hungary on the retail market is made even stronger by a strategic cooperation with Magyar Posta (Hungarian Post).
Sources
10 November 2010: Napi Gazdaság
10 November 2010: Heti Világ Gazdaság
Citation
Eurofound (2010), Erste Bank Hungary, Internal restructuring in Hungary, factsheet number 71162, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71162.
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