Type
Internal restructuring
Country
Czechia
Region
Location of affected unit(s)
NA
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

300 jobs
Number of planned job losses
Job loss
Announcement Date
9 November 2011
Employment effect (start)
1 October 2011
Foreseen end date
30 November 2011

Description

The Austrian co-operative Raiffeisenbank has announced to cut 300 jobs in the Czech Republic in October 2011. The cuts will affect one tenth of its staff mainly affecting administrative positions. The bank names the necessity to lower labour costs and to adjust the banks's overall costs to the lower level of economic activities in the Czech Republic and around the world.

Raiffeisenbank operates banking subsidiaries in 15 countries throughout central and Eastern Europe and employs about 55,400 people.


Sources

  • 9 November 2011: Hospod├írske noviny

Citation

Eurofound (2011), Raiffeisenbank, Internal restructuring in Czechia, factsheet number 72702, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72702.