Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.1 - Monetary intermediation

400 - 450 jobs
Number of planned job losses
Job loss
Announcement Date
9 December 2011
Employment effect (start)
Foreseen end date
30 March 2012


Erste Bank Hungary is going to dismiss 15% of its employees, which accounts for 400 to 450 of its employees and to close 43 offices country-wide (of a total of 184) in the first quarter of 2012. Erste Bank Hungary has already dismissed 250 employees at the end of 2010 (see here).

The reasons for the restructuring given in the bank's announcement were the consequences of the economic and financial crises, drop in revenues, the extra tax imposed on banks and the introduction of the early loan repayment scheme (see details here).

The National Ministry of the Economy is reported to be disappointed by the announcement of Erste reducing its Hungarian activity. Erste recorded HUF 60 billion (EUR 196 million) profit in the last 10 years. It is said that each of these years were profitable for the bank.

Erste did not wait with the announcement of the cuts until after the negotiations between the Ministry and the Bank Association.


  • 9 December 2011: Népszabadság
  • 9 December 2011: HR Portal
  • 30 December 2011: HVG
  • 9 December 2011: Menedzser Fórum


Eurofound (2011), Erste Bank Hungary, Internal restructuring in Hungary, factsheet number 72845, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72845.