Type
Internal restructuring
Country
Hungary
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

330 jobs
Number of planned job losses
Job loss
Announcement Date
29 April 2015
Employment effect (start)
Foreseen end date
31 December 2016

Description

Austrian-owned Raiffeisen Bank has announced that it will lay off 15% of its workforce in Hungary. 330 jobs will be lost by the end of 2016. They will cut the number of branches in the country from 112 to 67. According the CEO, the company will refocus on corporate clients and electronic channels. Costs will be cut by approximately 20%. 


Sources

  • 29 April 2015: BBJ
  • 29 April 2015: Napi.hu

Citation

Eurofound (2015), Raiffeisen Bank, Internal restructuring in Hungary, factsheet number 79891, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/79891.