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 - Financial service activities, except insurance and pension funding
500 jobs Number of planned job losses
Announcement Date
11 March 2016
Employment effect (start)
Foreseen end date
31 December 2016
Description
Raiffeisen Polbank, subsidiary of Austrian-based Raiffeisen Bank International, has announced that it will lay off 11% of its workforce in Poland which implies that about 500 jobs will be cut at bank’s branches across the country in 2016. The conditions of the programme will be negotiated with the local trade union. The restructuring aims to improve financial and organisational effectiveness of the company.
The job cuts are also related to additional costs associated with the bankruptcy of SK Bank and to the newly established fund supporting borrowers in difficult situation as well as with the introduction of a bank tax.
The bank employed 4,644 people at the end of 2015.
Sources
11 March 2016: Forbes
Citation
Eurofound (2016), Raiffeisen Polbank, Internal restructuring in Poland, factsheet number 86826, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86826.
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