OTP Bank

Type
Internal restructuring
Country
Hungary
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
130 jobs
Number of planned job losses
Job loss
Announcement Date
26 November 2008
Employment effect (start)
26 November 2008
Foreseen end date

Description

OTP Bank, Hungary's largest bank has laid off 130 of its 8,541 employees in Budapest and Pest county (Central Hungary). Employees in subsidiary companies were also dismissed. The bank explained that the lay-offs were the result of the most recent round of the regularly conducted audit of staff numbers, based on which the dismissal of 130 employees was deemed necessary.

Sources

  • 26 November 2008: origo.hu
  • 26 November 2008: index.hu

Citation

Eurofound (2008), OTP Bank, Internal restructuring in Hungary, factsheet number 67487, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67487.