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 64.1 - Monetary intermediation
215 jobs Number of planned job losses
Announcement Date
18 November 2010
Employment effect (start)
18 November 2010
Foreseen end date
18 November 2011
Description
The K&H Bank has announced the loss of 215 employees in Hungary over the next year. A final decision has been made after a month of consultation. The dismissal would affect the central regions of the country and the capital. The reason provided by the management is the new taxation system introduced this autumn as well as the rationalisation of activity.
Experts say that the rationalization of banking sector has already begun after the employment peak in 2008 (34104 employees) and subsequent declines in 2009 (-4,4%).
K&H Group is a financial services provider with one of the largest client base in Hungary. K&H offers insurance and financial services to retail companies as well as corporates of all sizes.
Sources
4 November 2010: Napi Gazdagás
13 December 2010: Világgazdaság
4 November 2010: Heti Világ Gazdaság
4 November 2010: HRPortál
Citation
Eurofound (2010), K&H Bank Hungary, Other in Hungary, factsheet number 71334, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71334.
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