Restructuring events
European Restructuring Monitor (ERM)
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.
Austrian and partly Hungarian state-owned Erste Bank Hungary plans to cut staff by 7-9% with the aim of reducing costs by 10% for 2018. As a result of the cost cutting measure 210-270 employees will be let go from the current 3,000 strong staff by September. The layoffs will affect both customer service and back office positions, more of the latter.
Erste Bank Hungary already made significant layoffs in 2012, when more than 400 employees were let go in a restructuring which saw the closure of almost a quarter (43) of the bank's offices (see here).
Eurofound (2017), Erste Bank Hungary, Internal restructuring in Hungary, factsheet number 90968, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90968.