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
210 - 270 jobs Number of planned job losses
Announcement Date
28 April 2017
Employment effect (start)
28 April 2017
Foreseen end date
30 September 2017
Description
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).
Sources
28 April 2017: index.hu
29 April 2017: magyaridok.hu
Citation
Eurofound (2017), Erste Bank Hungary, Internal restructuring in Hungary, factsheet number 90968, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90968.
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