Employment in Hungaryʼs banking sector falls 2%

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The headcount in Hungary’s banking sector declined by 2% last year, down to 37,816, Hungarian economic daily Világgazdaság said today, based on data from the National Bank of Hungary (MNB).

The paper suggests that the headcount of Hungary’s largest banks dropped by a total of approximately 700, to a little over 25,000. The number of employees in savings cooperatives fell by approximately 12%, to 6,900, while the headcount at small banks saw a rise from 3,850 to close to 4,000, the paper noted.

Some of the changes may be due to the transformation of several savings cooperative into banks, the paper said, noting that headcount in the banking sector was down dramatically from the 43,924 recorded in 2008.

Last Friday, Hungary’s Prime Minister Viktor Orbán said in his regular fortnightly interview with state-owned Kossuth radio that the Fidesz government inherited a financial system that is in “very bad condition”. In correcting this system, the first step was to deal with foreign exchange loans, the second step was to stabilize the system of savings cooperatives and the next step will be to deal with brokerages, the prime minister said.

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