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Raiffeisen Bank plans 8% staff cut

  The Hungarian unit of Austria’s Raiffeisen Bank plans to lay off 315 employees, or 8% of staff, over the next two months, Raiffeisen Banks told MTI on Thursday, confirming a report on the website of business daily Világgazdaság.

Raiffeisen Bank forecasts lower growth because of the economic crisis in 2009 and the management decided to reduce costs in order to maintain profitable operation.

Raiffeisen Bank’s 2009 business plan, which must still be approved, freezes wages and suspends bonuses. The bank will also restrict use of its corporate fleet of vehicles and cut its marketing budget.

Raiffeisen Bank has opened 61 branches, creating some 500 jobs, over the past three years. Its business grew 25-30% during the period. (MTI-Econews)