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K&H to lay off 90 employees

Hungary's K&H Bank will lay off 90 employees and plans to place a further 40 of the bank's full-time staff on part-time status, the bank informed MTI on Monday evening.

The K&H group employed approximately 3,900 people as of July 31, 2009. Other major banks in Hungary such as OTP Bank, Raiffeisen Bank, CIB Bank and MKB Bank have also announced layoffs this year. Hungarian Banking Alliance General Secretary Rezső Nyers told MTI earlier that he expects a 10%-15% reduction in the number of employees working in Hungary's banking sector as a result of the global economic crisis. K&H Bank is owned by Belgium's KBC Bank. (MTI-Econews)