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Raiffeisen to continue layoffs

Raiffeisen Bank in Hungary is to make redundant another 400 employees having earlier dismissed 315 workers, the Index.hu news portal reported.

The changes will also entail that the bank will be closing branches, although it remains to be seen how many of the 157 arms it had in operation at the end of 2008 will have to go.

Besides the earlier redundancy measure the bank also reshuffled its internal operating structure, mostly cutting back on back office activities and assigning branch managers to direct more than one outlet.

According to Index, the common market sentiment regarding Raiffeisen’s course of action is that the parent company Raiffeisen Zentralbank has put a hold on funding even though Hungary used to be one of its most rapidly developing markets. (Napi Gazdaság)