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Banks planning mass layoffs?

PR dla Zagranicy
John Beauchamp 04.03.2015 12:15
Banks operating in Poland are planning mass rendundancies due to fears that profits may not reach 2014’s record-breaking levels.
Photo: GlowimagesPhoto: Glowimages

According to data from the Polish Financial Supervision Authority, banks in Poland made over PLN 16.2 billion net in 2014, but are preparing for a slump in growth due to lower interest rates.

According to Wednesday’s Gazeta Wyborcza daily, state lender PKO BP has already notified the Labour Office that it intends to sack almost 1,100 employees this year.

A planned merger between BNP Paribas and BGŻ may also see 1,900 staff laid off, while Pekao SA is also reported to be letting go of as many as 1,500 people.

Additionally, analysts are also expecting cuts to staff numbers at Alior and Millennium, due to changes in their branch structures, with high-street branches giving way to financial service centres based in shopping malls.

Gazeta Wyborcza notes that three years ago a number of banks operating in Poland cut down on the number of employees, with redundancies taking place in Citi Handlowy, Raiffeisen, Nordea, BPH as well as BNP Paribas and BGŻ. (jb)

tags: banks, employment
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