Erste Bank Hungary to cut 9% of workforce on bank tax.

By bne IntelliNews November 11, 2010
The Hungarian unit of Austrian Erste Bank plans to cut 9% of its workforce by end-2010 in effort to offset the negative impact from the extraordinary tax on the bank's financial results, Budapest Business Journal reported, quoting a bank statement. The measure would affect some 250 employees of the bank. Erste Bank Hungary posted a net profit of HUF 6.8bn (EUR 24.8mn) in H1, down by 56.5% y/y. It is one of the largest banks on local market in terms of total asset volume with HUF 3tn as at end-June.

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