Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Erste Bank Hungary is going to dismiss 15% of its employees, which accounts for 400 to 450 of its employees and to close 43 offices country-wide (of a total of 184) in the first quarter of 2012. Erste Bank Hungary has already dismissed 250 employees at the end of 2010 (see here).
The reasons for the restructuring given in the bank's announcement were the consequences of the economic and financial crises, drop in revenues, the extra tax imposed on banks and the introduction of the early loan repayment scheme (see details here).
The National Ministry of the Economy is reported to be disappointed by the announcement of Erste reducing its Hungarian activity. Erste recorded HUF 60 billion (EUR 196 million) profit in the last 10 years. It is said that each of these years were profitable for the bank.
Erste did not wait with the announcement of the cuts until after the negotiations between the Ministry and the Bank Association.
Eurofound (2011), Erste Bank Hungary, Internal restructuring in Hungary, factsheet number 72845, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72845.
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