Austrian Banking Sector: Austerity Ahead

Published: November 18, 2013; 22:48 · (Vindobona)

In order to comply with the regulatory capital framework, Austrian banks cut costs radically

Austrian Banking Sector: Austerity Ahead / Picture: © Flickr

At the end of October, Austrian banks announced that there will be massive cost cuts in the next years. The alternative is an increase in borrowing costs, representatives of the Austrian banking sector said.

Today, Bawag´s management published that the loan department will be outsourced. In total, 130 employees are affected. In December, Bawag will establish a subsidiary which…

This article includes a total of 519 words.

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