Erste Group: Job Reduction in Hungary

Professional ServicesBanks ♦ Published: November 11, 2010; 14:43 ♦ (Vindobona)

The Austrian bank plans to cut 250 jobs in Hungary. Reasons are the bad loans and the introduction of the bank tax.

Erste Group: Job Reduction in Hungary / Picture: ©

Erste Group is reducing the staff of its Hungarian subsidiaries by 9%, i.e. 250 employees. There are no further plans for layoffs according to the Hungarian newspaper MTH.

Hungary taxes banks with 0.45% of their total assets, according to what the Orban government decided in July 2010. The bank tax is however limited in time from 2010 to 2012. In total, the altogether in…