Hypo Group to Cut Jobs

Professional ServicesBanks ♦ Published: February 1, 2012; 15:39 ♦ (Vindobona)

The Austrian Hypo Group Alpe Adria continues its downsizing program. 800 employees will be laid-off.

Hypo Group to Cut Jobs / Picture: © Hypo Alpe-Adria-Bank International AG

CEO Gottwald Kranebitter confirmed that Hypo Group has to reduce its staff by 800 employees. This corresponds to 10% of Hypo Group´s workforce. In Austria, 50 employees are concerned. Kranebitter: “A third of the job reductions will be handled through the normal staff turnover. The rest must be laid-off.” The cut is part of the restructuring program. Hypo Group aims for increasing…