Jobs to be Cut at Bank Austria

CountriesOther Regions ♦ Published: November 15, 2011; 11:48 ♦ (Vindobona)

After the announcement of high write-offs yesterday, the Austrian subsidiary of UniCredit will reduce its staff from 10,800 to 10,000 by 2015.

Jobs to be Cut at Bank Austria / Picture: © UniCredit Bank Austria

Yesterday UniCredit as well as Bank Austria published their results for the first nine months. Especially the third quarter caused serious write-offs. For Bank Austria, asset depreciated by € 650m, which was mainly due to write-offs of Greek bonds and operations in Ukraine and Kazakhstan. The third quarter brought losses of € 635m. The full year 2011, however should be…