Raiffeisen Sector: Austerity Cuts Ahead

Professional ServicesBanks ♦ Published: September 26, 2013; 18:17 ♦ (Vindobona)

RZB (Raiffeisen Zentralbank), the majority shareholder of Vienna-listed RBI (Raiffeisen Bank International) plans to reduce its costs substantially.

Raiffeisen Sector: Austerity Cuts Ahead / Picture: © Raiffeisen Bank International

Until 2017, RZB´s management plans to pursue a strict austerity policy. In total, the planned cost reduction comes at € 75m. The workforce should be reduced by 10%. According to board member Johannes Schuster, more than 120 jobs will be cut.

Schuster: “What currently happens at RBI, also is happening at RZB to a smaller extent.” RBI´s CEO Karl Sevelda announced that the…