RBI: Drastic Austerity Measures Ahead

Businessn.a. ♦ Published: September 25, 2013; 07:11 ♦ Updated: September 25; 10:41 ♦ (Vindobona)

Vienna-listed Raiffeisen Bank International will have to cut costs by € 450m within 3 years.

RBI: Drastic Austerity Measures Ahead / Picture: © Vindobona.org

In the last years, RBI´s net income went down steadily. In the first half of 2013, RBI`s net income was down by 60%. After a net income of € 701m in the first six months of 2012, the figure only came at € 277m in the first half of 2013.

In order to reach the turnaround, CEO Karl Sevelda announced that RBI will implement a drastic austerity package. In the next three years,…