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VBAG to Cut More than 1,000 Jobs

Published: September 21, 2012; 17:45 · (Vindobona)

Today, the Austrian problem bank announced to sharpen its austerity program radically. Until 2017, VBAG must be downsized to the half of its current size.

VBAG to Cut More than 1,000 Jobs / Picture: © Österreichische Volksbanken-AG (ÖVAG)

The Commission of the EU obliges VBAG to implement further, even more drastic cuts. Otherwise VBAG cannot receive further state aids. CEO Stephan Koren explained that VBAG has never seen such a radical downsizing program before.

“The whole organization of VBAG will be examined. There will be a substantial reduction of staff.” Koren said. At the moment, 2,000 employees work at…

This article includes a total of 464 words.

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