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VIG: Drastic Downsizing Measures in Romania

Published: April 4, 2013; 10:41 · (Vindobona)

Because of increasing losses 450 employees will be made redundant.

VIG: Drastic Downsizing Measures in Romania / Picture: © Vienna Insurance Group

Head of Vienna Insurance Group, Peter Hagen, has announced a further austerity package for “problem child” Romania. He explained that the current developments were still “unsatisfying”. Last year, losses increased from € 13m to € 20.4m. Hagen is also concerned about the crippling competition that has been taking place for several years. This has caused VIG to merge two…

This article includes a total of 285 words.

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