Hungarian Banks Have Cut 537 Jobs This Year, Vilaggazdasag Says

Hungarian commercial banks cut 537 jobs in the first six months of the year, boosting workforce reduction to 9.1 percent since 2008, Vilaggazdasag reported, citing its own survey.

Banks are seeking to cut costs as lending has declined and after the government levied a special tax on banks and forced them to swallow losses on foreign-currency mortgages, the business newspaper said.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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