Erste’s BCR to Cut 18% of Staff in 12-18 Months, Mediafax Says

Banca Comerciala Romana SA, Romania’s largest bank by assets, will cut about 18 percent of its workforce in the next 12 to 18 months, Mediafax reported today, citing Tomas Spurny, the lender’s chief executive officer.

The bank, majority owned by Austria’s Erste Group Bank AG (EBS), will close more than 60 unprofitable branches and fire 1,600 people to reduce its total workforce to 7,500 to adapt its business model to the “new economic reality,” the Bucharest- based news service quoted Spurny as saying. BCR targets a cost reduction of 250 million lei ($74 million) in the next two years, according to Mediafax.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

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

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