Bank BPH to lay-off 1,700 workers

Poland's 11th largest lender BPH plans to cut its workforce by up to a third next year to save PLN 200 million, the bank said on Tuesday. Under the plan, up to 1,706 jobs could go in 2016. The bank also plans to transform its 134 branches into franchise outlets, while another 65 will be transformed in cooperation with existing partners, or closed. Within the next five years, Bank BPH will invest in remaining branches. It will also inject PLN 350 million in IT projects. At the end of Q3, the lender had 253 own branches and 172 partner outlets.