As a consequence of its recent merger with Citibank, Bank Handlowy has
announced it is cutting 1,400 workers. Part of the layoffs are the
result of the introduction of new technology, which is expected to
centralize most banking operations. Special severance packages, up to
thirty-fold the salary in some cases, will be paid to those affected. An
additional layoff of 400 will be made in an effort to eliminate
redundant employees after the merger. Despite the retrenchments,
Handlowy will go ahead with plans to hire 250 employers for its new
transaction data center in Olsztyn. Handlowy estimates it will save up
to zl.213 million through the job cuts. (Rzeczpospolita, Nov. 18-19, p.
B5). S.M.
