BH looks to axe hundreds of jobs in latest bank shake-up

The firm justifies the reduction by saying that it will increase the bank's effectiveness. Some 530 people could lose their job as a result of the initiative. At the end of May this year the total number of Bank Handlowy's employees stood at 5,600. The company says that the details of the redundancy packages have already been decided upon with the trade unions. At the moment, however, the bank is refusing to disclose them (they will be revealed today). The cost of the operation is still unknown. Handlowy's spokesperson Iwona Jaworska did not want to say what saving the bank is expecting to make as a result of the reduction. "We hope that eventually less than 530 people will lose their job, as some of them may find employment in another post in our company," she said. Last year Bank Handlowy was looking to layoff up to 600 people. (Parkiet, p. 3)