Raiffeisen to lay off nearly 1,000 employees

Raiffeisen Polbank announced that it will lay off a fifth (850-950 people) of its staff by the end-2019. “Up to 90 branches will be converted to cost-efficient formats by the end of 2019,” the company said, explaining that the changes will result in lay offs. The cuts are expected to bring €50 million in savings, the company explained. At the same time, Raiffeisen plans some PLN 100 million investments over the coming two years, mostly in the fintech sector. Currently, Raiffeisen Polbank employs some 4,200 people in 299 branches. Efforts are expected to yield a reduction in the C/I ratio to below 55 percent as of 2019, the company said.