UniCredito plans to shift rather than layoff Pekao staff

Bank Pekao S.A.'s strategic investor UniCredito Italiano does not plan to significantly cut the workforce of Pekao although UniCredito estimated the Polish bank has some 15,000 excess employees. The protection period in which UniCredito has pledged not to conduct layoffs, ends at the end of this year and the Italian bank will get a chance to streamline Pekao's personnel. However, unlike many other strategic investors, who have cut employment after taking over Polish companies, UniCredito instead plans to offer Pekao employees new jobs in the newly created outlets, moving them from the back office to customer service. Pekao spokesman Sebastian Luczak said the bank plans to open 100 new outlets a year, which should help limit layoffs. (Parkiet, page 1) T.J.