Staff Cuts in Banks

Is It Safe?

Is It Safe?

According to analysts and bankers, Poland’s banks, which employ a total of 170,000 people, are preparing for a series of dismissals for the first in a decade because of a decline in profits and government plans to charge the banking sector with additional costs. Last year, exceptionally low interest rates resulted in the loss of a quarter of the stock market value of some banks. New taxes put forward by the Law and Justice (PiS) government on assets and its plans to force banks to transform Swiss Franc mortgages into Polish złoty cause for concern because the decline in the value of the Franc has made mortgages too expensive for home owners. “By the end of 2017, new fees and taxes that have been recently forced on banks will result in the dismissal of 5% to 8% of the sector’s personnel,” says Mieczysław Groszek, vice president of the banking lobby of the Polish Bank Association (ZBP). One bank source claims that these dismissals may be higher. “For weaker banks, the reduction in personnel will reach around 10% to 20%. Thankfully, no cuts have taken place yet but HR departments are already beginning to evaluate the potential scale of the challenge ahead: the Excel spreadsheets have been prepared,” says one anonymous source.
biznes.onet.pl

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2 comments

  1. tenkris · March 10, 2016

    I for one have been totally astonished at the number of banks in Poland. There seems to be at least one on every block in the urban city, and I can’t begin to keep track of all the different names of them. I realize that many of them are foreign owned, but still can’t imagine why there are so many.

    Like

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