Banca Comerciala Romana SA (BCR), Romania’s largest bank, will cut about 18 percent of its workforce in the next 12 to 18 months.
The bank will close more than 60 unprofitable branches and lay off 1,600 people to reduce its total workforce to 7,500. This is part of the bank’s recognition that it must adapt its business model to the “new economic reality,” said Tomas Spurny, the lender’s chief executive officer.
BCR targets a cost reduction of RON 250m ($74m) in the next two years, according to Mediafax.
