Czech banks to close branches, fire staff

Czech banks to close branches, fire staff

Published at: 2018-09-26 05:46 | Author: CIJEurope.com
Czech banks are preparing to close branch offices around the country as the digitalization of the sector continues. Lidove noviny reports that in an attempt to maintain competitiveness, the focus is on cost cutting, and that reducing the number of branches and firing people is the easiest way to achieve this. Hundreds of bank workers are expected to lose their jobs. Komerční banka's spokesman Pavel Zubek says that 15 percent of the bank's 370 branch offices will be closed within three years.. "We see falling visitor numbers in some of our branches and like any other company, not even a bank can go against the tied and pretend that nothing is happening," he said. A labor leader interviewed by the newspaper says that up to 1,000 people could lose their jobs at KB. At CSOB, up to 400 positions are expected to be cut.

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