EMCC European Monitoring Centre on Change



Geographic Location

Country: Poland


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 35614
Group: PKO BP

Employment Effects

Announcement Date: 16-11-2004
Planned Job Reductions min: 4500
Planned Job Reductions max: 6000
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2005

Additional Information

In November 2004, the bank PKO BP announced it will cut employment by up to 4,500 people. Management said cuts are needed to reduce costs. The bank increased in 2004 the number of its branches by 33 to 1,271. At the same time number of employees decreased by 933 people. On June 2005 the bank announced further dismissals. A further 1,200 to 1,500 jobs will be cut in 2005.