EMCC European Monitoring Centre on Change



Geographic Location

Country: Czechia


Sector: Financial services
Financial and insurance activities
64.9 - Other financial service activities, except insurance and pension funding
Number Employed: 3500
Group: Austrian Raiffeisen Bank International

Employment Effects

Announcement Date: 16-11-2022
Planned Job Reductions min: 150
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2022
Direct Dismissals: 150

Additional Information

Raiffeisenbank, a Czech subsidiary of the Austrian Raiffeisen Bank International, has announced a reduction in the number of employees by 150 out of a total workforce of 3,500 people by the end of 2022. This is due to greater pressure for digitalization and weaker interest in mortgages. The layoffs will affect positions in administration, bank branches, as well as in IT. This decision reflects a long-term strategy of all retail banks in the Czech Republic to push costs down. According to the bank's CEO, Igor Vida, this is also related to Raiffeisenbank's acquisition of Equa bank last year.