Polish Citigroup unit plans $25.3m in layoff provisions

WARSAW (REUTERS) - Polish Citigroup unit Bank Handlowy plans to book 62.3 million zlotys (S$25.3 million) in layoff provisions in the fourth quarter as part of its restructuring process, the lender said on Tuesday.

Handlowy wants to cut its workforce by up to 792 people until the end of October next year, planning to curb its network by 19 branches and focus on larger Polish cities.

The Polish bank expects the restructuring to cut its cost base by around 100 million zlotys annually.

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