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Czech banks are cost cutting, will close branches

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Lidove Noviny reports that major Czech banks including CSOB, Komercni banka and Ceska Sporitelna intend to close dozens of branches and let go of scores of employees over the next few years. Retail banks are being forced to cost cut, as revenues from clients continue to decline.

Faced with stiff competition from online, “no-frills” banks, big banks intend to take advantage of the benefits of automation, to reduce staff costs and no longer have so many retail outlets. Some of these banks will take this to the next step, and also let go of managerial staff.

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