Bank Austria might not need to lay off workers, CEO says

December 15, 2015 9:35 AM

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VIENNA Dec 15 UniCredit unit Bank Austria might not need to lay off any workers under a restructuring plan that it will fund from provisions for the pensions of employees who will switch to the state pension system, its chief executive said on Tuesday.

Chief Executive Willibald Cernko told a news conference the 2.1 billion euros ($2.3 billion) that had been earmarked for those pensions would cover the costs of the restructuring, adding that 3,300 employees would switch to the state system.

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