More than 4,200 positions wiped out and 211 subsidiaries closed,this is the cost of the banking system's adjustment to the lendingmarket decline starting 2009, when the crisis fallout began beingfelt domestically. Last year, banks were still able to supporttheir revenues from trading operations, which benefited from thenumerous bouts of high RON/euro exchange rate and interest ratevolatility. Things have changed in 2010, when the first quarterbrought substantial declines in fee income, with bankers nowcounting on interest margin gains. Thus, in the first quarter, 84branches were closed, and more than 500 people left the industry.Nevertheless, the banking system has not come to undergo a dramaticadjustment process in terms of territorial branches, or personnel."Banking is a business that relies a lot on confidence, so thatbanks refrain themselves from brutal moves to cut the number ofbranches and employees so as not to issue negative signals on themarket. Market consolidation will probably be achieved from somepoint on through mergers and acquisitions, because it is clear thaton a market that is not growing any more, the number of banks istoo high," comments a banker.
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