Raiffeisen Bank, a top ten bank on the market, startedreshuffling its territorial network in the first quarter, closing20 branches specialising in mortgage loan sale, and further cut itsheadcount by almost 200 employees. Despite the crisis, the banklast year had maintained the number of branches, but the fallingdemand for mortgage loans and Raiffeisen's low interest in "FirstHome" programme led to the liquidation of "Casa ta" (Your home)agencies destined to real estate loans. Personnel adjustment trendwas visible last year and intensified in the first quarter of 2010.Since early 2009, Raiffeisen has cut its number of employees by860, to almost 6,000. "The bank in the first quarter continuedefforts to improve its operations and struggled to offset personneldepartures by boosting flows and banking process efficiency,"Bogdan Popa, chief financial officer of Raiffeisen Bank, told ZF.The ongoing crisis also ate into the client portfolio, whichnarrowed down by over 13,700. Since late 2008, the bank has lost111,282 clients, going below the 2 million mark.
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